LONDON, Nov. 26, 2019 /PRNewswire/ -- Valaris plc (NYSE:
VAL) ("Valaris" or the "Company") today announced that, in
connection with the Board's ongoing refreshment program,
Frederick Arnold has been appointed
to the Valaris Board of Directors, effective immediately.
Mr. Arnold has 40 years of experience, including serving in
several senior financial leadership positions at global
organizations. Mr. Arnold spent over 20 years as an investment
banker advising clients on matters of corporate finance, including
capital markets transactions, capital structure optimization and
mergers and acquisitions across various markets and geographies. He
also served in various financial leadership positions at Capmark
Financial, Masonite International and Willis Group Holdings, and
was most recently Chief Financial Officer of Convergex Group, LLC,
where he was responsible for capital allocation and financial
operations.
William E. Albrecht, Independent
Lead Director of the Board, said, "Fred brings to Valaris an extraordinary
breadth and depth of experience in equity and debt capital markets,
operations and governance from his 40-year career in international
investment banking and other finance roles, including serving as
Chief Financial Officer for multiple companies. He has a long track
record of navigating complex industry dynamics and driving
financial performance, and we believe that Valaris will benefit
significantly from Fred's
substantial experience as we continue our efforts to enhance value
for all of our shareholders."
Carl G. Trowell, Executive
Chairman of the Board of Directors, said, "The appointment of
Fred represents the next step in
our Board refreshment process. With the governance enhancements
underway, which were driven by input received from engagement with
shareholders, we believe the Board has the right skillset and mix
of diverse backgrounds to effectively oversee our long-term
strategy and navigate the challenging industry environment. I look
forward to working with Fred and
the rest of the Board and management team as we continue our
efforts to solidify Valaris' position as the leading offshore
driller."
As a new independent director, Mr. Arnold will serve on the
Finance Committee, which was formed to assist in the Board's
oversight of the Company's capital structure and financial
strategies with the goal of driving long-term value for our
shareholders. Mr. Arnold joins Georges
Lambert, Paul Rowsey and
Charles Szews, who is the committee
Chairman.
As part of the Board's ongoing refreshment plan, on November 12, 2019, Georges Lambert was appointed as a new
independent director and Christopher
Gaut and Roderick Clark
retired from the Board. In addition, a third director will not
stand for re-election at the 2020 Annual General Meeting of
Shareholders. Following the Annual General Meeting, the Valaris
Board will be reduced to 10 directors. Further, upon the conclusion
of Mr. Trowell's term as Executive Chairman, which expires in
October of 2020, the Board will appoint an independent
Chairman.
About Valaris plc
Valaris plc (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. With an unwavering commitment to safety and operational
excellence, and a focus on technology and innovation, Valaris was
rated first in total customer satisfaction in the latest
independent survey by EnergyPoint Research - the ninth consecutive
year that the Company has earned this distinction. Valaris plc is
an English limited company (England No. 7023598) with its corporate
headquarters located at 6 Chesterfield Gardens, London W1J 5BQ. To learn more, visit our
website at www.valaris.com.
Important Additional Information and Where to Find It
If Luminus Management, LLC or one of its affiliates, and/or one
or more other shareholders collectively owning 5% or more of the
Company's outstanding shares, requisitions a general meeting of
shareholders (the "General Meeting"), the Company will file a proxy
statement (the "Proxy Statement") with the SEC in connection with
the solicitation of proxies for such General Meeting, together with
a WHITE proxy card. SHAREHOLDERS ARE URGED TO READ THE PROXY
STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY
OTHER RELEVANT DOCUMENTS THAT THE COMPANY WILL FILE WITH THE SEC
CAREFULLY IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY
WILL CONTAIN IMPORTANT INFORMATION.
Shareholders will be able to obtain, free of charge, copies of
the Proxy Statement, any amendments or supplements thereto and any
other documents (including the WHITE proxy card) when filed by the
Company with the SEC in connection with the General Meeting at the
SEC's website (http://www.sec.gov), at the Company's website
(https://www.valaris.com/investors/financials/sec-filings/default.aspx)
or by contacting Investor Relations by phone at +1-713-789-1400, by
email at ir.hdqrs@valaris.com or by mail at Valaris plc, Attention:
Investor Relations, 5847 San Felipe, Suite 3300, Houston, Texas 77057.
Participants in the Solicitation
The Company, its directors and certain of its executive officers
and other employees may be deemed to be participants in the
solicitation of proxies from shareholders in connection with the
General Meeting. Additional information regarding the identity of
these potential participants, none of whom owns in excess of one
percent of the Company's shares, and their direct or indirect
interests, by security holdings or otherwise, will be set forth in
the Proxy Statement and other materials to be filed with the SEC in
connection with the General Meeting. Information relating to the
foregoing can also be found in the Company's definitive proxy
statement for its 2019 annual general meeting of shareholders (the
"2019 Proxy Statement"), filed with the SEC on March 29, 2019. To the extent holdings of the
Company's securities by such potential participants (or the
identity of such participants) have changed since the information
printed in the 2019 Proxy Statement, such information has been or
will be reflected on statements of changes in beneficial ownership
on Forms 4 and 5 filed with the SEC. You may obtain free copies of
these documents using the sources indicated above.
Investor & Media Contacts:
Nick Georgas
Senior Director - Investor Relations and Communications
713-430-4607
Tim Richardson
Manager - Investor Relations
713-430-4490
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SOURCE Valaris plc