Valaris Announces New Executive Leadership Appointments

Rhea-AI Summary

Valaris Limited (NYSE: VAL) has appointed three new executives to its management team to strengthen its leadership. Chris Weber joins as Senior Vice President and Chief Financial Officer, while Matt Lyne takes on the role of Senior Vice President and Chief Commercial Officer, both starting in Q3 2022. Davor Vukadin is promoted to Senior Vice President and General Counsel. CEO Anton Dibowitz expresses confidence in the new team to enhance operational safety and efficiency, aligning with the company’s strategic goals to maximize shareholder value.

Positive

• Appointment of Chris Weber as CFO, expected to enhance financial leadership.
• Matt Lyne joins as Chief Commercial Officer, bringing over 20 years of offshore drilling experience.
• Promotion of Davor Vukadin to General Counsel, strengthening legal oversight.

Negative

• None.

HAMILTON, Bermuda--(BUSINESS WIRE)-- Valaris Limited (NYSE: VAL) ("Valaris" or the "Company") today announced the appointment of three new members of the Valaris Executive Management Committee. The following appointments have been made after a rigorous internal and external search process and strongly position the Company for continued success moving forward:

• Chris Weber will join Valaris as Senior Vice President and Chief Financial Officer. Mr. Weber is expected to start in the third quarter of 2022.
• Matt Lyne will join Valaris as Senior Vice President and Chief Commercial Officer. Mr. Lyne is expected to start in the third quarter of 2022.
• Davor Vukadin, the Company’s Associate General Counsel has been promoted to Senior Vice President and General Counsel.

“I am thrilled to welcome three proven, high-performing leaders to the Valaris Executive Management Committee,” said Anton Dibowitz, President and Chief Executive Officer of Valaris. “With the addition of these executives, I strongly believe that we have the right leadership team in place to continue building on the positive momentum we are seeing in the business. Our focus will remain on delivering safe, reliable and efficient operations for our customers while building upon our important strategic pillars of being value driven, focused and responsible in our decision making in order to maximize shareholder value.”

Darin Gibbins, who is serving as interim CFO, will continue in his role as Vice President – Investor Relations and Treasurer after Mr. Weber joins the Company. Elizabeth Darby, who served as interim General Counsel, is continuing in her role as Chief Compliance Officer. Christophe Raimbault will continue to serve as Vice President and interim Head of Marketing and remain with the Company after Mr. Lyne joins.

“I would also like to acknowledge Darin, Elizabeth and Christophe, who are proven leaders and who ensured the Company continued to perform strongly during their time in interim roles. The Valaris Executive Management Committee and Board are very appreciative of their ongoing contributions,” added Mr. Dibowitz.

Chris Weber previously served as Chief Financial Officer of LUFKIN Industries, the leading global provider of rod lift optimization solutions, products, technologies and services to the oil and gas industry. Mr. Weber has also served as Chief Financial Officer of Abaco Drilling Technologies, Halliburton and Parker Drilling Company, and also held senior finance roles at Valaris predecessor companies, Ensco and Pride International.

Matt Lyne joins Valaris from Seadrill, where he served in a number of senior marketing and commercial roles for more than 12 years, most recently as Executive Vice President, Chief Commercial and Strategy Officer. Mr. Lyne also held a number of senior operational and functional roles with Transocean before joining Seadrill. Mr. Lyne has over 20 years of offshore drilling experience in various international locations.

Davor Vukadin has been with Valaris for eight years, helping to drive legal strategy on a wide range of matters including strategic transactions, mergers and acquisitions, complex negotiations and securities offerings. Before being named to his current position, Mr. Vukadin served as Associate General Counsel and Secretary. Prior to joining Valaris, Mr. Vukadin practiced corporate and securities law with the law firm of Norton Rose Fulbright for thirteen years.

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, as updated in our subsequent quarterly reports on Form 10-Q, which are 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/20220526005705/en/

Investor & Media Contact:

Tim Richardson

Director - Investor Relations

+1-713-979-4619

Source: Valaris Limited

FAQ

What recent leadership changes occurred at Valaris Limited?

Valaris Limited appointed Chris Weber as CFO, Matt Lyne as Chief Commercial Officer, and promoted Davor Vukadin to General Counsel.

When do the new executives at Valaris Limited start?

Chris Weber and Matt Lyne are expected to start in the third quarter of 2022.

What is the significance of the new appointments at Valaris Limited?

The new appointments aim to enhance leadership and operational efficiency, focusing on maximizing shareholder value.

Who is the CEO of Valaris Limited?

Anton Dibowitz is the President and CEO of Valaris Limited.

How does Valaris Limited plan to improve its operations?

Valaris aims to improve operations by focusing on safety, reliability, and efficiency based on its strategic goals.