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Valaris Limited (NYSE: VAL) is a leading global provider of offshore drilling services to the petroleum industry. The company owns and operates one of the world’s newest and most advanced fleets of ultra-deepwater drilling rigs and premium jackups. Valaris is committed to delivering high-quality drilling services across various strategic offshore basins, including the U.S. Gulf of Mexico, Brazil, Europe, the Middle East, Africa, Asia, and the Pacific Rim.
Valaris offers a comprehensive range of drilling solutions, operating in four key segments: Floaters, Jackups, ARO, and Others. The majority of the company’s revenue is generated from its Floaters segment, which includes both drillships and semisubmersible rigs. Valaris is dedicated to excellence in operational performance, maintaining high safety standards, and fostering ethical practices.
Recent achievements and ongoing projects highlight Valaris's commitment to growth and innovation. The company has been heavily investing in the expansion of its fleet, with billions of dollars allocated towards new drillships and high-specification jackups. Valaris recruits top talent in the industry, offering extensive training and competency assurance programs to ensure employees are well-equipped to meet the company’s high operating standards.
Valaris's strategic partnerships further enhance its market position. For example, its joint venture with ARO Drilling in Saudi Arabia allows Valaris to leverage local expertise and resources, contributing to the company's global reach and operational success.
Financially, Valaris continues to focus on maintaining a strong balance sheet while pursuing strategic investments that drive long-term value for shareholders. Its robust financial management practices and commitment to operational efficiency position the company well for future growth and stability.
For the latest news and updates on Valaris Limited, including performance, events, and developments, stay tuned to our website.
Valaris Limited (NYSE: VAL) has appointed Catherine J. Hughes to its Board of Directors, strengthening its leadership team. Ms. Hughes brings over 30 years of experience in the oil and gas industry, having served in executive roles at Shell and Nexen. Her expertise will support Valaris' commitment to Environmental, Social and Governance initiatives. Chair Elizabeth D. Leykum expressed confidence that her diverse background will enhance the company's strategy to drive shareholder value.
Valaris Limited (NYSE: VAL) reported its third quarter 2022 results, showcasing a significant operational performance. Net income reached $78 million, down from $113 million in the previous quarter. Operating income increased by $77 million, while revenues rose to $437 million from $413 million, primarily due to higher utilization in its floater fleet. The company executed a sales agreement for the jackup VALARIS 54 at $28.5 million and recognized $40 million from ARO Drilling, partially repaying shareholder notes. Overall, Valaris maintains a positive outlook amidst geopolitical tensions affecting the energy sector.
Valaris Limited (NYSE: VAL) released its quarterly Fleet Status Report, detailing the current status of its offshore drilling rig fleet and associated contract information. Valaris operates a diverse fleet of ultra-deepwater drillships, semisubmersibles, and shallow-water jackups, focusing on safety, operational excellence, and customer satisfaction. The report is available on the Company’s website, emphasizing Valaris' commitment to innovation and technology in offshore drilling services.
Valaris Limited (NYSE: VAL) will hold its third quarter 2022 earnings conference call on November 1, 2022, at 9:00 a.m. CDT. The earnings release will precede the market opening. Participants can access the live webcast on Valaris' website or dial specific numbers based on their location for audio participation. A replay of the call will be available until December 1, 2022. Valaris is a leader in offshore drilling services, known for its advanced rig fleet and commitment to safety and operational excellence.
Valaris Limited (NYSE: VAL) announced new contracts and extensions, adding $95 million to its backlog. Key contracts include: an option exercised by TotalEnergies for the drillship VALARIS DS-15 (100 days), and extensions with Saudi Aramco for jackup rigs VALARIS 76 (292 days), VALARIS 54 (204 days), and VALARIS 108 (142 days). BP exercised a four-well option for VALARIS 118, totaling approximately $24 million. Valaris continues to focus on operational excellence and safety, solidifying its position in the offshore drilling sector.
Valaris Limited (NYSE: VAL) has appointed Matt Lyne as Senior Vice President and Chief Commercial Officer, effective from late May. Lyne brings over 20 years of offshore drilling experience, previously serving in senior roles at Seadrill and Transocean. CEO Anton Dibowitz expressed confidence in Lyne's ability to leverage the improving market conditions for generating shareholder returns. Additionally, Christophe Raimbault will take on the role of Vice President - Sustainability and New Energy, focusing on emission reduction and ESG efforts.
Valaris Limited (NYSE: VAL) has authorized a share repurchase program, allowing for the purchase of up to $100 million in outstanding common stock. CEO Anton Dibowitz emphasized the commitment to maximizing earnings and providing shareholder returns. This flexible program is intended to opportunistically enhance shareholder value over time and may be adjusted or suspended at the Company's discretion. Valaris, a leader in offshore drilling services, remains dedicated to operational excellence and strategic growth initiatives.
Valaris Limited (NYSE: VAL) has received a $40 million partial early repayment from its joint venture ARO Drilling, reducing its shareholder notes receivable to approximately $403 million. ARO, a key strategic asset for Valaris, has a 20-rig newbuild program and aims to secure financing for its new rigs before their delivery in 2023. Valaris does not expect to provide additional financing for this program, highlighting ARO's confidence in third-party financing. The repayment represents a positive outlook for ARO's financial health and growth prospects with Saudi Aramco.
Valaris Limited (NYSE: VAL) announced new contracts and extensions amounting to $149 million in contract backlog. Key contracts include:
- A three-well contract with Eni Mexico for semisubmersible VALARIS DPS-5, commencing Q4 2022, lasting 240 days at $313,500 per day.
- A four-well extension with Shell in the UK North Sea for VALARIS 122, valued over $60 million.
- A one-well contract in Australia for VALARIS 107, estimated at $120,000 per day for 60 days.
- A one-well option with DNO in the UK North Sea for VALARIS 247.
Valaris Limited (NYSE: VAL) announced that CEO Anton Dibowitz will present at the Barclays CEO Energy-Power Conference in New York City on September 6, 2022, at 3:35 PM EDT. Investor materials will be available on the company's website on the morning of the event. A live webcast will be accessible during the presentation, with a replay available for 180 days afterward. Valaris is a leading provider of offshore drilling services, operating a versatile fleet and committed to safety and innovation.
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