Set Carbon Emissions Reduction Target to Reduce Scope 1 Emissions Intensity Per Active Day by 10% to 20% by 2030
Increases Transparency Through Aligning with the Task Force on Climate-Related Financial Disclosures (TCFD) Framework
HAMILTON, Bermuda, April 17, 2023--(BUSINESS WIRE)--Valaris Limited (NYSE: VAL) ("Valaris" or the "Company") today announced that it has issued its 2022 Sustainability Report, showcasing the Company’s commitment to and advancement of its near- and long-term Environmental, Social and Governance (ESG) priorities. The Sustainability Report can be found on the "Safety & Environment – Sustainability" page of the Valaris website at www.valaris.com.
President and Chief Executive Officer Anton Dibowitz said, "At Valaris, we are proud to provide responsible solutions that deliver energy to the world. We continue to develop our sustainability program, including this year setting goals that drive meaningful advancements toward building a more resilient and sustainable company. We look forward to promoting sustainable business practices alongside our stakeholders."
As part of its commitment to sustainability, Valaris has set a target to reduce Scope 1 emissions intensity per active day by 10% to 20% by 2030 compared to a 2019 baseline. The Company has identified a clear roadmap to reach its target based on four areas of focus:
Energy Efficient Practices: Optimizing the efficiency of power generation on drilling units, including implementing a fleet-wide digitalization of diesel engine monitoring and developing Power Management Plans to optimize diesel engine fuel consumption
Energy-Saving Upgrades and Procedures: Rolling-out energy efficient technologies, such as the ABS enhanced electrical system notation, EHS-E, installed on one of its drillships with an additional drillship currently being upgraded
Biofuel Blends: Using biofuel blends, where made available by customers
Jackup Rig Electrification: Electrifying jackup drilling units using a local electric grid or from other sources, where made available by customers
The Company believes this to be a credible target range based on technologies that exist today and may increase the target as new technologies become available. Valaris remains focused on exploring ways to continuously improve its overall impact on the environment, including the reduction of greenhouse gas emissions.
Further, the Company has aligned the Sustainability Report with the standards of the Task Force on Climate-Related Financial Disclosures (TCFD), in addition to the Sustainability Accounting Standards Board (SASB), with references to other frameworks such as the Global Reporting Initiative (GRI) and the Carbon Disclosure Project (CDP), where relevant.
About Valaris Limited
Valaris Limited (NYSE: VAL) is the industry leader in offshore drilling services across all water depths and geographies. Operating a high-quality rig fleet of ultra-deepwater drillships, versatile semisubmersibles and modern shallow-water jackups, Valaris has experience operating in nearly every major offshore basin. Valaris maintains an unwavering commitment to safety, operational excellence, and customer satisfaction, with a focus on technology and innovation. Valaris Limited is a Bermuda exempted company (Bermuda No. 56245). To learn more, visit our website at www.valaris.com.
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