Welcome to our dedicated page for Valaris news (Ticker: VAL), a resource for investors and traders seeking the latest updates and insights on Valaris stock.
Valaris Limited (NYSE: VAL) is an offshore contract drilling company that provides offshore drilling services to the international oil and gas industry. The company describes itself as the industry leader in offshore drilling services across all water depths and geographies, operating a high-quality fleet of ultra-deepwater drillships, versatile semisubmersibles and modern shallow-water jackups with experience in nearly every major offshore basin.
This news page aggregates company announcements, earnings releases and operational updates related to Valaris. Recent news has included multi-year and multi-well contract awards for drillships such as VALARIS DS-8 offshore Brazil with Shell, VALARIS DS-12 in Egypt with Bp Exploration Delta Limited, and long-duration contracts for VALARIS DS-16 and DS-18 with Anadarko Petroleum Corporation, a wholly-owned subsidiary of Occidental, in the Gulf of America. These items illustrate how the company secures and extends its contracted revenue backlog.
Visitors can also expect coverage of quarterly financial results, where Valaris reports metrics such as total operating revenues, net income, Adjusted EBITDA and segment performance for Floaters, Jackups, ARO and Other. The company’s communications often highlight revenue efficiency, cash flow generation, rig sales, and updates on backlog additions.
In addition, Valaris issues Fleet Status Reports that summarize the status of its offshore drilling rigs and associated contracts, and it announces investor events such as earnings conference calls and presentations at industry conferences. For investors, analysts and others following the drilling oil and gas wells industry, this news feed provides a focused view of Valaris’ contract activity, fleet developments and financial reporting.
Valaris Limited (NYSE: VAL) has secured new bareboat charter agreements with ARO Drilling for several jackup rigs, extending contracts for VALARIS 250, VALARIS 116, VALARIS 143, and VALARIS 146 for three years starting December 2021. ARO Drilling's rigs ARO 3003 and ARO 3004 also received five-year extensions with Aramco, commencing at the same time. CEO Anton Dibowitz highlighted the importance of the contracts for maintaining a strong relationship with Aramco and underscored ongoing growth with ARO's newbuild program, with the first two jackups expected by late 2022.
Valaris Limited (NYSE: VAL) announced that Famatown Finance Limited has acquired approximately 5% of its common shares. This investment, indirectly controlled by John Fredriksen's trusts, indicates confidence in Valaris' management and its value proposition. Valaris has entered a support agreement with Famatown, allowing for potential Board representation. The Seatankers Group expressed its intent to be a long-term shareholder, collaborating with Valaris to drive shareholder value.
Famatown Finance Limited has acquired approximately 5.0% of Valaris Limited (NYSE: VAL) shares and signed a support agreement with the company. The Seatankers Group, which controls Famatown, emphasizes its belief in the offshore drilling sector's recovery, backed by its strategic investments across various industries. Valaris is positioned as a potential consolidator in the industry, with significant upside projected from its assets and market position, including expected annual EBITDA exceeding $1 billion. The Seatankers Group aims to enhance shareholder value and may increase its stake in Valaris.
Valaris Limited (NYSE: VAL) has appointed Mr. Anton Dibowitz as President and Chief Executive Officer, effective immediately. Previously serving as interim CEO since September 3, 2021, Dibowitz's extensive knowledge in offshore drilling makes him well-suited for the role. The Board cited his leadership in increasing the company’s backlog by over $2.1 billion this year. Dibowitz expressed enthusiasm for leading Valaris and aims to solidify its position in the global offshore drilling market.
Valaris Limited (NYSE: VAL) announced that interim President and CEO Anton Dibowitz will present at the BofA Securities Global Energy Conference on November 17, 2021, at 11:00 a.m. CST. Investors can access presentation materials on Valaris' website. A recording of the presentation will be available for 90 days following the event, expiring on February 18, 2022. Valaris is a leader in offshore drilling services with a commitment to safety and operational excellence.
Valaris reported strong operational performance with 99% revenue efficiency in Q3 2021, increasing revenues to $327 million from $293 million in the previous quarter. The company added approximately $330 million to its contract backlog, totaling over $2.1 billion year-to-date. Recent contract awards include VALARIS DS-9 and DS-4. Valaris is enhancing sustainability with emissions reduction systems on its rigs. However, general and administrative expenses increased due to executive severance. The tax provision rose significantly compared to the prior quarter.
Valaris Limited (NYSE: VAL) has released its quarterly Fleet Status Report detailing the status of its offshore drilling rig fleet and associated contract information. The company's high-quality rig fleet includes ultra-deepwater drillships and versatile semisubmersibles. Valaris emphasizes safety, operational excellence, and customer satisfaction, alongside a commitment to technology and innovation. Investors can access the full report on Valaris' official website.
Valaris Limited (NYSE: VAL) has secured a two-year contract with Esso Exploration Angola, an affiliate of ExxonMobil, for its drillship VALARIS DS-9. The rig is currently preserved in the Canary Islands and will be reactivated before being mobilized to Angola in anticipation of the contract starting in June 2022. This contract strengthens Valaris's position in the offshore drilling industry, showcasing its commitment to operational excellence and technological innovation.
Valaris Limited (NYSE: VAL) has secured a contract with Petrobras for the drillship VALARIS DS-4, with a minimum duration of 548 days. Currently preserved in the UK, the rig will be reactivated in the Canary Islands and mobilized to Brazil, with operations expected to start by early Q2 2022. Valaris is recognized as a leader in offshore drilling services, offering a high-quality fleet across various offshore locations.
Valaris Limited (NYSE: VAL) has announced that its ultra-deepwater drillship, VALARIS DS-12, has become the first vessel globally to receive the ABS Enhanced Electrical System Notation EHS-E. This upgrade improves reliability, optimizes powerplant performance, and reduces emissions by enabling operations on fewer generators. The milestone highlights Valaris' commitment to sustainability and advanced technology in offshore drilling.