The world’s largest offshore drilling firm EnscoRowan has announced plans to change its name to Valaris.

From July 31, the company will trade under the new name, which it said comes from Latin meaning strength, courage and signifying something of value.

It comes after UK-based Ensco completed its merger with smaller rival Rowan in April, creating the largest company of its kind by fleet size.

Valaris’ ordinary shares will trade under the new ticker symbol VAL.

The new name came following a process which included participation from employees, customer feedback and market research.

CEO Tom Burke said, “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.

“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.”