Offshore Drilling Company Sues IRS for $36 Million Tax Recovery

Rowan Cos., a Houston offshore drilling company now part of Valaris Ltd. sued the IRS for allegedly refusing to pay the business a $36.2 million income tax refund.

Rowan, which reorganized in 2019 to create Valaris, says the IRS confirmed in writing that it owes the amount for tax year 2009, and that the US Congressional Joint Committee on Taxation cleared the agency to pay Rowan its refund more than a year ago. The agency has since failed to pay, and not provided any waiver or notice concerning their agreement, the company said.

“By virtue of Defendant’s wrongful conduct in ...