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Valaris Appoints Adam Weitzman to Board of Directors

Gasoil News - Published on Fri, 14 Feb 2020

Image Source: Valaris
Valaris plc announced that, as part of the Board’s comprehensive refreshment program, it has agreed to appoint Adam Weitzman to its Board of Directors. Mr Weitzman will also serve on the Finance Committee, to assist in the Board’s oversight of the Company’s capital structure and financial strategies, as well as the Compensation Committee. With this appointment, the Valaris Board of Directors will be comprised of 12 directors, 11 of whom will stand for re-election at the Company’s 2020 Annual General Meeting of Shareholders.

Mr Weitzman, a Partner at Luminus Management LLC, has been investing in offshore drilling companies and other energy-related public companies for more than a decade. He brings with him an expertise in debt and equity capital markets, asset allocation and risk management. Luminus owns approximately 18.7% of the outstanding shares of Valaris.

In connection with Mr Weitzman’s appointment, Valaris has entered into an agreement with Luminus under which Luminus has agreed, among other things, to maintain certain minimum ownership levels in order to retain its Board seat and to support the Company’s director slate at the 2020 Annual General Meeting of Valaris shareholders. The agreement will be filed by the Company on a Form 8-K with the U.S. Securities and Exchange Commission.

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Posted By : Yogender Pancholi on Fri, 14 Feb 2020
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