Valaris Limited - VAL STOCK NEWS

Valaris Limited (NYSE: VAL) reported a strong operational performance in 4Q 2021 with a 97% revenue efficiency and a total contract backlog growth to $2.4 billion. The company added approximately $330 million to its backlog since 3Q 2021, including contracts in the U.S. Gulf of Mexico and offshore Australia. However, revenues dropped to $306 million in 4Q 2021 from $327 million in 3Q 2021, attributed to fewer operating days and lower day rates. The company anticipates improved financial results as it completes ongoing rig reactivations.

Valaris Limited (NYSE: VAL) has released its quarterly Fleet Status Report detailing the current operational status of its offshore drilling rig fleet along with respective contract information. This report highlights Valaris's leadership in offshore drilling services across various water depths and regions, emphasizing its commitment to safety and operational excellence. Investors can access the full report on the company’s website to gain insights into current contracts and fleet performance.

Valaris Limited (NYSE: VAL) will host its fourth quarter 2021 earnings conference call on Tuesday, February 22, 2022, at 9:00 a.m. CST. The earnings release will be published before the NYSE opens that day. Participants can join via a live webcast on the company's website or by dialing in. A replay will be available until March 22, 2022. Valaris, based in Bermuda, is a leader in offshore drilling, known for its state-of-the-art fleet and commitment to safety and performance. For updates on Valaris, investors can sign up for email alerts on its website.

Valaris Limited (NYSE: VAL) has secured two one-well contracts with Murphy Oil Corporation for its semisubmersible VALARIS DPS-5. The first contract in the U.S. Gulf of Mexico is set to start in Q3 2022, lasting a minimum of 30 days with a 90-day option. The second contract, located offshore Mexico, will follow immediately and is estimated to last for 60 days. These contracts signify Valaris' operational capabilities and commitment to offshore drilling services.

Valaris Limited (NYSE: VAL) has announced new contracts for offshore drilling services, including:

• A one-well contract with Kosmos Energy in the U.S. Gulf of Mexico, starting February 2022 for 105 days.
• A one-well contract with Western Gas offshore Australia, commencing Q1 2022 for 25 days.
• A six-well contract with Centrica Storage in the UK North Sea, starting Q3 2022 for 100 days.
• A one-well contract with an undisclosed operator in the U.S. Gulf of Mexico, beginning Q1 2022 for at least 68 days.

These contracts highlight Valaris's operational capabilities across various regions.

Valaris Limited (NYSE: VAL) has secured new bareboat charter agreements with ARO Drilling for several jackup rigs, extending contracts for VALARIS 250, VALARIS 116, VALARIS 143, and VALARIS 146 for three years starting December 2021. ARO Drilling's rigs ARO 3003 and ARO 3004 also received five-year extensions with Aramco, commencing at the same time. CEO Anton Dibowitz highlighted the importance of the contracts for maintaining a strong relationship with Aramco and underscored ongoing growth with ARO's newbuild program, with the first two jackups expected by late 2022.

Valaris Limited (NYSE: VAL) announced that Famatown Finance Limited has acquired approximately 5% of its common shares. This investment, indirectly controlled by John Fredriksen's trusts, indicates confidence in Valaris' management and its value proposition. Valaris has entered a support agreement with Famatown, allowing for potential Board representation. The Seatankers Group expressed its intent to be a long-term shareholder, collaborating with Valaris to drive shareholder value.

Famatown Finance Limited has acquired approximately 5.0% of Valaris Limited (NYSE: VAL) shares and signed a support agreement with the company. The Seatankers Group, which controls Famatown, emphasizes its belief in the offshore drilling sector's recovery, backed by its strategic investments across various industries. Valaris is positioned as a potential consolidator in the industry, with significant upside projected from its assets and market position, including expected annual EBITDA exceeding $1 billion. The Seatankers Group aims to enhance shareholder value and may increase its stake in Valaris.

Valaris Limited (NYSE: VAL) has appointed Mr. Anton Dibowitz as President and Chief Executive Officer, effective immediately. Previously serving as interim CEO since September 3, 2021, Dibowitz's extensive knowledge in offshore drilling makes him well-suited for the role. The Board cited his leadership in increasing the company’s backlog by over $2.1 billion this year. Dibowitz expressed enthusiasm for leading Valaris and aims to solidify its position in the global offshore drilling market.