Valaris Reports Second Quarter 2024 Results
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) ha riportato risultati solidi per il secondo trimestre 2024, con un utile netto di 151 milioni di dollari, in aumento rispetto ai 26 milioni del primo trimestre. L'EBITDA rettificato è aumentato a 139 milioni di dollari rispetto ai 54 milioni, spinto da una maggiore utilizzazione e da ricavi medi giornalieri più elevati per entrambe le flotte di galleggianti e jack-up. I ricavi sono aumentati a 610 milioni di dollari, in aumento del 16% rispetto al primo trimestre. L'azienda ha raggiunto un'efficienza dei ricavi del 99% e ha assicurato un nuovo contratto pluriennale per VALARIS DS-17, aggiungendo quasi 500 milioni di dollari al proprio portafoglio ordini. L'ammontare totale del portafoglio ordini è cresciuto a oltre 4,3 miliardi di dollari al 29 luglio 2024, segnando il settimo trimestre consecutivo di crescita. Valaris si aspetta una significativa crescita degli utili e del flusso di cassa negli anni a venire, con piani di restituire tutto il futuro flusso di cassa libero agli azionisti.
Valaris (NYSE: VAL) reportó resultados sólidos en el segundo trimestre de 2024, con un ingreso neto de 151 millones de dólares, un aumento respecto a los 26 millones del primer trimestre. El EBITDA ajustado aumentó a 139 millones de dólares desde 54 millones, impulsado por una mayor utilización y un aumento en los ingresos diarios promedio tanto para flotas de plataforma como de perforación. Los ingresos subieron a 610 millones de dólares, lo que representa un aumento del 16% en comparación con el primer trimestre. La compañía logró una eficiencia de ingresos del 99% y aseguró un nuevo contrato a largo plazo para VALARIS DS-17, añadiendo casi 500 millones de dólares a su cartera de pedidos. El total de la cartera de contratos creció a más de 4.3 mil millones de dólares al 29 de julio de 2024, marcando el séptimo trimestre consecutivo de crecimiento. Valaris espera un crecimiento significativo en utilidades y flujo de caja en los próximos años, con planes de devolver todo el flujo de caja libre futuro a los accionistas.
Valaris (NYSE: VAL)는 2024년 2분기에 1억 5,100만 달러의 순이익을 기록하여 1분기의 2,600만 달러에서 증가한 견고한 실적을 발표했습니다. 조정 EBITDA는 5,400만 달러에서 1억 3,900만 달러로 증가하였으며, 이는 부유식 및 재킷 선대 모두의 높은 활용률과 평균 일일 수익 증가에 힘입은 것입니다. 수익은 6억 1,000만 달러로 증가하였으며, 1분기 대비 16% 증가했습니다. 회사는 99%의 수익 효율성을 달성하였고, VALARIS DS-17에 대한 새로운 다년 계약을 확보하여 거의 5억 달러를 backlog에 추가했습니다. 전체 계약 backlog는 2024년 7월 29일 기준으로 43억 달러 이상으로 증가하며, 연속적으로 7분기 성장세를 기록했습니다. Valaris는 향후 몇 년간 상당한 이익 및 현금 흐름 성장을 기대하고 있으며, 미래의 자유 현금 흐름을 모두 주주에게 반환할 계획입니다.
Valaris (NYSE: VAL) a annoncé de solides résultats pour le deuxième trimestre 2024, avec un revenu net de 151 millions de dollars, en hausse par rapport à 26 millions de dollars au premier trimestre. Le bénéfice avant intérêts, impôts, dépréciation et amortissement ajusté a augmenté à 139 millions de dollars contre 54 millions de dollars, soutenu par une utilisation accrue et des revenus journaliers moyens plus élevés pour les flottes de plateformes flottantes et de perforation. Les revenus ont atteint 610 millions de dollars, soit une augmentation de 16 % par rapport au premier trimestre. L'entreprise a réalisé une efficacité des revenus de 99 % et a sécurisé un nouveau contrat pluriannuel pour VALARIS DS-17, ajoutant près de 500 millions de dollars à son carnet de commandes. Le carnet de commandes total a augmenté à plus de 4,3 milliards de dollars au 29 juillet 2024, marquant le septième trimestre consécutif de croissance. Valaris s'attend à une croissance significative des bénéfices et des flux de trésorerie dans les années à venir, avec des projets de retourner l'intégralité des flux de trésorerie disponibles futurs aux actionnaires.
Valaris (NYSE: VAL) hat starke Ergebnisse für das zweite Quartal 2024 gemeldet, mit einem Nettoeinkommen von 151 Millionen Dollar, ein Anstieg von 26 Millionen Dollar im ersten Quartal. Das bereinigte EBITDA stieg auf 139 Millionen Dollar von 54 Millionen Dollar, angetrieben durch eine höhere Auslastung und ein durchschnittliches tägliches Einkommen sowohl für Schwimmplattformen als auch für Jackup-Flotten. Die Einnahmen stiegen auf 610 Millionen Dollar, was einer Steigerung von 16 % gegenüber dem ersten Quartal entspricht. Das Unternehmen erreichte eine Einnahmen-Effizienz von 99 % und sicherte sich einen neuen mehrjährigen Vertrag für VALARIS DS-17, was fast 500 Millionen Dollar zu seinem Auftragsbestand hinzufügte. Der gesamte Auftragsbestand wuchs bis zum 29. Juli 2024 auf über 4,3 Milliarden Dollar, was das siebte aufeinanderfolgende Quartal des Wachstums markiert. Valaris erwartet ein signifikantes Wachstum in den Gewinnen und dem Cashflow in den kommenden Jahren und plant, allen zukünftigen freien Cashflow an die Aktionäre zurückzugeben.
- Net income increased to $151 million from $26 million in Q1 2024
- Adjusted EBITDA rose to $139 million from $54 million in Q1
- Revenues increased 16% to $610 million from $525 million in Q1
- Achieved 99% revenue efficiency in Q2
- Secured new multi-year contract for VALARIS DS-17, adding nearly $500 million to backlog
- Total contract backlog grew to over $4.3 billion, a 42% increase from 12 months ago
- Successful contract startup for drillship VALARIS DS-7, the sixth drillship reactivated since 2022
- Cash and cash equivalents decreased to $410 million from $509 million in Q1 2024
- Operating cash flow negatively impacted by changes in working capital due to increased accounts receivable
- Increased general and administrative expense to $33 million from $27 million in Q1
Valaris 's Q2 2024 results demonstrate a significant improvement in financial performance, with net income surging to
Key financial highlights include:
- Revenue increased by
16% to$610 million - Adjusted EBITDA rose by
159% to$139 million - Adjusted EBITDAR grew by
78% to$150 million
The company's strong operational performance is evident in its 99% revenue efficiency and zero Lost Time Incidents for the second consecutive quarter. This operational excellence, combined with successful contract startups and reactivations, positions Valaris well for future growth.
The addition of nearly
However, investors should note the decrease in cash and cash equivalents to
Valaris' Q2 2024 results reflect the ongoing strength in the offshore drilling market. The company's success in securing new contracts and reactivating rigs indicates robust demand for offshore drilling services, particularly in the deepwater segment.
The multi-year contract for VALARIS DS-17 with Equinor in Brazil is especially significant, as it demonstrates:
- Growing activity in key offshore markets like Brazil
- Increasing long-term commitments from major oil companies
- Valaris' competitive position in the high-specification drillship market
The company's statement regarding strong customer demand for projects commencing in 2025 and 2026 suggests a positive long-term outlook for the offshore drilling sector. This aligns with broader industry trends of increased offshore exploration and production activities, driven by higher oil prices and the need to replenish reserves.
Valaris' strategy of returning all future free cash flow to shareholders (unless more value-accretive opportunities arise) is likely to be well-received by investors. However, this approach will need to be balanced against the need for ongoing fleet investments and maintaining a strong balance sheet in a cyclical industry.
The company's improved financial performance and growing backlog position it favorably compared to peers in the offshore drilling space. As the upcycle in offshore drilling continues, Valaris appears well-positioned to capitalize on market opportunities and potentially gain market share.
President and Chief Executive Officer Anton Dibowitz said, “In the second quarter, we built on our excellent start to 2024 with another quarter of strong safety and operating performance, delivering revenue efficiency of
Dibowitz added, “In July, we secured a new multi-year contract with Equinor offshore
Dibowitz concluded, “Valaris is well-positioned and we continue to execute our strategy, securing attractive new contracts and building our contract backlog. We maintain our conviction in the strength and duration of this upcycle and see strong customer demand for projects that are expected to commence in 2025 and 2026. We expect to deliver significant earnings and cash flow growth over the next few years, and we intend to return all future free cash flow to shareholders unless there is a better or more value accretive use for it.”
Financial and Operational Highlights
-
Net income of
$151 million $139 million $150 million -
Revenue efficiency of
99% during the quarter; - Strong safety performance, including no Lost Time Incidents (LTI) for the second consecutive quarter;
- Successful contract startup for drillship VALARIS DS-7, the sixth drillship Valaris has reactivated since 2022;
-
Multi-year contract for drillship VALARIS DS-17, adding nearly
$500 million -
Increased total contract backlog to more than
$4.3 billion 42% increase from twelve months ago.
Second Quarter Review
Net income increased to
Revenues increased to
Contract drilling expense decreased to
Depreciation expense increased to
Other income increased to
Tax benefit of
Cash and cash equivalents and restricted cash decreased to
Capital expenditures of
Results Compared to Prior Guidance
The Company's second quarter 2024 results were better than prior guidance primarily due to strong operating performance resulting in higher revenue efficiency, certain contracts extending longer than previously anticipated and the timing of certain costs that are now expected to be recognized in subsequent quarters.
