Valaris Limited Stock Price, News & Analysis

Valaris (NYSE: VAL) announced significant fleet rationalization actions and issued a Fleet Status Report. The company is retiring three semisubmersibles (VALARIS DPS-3, DPS-5, and DPS-6) from its global drilling fleet and has sold the jackup VALARIS 75 for $24 million.

The company secured new contracts and extensions worth approximately $120 million in contract backlog, including a notable 600-day extension with TotalEnergies worth over $75 million for the VALARIS Stavanger in the UK North Sea. Additional contracts include a 100-day contract with BP offshore Trinidad ($16.8 million) and various other agreements including a contract with Jadestone Energy and an extension with BP Indonesia at $95,000 per day.

Three jackups (VALARIS 116, 146, and 250) received short-term bareboat charter agreement extensions through February 28, 2025, with ARO Drilling, while discussions continue with Saudi Aramco for longer-term extensions.

Valaris (NYSE: VAL) has announced its fourth quarter 2024 earnings conference call schedule. The call will take place on Thursday, February 20, 2025, at 9:00 a.m. CST (10:00 a.m. EST). The earnings release will be issued before the NYSE opening on the same day.

Investors can access the conference call through a live webcast at www.valaris.com or by dialing +1-855-239-3215 (US) or +1-412-542-4130 (international). A webcast replay and transcript will be available on the company's website, and a replay will be accessible until March 20, 2025, via phone using conference ID 1925274.

Valaris (NYSE: VAL) reported strong Q3 2024 results with net income of $63 million and Adjusted EBITDA of $150 million. The company achieved 98% revenue efficiency and generated $193 million in operating cash flow and $111 million in free cash flow. Revenues increased to $643 million from $610 million in Q2 2024. The company repurchased $100 million of shares and secured a three-year contract extension for jackup VALARIS 118, adding $168 million to contract backlog. Despite some deferred customer demand, management remains confident in the market upcycle and commits to returning future free cash flow to shareholders.

Valaris (NYSE: VAL) has announced its schedule for the third quarter 2024 earnings release and conference call. The earnings release will be issued before the New York Stock Exchange opens on Thursday, October 31, 2024. The conference call is set for 9:00 a.m. CST (10:00 a.m. EST) on the same day.

Investors can access the conference call via webcast at www.valaris.com or by dialing +1-855-239-3215 within the United States or +1-412-542-4130 from outside the U.S. A webcast replay and transcript will be available on the company's website, and a replay will be accessible through November 30, 2024, by dialing specific numbers provided in the press release.

Valaris (NYSE: VAL) has announced that its President and CEO, Anton Dibowitz, will present at the Barclays CEO Energy-Power Conference in New York City on Tuesday, September 3, 2024, at 1:50 pm EDT. Investor materials for the conference will be available on Valaris' website (www.valaris.com) on the morning of the event.

A live webcast of the presentation will be accessible in the 'Investors – Events & Presentations' section of the company's website. Additionally, a replay of the presentation will be available for 180 days following the conference's conclusion. This event provides an opportunity for investors and analysts to gain insights into Valaris' operations and strategy directly from its top executive.

Valaris (NYSE: VAL) reported strong Q2 2024 results, with net income of $151 million, up from $26 million in Q1. Adjusted EBITDA increased to $139 million from $54 million, driven by higher utilization and average daily revenue for both floater and jackup fleets. Revenues rose to $610 million, up 16% from Q1. The company achieved 99% revenue efficiency and secured a new multi-year contract for VALARIS DS-17, adding nearly $500 million to its backlog. Total contract backlog grew to over $4.3 billion as of July 29, 2024, marking the seventh consecutive quarter of growth. Valaris expects significant earnings and cash flow growth in the coming years, with plans to return all future free cash flow to shareholders.

Valaris (NYSE: VAL) has released its latest Fleet Status Report, providing important information about the current status of its offshore drilling rig fleet and associated contract details. This report, which offers valuable insights into the company's operational capacity and ongoing projects, is now accessible in the 'Investors' section of the Valaris website.

The Fleet Status Report is an essential document for investors and industry analysts, as it typically includes data on rig specifications, contract durations, day rates, and upcoming availability. This information helps stakeholders assess Valaris' market position, revenue potential, and operational efficiency in the competitive offshore drilling sector.

Valaris (NYSE: VAL) has secured a multi-year contract with Equinor Energy do Brasil Ltda. for the drillship VALARIS DS-17 to work offshore Brazil on Project Raia. The contract, valued at approximately $498 million, includes a 672-day drilling program expected to start in the first half of 2026, with an additional 180-day standby period.

The total contract duration is estimated at 852 days. During the standby period, the rig may be available for work both inside and outside Brazil, potentially generating additional revenue. This contract award demonstrates Valaris' strong relationship with Equinor and its ability to secure high-value contracts, supporting the company's anticipated earnings and cash flow growth in the coming years.

Valaris (NYSE: VAL) has announced its schedule for the second quarter 2024 earnings release and conference call. The earnings release will be issued before the New York Stock Exchange opens on Thursday, August 1, 2024, followed by a conference call at 9:00 a.m. CDT (10:00 a.m. EDT) on the same day.

Investors can access the conference call via webcast at www.valaris.com or by dialing +1-855-239-3215 within the United States or +1-412-542-4130 from outside the U.S. A webcast replay and transcript will be available on the company's website, and a replay will be accessible through September 1, 2024, by phone.