Valaris plc

From Wikipedia, the free encyclopedia
Jump to navigation Jump to search
Valaris plc
Formerly
EnscoRowan plc
Public limited company
Traded as
IndustryPetroleum industry
Founded1975; 44 years ago (1975)
Headquarters London, United Kingdom (incorporation)
San Felipe Plaza
Houston, Texas, USA (operational)
Key people
Paul E. Rowsey III, Chairman
Thomas Burke, CEO & President
Jonathan H. Baksht, CFO
Mary Francis, director
ServicesOffshore drilling
Well drilling
RevenueDecrease $1.705 billion (2018)
Decrease -$0.639 billion (2018)
Total assetsDecrease $14.023 billion (2018)
Total equityDecrease $8.091 billion (2018)
Number of employees
4,400 (2018)
Websitevalaris.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.

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.[1]

History[edit]

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 become a UK-registered company.[9][10]

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

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.[13]

In 2019, the company acquired Rowan[14], changed its name to Valaris plc and its ticker symbol from "ESV" to "VAL".[15]

See also[edit]

References[edit]

  1. ^ a b "Ensco plc 2018 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ^ a b Trounson, Rebecca (October 24, 2014). "Sunny forecast hid rough waters". Houston Chronicle.
  3. ^ "SEC News Digest" (PDF). U.S. Securities and Exchange Commission. March 7, 1984.
  4. ^ "Blocker Drilling Canada Ltd. announced Thursday it has expanded..." United Press International. December 3, 1981.
  5. ^ BLEAKLEY, FRED R. (May 9, 1985). "THE BOOM IN RESTRUCTURINGS". The New York Times.
  6. ^ "Friends return Richard Rainwater's investment in them as billionaire battles degenerative neurological condition". The Dallas Morning News. November 26, 2011.
  7. ^ "Energy Service, R.D. Smith complete closing of Penrod Drilling". United Press International. October 26, 1990.
  8. ^ Hayes, Thomas C. (March 29, 1990). "Talking Deals; Group May Gain Control of Penrod". The New York Times.
  9. ^ Williams, Christopher C. (January 12, 2013). "Drilling Deep for Value". Barron's.
  10. ^ "Ensco Plc's CEO Discusses Q4 2010 Results - Earnings Call Transcript". TheStreet.com. February 24, 2011.
  11. ^ "Ensco plc Completes Acquisition of Pride International" (Press release). Business Wire. May 31, 2011.
  12. ^ Joyce, Matt (June 9, 2011). "Ensco to close Dallas office, conduct layoffs". American City Business Journals.
  13. ^ Stauffer, Caroline; Gayathri, Amrutha (January 6, 2016). "Petrobras ends rig contract with Ensco over bribe allegations". Reuters.
  14. ^ "Ensco plc and Rowan Companies plc Merge to Form Ensco Rowan plc, Industry-Leading Offshore Driller" (Press release). Business Wire. April 11, 2019.
  15. ^ "Ensco Rowan plc to Change Its Name to Valaris plc" (Press release). Business Wire. July 2, 2019.

External links[edit]