Second Quarter Segment Review
Floaters
Floater revenues increased to
Contract drilling expense increased to
Jackups
Jackup revenues increased to
Contract drilling expense decreased to
ARO Drilling
Revenues decreased to
Other
Revenues decreased to
|
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Three Months Ended |
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(Unaudited) |
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|
Floaters |
|
Jackups |
|
ARO (1) |
|
Other |
|
Reconciling Items (1)(2) |
|
Consolidated Total |
|||||||||||||||||||||||||||||||||
(in millions of $, except %) |
Q2
|
Q1
|
Chg |
|
Q2
|
Q1
|
Chg |
|
Q2
|
Q1
|
Chg |
|
Q2
|
Q1
|
Chg |
|
Q2
|
Q1
|
|
Q2
|
Q1
|
Chg |
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
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Revenues |
$ |
383.9 |
$ |
324.4 |
18 |
% |
|
$ |
185.8 |
$ |
152.3 |
22 |
% |
|
$ |
124.2 |
|
$ |
138.3 |
|
(10 |
)% |
|
$ |
40.4 |
$ |
48.3 |
(16 |
)% |
|
$ |
(124.2 |
) |
$ |
(138.3 |
) |
|
$ |
610.1 |
|
$ |
525.0 |
16 |
% |
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Contract drilling |
|
257.4 |
|
253.4 |
(2 |
)% |
|
|
123.2 |
|
133.9 |
8 |
% |
|
|
94.1 |
|
|
98.3 |
|
4 |
% |
|
|
19.6 |
|
22.2 |
12 |
% |
|
|
(55.6 |
) |
|
(63.0 |
) |
|
|
438.7 |
|
|
444.8 |
1 |
% |
Depreciation |
|
14.1 |
|
13.2 |
(7 |
)% |
|
|
10.9 |
|
10.4 |
(5 |
)% |
|
|
19.7 |
|
|
19.0 |
|
(4 |
)% |
|
|
2.5 |
|
1.3 |
(92 |
)% |
|
|
(17.5 |
) |
|
(17.1 |
) |
|
|
29.7 |
|
|
26.8 |
(11 |
)% |
General and admin. |
|
— |
|
— |
— |
% |
|
|
— |
|
— |
— |
% |
|
|
5.5 |
|
|
5.8 |
|
5 |
% |
|
|
— |
|
— |
— |
% |
|
|
27.0 |
|
|
20.7 |
|
|
|
32.5 |
|
|
26.5 |
(23 |
)% |
Equity in earnings (losses) of ARO |
|
— |
|
— |
— |
% |
|
|
— |
|
— |
— |
% |
|
|
— |
|
|
— |
|
— |
% |
|
|
— |
|
— |
— |
% |
|
|
(0.3 |
) |
|
2.4 |
|
|
|
(0.3 |
) |
|
2.4 |
113 |
% |
Operating income |
$ |
112.4 |
$ |
57.8 |
94 |
% |
|
$ |
51.7 |
$ |
8.0 |
546 |
% |
|
$ |
4.9 |
|
$ |
15.2 |
|
(68 |
)% |
|
$ |
18.3 |
$ |
24.8 |
(26 |
)% |
|
$ |
(78.4 |
) |
$ |
(76.5 |
) |
|
$ |
108.9 |
|
$ |
29.3 |
272 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Net income (loss) |
$ |
114.1 |
$ |
64.1 |
78 |
% |
|
$ |
52.8 |
$ |
8.8 |
500 |
% |
|
$ |
(6.7 |
) |
$ |
(1.6 |
) |
319 |
% |
|
$ |
18.3 |
$ |
24.8 |
(26 |
)% |
|
$ |
(27.7 |
) |
$ |
(70.6 |
) |
|
$ |
150.8 |
|
$ |
25.5 |
491 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Adjusted EBITDA |
$ |
126.4 |
$ |
71.0 |
78 |
% |
|
$ |
62.6 |
$ |
18.4 |
240 |
% |
|
$ |
24.6 |
|
$ |
34.2 |
|
(28 |
)% |
|
$ |
20.8 |
$ |
26.1 |
(20 |
)% |
|
$ |
(95.5 |
) |
$ |
(96.0 |
) |
|
$ |
138.9 |
|
$ |
53.7 |
159 |
% |
Adjusted EBITDAR |
$ |
137.3 |
$ |
101.3 |
36 |
% |
|
$ |
62.6 |
$ |
18.4 |
240 |
% |
|
$ |
24.6 |
|
$ |
34.2 |
|
(28 |
)% |
|
$ |
20.8 |
$ |
26.1 |
(20 |
)% |
|
$ |
(95.5 |
) |
$ |
(96.0 |
) |
|
$ |
149.8 |
|
$ |
84.0 |
78 |
% |
(1) The full operating results included above for ARO are not included within our consolidated results and thus deducted under "Reconciling Items" and replaced with our equity in earnings of ARO. |
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(2) Our onshore support costs included within contract drilling expenses are not allocated to our operating segments for purposes of measuring segment operating income (loss) and as such, these costs are included in "Reconciling Items." Further, general and administrative expense and depreciation expense incurred by our corporate office are not allocated to our operating segments for purposes of measuring segment operating income (loss) and are included in "Reconciling Items." |
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As previously announced, Valaris will hold its second quarter 2024 earnings conference call at 9:00 a.m. CT (10:00 a.m. ET) on Thursday, August 1, 2024. An updated investor presentation will be available on the Valaris website after the call.
About Valaris Limited
Valaris Limited (NYSE: VAL) is the industry leader in offshore drilling services across all water depths and geographies. Operating a high-quality rig fleet of ultra-deepwater drillships, versatile semisubmersibles, and modern shallow-water jackups, Valaris has experience operating in nearly every major offshore basin. Valaris maintains an unwavering commitment to safety, operational excellence, and customer satisfaction, with a focus on technology and innovation. Valaris Limited is a
Forward-Looking Statements
Statements contained in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include words or phrases such as "anticipate," "believe," "estimate," "expect," "intend," "likely," "plan," "project," "could," "may," "might," "should," "will" and similar words and specifically include statements regarding expected financial performance; expected utilization, day rates, revenues, operating expenses, cash flows, contract status, terms and duration, contract backlog, capital expenditures, insurance, financing and funding; the offshore drilling market, including supply and demand, customer drilling programs and the attainment of requisite permits for such programs, stacking of rigs, effects of new rigs on the market and effect of the volatility of commodity prices; expected work commitments, awards, contracts and letters of intent; scheduled delivery dates for rigs; performance of our joint ventures, including our joint venture with Saudi Aramco; timing of the delivery of the Saudi Aramco Rowan Offshore Drilling Company ("ARO") newbuild rigs and the timing of additional ARO newbuild orders; the availability, delivery, mobilization, contract commencement, availability, relocation or other movement of rigs and the timing thereof; rig reactivations; suitability of rigs for future contracts; divestitures of assets; general economic, market, business and industry conditions, including inflation and recessions, trends and outlook; general political conditions, including political tensions, conflicts and war; cybersecurity attacks and threats; impacts and effects of public health crises, pandemics and epidemics; future operations; ability to renew expiring contracts or obtain new contracts, including for VALARIS DS-13 and VALARIS DS-14; increasing regulatory complexity; targets, progress, plans and goals related to sustainability matters; the outcome of tax disputes; assessments and settlements; and expense management. The forward-looking statements contained in this press release are subject to numerous risks, uncertainties and assumptions that may cause actual results to vary materially from those indicated, including cancellation, suspension, renegotiation or termination of drilling contracts and programs; our ability to obtain financing, service our debt, fund capital expenditures and pursue other business opportunities; adequacy of sources of liquidity for us and our customers; future share repurchases; actions by regulatory authorities, or other third parties; actions by our security holders; internal control risk; commodity price fluctuations and volatility, customer demand, loss of a significant customer or customer contract, downtime and other risks associated with offshore rig operations; adverse weather, including hurricanes; changes in worldwide rig supply, including as a result of reactivations and newbuilds; and demand, competition and technology; supply chain and logistics challenges; consumer preferences for alternative fuels and forecasts or expectations regarding the global energy transition; increased scrutiny of our sustainability targets, initiatives and reporting and our ability to achieve such targets or initiatives; changes in customer strategy; future levels of offshore drilling activity; governmental action, civil unrest and political and economic uncertainties, including recessions, volatility affecting the banking system and financial markets, inflation and adverse changes in the level of international trade activity; terrorism, piracy and military action; risks inherent to shipyard rig reactivation, upgrade, repair, maintenance or enhancement; our ability to enter into, and the terms of, future drilling contracts; suitability of rigs for future contracts; the cancellation of letters of intent or letters of award or any failure to execute definitive contracts following announcements of letters of intent, letters of award or other expected work commitments; the outcome of litigation, legal proceedings, investigations or other claims or contract disputes; governmental regulatory, legislative and permitting requirements affecting drilling operations; our ability to attract and retain skilled personnel on commercially reasonable terms; environmental or other liabilities, risks or losses; compliance with our debt agreements and debt restrictions that may limit our liquidity and flexibility, including in any return of capital plans; cybersecurity risks and threats; and changes in foreign currency exchange rates. In addition to the numerous factors described above, you should also carefully read and consider "Item 1A. Risk Factors" in Part I and "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" in Part II of our most recent annual report on Form 10-K, which is available on the Securities and Exchange Commission's website at www.sec.gov or on the Investor Relations section of our website at www.valaris.com. Each forward-looking statement speaks only as of the date of the particular statement, and we undertake no obligation to update or revise any forward-looking statements, except as required by law.
