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 (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.
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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