Valaris plc today announced that, as part of the Board’s comprehensive refreshment program, it has agreed to appoint Adam Weitzman to its Board of Directors. Mr. Weitzman will also serve on the Finance Committee, to assist in the Board’s oversight of the Company’s capital structure and financial strategies, as well as the Compensation Committee. With this appointment, the Valaris Board of Directors will be comprised of 12 directors, 11 of whom will stand for re-election at the Company’s 2020 Annual General Meeting of Shareholders. 

Mr. Weitzman, a Partner at Luminus Management, LLC, has been investing in offshore drilling companies and other energy-related public companies for more than a decade. He brings with him an expertise in debt and equity capital markets, asset allocation and risk management. Luminus owns approximately 18.7% of the outstanding shares of Valaris.

Carl G. Trowell, Executive Chairman of the Board of Directors, said, 
“We welcome Adam to the Board and appreciate Luminus’ ongoing support for the Company. After extensive discussions with Luminus, we have aligned on the Company’s capital allocation priorities going forward, including the importance of optimizing our financial runway and liquidity position, and utilizing the tools available to the Company to create additional long-term shareholder value. We remain focused on delivering the merger-related synergies and additional cost savings we previously announced, and capitalizing on increasing customer demand and higher day rates. As we execute our long-term strategy, we look forward to benefitting from Adam’s capital markets expertise and his perspective as a representative of our largest shareholder.”

Mr. Weitzman said, 
“Luminus applauds Valaris’ recent moves to augment the Board, and we are pleased to have reached a comprehensive agreement with Valaris. We look forward to contributing to the Company’s ongoing efforts to solidify its position as the leading offshore driller. We appreciate the Board’s responsiveness to our concerns, including the appointment of three new directors with impressive expertise in capital structure and capital markets, and the formation of the Finance Committee. I look forward to working closely with the entire Board to advance our shared goal of driving long-term shareholder value.”

The appointment of Mr. Weitzman is part of the Company’s comprehensive Board refreshment and corporate governance enhancement efforts, including (1) the addition of Georges Lambert and Frederick Arnold as new independent directors, augmenting the Board’s expertise in equity and debt capital markets and corporate governance; (2) the announcement of three directors stepping down; (3) a commitment to appoint an independent Chairman in 2020; and (4) the formation of the Finance Committee.

KeyFacts Energy Industry Directory: Valaris