Valaris Limited - VAL STOCK NEWS

Valaris Limited (NYSE: VAL) announced it has secured the necessary consents to implement proposed amendments to its senior secured first lien notes due 2028, which amounts to approximately $549.8 million. Holders of about 95.25% of these notes consented by the expiration date of August 19, 2022. The company will distribute a $2.75 million consent fee, equating to around $5.25 per $1,000 of principal for consenting holders. The amendments became effective upon execution on August 19, 2022.

Valaris Limited (NYSE: VAL) has initiated a Consent Solicitation to amend the Indenture governing its senior secured first lien notes due 2028, totaling $549,845,000. The amendments aim to enhance financial flexibility, raising the Restricted Payments basket from $100 million to $175 million and adjusting investment limits to provide the company with greater operational capacity during industry upcycles. Holders providing valid consent by August 19, 2022 may receive a Consent Fee ranging from $5.00 to approximately $10.00 per $1,000 in notes.

Valaris Limited (NYSE: VAL) has announced the appointment of Chris Weber as Senior Vice President and Chief Financial Officer, effective from late May. Weber brings extensive industry experience, previously serving as CFO for Lufkin Industries and holding senior finance roles at Halliburton and Parker Drilling. CEO Anton Dibowitz expressed confidence in Weber's ability to enhance the company’s leadership and drive shareholder value. The company continues to focus on offshore drilling services and maintains a strong commitment to safety and operational excellence.

Valaris Limited (NYSE: VAL) reported a strong second quarter 2022, achieving 97% revenue efficiency. Key highlights include the completion of four floater reactivation projects and the addition of approximately $560 million in contract backlog. The stacked drillship VALARIS DS-17 was awarded a 540-day contract in Brazil, while VALARIS 115 secured a four-year contract in Brunei. Net income reached $113 million compared to a loss of $40 million in Q1. Overall revenues rose to $413 million, driven by higher utilization and average day rates, alongside a $51 million termination fee from VALARIS DS-11.

Valaris Limited (NYSE: VAL) released its quarterly Fleet Status Report, detailing the current status of its offshore drilling rig fleet and associated contract information. The report is available on the Company’s website. Valaris is recognized as a leader in offshore drilling services, operating a diverse fleet across various water depths and geographies. The Company underscores its commitment to safety, operational excellence, and customer satisfaction, focusing on innovation and technology in its operations.

Valaris Limited (NYSE: VAL) will hold its second quarter 2022 earnings conference call on August 2, 2022, at 9:00 a.m. CDT. The earnings release will be issued before the NYSE opens that morning. A live webcast will be available on www.valaris.com. Participants can join via phone, with a replay and transcript available post-event until September 2, 2022. Valaris is a leader in offshore drilling services, operating a diverse fleet across various water depths and geographies.

Valaris Limited (NYSE: VAL) announced significant contract awards and extensions totaling $466 million as of May 2, 2022. This includes a notable 540-day contract with Equinor in Brazil for the VALARIS DS-17 drillship, valued at approximately $327 million. Other contracts include extensions with TotalEnergies and Woodside in Brazil and Australia, respectively. Additionally, a four-year contract with Brunei Shell Petroleum is valued at about $159 million. These activities reflect Valaris' positive outlook in the offshore drilling sector.

Valaris Limited (NYSE: VAL) has appointed Christophe Raimbault as Vice President - Sustainability and New Energy, in line with its strategic focus on sustainable business practices. Raimbault will continue to serve in his previous role until Matt Lyne joins as Senior Vice President and Chief Commercial Officer in Q3 2022. CEO Anton Dibowitz emphasized that this appointment aims to enhance Valaris' commitment to reducing emissions and supporting customers' ESG efforts.

Valaris Limited (NYSE: VAL) announced the termination of its drilling contract for drillship VALARIS DS-11 by Equinor, effective end of June. This contract represented approximately $428 million of Valaris’ total backlog of $2.5 billion as of May 2, 2022. Despite disappointment over the termination, Valaris expects to secure other lucrative projects as day rates in the floater market have significantly improved since the contract was signed in July 2021. The company will receive an early termination fee sufficient to cover incurred expenses.