Benzinga | Dec 9, 2021 09:59PM EST

Valaris Announces Support Agreement With The Seatankers Group

Valaris Limited (NYSE:VAL) ("Valaris" or "the Company") today announced that Famatown Finance Limited, a company indirectly controlled by trusts settled by John Fredriksen and a member of The Seatankers Group, has accumulated through open market transactions approximately 5% of the common shares of Valaris.

Anton Dibowitz, President and Chief Executive Officer of Valaris, commented: "Valaris welcomes the interest and investment from The Seatankers Group, who have extensive offshore drilling knowledge and experience. We appreciate the confidence expressed in the Valaris management team and Board of Directors, and the recognition of Valaris' compelling value proposition. We look forward to a collaborative and long-term relationship."

Further to that, Valaris has entered into a support agreement with Famatown, granting Board observer rights to a Famatown designee upon the satisfaction of certain conditions specified in the support agreement. The support agreement also provides Famatown with the potential to designate a member of the Valaris Board should Famatown increase its ownership of Valaris shares in an amount that the Board deems sufficient.

The Seatankers Group has expressed its determination to be a long-term shareholder while working alongside the Company as a resource and partner to continue driving long-term value for Valaris shareholders. Valaris looks forward to a continued collaborative relationship.