VALARIS LIMITED AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except per share amounts) (Unaudited) |
|||||||||||||||||||
|
Three Months Ended |
||||||||||||||||||
|
Jun 30, 2024 |
|
Mar 31, 2024 |
|
Dec 31, 2023 |
|
Sep 30, 2023 |
|
Jun 30, 2023 |
||||||||||
OPERATING REVENUES |
$ |
610.1 |
|
|
$ |
525.0 |
|
|
$ |
483.8 |
|
|
$ |
455.1 |
|
|
$ |
415.2 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
OPERATING EXPENSES |
|
|
|
|
|
|
|
|
|
||||||||||
Contract drilling (exclusive of depreciation) |
|
438.7 |
|
|
|
444.8 |
|
|
|
402.0 |
|
|
|
390.9 |
|
|
|
373.5 |
|
Depreciation |
|
29.7 |
|
|
|
26.8 |
|
|
|
27.5 |
|
|
|
25.8 |
|
|
|
24.5 |
|
General and administrative |
|
32.5 |
|
|
|
26.5 |
|
|
|
24.3 |
|
|
|
24.2 |
|
|
|
26.4 |
|
Total operating expenses |
|
500.9 |
|
|
|
498.1 |
|
|
|
453.8 |
|
|
|
440.9 |
|
|
|
424.4 |
|
EQUITY IN EARNINGS (LOSSES) OF ARO |
|
(0.3 |
) |
|
|
2.4 |
|
|
|
8.3 |
|
|
|
2.4 |
|
|
|
(0.7 |
) |
OPERATING INCOME (LOSS) |
|
108.9 |
|
|
|
29.3 |
|
|
|
38.3 |
|
|
|
16.6 |
|
|
|
(9.9 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||||
OTHER INCOME (EXPENSE) |
|
|
|
|
|
|
|
|
|
||||||||||
Interest income |
|
31.0 |
|
|
|
21.0 |
|
|
|
27.2 |
|
|
|
26.6 |
|
|
|
24.6 |
|
Interest expense, net |
|
(22.6 |
) |
|
|
(17.7 |
) |
|
|
(21.7 |
) |
|
|
(19.4 |
) |
|
|
(16.7 |
) |
Other, net |
|
3.5 |
|
|
|
5.8 |
|
|
|
(5.5 |
) |
|
|
3.9 |
|
|
|
(0.8 |
) |
|
|
11.9 |
|
|
|
9.1 |
|
|
|
— |
|
|
|
11.1 |
|
|
|
7.1 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
INCOME (LOSS) BEFORE INCOME TAXES |
|
120.8 |
|
|
|
38.4 |
|
|
|
38.3 |
|
|
|
27.7 |
|
|
|
(2.8 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||||
PROVISION (BENEFIT) FOR INCOME TAXES |
|
(30.0 |
) |
|
|
12.9 |
|
|
|
(790.2 |
) |
|
|
10.7 |
|
|
|
24.5 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NET INCOME (LOSS) |
|
150.8 |
|
|
|
25.5 |
|
|
|
828.5 |
|
|
|
17.0 |
|
|
|
(27.3 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS |
|
(1.2 |
) |
|
|
— |
|
|
|
6.7 |
|
|
|
(4.1 |
) |
|
|
(2.1 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO VALARIS |
$ |
149.6 |
|
|
$ |
25.5 |
|
|
$ |
835.2 |
|
|
$ |
12.9 |
|
|
$ |
(29.4 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||||
EARNINGS (LOSS) PER SHARE |
|
|
|
|
|
|
|
|
|
||||||||||
Basic |
$ |
2.07 |
|
|
$ |
0.35 |
|
|
$ |
11.47 |
|
|
$ |
0.18 |
|
|
$ |
(0.39 |
) |
Diluted |
$ |
2.03 |
|
|
$ |
0.35 |
|
|
$ |
11.30 |
|
|
$ |
0.17 |
|
|
$ |
(0.39 |
) |
WEIGHTED-AVERAGE SHARES OUTSTANDING |
|
|
|
|
|
|
|
|
|
||||||||||
Basic |
|
72.4 |
|
|
|
72.4 |
|
|
|
72.8 |
|
|
|
73.7 |
|
|
|
74.8 |
|
Diluted |
|
73.7 |
|
|
|
73.6 |
|
|
|
73.9 |
|
|
|
74.8 |
|
|
|
74.8 |
|
VALARIS LIMITED AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In millions) (Unaudited) |
||||||||||
|
As of |
|||||||||
|
Jun 30, 2024 |
Mar 31, 2024 |
Dec 31, 2023 |
Sep 30, 2023 |
Jun 30, 2023 |
|||||
ASSETS |
|
|
|
|
|
|||||
|
|
|
|
|
|
|||||
CURRENT ASSETS |
|
|
|
|
|
|||||
Cash and cash equivalents |
$ |
398.3 |
$ |
494.1 |
$ |
620.5 |
$ |
1,041.1 |
$ |
787.3 |
Restricted cash |
|
12.0 |
|
15.0 |
|
15.2 |
|
16.2 |
|
18.0 |
Accounts receivable, net |
|
631.7 |
|
510.9 |
|
459.3 |
|
492.4 |
|
473.4 |
Other current assets |
|
182.6 |
|
177.6 |
|
177.2 |
|
178.7 |
|
168.7 |
Total current assets |
$ |
1,224.6 |
$ |
1,197.6 |
$ |
1,272.2 |
$ |
1,728.4 |
$ |
1,447.4 |
|
|
|
|
|
|
|||||
PROPERTY AND EQUIPMENT, NET |
|
1,809.4 |
|
1,732.3 |
|
1,633.8 |
|
1,159.9 |
|
1,073.7 |
|
|
|
|
|
|
|||||
LONG-TERM NOTES RECEIVABLE FROM ARO |
|
259.2 |
|
289.3 |
|
282.3 |
|
275.2 |
|
268.0 |
|
|
|
|
|
|
|||||
INVESTMENT IN ARO |
|
126.5 |
|
126.8 |
|
124.4 |
|
116.1 |
|
113.7 |
|
|
|
|
|
|
|||||
DEFERRED TAX ASSETS |
|
841.1 |
|
854.8 |
|
855.1 |
|
53.8 |
|
48.5 |
|
|
|
|
|
|
|||||
OTHER ASSETS |
|
154.8 |
|
153.6 |
|
154.4 |
|
151.5 |
|
137.1 |
|
|
|
|
|
|
|||||
|
$ |
4,415.6 |
$ |
4,354.4 |
$ |
4,322.2 |
$ |
3,484.9 |
$ |
3,088.4 |
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|||||
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|||||
|
|
|
|
|
|
|||||
CURRENT LIABILITIES |
|
|
|
|
|
|||||
Accounts payable - trade |
$ |
347.0 |
$ |
394.2 |
$ |
400.1 |
$ |
376.4 |
$ |
364.2 |
Accrued liabilities and other |
|
360.6 |
|
366.5 |
|
344.2 |
|
346.6 |
|
294.7 |
Total current liabilities |
$ |
707.6 |
$ |
760.7 |
$ |
744.3 |
$ |
723.0 |
$ |
658.9 |
|
|
|
|
|
|
|||||
LONG-TERM DEBT |
|
1,081.0 |
|
1,080.1 |
|
1,079.3 |
|
1,079.4 |
|
681.9 |
|
|
|
|
|
|
|||||
DEFERRED TAX LIABILITIES |
|
31.2 |
|
31.6 |
|
29.9 |
|
17.1 |
|
16.7 |
|
|
|
|
|
|
|||||
OTHER LIABILITIES |
|
408.4 |
|
451.7 |
|
471.7 |
|
465.4 |
|
464.8 |
|
|
|
|
|
|
|||||
TOTAL LIABILITIES |
|
2,228.2 |
|
2,324.1 |
|
2,325.2 |
|
2,284.9 |
|
1,822.3 |
|
|
|
|
|
|
|||||
TOTAL EQUITY |
|
2,187.4 |
|
2,030.3 |
|
1,997.0 |
|
1,200.0 |
|
1,266.1 |
|
|
|
|
|
|
|||||
|
$ |
4,415.6 |
$ |
4,354.4 |
$ |
4,322.2 |
$ |
3,484.9 |
$ |
3,088.4 |
VALARIS LIMITED AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) |
|||||||
|
Six Months Ended June 30, |
||||||
|
|
2024 |
|
|
|
2023 |
|
OPERATING ACTIVITIES |
|
|
|
||||
Net income |
$ |
176.3 |
|
|
$ |
21.3 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
||||
Depreciation expense |
|
56.5 |
|
|
|
47.8 |
|
Accretion of discount on notes receivable from ARO |
|
(27.6 |
) |
|
|
(14.0 |
) |
Deferred income tax expense |
|
15.5 |
|
|
|
7.1 |
|
Share-based compensation expense |
|
15.4 |
|
|
|
12.7 |
|
Equity in earnings of ARO |
|
(2.1 |
) |
|
|
(2.6 |
) |
(Gain) loss on asset disposals |
|
0.1 |
|
|
|
(27.9 |
) |
Loss on debt extinguishment |
|
— |
|
|
|
29.2 |
|
Changes in contract liabilities |
|
(24.8 |
) |
|
|
(7.5 |
) |
Changes in deferred costs |
|
(0.8 |
) |
|
|
(6.9 |
) |
Other |
|
4.2 |
|
|
|
2.5 |
|
Changes in other operating assets and liabilities |
|
(168.8 |
) |
|
|
63.5 |
|
Contributions to pension plans and other post-retirement benefits |
|
(6.1 |
) |
|
|
(2.6 |
) |
Net cash provided by operating activities |
$ |
37.8 |
|
|
$ |
122.6 |
|
|
|
|
|
||||
INVESTING ACTIVITIES |
|
|
|
||||
Additions to property and equipment |
$ |
(261.5 |
) |
|
$ |
(127.3 |
) |
Net proceeds from disposition of assets |
|
0.1 |
|
|
|
29.1 |
|
Net cash used in investing activities |
$ |
(261.4 |
) |
|
$ |
(98.2 |
) |
|
|
|
|
||||
FINANCING ACTIVITIES |
|
|
|
||||
Payments for share repurchases |
$ |
(1.4 |
) |
|
$ |
(64.4 |
) |
Issuance of Second Lien Notes |
|
— |
|
|
|
700.0 |
|
Redemption of First Lien Notes |
|
— |
|
|
|
(571.8 |
) |
Debt issuance costs |
|
— |
|
|
|
(31.0 |
) |
Other |
|
(0.4 |
) |
|
|
(0.4 |
) |
Net cash provided by (used in) financing activities |
$ |
(1.8 |
) |
|
$ |
32.4 |
|
|
|
|
|
||||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH |
$ |
(225.4 |
) |
|
$ |
56.8 |
|
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD |
|
635.7 |
|
|
|
748.5 |
|
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD |
$ |
410.3 |
|
|
$ |
805.3 |
|
VALARIS LIMITED AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) |
|||||||||||||||
|
Three Months Ended |
||||||||||||||
|
Jun 30, 2024 |
Mar 31, 2024 |
Dec 31, 2023 |
Sep 30, 2023 |
Jun 30, 2023 |
||||||||||
OPERATING ACTIVITIES |
|
|
|
|
|
||||||||||
Net income (loss) |
$ |
150.8 |
|
$ |
25.5 |
|
$ |
828.5 |
|
$ |
17.0 |
|
$ |
(27.3 |
) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: |
|
|
|
|
|
||||||||||
Depreciation expense |
|
29.7 |
|
|
26.8 |
|
|
27.5 |
|
|
25.8 |
|
|
24.5 |
|
Accretion of discount on notes receivable from ARO |
|
(20.6 |
) |
|
(7.0 |
) |
|
(7.1 |
) |
|
(7.2 |
) |
|
(7.0 |
) |
Deferred income tax expense (benefit) |
|
13.5 |
|
|
2.0 |
|
|
(788.7 |
) |
|
(4.8 |
) |
|
2.5 |
|
