Presentation

Valaris is a leading global offshore drilling company headquartered in London, UK. Following a series of acquisitions since the 1990s, the company has emerged as one of the world’s largest offshore rig owners with a diverse fleet operating across all water depths and geographies. Valaris was created in 2019 from the combination of Ensco Plc and Rowan Companies Plc and is listed on the New York Stock Exchange.

Valaris currently operates a fleet consisting of 11 drillships, five semisubmersibles, and 44 jackups. Additionally, the company has purchase options for two drillships and owns 50% of middle eastern based jackup company ARO Drilling.

In August 2020, Valaris filed for Chapter 11 bankruptcy, which it emerged from in May 2021. The company successfully completed the restructuring process and strengthened the balance sheet by eliminating USD 7.1bn of pre-petition debt. Valaris also issued USD 550m of new secured notes maturing in 2028. As of Q2, the company had negative NIBD of USD ~110m.