Valaris plc

Last updated
Valaris Limited
FormerlyEnscoRowan plc
Type Public limited company
Industry Petroleum industry
Founded1975;48 years ago (1975)
Headquarters London, United Kingdom (incorporation)
San Felipe Plaza
Houston, Texas, U.S. (operational)
Key people
Anton Dibowitz (CEO & President)
Darin Gibbins (Interim CFO)
Services Offshore drilling
Well drilling
RevenueDecrease2.svg US$1.232 billion (2021)
Decrease2.svg US$-33 million (2021)
Total assets Decrease2.svg US$2.609 billion (2021)
Total equity Decrease2.svg US$1.058 billion (2021)
Number of employees
4,900 (2021)
Website www.valaris.com
Footnotes /references
[1]
DS-6 Drillship taking on fuel bunkers in Walvis Bay, Namibia during the transit to Angola and start of a contract with BP. ENSCO DS6.jpg
DS-6 Drillship taking on fuel bunkers in Walvis Bay, Namibia during the transit to Angola and start of a contract with BP.

Valaris Limited (previously ENSCO-Rowan plc) is an offshore drilling contractor headquartered in Houston, Texas, and incorporated in the UK. It is the largest offshore drilling and well drilling company in the world, and owns 56 rigs, including 40 offshore jackup rigs, 11 drillships, and 5 semi-submersible platform drilling rigs. [1]

Contents

In 2021, the company's largest customers were BP (11% of revenues) and Total S.A. (9% of revenues). [1]

History

In 1975, after the 1973 oil crisis, John R. Blocker bought Choya Energy, a six-rig contract drilling company based in Alice, Texas, and renamed the company Blocker Energy. [2]

In 1980, the company became a public company via an initial public offering. [3]

In 1981 and early 1982, the company borrowed heavily to expand its fleet to 54 rigs. [4]

However, in late 1982, the price of oil plunged and, to avoid bankruptcy, Blocker Energy restructured, giving 64% of the company to its banks in exchange for $240 million in debt forgiveness. By 1983, the company was only operating 6 rigs, although that number increased to 24 in 1984. By 1985, the worldwide employee count of the company was down to 500. [2] [5]

Richard Rainwater's BEC Ventures made an investment in the company in 1986 and chose Carl F. Thorne to run the company, which he did until his retirement 20 years later. [6]

In 1987, the company changed its name to Energy Service Company (Ensco).

In 1990, in a transaction orchestrated by Rainwater, who owned 21% of the company, the company acquired Penrod, previously controlled by Ray Lee Hunt, which added 19 rigs to its fleet. [7] [8]

In 2010, the company moved its headquarters to London and became a UK-registered company. [9] [10]

In May 2011, the company acquired Pride International. [11] The company closed its Dallas office and consolidated it into its Houston office. [12]

In 2019, the company merged with Rowan Companies [13] and changed its name to Valaris plc. [14]

In August 2020, the company filed for a prearranged bankruptcy. [15] It emerged from bankruptcy in May 2021. [16] [17]

See also

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References

  1. 1 2 3 "Valaris plc 2021 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. 1 2 Trounson, Rebecca (October 24, 2014). "Sunny forecast hid rough waters". Houston Chronicle . Archived from the original on September 19, 2018. Retrieved March 11, 2019.
  3. ↑ "SEC News Digest" (PDF). U.S. Securities and Exchange Commission . March 7, 1984. Archived (PDF) from the original on October 24, 2020. Retrieved August 1, 2019.
  4. ↑ "Blocker Drilling Canada Ltd. announced Thursday it has expanded..." United Press International . December 3, 1981. Archived from the original on August 1, 2019. Retrieved August 1, 2019.
  5. ↑ BLEAKLEY, FRED R. (May 9, 1985). "THE BOOM IN RESTRUCTURINGS" . The New York Times . Archived from the original on August 1, 2019. Retrieved August 1, 2019.
  6. ↑ "Friends return Richard Rainwater's investment in them as billionaire battles degenerative neurological condition". The Dallas Morning News . November 26, 2011. Archived from the original on September 19, 2018. Retrieved March 11, 2019.
  7. ↑ "Energy Service, R.D. Smith complete closing of Penrod Drilling". United Press International . October 26, 1990. Archived from the original on July 3, 2017. Retrieved March 11, 2019.
  8. ↑ Hayes, Thomas C. (March 29, 1990). "Talking Deals; Group May Gain Control of Penrod" . The New York Times . Archived from the original on March 3, 2018. Retrieved August 27, 2017.
  9. ↑ Williams, Christopher C. (January 12, 2013). "Drilling Deep for Value". Barron's . Archived from the original on April 13, 2019. Retrieved April 13, 2019.
  10. ↑ "Ensco Plc's CEO Discusses Q4 2010 Results - Earnings Call Transcript". TheStreet.com . February 24, 2011. Archived from the original on April 13, 2019. Retrieved April 13, 2019.
  11. ↑ "Ensco plc Completes Acquisition of Pride International" (Press release). Business Wire. May 31, 2011. Archived from the original on October 1, 2021. Retrieved March 11, 2019.
  12. ↑ Joyce, Matt (June 9, 2011). "Ensco to close Dallas office, conduct layoffs". American City Business Journals . Archived from the original on October 24, 2014. Retrieved March 11, 2019.
  13. ↑ "Ensco plc and Rowan Companies plc Merge to Form Ensco Rowan plc, Industry-Leading Offshore Driller" (Press release). Business Wire. April 11, 2019. Archived from the original on August 1, 2019. Retrieved August 1, 2019.
  14. ↑ "Ensco Rowan plc to Change Its Name to Valaris plc" (Press release). Business Wire. July 2, 2019. Archived from the original on August 1, 2019. Retrieved August 1, 2019.
  15. ↑ "Valaris plc Announces Agreement to Significantly Reduce Debt and Create a Financial Structure Sustainable for Prolonged Industry Retrenchment and Longer-Term Recovery" (Press release). PR Newswire. August 19, 2020. Archived from the original on September 3, 2020. Retrieved August 26, 2020.
  16. ↑ "Valaris Successfully Completes Restructuring" (Press release). PR Newswire. May 3, 2021. Archived from the original on May 4, 2021. Retrieved May 4, 2021.
  17. ↑ "Valaris Completes Restructuring, Emerges From Chapter 11" . Bloomberg News . May 3, 2021. Archived from the original on May 4, 2021. Retrieved May 4, 2021.
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