Share-based compensation expense |
|
7.4 |
|
|
8.0 |
|
|
7.8 |
|
|
6.8 |
|
|
7.0 |
|
Equity in losses (earnings) of ARO |
|
0.3 |
|
|
(2.4 |
) |
|
(8.3 |
) |
|
(2.4 |
) |
|
0.7 |
|
(Gain) loss on asset disposals |
|
— |
|
|
0.1 |
|
|
(0.7 |
) |
|
— |
|
|
(27.8 |
) |
Loss on extinguishment of debt |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
29.2 |
|
Changes in contract liabilities |
|
(17.8 |
) |
|
(7.0 |
) |
|
8.8 |
|
|
3.6 |
|
|
13.3 |
|
Changes in deferred costs |
|
(3.0 |
) |
|
2.2 |
|
|
3.2 |
|
|
(22.4 |
) |
|
(7.4 |
) |
Other |
|
2.4 |
|
|
1.8 |
|
|
0.6 |
|
|
2.7 |
|
|
2.1 |
|
Changes in other operating assets and liabilities |
|
(147.5 |
) |
|
(21.3 |
) |
|
27.3 |
|
|
31.0 |
|
|
(37.3 |
) |
Contributions to pension plans and other post-retirement benefits |
|
(3.7 |
) |
|
(2.4 |
) |
|
(2.2 |
) |
|
(1.9 |
) |
|
(1.6 |
) |
Net cash provided by (used in) operating activities |
$ |
11.5 |
|
$ |
26.3 |
|
$ |
96.7 |
|
$ |
48.2 |
|
$ |
(29.1 |
) |
|
|
|
|
|
|
||||||||||
INVESTING ACTIVITIES |
|
|
|
|
|
||||||||||
Additions to property and equipment |
$ |
(110.2 |
) |
$ |
(151.3 |
) |
$ |
(463.0 |
) |
$ |
(105.8 |
) |
$ |
(71.0 |
) |
Net proceeds from disposition of assets |
|
0.1 |
|
|
— |
|
|
1.1 |
|
|
0.1 |
|
|
29.0 |
|
Net cash used in investing activities |
$ |
(110.1 |
) |
$ |
(151.3 |
) |
$ |
(461.9 |
) |
$ |
(105.7 |
) |
$ |
(42.0 |
) |
|
|
|
|
|
|
||||||||||
FINANCING ACTIVITIES |
|
|
|
|
|
||||||||||
Payments for tax withholdings for share-based awards |
$ |
(0.2 |
) |
$ |
(0.2 |
) |
$ |
(0.2 |
) |
$ |
(4.8 |
) |
$ |
(0.4 |
) |
Payments for share repurchases |
|
— |
|
|
(1.4 |
) |
|
(51.2 |
) |
|
(83.0 |
) |
|
(64.4 |
) |
Debt issuance costs |
|
— |
|
|
— |
|
|
(1.9 |
) |
|
(5.7 |
) |
|
(31.0 |
) |
Issuance of Second Lien Notes |
|
— |
|
|
— |
|
|
— |
|
|
403.0 |
|
|
700.0 |
|
Redemption of First Lien Notes |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(571.8 |
) |
Other |
|
— |
|
|
— |
|
|
(3.1 |
) |
|
— |
|
|
— |
|
Net cash provided by (used in) financing activities |
$ |
(0.2 |
) |
$ |
(1.6 |
) |
$ |
(56.4 |
) |
$ |
309.5 |
|
$ |
32.4 |
|
|
|
|
|
|
|
||||||||||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH |
$ |
(98.8 |
) |
$ |
(126.6 |
) |
$ |
(421.6 |
) |
$ |
252.0 |
|
$ |
(38.7 |
) |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD |
|
509.1 |
|
|
635.7 |
|
|
1,057.3 |
|
|
805.3 |
|
|
844.0 |
|
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD |
$ |
410.3 |
|
$ |
509.1 |
|
$ |
635.7 |
|
$ |
1,057.3 |
|
$ |
805.3 |
|
VALARIS LIMITED AND SUBSIDIARIES OPERATING STATISTICS (In millions) (Unaudited) |
||||||||||||||
|
Three Months Ended |
|||||||||||||
|
Jun 30, 2024 |
|
Mar 31, 2024 |
|
Dec 31, 2023 |
|
Sep 30, 2023 |
|
Jun 30, 2023 |
|||||
REVENUES |
|
|
|
|
|
|
|
|
|
|||||
Floaters |
|
|
|
|
|
|
|
|
|
|||||
Drillships |
$ |
291.5 |
|
$ |
249.6 |
|
$ |
190.7 |
|
$ |
168.2 |
|
$ |
147.2 |
Semisubmersibles |
|
78.9 |
|
|
60.2 |
|
|
56.3 |
|
|
64.1 |
|
|
68.5 |
|
$ |
370.4 |
|
$ |
309.8 |
|
$ |
247.0 |
|
$ |
232.3 |
|
$ |
215.7 |
Reimbursable and Other Revenues (1) |
|
13.5 |
|
|
14.6 |
|
|
16.2 |
|
|
11.0 |
|
|
11.7 |
Total Floaters |
$ |
383.9 |
|
$ |
324.4 |
|
$ |
263.2 |
|
$ |
243.3 |
|
$ |
227.4 |
|
|
|
|
|
|
|
|
|
|
|||||
Jackups (2) |
|
|
|
|
|
|
|
|
|
|||||
HD Harsh Environment |
$ |
87.6 |
|
$ |
67.5 |
|
$ |
76.6 |
|
$ |
75.5 |
|
$ |
54.1 |
HD & SD Modern |
|
63.7 |
|
|
56.9 |
|
|
79.0 |
|
|
68.8 |
|
|
67.9 |
SD Legacy |
|
15.4 |
|
|
14.8 |
|
|
14.2 |
|
|
10.5 |
|
|
12.5 |
|
$ |
166.7 |
|
$ |
139.2 |
|
$ |
169.8 |
|
$ |
154.8 |
|
$ |
134.5 |
Reimbursable and Other Revenues (1) |
|
19.1 |
|
|
13.1 |
|
|
9.5 |
|
|
11.1 |
|
|
10.1 |
Total Jackups |
$ |
185.8 |
|
$ |
152.3 |
|
$ |
179.3 |
|
$ |
165.9 |
|
$ |
144.6 |
|
|
|
|
|
|
|
|
|
|
|||||
Other |
|
|
|
|
|
|
|
|
|
|||||
Leased and Managed Rigs |
$ |
35.6 |
|
$ |
42.1 |
|
$ |
36.0 |
|
$ |
40.1 |
|
$ |
37.4 |
Reimbursable and Other Revenues (1) |
|
4.8 |
|
|
6.2 |
|
|
5.3 |
|
|
5.8 |
|
|
5.8 |
Total Other |
$ |
40.4 |
|
$ |
48.3 |
|
$ |
41.3 |
|
$ |
45.9 |
|
$ |
43.2 |
|
|
|
|
|
|
|
|
|
|
|||||
Total Operating Revenues |
$ |
610.1 |
|
$ |
525.0 |
|
$ |
483.8 |
|
$ |
455.1 |
|
$ |
415.2 |
|
|
|
|
|
|
|
|
|
|
|||||
Total Reimbursable and Other Revenues (1) |
$ |
37.4 |
|
$ |
33.9 |
|
$ |
31.0 |
|
$ |
27.9 |
|
$ |
27.6 |
|
|
|
|
|
|
|
|
|
|
|||||
Revenues Excluding Reimbursable and Other Revenues |
$ |
572.7 |
|
$ |
491.1 |
|
$ |
452.8 |
|
$ |
427.2 |
|
$ |
387.6 |
| (1) | Reimbursable and other revenues includes certain types of non-recurring reimbursable revenues, revenues earned during suspension periods and revenues attributable to amortization of contract intangibles. |
|
| (2) | HD = Heavy Duty; SD = Standard Duty. Heavy duty jackups are well-suited for operations in tropical revolving storm areas. |
VALARIS LIMITED AND SUBSIDIARIES OPERATING STATISTICS (In millions) (Unaudited) |
||||||||||||||
Three Months Ended |
||||||||||||||
|
Jun 30, 2024 |
|
Mar 31, 2024 |
|
Dec 31, 2023 |
|
Sep 30, 2023 |
|
Jun 30, 2023 |
|||||
ADJUSTED EBITDA (1) |
|
|
|
|
|
|
|
|
|
|||||
Floaters |
|
|
|
|
|
|
|
|
|
|||||
Drillships |
$ |
91.2 |
|
$ |
55.6 |
|
$ |
16.7 |
|
$ |
2.8 |
|
$ |
0.3 |
Semisubmersibles |
|
35.2 |
|
|
15.4 |
|
|
20.5 |
|
|
25.4 |
|
|
30.8 |
|
$ |
126.4 |
|
$ |
71.0 |
|
$ |
37.2 |
|
$ |
28.2 |
|
$ |
31.1 |
|
|
|
|
|
|
|
|
|
|
|||||
Jackups |
|
|
|
|
|
|
|
|
|
|||||
HD Harsh Environment |
$ |
36.3 |
|
$ |
5.4 |
|
$ |
21.1 |
|
$ |
20.9 |
|
$ |
6.1 |
HD & SD Modern |
|
21.3 |
|
|
8.6 |
|
|
30.1 |
|
|
20.4 |
|
|
11.6 |
SD Legacy |
|
5.0 |
|
|
4.4 |
|
|
4.8 |
|
|
2.9 |
|
|
3.4 |
|
$ |
62.6 |
|
$ |
18.4 |
|
$ |
56.0 |
|
$ |
44.2 |
|
$ |
21.1 |
|
|
|
|
|
|
|
|
|
|
|||||
Total |
$ |
189.0 |
|
$ |
89.4 |
|
$ |
93.2 |
|
$ |
72.4 |
|
$ |
52.2 |
|
|
|
|
|
|
|
|
|
|
|||||
Other |
|
|
|
|
|
|
|
|
|
|||||
Leased and Managed Rigs |
$ |
20.8 |
|
$ |
26.1 |
|
$ |
23.2 |
|
$ |
27.2 |
|
$ |
24.9 |
|
|
|
|
|
|
|
|
|
|
|||||
Total |
$ |
209.8 |
|
$ |
115.5 |
|
$ |
116.4 |
|
$ |
99.6 |
|
$ |
77.1 |
|
|
|
|
|
|
|
|
|
|
|||||
Support costs |
|
|
|
|
|
|
|
|
|
|||||
General and administrative expense |
$ |
32.5 |
|
$ |
26.5 |
|
$ |
24.3 |
|
$ |
24.2 |
|
$ |
26.4 |
Onshore support costs |
|
38.4 |
|
|
35.3 |
|
|
34.6 |
|
|
35.4 |
|
|
35.4 |
|
$ |
70.9 |
|
$ |
61.8 |
|
$ |
58.9 |
|
$ |
59.6 |
|
$ |
61.8 |
|
|
|
|
|
|
|
|
|
|
|||||
Total |
$ |
138.9 |
|
$ |
53.7 |
|
$ |
57.5 |
|
$ |
40.0 |
|
$ |
15.3 |
| (1) | Adjusted EBITDA is earnings before interest, tax, depreciation and amortization. Adjusted EBITDA for asset category also excludes onshore support costs and general and administrative expense. |
VALARIS LIMITED AND SUBSIDIARIES OPERATING STATISTICS (In millions) (Unaudited) |
|||||||||||||||||||
|
Three Months Ended |
||||||||||||||||||
|
Jun 30, 2024 |
|
Mar 31, 2024 |
|
Dec 31, 2023 |
|
Sep 30, 2023 |
|
Jun 30, 2023 |
||||||||||
ADJUSTED EBITDAR (1) |
|
|
|
|
|
|
|
|
|
||||||||||
Active Fleet (2) |
$ |
218.1 |
|
|
$ |
126.3 |
|
|
$ |
137.5 |
|
|
$ |
129.3 |
|
|
$ |
104.5 |
|
Leased and Managed Rigs |
|
20.8 |
|
|
|
26.1 |
|
|
|
23.2 |
|
|
|
27.2 |
|
|
|
24.9 |
|
|
$ |
238.9 |
|
|
$ |
152.4 |
|
|
$ |
160.7 |
|
|
$ |
156.5 |
|
|
$ |
129.4 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Stacked Fleet (3) |
|
(18.2 |
) |
|
|
(6.6 |
) |
|
|
(5.8 |
) |
|
|
(6.0 |
) |
|
|
(8.2 |
) |
|
$ |
220.7 |
|
|
$ |
145.8 |
|
|
$ |
154.9 |
|
|
$ |
150.5 |
|
|
$ |
121.2 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Support costs |
|
|
|
|
|
|
|
|
|
||||||||||
General and administrative expense |
$ |
32.5 |
|
|
$ |
26.5 |
|
|
$ |
24.3 |
|
|
$ |
24.2 |
|
|
$ |
26.4 |
|
Onshore support costs |
|
38.4 |
