Ensco Rowan changes name to Valaris

The newly merged offshore driller Ensco Rowan said it will change its name to Valaris as the London-based firm charts a new path.

The Houston-based Rowan Cos. merged with London's Ensco in a $2.4 billion, all-stock deal earlier this year to create one of the world's biggest offshore drilling firms.

Prior to this year's merger, Ensco had acquired Houston-based Atwood Oceanics as part of an ongoing consolidation of the offshore services sector.

The combined company, which still largely operates out of Houston, said it chose the new Valaris name from the Latin root meanings for strength, courage and value. The firm said the Valaris name embodies the company's ambition to be "Boldly First" as the offshore industry leader.

By July 31, the company will trade under the "VAL" stock ticker.

"We are excited to create a new identity as Valaris that will help us usher in a new era for our company and the industry," said Chief Executive Tom Burke. "This new identity will help to accelerate cultural alignment as we move forward as a larger, more diverse organization and act as a catalyst to achieve our ambition to be 'Boldly First' as the leader in the offshore services industry."

Source: Chron