In 2022, the company's largest customer was BP (15% of revenues).[1]
History
In 1975, after the 1973 oil crisis, John R. Blocker bought Choya Energy, a six-rig contract drilling company based in Alice, Texas, and renamed the company Blocker Energy.[2]
In 1981 and early 1982, the company borrowed heavily to expand its fleet to 54 rigs.[4]
However, in late 1982, the price of oil plunged and, to avoid bankruptcy, Blocker Energy restructured, giving 64% of the company to its banks in exchange for $240 million in debt forgiveness. By 1983, the company was only operating 6 rigs, although that number increased to 24 in 1984. By 1985, the worldwide employee count of the company was down to 500.[2][5]
Richard Rainwater's BEC Ventures made an investment in the company in 1986 and chose Carl F. Thorne to run the company, which he did until his retirement 20 years later.[6]
In 1987, the company changed its name to Energy Service Company (Ensco).
In 1990, in a transaction orchestrated by Rainwater, who owned 21% of the company, the company acquired Penrod, previously controlled by Ray Lee Hunt, which added 19 rigs to its fleet.[7][8]
In 2010, the company moved its headquarters to London and became a UK-registered company.[9][10]
In May 2011, the company acquired Pride International.[11] The company closed its Dallas office and consolidated it into its Houston office.[12]
In October 2017, the company acquired Atwood Oceanics for $860 million and became the largest owner of jackup fleets worldwide.[13][14]
In 2019, the company merged with Rowan Companies[15] and changed its name to Valaris plc.[16]
In August 2020, the company filed for a prearranged bankruptcy.[17] It emerged from bankruptcy in May 2021.[18][19]
