Valaris Limited
Valaris Limited is an offshore drilling contractor operating a global fleet of jackup rigs, drillships, and semisubmersible drilling rigs.
Last updated October 16, 2026
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Overview
Valaris Limited is an international offshore drilling contractor headquartered in Houston, Texas, and incorporated in Bermuda. The company provides drilling services to oil and gas producers and other energy companies through a fleet of offshore mobile drilling units. Its principal assets comprise jackup rigs, drillships, and semisubmersible platform drilling rigs, allowing it to serve projects in shallow-water, deepwater, and ultra-deepwater environments. The business traces its origins to Choya Energy, a six-rig contract drilling company acquired by John R. Blocker in 1975 after the oil-market disruption associated with the 1973 oil crisis. Blocker renamed the company Blocker Energy. It became publicly traded in 1980 and expanded aggressively during the early 1980s, borrowing heavily to increase its fleet to 54 rigs. The collapse in oil prices in late 1982 created a severe financial crisis. The company restructured its debt, transferring a controlling equity interest to its banks in exchange for substantial debt forgiveness, and reduced its operating fleet considerably before beginning a recovery. The company later developed under the Ensco name. An investment by Richard Rainwater's BEC Ventures in 1986 led to Carl F. Thorne becoming chief executive, a position he held for approximately two decades. In 1987 the company changed its name to Energy Service Company, commonly shortened to Ensco. In 1990, Ensco acquired Penrod in a transaction associated with Rainwater and the existing ownership of Ray Lee Hunt. The deal added 19 rigs and expanded the company's scale in the offshore drilling market. Ensco continued to internationalize and consolidate. In 2010 it moved its headquarters to London and became a company registered in the United Kingdom. In 2011 it acquired Pride International, after which the Dallas office was closed and operations were consolidated through Houston. In 2017 the acquisition of Atwood Oceanics for approximately $860 million expanded its fleet and made it the largest owner of jackup fleets worldwide at the time. In 2019, Ensco merged with Rowan Companies, adopting the Valaris plc name and creating a major global offshore drilling contractor with a broad fleet and customer base. A subsequent severe downturn in offshore drilling and energy markets placed the company under significant financial pressure. Valaris filed for prearranged bankruptcy protection in August 2020 and completed its restructuring in May 2021, emerging from bankruptcy as Valaris Limited. As of February 2025, Valaris operated 52 rigs: 36 offshore jackups, 11 drillships, and five semisubmersible platform drilling rigs. The company serves large international energy customers, with BP identified as its largest customer in 2024 at 17 percent of revenue, and the top five customers together accounting for 49 percent of revenue. Valaris's business is therefore influenced by offshore exploration and development cycles, customer contracting activity, rig utilization, day rates, fleet modernization, and the capital requirements of maintaining specialized drilling equipment.
History
Valaris originated in the contract drilling business of Choya Energy, a six-rig company based in Alice, Texas. In 1975, John R. Blocker acquired the company in the aftermath of the 1973 oil crisis and renamed it Blocker Energy. The business became publicly traded through an initial public offering in 1980. During 1981 and early 1982, Blocker Energy borrowed extensively to expand its fleet, reaching 54 rigs. A sharp fall in oil prices later in 1982 undermined drilling demand and placed the company in financial distress. To avoid bankruptcy, Blocker Energy restructured its obligations. Its banks received 64 percent of the company in exchange for forgiveness of approximately $240 million of debt. By 1983 the company was operating only six rigs, although the fleet recovered to 24 rigs in 1984. Worldwide employment had fallen to about 500 by 1985. Richard Rainwater's BEC Ventures invested in the company in 1986 and selected Carl F. Thorne to lead it. Thorne subsequently ran the business for roughly 20 years. In 1987 the company changed its name to Energy Service Company, generally known as Ensco. Ensco expanded through acquisition, including its 1990 purchase of Penrod. The transaction, arranged in connection with Rainwater's investment and the prior control of Ray Lee Hunt, added 19 rigs. The company broadened its international profile in 2010 by moving its headquarters to London and becoming a United Kingdom-registered company. In May 2011 it acquired Pride International. Following the transaction, Ensco closed its Dallas office and consolidated that activity in Houston. In October 2017, Ensco acquired Atwood Oceanics for approximately $860 million. The deal strengthened its position in the jackup market and made it the largest owner of jackup fleets worldwide at that time. A major transformation occurred in 2019, when Ensco merged with Rowan Companies. The combined company changed its name to Valaris plc, bringing together large fleets and complementary positions in offshore drilling. The industry subsequently experienced difficult market conditions, including weak offshore drilling economics and pressure on contractor balance sheets. In August 2020, Valaris filed for prearranged bankruptcy protection. The restructuring was completed in May 2021, when the company emerged as Valaris Limited. By February 2025, the company was described as owning 52 rigs: 36 offshore jackups, 11 drillships, and five semisubmersible platform drilling rigs. Its commercial model is based on contracting these units to energy customers for defined drilling programs. Revenue concentration is material: BP represented 17 percent of 2024 revenue, while the five largest customers represented 49 percent. Valaris's history illustrates the cyclical nature of offshore drilling, in which periods of fleet expansion and consolidation can be followed by sharp utilization declines, restructuring, and renewed demand for modern, technically capable rigs.
