Ensco Rowan plc to change its name to Valaris plc

Source: press release, 2 July 2019

‘ENSCO 120’, an ultra-premium harsh environment KFELS Super A Class jackup rig
‘ENSCO 120’, an ultra-premium harsh environment KFELS Super A Class jackup rig (photo: EnscoRowan)

Ensco Rowan plc has announced that it will change its name to Valaris plc, effective July 31, 2019. Following its name change, the company’s ordinary shares will trade under the new ticker symbol VAL.

The name Valaris was selected following a comprehensive process that included participation from the company’s employees around the world, feedback from customers and other market research. This new name was inspired by the Latin root meaning strength, courage and signifying something of value, and the Valaris name embodies the company’s ambition to be “Boldly First”.

President and Chief Executive Officer Tom Burke says, “We are excited to create a new identity as Valaris that will help us usher in a new era for our company and the industry. This new identity will help to accelerate cultural alignment as we move forward as a larger, more diverse organisation and act as a catalyst to achieve our ambition to be ‘Boldly First’ as the leader in the offshore services industry.”

Dr Burke adds, “Our purpose is to provide responsible solutions that deliver energy to the world, and to achieve this we will follow a set of core values that guide our actions. By living these values each day, we improve our ability to serve our customers and create meaningful value for our stakeholders.”