Valaris has announced that its Board of Directors has authorized a share repurchase program under which the Company may purchase up to $100 million of Valaris’ outstanding common stock.

President and Chief Executive Officer Anton Dibowitz said, 
“The Valaris management team and Board remain focused on continued execution against our strategic priorities, maximizing earnings and free cash flow, and capitalizing on opportunities as they arise. This share repurchase authorization provides the flexibility to opportunistically return capital to shareholders over time. We will continue to take a disciplined and balanced approach to capital allocation, consistent with our focus on creating long-term shareholder value.”

The $100 million authorization does not have a fixed expiration, and may be modified, suspended or discontinued at any time.