|
|
|
35.3 |
|
|
|
34.6 |
|
|
|
35.4 |
|
|
|
35.4 |
|
|
$ |
70.9 |
|
|
$ |
61.8 |
|
|
$ |
58.9 |
|
|
$ |
59.6 |
|
|
$ |
61.8 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total |
$ |
149.8 |
|
|
$ |
84.0 |
|
|
$ |
96.0 |
|
|
$ |
90.9 |
|
|
$ |
59.4 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Reactivation costs (4) |
$ |
10.9 |
|
|
$ |
30.3 |
|
|
$ |
38.5 |
|
|
$ |
50.9 |
|
|
$ |
44.1 |
|
| (1) | Adjusted EBITDAR is earnings before interest, tax, depreciation, amortization and reactivation costs. Adjusted EBITDAR for active fleet, leased and managed rigs and stacked fleet also excludes onshore support costs and general and administrative expense. |
|
| (2) | Active fleet represents rigs that are not preservation stacked and includes rigs that are in the process of being reactivated. |
|
| (3) | Stacked fleet represents the combined total of all preservation and stacking costs. |
|
| (4) | Reactivation costs, all of which are attributed to Valaris' active fleet, are excluded from adjusted EBITDAR. |
VALARIS LIMITED AND SUBSIDIARIES OPERATING STATISTICS (In millions) (Unaudited) |
||||||||||||||
|
Three Months Ended |
|||||||||||||
|
Jun 30, 2024 |
|
Mar 31, 2024 |
|
Dec 31, 2023 |
|
Sep 30, 2023 |
|
Jun 30, 2023 |
|||||
ADJUSTED EBITDAR (1) |
|
|
|
|
|
|
|
|
|
|||||
Floaters |
|
|
|
|
|
|
|
|
|
|||||
Drillships |
$ |
102.1 |
|
$ |
85.9 |
|
$ |
55.2 |
|
$ |
53.7 |
|
$ |
44.4 |
Semisubmersibles |
|
35.2 |
|
|
15.4 |
|
|
20.5 |
|
|
25.4 |
|
|
30.9 |
|
$ |
137.3 |
|
$ |
101.3 |
|
$ |
75.7 |
|
$ |
79.1 |
|
$ |
75.3 |
|
|
|
|
|
|
|
|
|
|
|||||
Jackups |
|
|
|
|
|
|
|
|
|
|||||
HD Harsh Environment |
$ |
36.3 |
|
$ |
5.4 |
|
$ |
21.1 |
|
$ |
20.9 |
|
$ |
6.1 |
HD & SD Modern |
|
21.3 |
|
|
8.6 |
|
|
30.1 |
|
|
20.4 |
|
|
11.5 |
SD Legacy |
|
5.0 |
|
|
4.4 |
|
|
4.8 |
|
|
2.9 |
|
|
3.4 |
|
$ |
62.6 |
|
$ |
18.4 |
|
$ |
56.0 |
|
$ |
44.2 |
|
$ |
21.0 |
|
|
|
|
|
|
|
|
|
|
|||||
Total |
$ |
199.9 |
|
$ |
119.7 |
|
$ |
131.7 |
|
$ |
123.3 |
|
$ |
96.3 |
|
|
|
|
|
|
|
|
|
|
|||||
Other |
|
|
|
|
|
|
|
|
|
|||||
Leased and Managed Rigs |
$ |
20.8 |
|
$ |
26.1 |
|
$ |
23.2 |
|
$ |
27.2 |
|
$ |
24.9 |
|
|
|
|
|
|
|
|
|
|
|||||
Total |
$ |
220.7 |
|
$ |
145.8 |
|
$ |
154.9 |
|
$ |
150.5 |
|
$ |
121.2 |
|
|
|
|
|
|
|
|
|
|
|||||
Support costs |
|
|
|
|
|
|
|
|
|
|||||
General and administrative expense |
$ |
32.5 |
|
$ |
26.5 |
|
$ |
24.3 |
|
$ |
24.2 |
|
$ |
26.4 |
Onshore support costs |
|
38.4 |
|
|
35.3 |
|
|
34.6 |
|
|
35.4 |
|
|
35.4 |
|
$ |
70.9 |
|
$ |
61.8 |
|
$ |
58.9 |
|
$ |
59.6 |
|
$ |
61.8 |
|
|
|
|
|
|
|
|
|
|
|||||
Total |
$ |
149.8 |
|
$ |
84.0 |
|
$ |
96.0 |
|
$ |
90.9 |
|
$ |
59.4 |
| (1) | Adjusted EBITDAR is earnings before interest, tax, depreciation, amortization and reactivation costs. Adjusted EBITDAR for asset category also excludes onshore support costs and general and administrative expense. |
VALARIS LIMITED AND SUBSIDIARIES OPERATING STATISTICS (In millions) (Unaudited) |
||||||||||||||
|
As of |
|||||||||||||
|
Jul 29, 2024 |
|
Apr 30, 2024 |
|
Feb 15, 2024 |
|
Nov 1, 2023 |
|
Aug 1, 2023 |
|||||
CONTRACT BACKLOG (1) |
|
|
|
|
|
|
|
|
|
|||||
Floaters |
|
|
|
|
|
|
|
|
|
|||||
Drillships |
$ |
2,508.3 |
|
$ |
2,223.9 |
|
$ |
2,307.6 |
|
$ |
1,726.5 |
|
$ |
1,684.9 |
Semisubmersibles |
|
122.1 |
|
|
180.7 |
|
|
224.1 |
|
|
259.5 |
|
|
272.4 |
|
$ |
2,630.4 |
|
$ |
2,404.6 |
|
$ |
2,531.7 |
|
$ |
1,986.0 |
|
$ |
1,957.3 |
Jackups |
|
|
|
|
|
|
|
|
|
|||||
HD Harsh Environment |
$ |
665.0 |
|
$ |
607.0 |
|
$ |
646.8 |
|
$ |
327.9 |
|
$ |
307.4 |
HD & SD Modern |
|
438.9 |
|
|
449.1 |
|
|
347.1 |
|
|
406.8 |
|
|
366.8 |
SD Legacy |
|
189.0 |
|
|
128.8 |
|
|
173.5 |
|
|
186.9 |
|
|
118.4 |
|
$ |
1,292.9 |
|
$ |
1,184.9 |
|
$ |
1,167.4 |
|
$ |
921.6 |
|
$ |
792.6 |
|
|
|
|
|
|
|
|
|
|
|||||
Total |
$ |
3,923.3 |
|
$ |
3,589.5 |
|
$ |
3,699.1 |
|
$ |
2,907.6 |
|
$ |
2,749.9 |
|
|
|
|
|
|
|
|
|
|
|||||
Other (2) |
|
|
|
|
|
|
|
|
|
|||||
Leased and Managed Rigs |
$ |
384.2 |
|
$ |
427.7 |
|
$ |
222.3 |
|
$ |
250.5 |
|
$ |
291.4 |
|
|
|
|
|
|
|
|
|
|
|||||
Total |
$ |
4,307.5 |
|
$ |
4,017.2 |
|
$ |
3,921.4 |
|
$ |
3,158.1 |
|
$ |
3,041.3 |
|
|
|
|
|
|
|
|
|
|
|||||
| (1) | Our contract drilling backlog reflects commitments, represented by signed drilling contracts, and is calculated by multiplying the contracted day rate by the contract period. Contract drilling backlog includes drilling contracts subject to FID and drilling contracts which grant the customer termination rights if FID is not received with respect to projects for which the drilling rig is contracted. The contracted day rate excludes certain types of lump sum fees for rig mobilization, demobilization, contract preparation, as well as customer reimbursables and bonus opportunities. |
|
| (2) |
In late July, ARO received suspension notices for the drilling contracts for VALARIS 147 and VALARIS 148, which are two of our jackups leased to ARO. Discussions are ongoing with Saudi Aramco regarding whether other Valaris leased rigs or ARO-owned rigs could be subject to the suspensions instead of VALARIS 147 and VALARIS 148 as well as when the suspensions will be effective. As of July 29, 2024, these two rigs accounted for |
VALARIS LIMITED AND SUBSIDIARIES OPERATING STATISTICS (Unaudited) |
||||||||||||||
|
Three Months Ended |
|||||||||||||
|
Jun 30, 2024 |
|
Mar 31, 2024 |
|
Dec 31, 2023 |
|
Sep 30, 2023 |
|
Jun 30, 2023 |
|||||
AVERAGE DAILY REVENUE (1) |
|
|
|
|
|
|
|
|
|
|||||
Floaters |
|
|
|
|
|
|
|
|
|
|||||
Drillships |
$ |
358,000 |
|
$ |
328,000 |
|
$ |
307,000 |
|
$ |
288,000 |
|
$ |
253,000 |
Semisubmersibles |
|
289,000 |
|
|
261,000 |
|
|
229,000 |
|
|
257,000 |
|
|
252,000 |
|
$ |
340,000 |
|
$ |
312,000 |
|
$ |
285,000 |
|
$ |
279,000 |
|
$ |
252,000 |
Jackups |
|
|
|
|
|
|
|
|
|
|||||
HD Harsh Environment |
$ |
134,000 |
|
$ |
123,000 |
|
$ |
111,000 |
|
$ |
116,000 |
|
$ |
100,000 |
HD & SD Modern |
|
115,000 |
|
|
103,000 |
|
|
119,000 |
|
|
105,000 |
|
|
102,000 |
SD Legacy |
|
85,000 |
|
|
81,000 |
|
|
79,000 |
|
|
83,000 |
|
|
81,000 |
|
$ |
120,000 |
|
$ |
108,000 |
|
$ |
111,000 |
|
$ |
108,000 |
|
$ |
99,000 |
|
|
|
|
|
|
|
|
|
|
|||||
Total |
$ |
217,000 |
|
$ |
197,000 |
|
$ |
174,000 |
|
$ |
171,000 |
|
$ |
158,000 |
|
|
|
|
|
|
|
|
|
|
|||||
Other |
|
|
|
|
|
|
|
|
|
|||||
Leased and Managed Rigs |
$ |
37,000 |
|
$ |
45,000 |
|
$ |
39,000 |
|
$ |
44,000 |
|
$ |
41,000 |
|
|
|
|
|
|
|
|
|
|
|||||
Total |
$ |
167,000 |
|
$ |
153,000 |
|
$ |
136,000 |
|
$ |
134,000 |
|
$ |
124,000 |
| (1) | Average daily revenue is derived by dividing contract drilling revenues, adjusted to exclude certain types of non-recurring reimbursable revenues, revenues earned during suspension periods and revenues attributable to amortization of drilling contract intangibles, by the aggregate number of operating days. |
VALARIS LIMITED AND SUBSIDIARIES OPERATING STATISTICS (Unaudited) |
|||||||||
|
Three Months Ended |
||||||||
|
Jun 30, 2024 |
|
Mar 31, 2024 |
|
Dec 31, 2023 |
|
Sep 30, 2023 |
|
Jun 30, 2023 |
UTILIZATION - TOTAL FLEET (1) |
|
|
|
|
|
|
|
|
|
Floaters |
|
|
|
|
|
|
|
|
|
Drillships |
69 % |
|
64 % |
|
60 % |
|
58 % |
|
58 % |
Semisubmersibles |
60 % |
|
51 % |
|
53 % |
|
54 % |
|
60 % |
|
66 % |
|
61 % |
|
58 % |
|
57 % |
|
59 % |
Jackups |
|
|
|
|
|
|
|
|
|
HD Harsh Environment |
65 % |
|
55 % |
|
68 % |
|
64 % |
|
55 % |
HD & SD Modern |
45 % |
|
44 % |
|
52 % |
|
51 % |
|
52 % |
SD Legacy |
100 % |
|
100 % |
|
97 % |
|
69 % |
|
78 % |
|
58 % |
|
53 % |
|
62 % |
|
58 % |
|
55 % |
|
|
|
|
|
|
|
|
|
|
Total |
61 % |
|
56 % |
|
60 % |
|
57 % |
|
56 % |
|
|
|
|
|
|
|
|
|
|
Other |
