Valaris Limited reports news centered on offshore contract drilling services for the oil and gas industry. Company updates regularly address fleet status for ultra-deepwater drillships, semisubmersible rigs and shallow-water jackups, including contract information, extensions and utilization developments across offshore basins.
Recurring Valaris news also covers operating and financial results, material agreements, capital-structure matters and governance developments. The company operates through drilling fleet categories that include floaters and jackups, with additional activity tied to ARO and third-party rig management services.
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.
Valaris (VAL) reported strong operational performance in Q1 2024 with a fleetwide revenue efficiency of 97%. The company secured new contracts leading to a contract backlog of over $520 million. Financial highlights include net income of $26 million, Adjusted EBITDA of $54 million, and Adjusted EBITDAR of $84 million. Revenue efficiency was 97%, and the company increased total contract backlog to over $4.0 billion. However, net income decreased to $26 million from $829 million in the previous quarter due to tax expenses, and Adjusted EBITDA and EBITDAR also saw declines. The company's revenues increased to $525 million, but contract drilling expense, depreciation, and general administrative expenses also increased. Cash and cash equivalents decreased to $509 million due to capital expenditures. Valaris will discuss these results further in their upcoming earnings conference call.
Valaris (VAL) issued a Fleet Status Report detailing the current status of their offshore drilling rigs and contract information. The report can be accessed on Valaris' website.
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