$华仕伯(VAL)$Offshore drilling contractor Valaris PLC said it could file for bankruptcy soon to deal with debt totaling about $7 billion, saying a waiver and forbearance period with lenders and bondholders is scheduled to end within days.

The London-based company, hurt by uncertainty in the oil markets, said in a Securities and Exchange Commission filing Thursday that it is pursuing several cost-cutting measures and transactions, including negotiations with certain bondholders and the lenders under its revolving credit facility about a comprehensive restructuring of its debt.