Valaris Announces New Chief Commercial Officer

Rhea-AI Summary

Valaris Limited (NYSE: VAL) has appointed Matt Lyne as Senior Vice President and Chief Commercial Officer, effective from late May. Lyne brings over 20 years of offshore drilling experience, previously serving in senior roles at Seadrill and Transocean. CEO Anton Dibowitz expressed confidence in Lyne's ability to leverage the improving market conditions for generating shareholder returns. Additionally, Christophe Raimbault will take on the role of Vice President - Sustainability and New Energy, focusing on emission reduction and ESG efforts.

Positive

• Appointment of Matt Lyne enhances executive leadership with significant offshore drilling experience.
• Lyne's expertise is expected to help Valaris capitalize on improving market conditions.
• Focus on sustainability and new energy initiatives could improve long-term company prospects.

Negative

• None.

HAMILTON, Bermuda--(BUSINESS WIRE)-- Valaris Limited (NYSE: VAL) (“Valaris” or the “Company”) today announced that Matt Lyne has commenced his role as Senior Vice President and Chief Commercial Officer, having been appointed to the role in late May.

Matt Lyne previously served as Chief Commercial and Strategy Officer of Seadrill, where he held a number of senior marketing and commercial roles for more than 12 years. Prior to this, he served in a number of senior operational and functional roles with Transocean. Mr. Lyne has over 20 years of offshore drilling experience in various international locations.

President and Chief Executive Officer Anton Dibowitz said, “I am pleased to welcome Matt to the Valaris Executive Management Committee at an exciting time for our business. Valaris has significant operating leverage to the improving market, and Matt’s deep industry experience will be critical in helping us to exercise this leverage in a disciplined manner that generates meaningful returns for our shareholders.”

Dibowitz added, “With Matt in position, Christophe Raimbault will commence his new role as Vice President – Sustainability and New Energy. Christophe will drive further momentum behind our commitment to reduce emissions from our operations and partner with our customers to support their ESG efforts, as well as identify and progress opportunities within the new energy arena.”

About Valaris Limited

Valaris Limited (NYSE: VAL) is the industry leader in offshore drilling services across all water depths and geographies. Operating a high-quality rig fleet of ultra-deepwater drillships, versatile semisubmersibles and modern shallow-water jackups, Valaris has experience operating in nearly every major offshore basin. Valaris maintains an unwavering commitment to safety, operational excellence, and customer satisfaction, with a focus on technology and innovation. Valaris Limited is a Bermuda exempted company (Bermuda No. 56245). To learn more, visit our website at www.valaris.com.

Cautionary Statements

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," "may," "might," “should,” “will” and similar words. The forward-looking statements contained in this press release are subject to numerous risks, uncertainties and assumptions that may cause actual results to vary materially from those indicated, including the COVID-19 outbreak and global pandemic and the related public health measures implemented by governments worldwide; the cancellation, suspension, renegotiation or termination of drilling contracts and programs, including drilling contracts which grant the customer termination rights if final investment decision (FID) is not received with respect to projects for which the drilling rig is contracted; oil and natural gas price volatility, customer demand for drilling rigs; downtime and other risks associated with offshore rig operations; severe weather or hurricanes; changes in worldwide rig supply, competition and technology; risks inherent to shipyard rig reactivation, upgrade, repair or maintenance; our ability to enter into, and the terms of, future drilling contracts; suitability of rigs for future contracts; governmental regulatory, legislative and permitting 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 our financial results and ability to access financing sources; actions taken by regulatory authorities or other third parties, including related to the COVID-19 global pandemic; increased scrutiny of Environmental, Social and Governance (“ESG”) practices and reporting responsibilities; changes in customer strategy; future levels of offshore drilling activity; governmental action, civil unrest and political and economic uncertainties; terrorism, piracy and military action; environmental or other liabilities, risks or losses; debt agreement restrictions that may limit our liquidity and flexibility; failure to satisfy our debt obligations; and cybersecurity risks and threats. In addition to the numerous 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 at www.valaris.com. 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220926005616/en/

Investor & Media Contacts:

Darin Gibbins

Vice President - Investor Relations and Treasurer

+1-713-979-4623

Tim Richardson

Director - Investor Relations

+1-713-979-4619

Source: Valaris Limited

FAQ

Who is the new Chief Commercial Officer at Valaris Limited?

Matt Lyne has been appointed as the Chief Commercial Officer at Valaris Limited.

What experience does Matt Lyne bring to Valaris Limited?

Matt Lyne has over 20 years of offshore drilling experience, having held senior roles at Seadrill and Transocean.

What is Valaris Limited's focus in sustainability?

Valaris Limited aims to reduce emissions and support ESG efforts under the new Vice President - Sustainability and New Energy, Christophe Raimbault.

When did Matt Lyne start his role at Valaris?

Matt Lyne commenced his role as Senior Vice President and Chief Commercial Officer in late May.

What is the stock symbol for Valaris Limited?

The stock symbol for Valaris Limited is VAL.