- 2021
Emergence from bankruptcy
[1]Valaris completed its restructuring and emerged from bankruptcy protection in May as Valaris Limited.
- 2020
Prearranged bankruptcy filing
[1]Valaris filed for prearranged bankruptcy protection during a severe downturn in offshore drilling markets.
- 2019
Merger with Rowan Companies
[1]Ensco merged with Rowan Companies and changed its name to Valaris plc.
- 2017
Atwood Oceanics acquisition
[1]Ensco acquired Atwood Oceanics for approximately $860 million, becoming the largest owner of jackup fleets worldwide at the time.
- 2011
Pride International acquisition
[1]Ensco acquired Pride International and consolidated its Dallas office into Houston.
- 2010
Headquarters moved to London
[1]The company moved its headquarters to London and became registered in the United Kingdom.
- 1990
Penrod acquisition
[1]Ensco acquired Penrod, adding 19 rigs to its fleet.
- 1987
Adoption of the Ensco name
[1]The company changed its name to Energy Service Company, commonly known as Ensco.
- 1986
BEC Ventures investment
[1]Richard Rainwater's BEC Ventures invested in the company and appointed Carl F. Thorne to run the business.
- 1982
Debt restructuring after oil-price collapse
[1]A sharp decline in oil prices caused severe financial stress, leading to a restructuring in which the company's banks received a controlling equity interest in exchange for debt forgiveness.
Products and positioning
A large international offshore drilling contractor positioned around fleet scale, global operating capability, and access to multiple offshore rig categories. Valaris serves energy companies that require contracted drilling units for shallow-water, deepwater, and ultra-deepwater projects.
Offshore drilling equipment
Jackup rigs
Jackup rigs are mobile offshore drilling units designed primarily for shallow-water operations. They are towed or transported to a drilling location, where legs are lowered to the seabed and the working platform is elevated above the water. Valaris's jackup fleet supports exploration, development, and production-related drilling for fixed offshore installations and other shallow-water projects. As of February 2025, jackups represented 36 of the company's 52 rigs.
Offshore drilling equipment
Drillships
Drillships are dynamically positioned vessels equipped for deepwater and ultra-deepwater drilling. Their mobility and large drilling systems enable them to operate in locations where fixed platforms or bottom-supported units are unsuitable. Valaris contracts drillships to energy companies for offshore exploration and development programs. The available reference material identifies 11 drillships in the company's fleet as of February 2025.
Offshore drilling equipment
Semisubmersible drilling rigs
Semisubmersible drilling rigs are floating offshore units that use submerged pontoons and columns to achieve stability in deepwater conditions. They can be used for demanding offshore drilling programs and platform-related work. Valaris provides these units as part of its contract drilling portfolio. The company was described as owning five semisubmersible platform drilling rigs as of February 2025.
Brand decisions
2020
Prearranged bankruptcy restructuringOtherBackground
A prolonged downturn in offshore drilling and difficult energy-market conditions placed pressure on the company's financial position.
Action taken
Valaris filed for prearranged bankruptcy protection.
Aftermath
The restructuring was completed in May 2021, allowing the company to emerge as Valaris Limited.
2019
Merger with Rowan CompaniesM&ABackground
Offshore drilling contractors were consolidating to achieve greater fleet scale and respond to cyclical market conditions.
Action taken
Ensco merged with Rowan Companies and adopted the Valaris plc name.
Aftermath
The merger created a major global offshore drilling contractor with a broad portfolio of rig types.
2017
Acquisition of Atwood OceanicsM&ABackground
Ensco pursued additional scale in the offshore drilling market, particularly in jackup rigs.
Action taken
Ensco acquired Atwood Oceanics for approximately $860 million.
Aftermath
The acquisition made Ensco the largest owner of jackup fleets worldwide at the time.
Transaction value. $860 million (2017 acquisition)
2011
Acquisition of Pride InternationalM&ABackground
Ensco sought to expand its offshore drilling fleet and global operating scale.
Action taken
Ensco acquired Pride International and consolidated its Dallas office into Houston.
Aftermath
The transaction increased the scale of the combined offshore drilling business and centralized office operations.
2010
International corporate relocationStrategyBackground
Ensco was expanding its international presence and offshore drilling operations.
Action taken
The company moved its headquarters to London and became registered in the United Kingdom.
Aftermath
The relocation reinforced the company's international corporate structure before later fleet expansion and consolidation.
Recent events
- Unconfirmed
Valaris announces appointment of a new seven-member board[2]
Valaris announced the appointment of a new seven-member board and said Elizabeth Leykum had been appointed chair. The source does not specify when the appointments took effect.
Sources2 sources
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