Valaris CEO, CFO step down. Former Seadrill head named acting CEO

President and chief executive officer (CEO) of offshore drilling contractor Valaris will step down from his position effective 2 September 2021.

Valaris said that its CEO Tom Burke would also step down from his seat at the board of directors. The company named Anton Dibowitz as the interim president and CEO, effective 3 September 2021.

Burke will continue to support Valaris to ensure a smooth leadership transition for the company. He will remain on the board of directors of ARO Drilling, a 50/50 joint venture between Valaris and Saudi Aramco.

The company also announced that Jon Baksht will step down from his position as executive vice president and chief financial officer (CFO) on the same date as Burke. Darin Gibbins, the company’s VP of investor relations and treasurer will be the interim CFO.

Elizabeth Leykum, chair of the board, said: “Anton brings more than twenty years of experience in the offshore drilling industry to the CEO role. His familiarity with our business, customers and culture combined with his extensive industry expertise will allow him to continue to build upon our positive momentum and solid foundation.

“We are grateful to Tom and Jon for their valuable contributions to Valaris. They successfully led us through a prolonged and challenging downturn in the energy sector, establishing the company as a sound and financially stable entity. We thank them for their leadership and wish Tom and Jon the best going forward”.

Dibowitz added: “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 top priority of delivering safe and efficient operations for our customers, 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 backlog over $1.3 billion, since early May”.

The acting CEO joined the Valaris board in July 2021. Before joining, Dibowitz served as an advisor of Seadrill from November 2020 until March 2021, and as CEO from July 2017 until October 2020.

The exiting CEO Tom Burke stated: “I appreciate the opportunity to have been CEO and to have worked with all of the great employees of Valaris and its outstanding leadership team.

“Together, we have navigated one of the most difficult downturns our industry has ever faced – and we came out positioned for success. I am proud of the Valaris team, its resilience and great potential, and I depart the Company knowing that the business is strong, in good hands and has a bright future“.