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Valaris Limited (VAL) is a global offshore contract drilling company that provides services to the international oil and gas industry. It operates the world's largest offshore drilling rig fleet, offering integrated services such as drilling rigs and rig crews on a day rate contract basis. Valaris specializes in offshore drilling, serving major oil and gas companies and independent operators across six continents.
- Floaters - Operates drillships and semisubmersible rigs capable of drilling in deep water, earning higher day rates due to advanced capabilities.
- Jackups - Provides jackup rigs designed for shallow water drilling up to 400 feet, catering to diverse offshore markets.
- ARO - Manages operations of ARO Drilling, a joint venture with Saudi Aramco, focusing on jackup rigs in the Middle East.
- Other - Offers management services for third-party rigs and supports activities such as well interventions, decommissioning, and carbon capture projects.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Anton Dibowitz ExecutiveBoard | President and Chief Executive Officer | Anton Dibowitz has been serving as the President and Chief Executive Officer of Valaris Limited since December 2021, after initially acting as interim CEO from September 2021 and joining the board in July 2021. He has significant industry experience, having previously held leadership roles at Seadrill Ltd., Transocean Ltd., and Ernst & Young LLP. | View Report → | |
Christopher Weber Executive | Senior Vice President and Chief Financial Officer (CFO) | Christopher Weber has been serving as the Senior Vice President and Chief Financial Officer (CFO) at VAL since August 2022. He has extensive experience in financial leadership, previously holding CFO roles at LUFKIN Industries, Abaco Drilling Technologies, and Halliburton Company. | ||
Darin Gibbins Executive | Vice President – Investor Relations and Treasurer | Darin Gibbins is currently the Vice President – Investor Relations and Treasurer at Valaris Limited. He previously served as Interim CFO and will transition to the role of Vice President – Corporate Finance effective March 1, 2024. | ||
Davor Vukadin Executive | Senior Vice President, General Counsel, and Secretary | Davor Vukadin has served as the Senior Vice President, General Counsel, and Secretary at VAL since May 2022. He has built a robust legal career with previous roles including Associate General Counsel and Secretary, and Senior Counsel at VAL as well as extensive experience at Norton Rose Fulbright. | ||
Gilles Luca Executive | Senior Vice President and Chief Operating Officer | Gilles Luca is the Senior Vice President and Chief Operating Officer at VAL since December 2019. He has over 27 years of experience with VAL, having served in multiple leadership roles including Senior Vice President, Operations Support, and roles across global operations. | ||
Matthew Lyne Executive | Senior Vice President and Chief Commercial Officer (SVP & CCO) | Matthew Lyne is the Senior Vice President and Chief Commercial Officer at VAL since September 2022, bringing over 20 years of offshore drilling experience; he previously served in executive roles at Seadrill Limited and held senior operational roles at Transocean Ltd. | ||
Melissa Barron Executive | Controller (Principal Accounting Officer) | Melissa Barron has been the Controller (Principal Accounting Officer) at Valaris Limited since March 1, 2024. Previously, she served as Director – SEC Reporting at VAL starting in August 2022 and brings extensive financial reporting expertise from her experiences at OraSure Technologies, Diamond Offshore Drilling, and Deloitte LLP. | ||
Catherine J. Hughes Board | independent director | non-executive director at Shell plc | Catherine J. Hughes is an independent director at VAL since 2022 (appointed on November 9, 2022). She brings over 30 years of oil and gas industry experience, having held leadership roles at Schlumberger, Husky Oil, Nexen Inc., and serving as a non‐executive director at Shell plc. | |
Dick Fagerstal Board | Director at Valaris Limited | Chairman of the Board, Tidewater Inc. (since 2017); Director, Global Marine Group | Dick Fagerstal has served as an independent director at Valaris Limited since 2021, where he chairs the Audit Committee and serves on the Safety and Sustainability Committee. He brings extensive board-level experience from his current roles as Chairman of the Board at Tidewater Inc. since 2017 and as Director of Global Marine Group. | |
Elizabeth D. Leykum Board | Chair of the Board | Board Member at Lands' End, Inc.; Director at IES Holdings | Elizabeth D. Leykum is the Chair of the Board at VAL and has served as a director since 2021. She brings over two decades of experience from her roles founding Serenade Capital LLC and serving in prior leadership positions at HEG Capital LLC, Rand Group, and ESL Investments, Inc.. | |
Joseph Goldschmid Board | Director | Managing Director at Oak Hill Advisors, L.P. (since November 2019) | Joseph Goldschmid has been a Director at Valaris Limited since 2021 and serves on multiple key committees. He is also the Managing Director at Oak Hill Advisors, L.P. since November 2019, with extensive experience in distressed and special situations investments. | |
Kristian Johansen Board | director | CEO of TGS ASA | Kristian Johansen has been a director at Valaris Limited since 2023 and serves on the Strategy Committee, supporting the company’s strategic initiatives. Previously, he has been the CEO of TGS ASA since March 2016 and has held executive positions including CFO and COO at TGS ASA, showcasing extensive leadership in the energy sector. |
- Given the industry's tendency for project delays, particularly in larger multi-well programs, what gives you confidence that the demand pipeline for 2026 and beyond will materialize as scheduled, and how are you mitigating the risks of these projects slipping to the right?
- With several of your high-specification seventh-generation drillships expected to have idle time after current contracts end, can you elaborate on your strategy for securing attractive long-term contracts for these assets, and what are the financial implications if these rigs remain idle longer than anticipated?
- Regarding your full-year 2025 EBITDA guidance midpoint of $530 million, how much of this is based on existing contracted backlog versus anticipated new awards, and what assumptions are you making about securing these uncontracted opportunities within the year?
- Considering the recent retirement of a peer's cold-stacked seventh-generation drillship and your own three cold-stacked high-spec assets (DS-11, DS-13, and DS-14), has your expectation for reactivating these rigs changed, and what is the likelihood of any of them returning to work by the end of 2027?
- With Arrow Drilling announcing plans to build a new jackup rig (Kingdom 3) in Saudi Arabia, can you clarify whether the joint venture will be able to self-fund this newbuild, or will additional capital contributions from Valaris be necessary?
Recent press releases and 8-K filings for VAL.
- Strong financial performance with total revenues increasing to $621 million, adjusted EBITDA of $181 million, and adjusted net income of $128 million despite a net loss .
- Robust contract wins: Over $1 billion in new contract backlog additions for high-spec drillships in key regions and a total contract backlog of $4.2 Billion, underscoring strong order intake .
- FY 2025 guidance: EBITDA guidance set at $500-560 Million, reflecting revenue potential .
- Operational excellence: Achieved 96% revenue efficiency (maintained over four consecutive years) and improved safety metrics .
- Strategic capital allocation: Low net leverage (1.3x) and $829 million liquidity support disciplined fleet management and robust shareholder cash flow .