Offshore drilling firm Valaris said Thursday that its chief executive, Tom Burke, would step down as president and chief executive officer and a member of the board of directors, and that its chief financial officer, Jon Baksht, would also resign, both effective 2 September 2021.
Anton Dibowitz, current Board member and former CEO of Seadrill, has been appointed Interim President and CEO of Valaris, effective September 3, 2021.
“Mr. Burke will continue to support Valaris over a period of time to ensure a smooth leadership transition for the Company. He will also remain on the Board of Directors of ARO Drilling, a 50/50 joint venture between Valaris and Saudi Aramco,” said Valaris. .
Regarding outgoing CFO Baksht, the Valaris Board of Directors has appointed Darin Gibbins, Vice President of Investor Relations and Company Treasurer, as interim CFO effective September 3, 2021.
Burke, who has been CEO of Valaris since the company was formed after the merger of Ensco Rowan in 2019, said Thursday that he appreciated the opportunity to be CEO “and to have worked with all the great Valaris employees and their outstanding leadership team.”
“Together, we have been through one of the toughest recessions our industry has ever faced, and we emerged positioned for success. I am proud of the Valaris team, their resilience and great potential, and I leave the company knowing that the business is strong, is in good hands and has a bright future. “
Valaris had filed for bankruptcy in August 2020, and on April 30, 2021, it successfully completed its financial restructuring and exited Chapter 11.
Commenting on Dibowitz’s appointment as interim CEO, Elizabeth Leykum, chairwoman of the board, said: “Anton brings more than twenty years of experience in the offshore drilling industry to the CEO position. His familiarity with our business , customers and culture combined with your extensive industry experience will allow you to continue to build on our positive momentum and a strong foundation. We look forward to working closely with Anton, Tom, Jon, Darin and the entire Valaris executive team to ensure a smooth transition. problems “.
Dibowitz, who was the CEO of Seadrill until October 2020 and who joined the Valaris Board in July, said: “My time on the Valaris Board of Directors has only served to reinforce my understanding of Valaris as a world-class organization. During this transition, we will maintain our focus on our main priority of delivering safe and efficient operations for our clients, who continue to validate our position as the offshore driller of choice, having awarded Valaris more than 20 new contracts or extensions, with an associated order book in excess of $ 1.3 billion, since the beginning of May.
“With the strongest balance sheet in the offshore drilling industry, unmatched scale and geographic diversity, and a modern, best-in-class fleet, Valaris is well positioned to take advantage of strategic opportunities and an ever-improving market.” .
Leykum further said: “We are grateful to Tom and Jon for their valuable contributions to Valaris. They successfully led us through a long and challenging recession in the energy sector, establishing Valaris as a strong and financially stable entity. We appreciate their leadership and wish Tom and Jon the best in the future. “