Valaris Makes Board Changes
November 12 2019 - 9:02AM
Dow Jones News
By Michael Dabaie
Valaris PLC (VAL) said Tuesday it implemented a board
refreshment program.
The offshore contract drilling services company, created from
the merger of Rowan and Ensco in April of 2019, named Georges
Lambert as a new independent director, effective immediately.
Current Valaris directors C. Christopher Gaut and J. Roderick Clark
are retiring from the board and a third director won't stand for
re-election, the company said.
Valaris said it engaged search firm Egon Zehnder to assist with
the search for a second new, independent director with significant
capital markets experience. Valaris will reduce its board to 10
directors with the changes.
The board will appoint an independent chairman at the end of
Carl Trowell's term as executive chairman, which expires in October
2020, the company said.
The company said that it reached annualized run rate synergies
of about $115 million and is on-track to realize its previously
announced target of $165 million by the end of 2020.
Valaris said it is targeting at least $100 million of
incremental annual operating cost savings.
Write to Michael Dabaie at michael.dabaie@wsj.com
(END) Dow Jones Newswires
November 12, 2019 08:47 ET (13:47 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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