|
|
|
|
|
|
|
|
|
Leased and Managed Rigs |
100 % |
|
100 % |
|
100 % |
|
100 % |
|
100 % |
|
|
|
|
|
|
|
|
|
|
Total |
69 % |
|
64 % |
|
68 % |
|
65 % |
|
65 % |
|
|
|
|
|
|
|
|
|
|
Pro Forma Jackups (2) |
68 % |
|
64 % |
|
70 % |
|
67 % |
|
65 % |
| (1) | Rig utilization is derived by dividing the number of operating days by the number of available days in the period for the total fleet. |
|
| (2) | Includes all Valaris jackups including those leased to ARO Drilling. |
VALARIS LIMITED AND SUBSIDIARIES OPERATING STATISTICS (Unaudited) |
|||||||||
|
Three Months Ended |
||||||||
|
Jun 30, 2024 |
|
Mar 31, 2024 |
|
Dec 31, 2023 |
|
Sep 30, 2023 |
|
Jun 30, 2023 |
UTILIZATION - ACTIVE FLEET (1) (2) |
|
|
|
|
|
|
|
|
|
Floaters |
|
|
|
|
|
|
|
|
|
Drillships |
90 % |
|
84 % |
|
68 % |
|
63 % |
|
71 % |
Semisubmersibles |
100 % |
|
85 % |
|
89 % |
|
90 % |
|
100 % |
|
92 % |
|
84 % |
|
72 % |
|
70 % |
|
78 % |
Jackups |
|
|
|
|
|
|
|
|
|
HD Harsh Environment |
80 % |
|
67 % |
|
83 % |
|
79 % |
|
67 % |
HD & SD Modern |
81 % |
|
69 % |
|
80 % |
|
79 % |
|
81 % |
SD Legacy |
100 % |
|
100 % |
|
97 % |
|
68 % |
|
78 % |
|
82 % |
|
71 % |
|
83 % |
|
78 % |
|
74 % |
|
|
|
|
|
|
|
|
|
|
Total |
86 % |
|
76 % |
|
79 % |
|
75 % |
|
76 % |
|
|
|
|
|
|
|
|
|
|
Other |
|
|
|
|
|
|
|
|
|
Leased and Managed Rigs |
100 % |
|
100 % |
|
100 % |
|
100 % |
|
100 % |
|
|
|
|
|
|
|
|
|
|
Total |
90 % |
|
82 % |
|
84 % |
|
81 % |
|
82 % |
|
|
|
|
|
|
|
|
|
|
Pro Forma Jackups (3) |
88 % |
|
80 % |
|
88 % |
|
84 % |
|
82 % |
| (1) | Rig utilization is derived by dividing the number of operating days by the number of available days in the period for the active fleet. |
|
| (2) | Active fleet represents rigs that are not preservation stacked and includes rigs that are in the process of being reactivated. |
|
| (3) | Includes all Valaris jackups including those leased to ARO Drilling. |
VALARIS LIMITED AND SUBSIDIARIES OPERATING STATISTICS (Unaudited) |
|||||||||
|
Three Months Ended |
||||||||
|
Jun 30, 2024 |
|
Mar 31, 2024 |
|
Dec 31, 2023 |
|
Sep 30, 2023 |
|
Jun 30, 2023 |
AVAILABLE DAYS - TOTAL FLEET (1) |
|
|
|
|
|
|
|
|
|
Floaters |
|
|
|
|
|
|
|
|
|
Drillships |
1,183 |
|
1,183 |
|
1,032 |
|
1,012 |
|
1,001 |
Semisubmersibles |
455 |
|
455 |
|
460 |
|
460 |
|
455 |
|
1,638 |
|
1,638 |
|
1,492 |
|
1,472 |
|
1,456 |
Jackups |
|
|
|
|
|
|
|
|
|
HD Harsh Environment |
1,001 |
|
1,001 |
|
1,012 |
|
1,012 |
|
990 |
HD & SD Modern |
1,225 |
|
1,258 |
|
1,288 |
|
1,288 |
|
1,274 |
SD Legacy |
182 |
|
182 |
|
184 |
|
184 |
|
199 |
|
2,408 |
|
2,441 |
|
2,484 |
|
2,484 |
|
2,463 |
|
|
|
|
|
|
|
|
|
|
Total |
4,046 |
|
4,079 |
|
3,976 |
|
3,956 |
|
3,919 |
|
|
|
|
|
|
|
|
|
|
Other |
|
|
|
|
|
|
|
|
|
Leased and Managed Rigs |
959 |
|
926 |
|
920 |
|
920 |
|
910 |
|
|
|
|
|
|
|
|
|
|
Total |
5,005 |
|
5,005 |
|
4,896 |
|
4,876 |
|
4,829 |
| (1) | Represents the maximum number of days available in the period for the total fleet, calculated by multiplying the number of rigs in each asset category by the number of days in the period, irrespective of asset status. |
VALARIS LIMITED AND SUBSIDIARIES OPERATING STATISTICS (Unaudited) |
|||||||||
|
Three Months Ended |
||||||||
|
Jun 30, 2024 |
|
Mar 31, 2024 |
|
Dec 31, 2023 |
|
Sep 30, 2023 |
|
Jun 30, 2023 |
AVAILABLE DAYS - ACTIVE FLEET (1) |
|
|
|
|
|
|
|
|
|
Floaters |
|
|
|
|
|
|
|
|
|
Drillships |
910 |
|
910 |
|
920 |
|
920 |
|
819 |
Semisubmersibles |
273 |
|
273 |
|
276 |
|
276 |
|
273 |
|
1,183 |
|
1,183 |
|
1,196 |
|
1,196 |
|
1,092 |
Jackups |
|
|
|
|
|
|
|
|
|
HD Harsh Environment |
819 |
|
819 |
|
828 |
|
828 |
|
808 |
HD & SD Modern |
683 |
|
803 |
|
828 |
|
828 |
|
819 |
SD Legacy |
182 |
|
182 |
|
184 |
|
184 |
|
199 |
|
1,684 |
|
1,804 |
|
1,840 |
|
1,840 |
|
1,826 |
|
|
|
|
|
|
|
|
|
|
Total |
2,867 |
|
2,987 |
|
3,036 |
|
3,036 |
|
2,918 |
|
|
|
|
|
|
|
|
|
|
Other |
|
|
|
|
|
|
|
|
|
Leased and Managed Rigs |
959 |
|
926 |
|
920 |
|
920 |
|
910 |
|
|
|
|
|
|
|
|
|
|
Total |
3,826 |
|
3,913 |
|
3,956 |
|
3,956 |
|
3,828 |
| (1) | Represents the maximum number of days available in the period for the active fleet, calculated by multiplying the number of rigs in each asset category by the number of days in the period, for active rigs only. Active rigs are defined as rigs that are not preservation stacked. |
VALARIS LIMITED AND SUBSIDIARIES OPERATING STATISTICS (Unaudited) |
|||||||||
|
Three Months Ended |
||||||||
|
Jun 30, 2024 |
|
Mar 31, 2024 |
|
Dec 31, 2023 |
|
Sep 30, 2023 |
|
Jun 30, 2023 |
OPERATING DAYS (1) |
|
|
|
|
|
|
|
|
|
Floaters |
|
|
|
|
|
|
|
|
|
Drillships |
815 |
|
761 |
|
622 |
|
584 |
|
583 |
Semisubmersibles |
273 |
|
231 |
|
245 |
|
249 |
|
272 |
|
1,088 |
|
992 |
|
867 |
|
833 |
|
855 |
Jackups |
|
|
|
|
|
|
|
|
|
HD Harsh Environment |
655 |
|
549 |
|
691 |
|
652 |
|
540 |
HD & SD Modern |
552 |
|
555 |
|
665 |
|
654 |
|
663 |
SD Legacy |
182 |
|
182 |
|
178 |
|
126 |
|
155 |
|
1,389 |
|
1,286 |
|
1,534 |
|
1,432 |
|
1,358 |
|
|
|
|
|
|
|
|
|
|
Total |
2,477 |
|
2,278 |
|
2,401 |
|
2,265 |
|
2,213 |
|
|
|
|
|
|
|
|
|
|
Other |
|
|
|
|
|
|
|
|
|
Leased and Managed Rigs |
959 |
|
926 |
|
920 |
|
920 |
|
910 |
|
|
|
|
|
|
|
|
|
|
Total |
3,436 |
|
3,204 |
|
3,321 |
|
3,185 |
|
3,123 |
| (1) | Represents the total number of days under contract in the period. Days under contract equals the total number of days that rigs have earned and recognized day rate revenue, including days associated with early contract terminations, compensated downtime and mobilizations. When revenue is deferred and amortized over a future period, for example when we receive fees while mobilizing to commence a new contract or while being upgraded in a shipyard, the related days are excluded from days under contract. |
VALARIS LIMITED AND SUBSIDIARIES OPERATING STATISTICS (Unaudited) |
|||||||||
|
Three Months Ended |
||||||||
|
Jun 30, 2024 |
|
Mar 31, 2024 |
|
Dec 31, 2023 |
|
Sep 30, 2023 |
|
Jun 30, 2023 |
REVENUE EFFICIENCY (1) |
|
|
|
|
|
|
|
|
|
Floaters |
|
|
|
|
|
|
|
|
|
Drillships |
99 % |
|
94 % |
|
88 % |
|
89 % |
|
95 % |
Semisubmersibles |
100 % |
|
99 % |
|
94 % |
|
93 % |
|
100 % |
|
99 % |
|
95 % |
|
90 % |
|
90 % |
|
96 % |
Jackups |
|
|
|
|
|
|
|
|
|
HD Harsh Environment |
99 % |
|
100 % |
|
99 % |
|
99 % |
|
99 % |
HD & SD Modern |
100 % |
|
99 % |
|
97 % |
|
97 % |
|
98 % |
SD Legacy |
100 % |
|
100 % |
|
97 % |
|
99 % |
|
100 % |
|
99 % |
|
99 % |
|
98 % |
|
98 % |
|
99 % |
|
|
|
|
|
|
|
|
|
|
Total |
99 % |
|
97 % |
|
93 % |
|
94 % |
|
97 % |
| (1) | Revenue efficiency is day rate revenue earned as a percentage of maximum potential day rate revenue. |
VALARIS LIMITED AND SUBSIDIARIES OPERATING STATISTICS (Unaudited) |
|||||||||
|
As of |
||||||||
NUMBER OF RIGS |
Jun 30, 2024 |
|
Mar 31, 2024 |
|
Dec 31, 2023 |
|
Sep 30, 2023 |
|
Jun 30, 2023 |
Active Fleet (1) |
|
|
|
|
|
|
|
|
|
Floaters |
|
|
|
|
|
|
|
|
|
Drillships |
10 |
|
10 |
|
10 |
|
10 |
|
9 |
Semisubmersibles |
3 |
|
3 |
|
3 |
|
3 |
|
3 |
|
13 |
|
13 |
|
13 |
|
13 |
|
12 |
Jackups |
|
|
|
|
|
|
|
|
|
HD Harsh Environment |
9 |
|
9 |
|
9 |
|
9 |
|
9 |
HD & SD Modern |
7 |
|
8 |
|
9 |
|
9 |
|
9 |
SD Legacy |
2 |
|
2 |
|
2 |
|
2 |
|
2 |
|
18 |
|
19 |
|
20 |
|
20 |
|
20 |
|
|
|
|
|
|
|
|
|
|
Total Active Fleet |
31 |
|
32 |
|
33 |
|
33 |
|
32 |
|
|
|
|
|
|
|
|
|
|
Stacked Fleet |
|
|
|
|
|
|
|
|
|
Floaters |
|
|
|
|
|
|
|
|
|
Drillships |
3 |
|
3 |
|
3 |
|
1 |
|
2 |
Semisubmersibles |
2 |
|
2 |
|
2 |
|
2 |
|
2 |
|
5 |
|
5 |
|
5 |
|
3 |
|
4 |
Jackups |
|
|
|
|
|
|
|
|
|
HD Harsh Environment |
2 |
|
2 |
|
2 |
|
2 |
|
2 |
HD & SD Modern |
6 |
|
5 |
|
5 |
|
5 |
|
5 |
