Valaris Announces New Chief Financial Officer

HAMILTON, Bermuda–(BUSINESS WIRE)–Valaris Limited (NYSE: VAL) (“Valaris” or the “Company”) today announced that Chris Weber has assumed the role of Senior Vice President and Chief Financial Officer, having been appointed to the role in late May. .

Chris Weber was previously CFO of LUFKIN Industries, the world’s leading provider of rod lift optimization solutions, products, technology and services for the oil and gas industry. Mr. Weber has also served as Chief Financial Officer of Abaco Drilling Technologies, Halliburton and Parker Drilling Company, and has also held senior financial positions at Valaris’ predecessor companies, Ensco and Pride International.

President and CEO Anton Dibowitz said:I am pleased to welcome Chris to the Valaris Executive Committee, and look forward to working with him as we continue to build on the positive momentum we are seeing in our business. Chris’ deep industry experience further strengthens our management team and will help us execute our value driven, focused and responsible strategy in our decision making to maximize shareholder value.

Dibowitz added: “I would like to take this opportunity to thank Darin Gibbins for his exemplary work during his tenure as Interim Chief Financial Officer. Darin has been a valuable partner to me in advancing Valaris over the past year and I look forward to continuing to work with him.

About Valaris Limited

Valaris Limited (NYSE: VAL) is the industry leader in offshore drilling services in all water depths and all geographies. Operating a fleet of high-quality rigs comprised of ultra-deepwater drillships, multi-purpose semi-submersibles and modern shallow-water jackups, Valaris has experience in nearly every major basin. offshore. Valaris maintains an unwavering commitment to safety, operational excellence and customer satisfaction, with an emphasis on technology and innovation. Valaris Limited is a Bermuda exempt company (Bermuda No. 56245). To learn more, visit our website at


Statements contained in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include words or phrases such as “anticipate”, “believe”, “estimate”, “expect”, “intend”, “likely”, “plan”, “project”, “could”, “could”, “might”, “should”, “will” and similar words. The forward-looking statements contained in this press release are subject to numerous risks, uncertainties and assumptions that could cause actual results to differ materially from those indicated, including the outbreak of COVID-19 and the global pandemic and public health measures. related policies implemented by governments around the world. ; the cancellation, suspension, renegotiation or termination of drilling contracts and programs, including drilling contracts that grant the client termination rights if the final investment decision (FID) is not received which concerns the projects for which the drilling platform is contracted; volatility in oil and natural gas prices, customer demand for drilling rigs; downtime and other risks associated with offshore drilling operations; severe weather or hurricanes; changes in global platform sourcing, competition and technology; risks inherent in reactivating, upgrading, repairing or maintaining the shipyard platform; our ability to enter into future drilling contracts and the terms thereof; suitability of platforms for future contracts; regulatory, legislative and governmental authorization requirements affecting drilling operations; our ability to obtain financing, fund capital expenditures and pursue other business opportunities; the effects of our emergence from bankruptcy on the Company’s business, relationships, comparability of financial results and ability to access sources of financing; actions taken by regulatory authorities or other third parties, including related to the global COVID-19 pandemic; increased scrutiny of environmental, social and governance (“ESG”) practices and reporting responsibilities; changes in customer strategy; future levels of offshore drilling activity; government action, civil unrest and political and economic uncertainty; terrorism, piracy and military action; environmental or other liabilities, risks or losses; restrictions in debt agreements which may limit our liquidity and flexibility; failure to meet our debt obligations; and cybersecurity risks and threats. In addition to the many factors described above, you should also carefully read and consider “Item 1A. Risk Factors” in Part I and “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II of our most recent Annual Report on Form 10-K, which is available on the Securities and Exchange Commission’s website at www.sec .gov or on the Investor Relations section of our website Each forward-looking statement speaks only as of the date of the particular statement, and we undertake no obligation to update or revise any forward-looking statements, except as required by law.

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