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 reported its Q1 2025 financial results, achieving total operating revenues of $621 million with 96% revenue efficiency. The company posted a net loss of $39 million, which included $167 million in discrete tax expense. Adjusted EBITDA reached $181 million, while generating $156 million from operating activities.
Key highlights include securing approximately $1.0 billion in new contract backlog, increasing total backlog to over $4.2 billion. The company won the IADC North Sea Chapter's 2024 Best Safety Performance Award for Jackup Rigs and sold three semisubmersibles for recycling.
Segment performance showed strong results in Floaters with revenues of $356 million, while Jackups generated $186 million. Despite macroeconomic uncertainty, CEO Anton Dibowitz expressed confidence in offshore production's vital role in meeting global energy needs. The company's cash position improved to $454 million as of March 31, 2025, up from $381 million at the end of 2024.
Valaris (NYSE: VAL) has announced its upcoming first quarter 2025 earnings release and conference call schedule. The earnings release will be published before the NYSE opens on Thursday, May 1, 2025, followed by a conference call at 9:00 a.m. CDT (10:00 a.m. EDT).
Investors can access the conference call through a live webcast on 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, while a telephonic replay will be accessible through June 1, 2025, via +1-877-344-7529 (US) or +1-412-317-0088 (international) using conference ID 6077732.
Valaris (NYSE: VAL) has secured a significant two-year contract for its drillship VALARIS DS-10 offshore West Africa. The contract, valued at $352 million for the firm term, is expected to commence in late Q2 or Q3 2026. The agreement includes two additional one-year unpriced extension options.
The contract value excludes the provision of additional services. President and CEO Anton Dibowitz highlighted that this award reflects the excellent safety and operational performance record of VALARIS DS-10 and its crews in West African operations. The contract adds approximately $350 million to the company's backlog, supporting future earnings and cash flow.
Valaris (NYSE: VAL) has announced its participation in the upcoming DNB Energy & Shipping Conference 2025 in Oslo, Norway. The company's President and Chief Executive Officer, Anton Dibowitz, will serve as a panelist at the event scheduled for Wednesday, March 5, 2025.
The company will make investor materials available on their website www.valaris.com before the conference begins.
Valaris (NYSE: VAL) reported strong Q4 2024 results with net income of $131 million, up from $63 million in Q3, and Adjusted EBITDA of $142 million. The company achieved 96% fleet-wide revenue efficiency in Q4 and 97% for the full year.
Revenue excluding reimbursables decreased to $548 million from $600 million in Q3, primarily due to lower floater fleet utilization. The company generated $125 million in operating cash flow and $13 million in Free Cash Flow, while repurchasing $25 million of shares.
Valaris secured approximately $120 million of new contract backlog, including a multi-year contract for jackup VALARIS Stavanger in the North Sea. The company announced plans to retire three semisubmersibles (DPS-3, DPS-5, and DPS-6) and sold jackup VALARIS 75 for $24 million in Q1 2025.
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.