|
8 |
|
7 |
|
7 |
|
7 |
|
7 |
|
|
|
|
|
|
|
|
|
|
Total Stacked Fleet |
13 |
|
12 |
|
12 |
|
10 |
|
11 |
|
|
|
|
|
|
|
|
|
|
Leased Rigs (2) |
|
|
|
|
|
|
|
|
|
Jackups |
|
|
|
|
|
|
|
|
|
HD Harsh Environment |
1 |
|
1 |
|
1 |
|
1 |
|
1 |
HD & SD Modern |
8 |
|
8 |
|
7 |
|
7 |
|
7 |
Total Leased Rigs |
9 |
|
9 |
|
8 |
|
8 |
|
8 |
|
|
|
|
|
|
|
|
|
|
Total |
53 |
|
53 |
|
53 |
|
51 |
|
51 |
|
|
|
|
|
|
|
|
|
|
Managed Rigs (2) |
2 |
|
2 |
|
2 |
|
2 |
|
2 |
| (1) | Active fleet represents rigs that are not preservation stacked, including rigs that are in the process of being reactivated. |
|
| (2) | Leased rigs and managed rigs included in Other reporting segment. |
ARO DRILLING CONDENSED BALANCE SHEET INFORMATION (In millions) (Unaudited) |
||||||||||||||
|
As of |
|||||||||||||
|
Jun 30, 2024 |
|
Mar 31, 2024 |
|
Dec 31, 2023 |
|
Sep 30, 2023 |
|
Jun 30, 2023 |
|||||
Cash |
$ |
131.7 |
|
$ |
69.5 |
|
$ |
92.9 |
|
$ |
110.3 |
|
$ |
100.6 |
Other current assets |
|
157.8 |
|
|
198.3 |
|
|
184.0 |
|
|
191.2 |
|
|
188.3 |
Non-current assets |
|
1,214.4 |
|
|
1,094.2 |
|
|
1,081.0 |
|
|
915.3 |
|
|
879.6 |
Total assets |
$ |
1,503.9 |
|
$ |
1,362.0 |
|
$ |
1,357.9 |
|
$ |
1,216.8 |
|
$ |
1,168.5 |
|
|
|
|
|
|
|
|
|
|
|||||
Current liabilities |
$ |
173.2 |
|
$ |
135.0 |
|
$ |
136.0 |
|
$ |
173.6 |
|
$ |
122.6 |
Non-current liabilities |
|
1,172.2 |
|
|
1,057.6 |
|
|
1,056.8 |
|
|
886.2 |
|
|
887.5 |
Total liabilities |
$ |
1,345.4 |
|
$ |
1,192.6 |
|
$ |
1,192.8 |
|
$ |
1,059.8 |
|
$ |
1,010.1 |
|
|
|
|
|
|
|
|
|
|
|||||
Shareholders' equity |
$ |
158.5 |
|
$ |
169.4 |
|
$ |
165.1 |
|
$ |
157.0 |
|
$ |
158.4 |
|
|
|
|
|
|
|
|
|
|
|||||
Total liabilities and shareholders' equity |
$ |
1,503.9 |
|
$ |
1,362.0 |
|
$ |
1,357.9 |
|
$ |
1,216.8 |
|
$ |
1,168.5 |
|
|
|
|
|
|
|
|
|
|
|||||
ARO DRILLING CONDENSED INCOME STATEMENT INFORMATION (In millions) (Unaudited) |
||||||||||||||||||
|
Three Months Ended |
|||||||||||||||||
|
Jun 30, 2024 |
|
Mar 31, 2024 |
|
Dec 31, 2023 |
|
Sep 30, 2023 |
|
Jun 30, 2023 |
|||||||||
Revenues |
$ |
124.2 |
|
|
$ |
138.3 |
|
|
$ |
133.7 |
|
$ |
121.5 |
|
|
$ |
117.8 |
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|||||||||
Contract drilling (exclusive of depreciation) |
|
94.1 |
|
|
|
98.3 |
|
|
|
88.0 |
|
|
92.0 |
|
|
|
95.0 |
|
Depreciation |
|
19.7 |
|
|
|
19.0 |
|
|
|
19.5 |
|
|
15.8 |
|
|
|
15.6 |
|
General and administrative |
|
5.5 |
|
|
|
5.8 |
|
|
|
6.3 |
|
|
5.6 |
|
|
|
5.7 |
|
Operating income |
$ |
4.9 |
|
|
$ |
15.2 |
|
|
$ |
19.9 |
|
$ |
8.1 |
|
|
$ |
1.5 |
|
Other expense, net |
|
13.4 |
|
|
|
13.1 |
|
|
|
3.6 |
|
|
9.0 |
|
|
|
8.8 |
|
Provision (benefit) for income taxes |
|
(1.8 |
) |
|
|
3.7 |
|
|
|
6.0 |
|
|
0.4 |
|
|
|
— |
|
Net income (loss) |
$ |
(6.7 |
) |
|
$ |
(1.6 |
) |
|
$ |
10.3 |
|
$ |
(1.3 |
) |
|
$ |
(7.3 |
) |
|
|
|
|
|
|
|
|
|
|
|||||||||
EBITDA |
$ |
24.6 |
|
|
$ |
34.2 |
|
|
$ |
39.4 |
|
$ |
23.9 |
|
|
$ |
17.1 |
|
ARO Drilling condensed balance sheet and income statement information presented above represents |
||||||||||||||||||
ARO DRILLING OPERATING STATISTICS (Unaudited) |
||||||||||||||
|
As of |
|||||||||||||
(In millions) |
Jul 29, 2024 |
|
Apr 30, 2024 |
|
Feb 15, 2024 |
|
Nov 1, 2023 |
|
Aug 1, 2023 |
|||||
CONTRACT BACKLOG (1) |
|
|
|
|
|
|
|
|
|
|||||
Owned Rigs |
$ |
1,322.9 |
|
$ |
1,398.9 |
|
$ |
1,475.4 |
|
$ |
1,547.0 |
|
$ |
686.3 |
Leased Rigs (2) |
|
510.4 |
|
|
583.3 |
|
|
662.7 |
|
|
743.7 |
|
|
815.0 |
Total |
$ |
1,833.3 |
|
$ |
1,982.2 |
|
$ |
2,138.1 |
|
$ |
2,290.7 |
|
$ |
1,501.3 |
(1) |
Contract drilling backlog reflects commitments, represented by signed drilling contracts, and is calculated by multiplying the contracted day rate by the contract period. The contracted day rate excludes certain types of lump sum fees for rig mobilization, demobilization, contract preparation, as well as customer reimbursables and bonus opportunities. |
|
(2) |
Leased rigs backlog as of July 29, 2024, includes |
|
Three Months Ended |
||||||||||||||||||
|
Jun 30, 2024 |
|
Mar 31, 2024 |
|
Dec 31, 2023 |
|
Sep 30, 2023 |
|
Jun 30, 2023 |
||||||||||
AVERAGE DAILY REVENUE (1) |
|
|
|
|
|
|
|
|
|
||||||||||
Owned Rigs |
$ |
104,000 |
|
|
$ |
105,000 |
|
|
$ |
100,000 |
|
|
$ |
91,000 |
|
|
$ |
90,000 |
|
Leased Rigs (2) |
|
101,000 |
|
|
|
99,000 |
|
|
|
97,000 |
|
|
|
98,000 |
|
|
|
98,000 |
|
Total |
$ |
102,000 |
|
|
$ |
102,000 |
|
|
$ |
98,000 |
|
|
$ |
95,000 |
|
|
$ |
95,000 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
UTILIZATION (3) |
|
|
|
|
|
|
|
|
|
||||||||||
Owned Rigs |
|
77 |
% |
|
|
91 |
% |
|
|
96 |
% |
|
|
91 |
% |
|
|
83 |
% |
Leased Rigs (2) |
|
86 |
% |
|
|
93 |
% |
|
|
94 |
% |
|
|
95 |
% |
|
|
98 |
% |
Total |
|
82 |
% |
|
|
92 |
% |
|
|
95 |
% |
|
|
93 |
% |
|
|
91 |
% |
|
|
|
|
|
|
|
|
|
|
||||||||||
REVENUE EFFICIENCY (4) |
|
|
|
|
|
|
|
|
|
||||||||||
Owned Rigs |
|
90 |
% |
|
|
98 |
% |
|
|
94 |
% |
|
|
99 |
% |
|
|
95 |
% |
Leased Rigs (2) |
|
91 |
% |
|
|
99 |
% |
|
|
98 |
% |
|
|
97 |
% |
|
|
99 |
% |
Total |
|
91 |
% |
|
|
98 |
% |
|
|
96 |
% |
|
|
98 |
% |
|
|
97 |
% |
|
|
|
|
|
|
|
|
|
|
||||||||||
NUMBER OF RIGS (AT QUARTER END) |
|
|
|
|
|
|
|
|
|
||||||||||
Owned Rigs |
|
9 |
|
|
|
8 |
|
|
|
8 |
|
|
|
7 |
|
|
|
7 |
|
Leased Rigs (2) |
|
9 |
|
|
|
9 |
|
|
|
8 |
|
|
|
8 |
|
|
|
8 |
|
Total |
|
18 |
|
|
|
17 |
|
|
|
16 |
|
|
|
15 |
|
|
|
15 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
AVAILABLE DAYS (5) |
|
|
|
|
|
|
|
|
|
||||||||||
Owned Rigs |
|
728 |
|
|
|
728 |
|
|
|
695 |
|
|
|
644 |
|
|
|
637 |
|
Leased Rigs (2) |
|
765 |
|
|
|
744 |
|
|
|
736 |
|
|
|
736 |
|
|
|
728 |
|
Total |
|
1,493 |
|
|
|
1,472 |
|
|
|
1,431 |
|
|
|
1,380 |
|
|
|
1,365 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
OPERATING DAYS (6) |
|
|
|
|
|
|
|
|
|
||||||||||
Owned Rigs |
|
561 |
|
|
|
664 |
|
|
|
668 |
|
|
|
585 |
|
|
|
532 |
|
Leased Rigs (2) |
|
657 |
|
|
|
692 |
|
|
|
691 |
|
|
|
697 |
|
|
|
713 |
|
Total |
|
1,218 |
|
|
|
1,356 |
|
|
|
1,359 |
|
|
|
1,282 |
|
|
|
1,245 |
|
(1) |
Average daily revenue is derived by dividing contract drilling revenues, adjusted to exclude certain types of non-recurring reimbursable revenues, revenues earned during suspension periods and revenues attributable to amortization of drilling contract intangibles, by the aggregate number of operating days. |
|
(2) |
All ARO leased rigs are leased from Valaris. |
|
(3) |
Rig utilization is derived by dividing the number of operating days by the number of available days in the period for the rig fleet. |
|
(4) |
Revenue efficiency is day rate revenue earned as a percentage of maximum potential day rate revenue. |
|
(5) |
Represents the maximum number of days available in the period for the rig fleet, calculated by multiplying the number of rigs in each asset category by the number of days in the period, irrespective of asset status. |
|
(6) |
Represents the total number of days under contract in the period. Days under contract equals the total number of days that rigs have earned and recognized day rate revenue, including days associated with early contract terminations, compensated downtime and mobilizations. When revenue is deferred and amortized over a future period, for example when we receive fees while mobilizing to commence a new contract or while being upgraded in a shipyard, the related days are excluded from days under contract. |
Non-GAAP Financial Measures (Unaudited)
To supplement Valaris’ condensed consolidated financial statements presented on a GAAP basis, this press release provides investors with Adjusted EBITDA and Adjusted EBITDAR, which are non-GAAP measures.
