VAL Valaris Limited

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)

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