Hedge Fund Lodbrok Capital Demands Board Shakeup at Valaris (2)

One of Valaris Ltd.’s largest shareholders has called for changes at the offshore drilling services provider, citing poor performance since emerging from bankruptcy two years ago and its low share price compared to peers.

Lodbrok Capital, which oversees more than 3% of Valaris shares, has called for the board of the Houston-based company to be reduced to five members from seven to ensure more effective “shareholder-orientated” decision making, according to a May 30 letter to the directors seen by Bloomberg News.

“We consider the current structure to have demonstrated an inability to take action,” Lodbrok Chief Investment Officer Mikael ...