Formerly | EnscoRowan plc |
---|---|
Type | Public limited company |
Industry | Petroleum industry |
Founded | 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 |
Revenue | US$1.232 billion (2021) |
US$-33 million (2021) | |
Total assets | US$2.609 billion (2021) |
Total equity | US$1.058 billion (2021) |
Number of employees | 4,900 (2021) |
Website | www |
Footnotes /references [1] |
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]
In 2021, the company's largest customers were BP (11% of revenues) and Total S.A. (9% of revenues). [1]
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]
An oil platform is a large structure with facilities to extract and process petroleum and natural gas that lie in rock formations beneath the seabed. Many oil platforms will also have facilities to accommodate the workers, although it is also common to have a separate accommodation platform bridge linked to the production platform. Most commonly, oil platforms engage in activities on the continental shelf, though they can also be used in lakes, inshore waters, and inland seas. Depending on the circumstances, the platform may be fixed to the ocean floor, consist of an artificial island, or float. In some arrangements the main facility may have storage facilities for the processed oil. Remote subsea wells may also be connected to a platform by flow lines and by umbilical connections. These sub-sea facilities may include of one or more subsea wells or manifold centres for multiple wells.
Schlumberger Limited, doing business as SLB, is an oilfield services company. As of 2022, it is both the world's largest offshore drilling company and the world's largest offshore drilling contractor by revenue.
A semi-submersible platform is a specialised marine vessel used in offshore roles including as offshore drilling rigs, safety vessels, oil production platforms, and heavy lift cranes. They have good ship stability and seakeeping, better than drillships.
Transocean Ltd. is an American company. It is the world's largest offshore drilling contractor based on revenue and is based in Vernier, Switzerland. The company has offices in 20 countries, including Canada, the United States, Norway, United Kingdom, India, Brazil, Singapore, Indonesia, and Malaysia.
A drillship is a merchant vessel designed for use in exploratory offshore drilling of new oil and gas wells or for scientific drilling purposes. In recent years the vessels have been used in deepwater and ultra-deepwater applications, equipped with the latest and most advanced dynamic positioning systems.
Diamond Offshore Drilling, Inc. is an offshore drilling contractor. The company is headquartered in Katy, Texas, United States, and has major offices in Australia, Brazil, Mexico, Scotland, Singapore, and Norway.
Richard Edward Rainwater was an American investor and philanthropist. With an estimated net worth of $3 billion, he ranked 211th on the Forbes 400 in 2015.
Pharos Energy Plc, previously SOCO International, is an oil and gas exploration and production company, headquartered in London. The company changed its name to Pharos Energy Plc in October 2019 after coming under fire for illegal activity in Virunga.
Seadrill is a deepwater drilling contractor for the petroleum industry. It is incorporated in Bermuda for tax purposes and managed from London and Houston The company operates semi-submersible platforms, jackup rigs and drillships.
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Nabors Industries Limited is an American global oil and gas drilling contractor that has operated since 1972. Based in Houston, Texas, Nabors owns the largest land drilling fleet in the world with approximately 400 rigs in more than 20 countries. The company consists of the following business segments: U.S. Drilling, Canada Drilling, International Drilling, Drilling Solutions, and Rig Technologies. Nabors is notable for its historic association with the Guggenheim family.
Atwood Oceanics, Inc. was an offshore drilling contractor headquartered in Houston, Texas. In October 2017, the company was acquired by Ensco plc.
Shell plc is a British multinational oil and gas company headquartered in London, England. Shell is a public limited company with a primary listing on the London Stock Exchange (LSE) and secondary listings on Euronext Amsterdam and the New York Stock Exchange. A core component of Big Oil, Shell is the second largest investor-owned oil and gas company in the world by revenue, and among the world's largest companies out of any industry. Measured by both its own emissions, and the emissions of all the fossil fuels it sells, Shell was the ninth-largest corporate producer of greenhouse gas emissions in the period 1988–2015.
Pride International, Inc. was an offshore oil drilling company headquartered in Houston, Texas. As of February 2011, it operated 26 drilling rigs. In May 2011, it was acquired by Ensco.
The Tanin gas field is a natural gas reservoir located 120 km off the coast of Israel. It is the country's seventh natural gas discovery, located nearby the much larger Leviathan gas field.
LeTourneau Technologies, Inc. was an American manufacturer of heavy construction equipment founded by R. G. LeTourneau. In 2011, the company was acquired by Joy Global.
Gulf Drilling International Limited (GDI) is a Qatari Shareholding Company based in West Bay, Doha.