Valaris Plc became the latest casualty of the global slump in oil prices, filing for bankruptcy Wednesday as the world’s largest offshore rig owner by fleet size seeks to restructure a roughly $7 billion debt load.

The Chapter 11 filing in the U.S. Bankruptcy Court for the Southern District of Texas comes after the company said it could be forced to seek creditor protection after skipping bond payments. Valaris has entered into a binding restructuring support agreement with about half of its noteholders and received $500 million in debtor-in-possession financing, the company said in a statement.

The company had warned that little or nothing would be left for shareholders. The London-based firm was created in 2019 out of the combination of Ensco Plc and Rowan Companies Plc.

Valaris joins rivals Noble Corp. and Diamond Offshore Drilling Inc. in bankruptcy. Pacific Drilling SA earlier this month said it may return to bankruptcy court for the second time in less than three years, and Transocean Ltd., the world’s biggest owner of deep-water oil rigs, has said it’s exploring strategic alternatives.

The offshore industry has struggled since oil prices plunged to less than $30 a barrel in 2016 after reaching more than $100 in mid-2014. While newer deep-water projects are less expensive, they still take longer to develop than land-based shale wells and typically are more costly, leaving them at a disadvantage as crude plummeted further earlier this year amid the Covid-19 pandemic.