While the world continues to debate and tackle the challenges of climate change, there is little doubt that the oil and gas industry will remain a critical source of energy for the world. From generating electricity, heating homes, and powering vehicles, to the production and distribution of goods and services everywhere, it is still a major contributor to the global economy.
Operating the world’s largest fleet of competitive rigs, Valaris is helping to fuel the supply as a leading provider of offshore contract drilling services to the international oil and gas industry. Valaris’s diverse rig fleet of ultra-deepwater drillships, versatile semisubmersibles, and modern shallow-water jackups are capable of meeting a wide spectrum of customers’ well program requirements, as well as serve them in different regions and water depths.
It is also among the most technologically advanced in the industry, as its highly-trained crews perform at the highest levels in the most challenging offshore environments. Furthermore, its expertise in decommissioning services and environmental remediation provides a high-demand service in the industry which not all drilling companies offer.
Emerging from Chapter 11 bankruptcy at the end of 2020, a significantly restructured Valaris has benefitted from a rebound in oil prices and demand from exploration companies, albeit with ongoing industry volatility and uncertainty.
Throughout 2022 the company has continued to secure offshore drilling contracts and extensions worth hundreds of millions of dollars. The contract awards for both floating and jackup rigs across several geographies are providing a constructive outlook for the offshore drilling industry, while also adding to Valaris’s growing backlog.