|Public limited company|
|Headquarters|| London, United Kingdom (incorporation)|
San Felipe Plaza
Houston, Texas, USA (operational)
| Paul E. Rowsey III, Chairman|
Thomas Burke, CEO & President
Jonathan H. Baksht, CFO
Mary Francis, director
|Revenue||$1.705 billion (2018)|
|-$0.639 billion (2018)|
|Total assets||$14.023 billion (2018)|
|Total equity||$8.091 billion (2018)|
Number of employees
|Footnotes / references|
Valaris plc is an offshore drilling contractor headquartered in London, United Kingdom. It is the largest offshore drilling and well drilling company in the world, and owns 82 rigs, including 54 offshore jackup rigs, 16 drillships, and 12 semi-submersible platform drilling rigs. In 2018, 15% of its revenues came from Total S.A., 11% of its revenues came from Saudi Aramco, 8% of its revenues came from Petrobras, and 7% of its revenues came from BP.
In 1981 and early 1982, the company borrowed heavily to expand its fleet to 54 rigs.
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.
In 1987, the company changed its name to Energy Service Company (Ensco).
In 2015, Petrobras alleged bribery in the negotiations of the DS-5 rig contract with Pride International in 2008 before its acquisition by the company. In 2016, Petrobras terminated the contract for the rig.
- "Ensco plc 2018 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
- Trounson, Rebecca (October 24, 2014). "Sunny forecast hid rough waters". Houston Chronicle.
- "SEC News Digest" (PDF). U.S. Securities and Exchange Commission. March 7, 1984.
- "Blocker Drilling Canada Ltd. announced Thursday it has expanded..." United Press International. December 3, 1981.
- BLEAKLEY, FRED R. (May 9, 1985). "THE BOOM IN RESTRUCTURINGS". The New York Times.
- "Friends return Richard Rainwater's investment in them as billionaire battles degenerative neurological condition". The Dallas Morning News. November 26, 2011.
- "Energy Service, R.D. Smith complete closing of Penrod Drilling". United Press International. October 26, 1990.
- Hayes, Thomas C. (March 29, 1990). "Talking Deals; Group May Gain Control of Penrod". The New York Times.
- Williams, Christopher C. (January 12, 2013). "Drilling Deep for Value". Barron's.
- "Ensco Plc's CEO Discusses Q4 2010 Results - Earnings Call Transcript". TheStreet.com. February 24, 2011.
- "Ensco plc Completes Acquisition of Pride International" (Press release). Business Wire. May 31, 2011.
- Joyce, Matt (June 9, 2011). "Ensco to close Dallas office, conduct layoffs". American City Business Journals.
- Stauffer, Caroline; Gayathri, Amrutha (January 6, 2016). "Petrobras ends rig contract with Ensco over bribe allegations". Reuters.
- "Ensco plc and Rowan Companies plc Merge to Form Ensco Rowan plc, Industry-Leading Offshore Driller" (Press release). Business Wire. April 11, 2019.
- "Ensco Rowan plc to Change Its Name to Valaris plc" (Press release). Business Wire. July 2, 2019.
- Business data for Valaris Plc: