Valaris Limited (NYSE: VAL) (“Valaris” or the “Company”)
announced today that ARO Drilling, its 50/50 joint venture with
Saudi Aramco, has appointed Mohamed Hegazi as Chief Executive
Officer, effective immediately.
Mohamed Hegazi previously served as Chief Executive Officer of
TGT Diagnostics, a provider of wellbore integrity measurement
solutions to the oil and gas industry. Prior to being appointed
Chief Executive Officer in 2015, Mr. Hegazi served as Chief
Operating Officer and Managing Director from 2012 to 2014. Before
joining TGT Diagnostics, Mr. Hegazi held various senior leadership
positions at SLB (formerly Schlumberger).
Mr. Hegazi replaces Derek Kent as ARO Chief Executive Officer,
who will be retiring following a handover period.
Valaris President and Chief Executive Officer Anton Dibowitz
said, “I am delighted to welcome Mohamed to ARO Drilling. Mohamed
brings to the role strong leadership skills, oilfield service and
capital markets experience as well as extensive knowledge of
working in the Middle East. ARO is attractively positioned with its
20 rig newbuild program to help meet increasing rig demand offshore
Saudi Arabia, and I look forward to working with Mohamed as we
chart its next chapter of growth and value creation.”
Dibowitz added, “I would also like to thank Derek for his
significant contributions to ARO since 2020, as well as Valaris and
predecessor companies during his 25 year career, which spanned
numerous geographies and leadership positions. We wish Derek the
very best for his retirement.”
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 and specifically include statements regarding
expected financial performance; expected utilization, day rates,
revenues, operating expenses, cash flows, contract status, terms
and duration, contract backlog, capital expenditures, insurance,
financing and funding; the offshore drilling market, including
supply and demand, customer drilling programs, stacking of rigs,
effects of new rigs on the market and effect of the volatility of
commodity prices; expected work commitments, awards, contracts and
letters of intent; scheduled delivery dates for rigs; performance
of our joint ventures, including our joint venture with Saudi
Aramco; the availability, delivery, mobilization, contract
commencement, availability, relocation or other movement of rigs
and the timing thereof; rig reactivations; suitability of rigs for
future contracts; divestitures of assets; general economic, market,
business and industry conditions, including inflation and
recessions, trends and outlook; general political conditions,
including political tensions, conflicts and war (such as the
ongoing conflict in Ukraine); cybersecurity attacks and threats;
impacts and effects of public health crises, pandemics and
epidemics, such as the COVID-19 pandemic; future operations;
increasing regulatory complexity; targets, progress, plans and
goals related to environmental, social and governance (“ESG”)
matters; the outcome of tax disputes; assessments and settlements;
and expense management. 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 cancellation, suspension, renegotiation
or termination of drilling contracts and programs; our ability to
obtain financing, service our debt, fund capital expenditures and
pursue other business opportunities; adequacy of sources of
liquidity for us and our customers; future share repurchases;
actions by regulatory authorities, or other third parties; actions
by our security holders; internal control risk; commodity price
fluctuations and volatility, customer demand, loss of a significant
customer or customer contract, downtime and other risks associated
with offshore rig operations; adverse weather, including
hurricanes; changes in worldwide rig supply, including as a result
of reactivations and newbuilds; and demand, competition and
technology; supply chain and logistics challenges; consumer
preferences for alternative fuels and forecasts or expectations
regarding the global energy transition; increased scrutiny of our
ESG targets, including our Scope 1 emissions intensity reduction
target, initiatives and reporting and our ability to achieve such
targets or initiatives; changes in customer strategy; future levels
of offshore drilling activity; governmental action, civil unrest
and political and economic uncertainties, including recessions,
volatility affecting the banking system and financial markets,
inflation and adverse changes in the level of international trade
activity; terrorism, piracy and military action; risks inherent to
shipyard rig reactivation, upgrade, repair, maintenance or
enhancement; our ability to enter into, and the terms of, future
drilling contracts; suitability of rigs for future contracts; the
cancellation of letters of intent or letters of award or any
failure to execute definitive contracts following announcements of
letters of intent, letters of award or other expected work
commitments; the outcome of litigation, legal proceedings,
investigations or other claims or contract disputes; governmental
regulatory, legislative and permitting requirements affecting
drilling operations; our ability to attract and retain skilled
personnel on commercially reasonable terms; environmental or other
liabilities, risks or losses; compliance with our debt agreements
and debt restrictions that may limit our liquidity and flexibility;
cybersecurity risks and threats; and changes in foreign currency
exchange rates. 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20230501005692/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
Valaris (NYSE:VAL)
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