Valaris defines "Adjusted EBITDA" as net income (loss) before income tax expense, interest expense, other (income) expense, depreciation expense, amortization, and equity in (earnings) losses of ARO. Adjusted EBITDA is a non-GAAP measure that our management uses to facilitate period-to-period comparisons of our core operating performance and to evaluate our long-term financial performance against that of our peers. We believe that this measure is useful to investors and analysts in allowing for greater transparency of our core operating performance and makes it easier to compare our results with those of other companies within our industry. Adjusted EBITDA should not be considered (a) in isolation of, or as a substitute for, net income (loss), (b) as an indication of cash flows from operating activities, or (c) as a measure of liquidity. Adjusted EBITDA may not be comparable to other similarly titled measures reported by other companies.
Valaris defines "Adjusted EBITDAR" as Adjusted EBITDA before reactivation costs. Adjusted EBITDAR is a non-GAAP measure that our management uses to assess the performance of our fleet excluding one-time rig reactivation costs. We believe that this measure is useful to investors and analysts in allowing for greater transparency of our core operating performance. Adjusted EBITDAR should not be considered (a) in isolation of, or as a substitute for, net income (loss), (b) as an indication of cash flows from operating activities, or (c) as a measure of liquidity. Adjusted EBITDAR may not be comparable to other similarly titled measures reported by other companies.
Valaris defines ARO "EBITDA" as net income (loss) before income tax expense, other expense, net and depreciation expense. EBITDA is a non-GAAP measure that our management uses to facilitate period-to-period comparisons of ARO's core operating performance and to evaluate ARO's long-term financial performance against that of ARO's peers. We believe that this measure is useful to investors and analysts in allowing for greater transparency of ARO's core operating performance and makes it easier to compare ARO's results with those of other companies within ARO's industry. EBITDA should not be considered (a) in isolation of, or as a substitute for, net income (loss), (b) as an indication of cash flows from operating activities, or (c) as a measure of liquidity. EBITDA may not be comparable to other similarly titled measures reported by other companies.
The Company is not able to provide a reconciliation of the Company's forward-looking Adjusted EBITDA, as discussed on its second quarter 2024 earnings conference call, to the most directly comparable GAAP measure without unreasonable effort because of the inherent difficulty in forecasting and quantifying certain amounts necessary for such a reconciliation, including forward-looking tax expense and other income (expense).
Non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, financial measures prepared in accordance with GAAP.
Reconciliation of Net Income (Loss) to Adjusted EBITDA
A reconciliation of net income (loss) as reported to Adjusted EBITDA is included in the tables below (in millions):
|
Three Months Ended |
||||||
|
Jun 30, 2024 |
|
Mar 31, 2024 |
||||
|
|
|
|
||||
VALARIS |
|
|
|
||||
Net income |
$ |
150.8 |
|
|
$ |
25.5 |
|
Add (subtract): |
|
|
|
||||
Income tax expense (benefit) |
|
(30.0 |
) |
|
|
12.9 |
|
Interest expense |
|
22.6 |
|
|
|
17.7 |
|
Other income |
|
(34.5 |
) |
|
|
(26.8 |
) |
Operating income |
$ |
108.9 |
|
|
$ |
29.3 |
|
Add (subtract): |
|
|
|
||||
Depreciation expense |
|
29.7 |
|
|
|
26.8 |
|
Equity in (earnings) losses of ARO |
|
0.3 |
|
|
|
(2.4 |
) |
Adjusted EBITDA |
$ |
138.9 |
|
|
$ |
53.7 |
|
|
Three Months Ended |
||||||
|
Jun 30, 2024 |
|
Mar 31, 2024 |
||||
|
|
|
|
||||
ARO |
|
|
|
||||
Net loss |
$ |
(6.7 |
) |
|
$ |
(1.6 |
) |
Add (subtract): |
|
|
|
||||
Income tax expense (benefit) |
|
(1.8 |
) |
|
|
3.7 |
|
Other expense, net |
|
13.4 |
|
|
|
13.1 |
|
Operating income |
$ |
4.9 |
|
|
$ |
15.2 |
|
Add: |
|
|
|
||||
Depreciation expense |
|
19.7 |
|
|
|
19.0 |
|
EBITDA |
$ |
24.6 |
|
|
$ |
34.2 |
|
Reconciliation of Net Income to Adjusted EBITDA and Adjusted EBITDAR
(In millions) |
Three Months Ended |
||||||
|
Jun 30, 2024 |
|
Mar 31, 2024 |
||||
FLOATERS |
|
|
|
||||
Net income |
$ |
114.1 |
|
|
$ |
64.1 |
|
Subtract: |
|
|
|
||||
Other income |
|
(1.7 |
) |
|
|
(6.3 |
) |
Operating income |
$ |
112.4 |
|
|
$ |
57.8 |
|
Add (subtract): |
|
|
|
||||
Depreciation |
|
14.1 |
|
|
|
13.2 |
|
Other costs |
|
(0.1 |
) |
|
|
— |
|
Adjusted EBITDA (1) |
$ |
126.4 |
|
|
$ |
71.0 |
|
Add: |
|
|
|
||||
Reactivation costs |
|
10.9 |
|
|
|
30.3 |
|
Adjusted EBITDAR (1) |
$ |
137.3 |
|
|
$ |
101.3 |
|
|
|
|
|
||||
JACKUPS |
|
|
|
||||
Net income |
$ |
52.8 |
|
|
$ |
8.8 |
|
Subtract: |
|
|
|
||||
Other income |
|
(1.1 |
) |
|
|
(0.8 |
) |
Operating income |
$ |
51.7 |
|
|
$ |
8.0 |
|
Add: |
|
|
|
||||
Depreciation |
|
10.9 |
|
|
|
10.4 |
|
Adjusted EBITDA (1) |
$ |
62.6 |
|
|
$ |
18.4 |
|
Adjusted EBITDAR (1) |
$ |
62.6 |
|
|
$ |
18.4 |
|
|
|
|
|
||||
OTHER |
|
|
|
||||
Net income |
$ |
18.3 |
|
|
$ |
24.8 |
|
Operating income |
$ |
18.3 |
|
|
$ |
24.8 |
|
Add: |
|
|
|
||||
Depreciation |
|
2.5 |
|
|
|
1.3 |
|
Adjusted EBITDA (1) |
$ |
20.8 |
|
|
$ |
26.1 |
|
Adjusted EBITDAR (1) |
$ |
20.8 |
|
|
$ |
26.1 |
|
| (1) Adjusted EBITDA and EBITDAR excludes onshore support costs and general and administrative expense. | |||||||
Reconciliation of Net Income (Loss) to Adjusted EBITDAR
(In millions) |
Three Months Ended |
||||||||||||||||||
|
Jun 30, 2024 |
|
Mar 31, 2024 |
|
Dec 31, 2023 |
|
Sep 30, 2023 |
|
Jun 30, 2023 |
||||||||||
ACTIVE FLEET (1) |
|
|
|
|
|
|
|
|
|
||||||||||
Net income |
$ |
186.6 |
|
|
$ |
80.8 |
|
|
$ |
78.7 |
|
|
$ |
57.5 |
|
|
$ |
68.2 |
|
Subtract: |
|
|
|
|
|
|
|
|
|
||||||||||
Other income |
|
(2.8 |
) |
|
|
(7.0 |
) |
|
|
(3.3 |
) |
|
|
(1.0 |
) |
|
|
(27.4 |
) |
Operating income |
$ |
183.8 |
|
|
$ |
73.8 |
|
|
$ |
75.4 |
|
|
$ |
56.5 |
|
|
$ |
40.8 |
|
Add (subtract): |
|
|
|
|
|
|
|
|
|
||||||||||
Reactivation costs |
|
10.9 |
|
|
|
30.3 |
|
|
|
38.5 |
|
|
|
50.9 |
|
|
|
44.1 |
|
Depreciation |
|
23.5 |
|
|
|
22.2 |
|
|
|
23.5 |
|
|
|
21.9 |
|
|
|
19.6 |
|
Other |
|
(0.1 |
) |
|
|
— |
|
|
|
0.1 |
|
|
|
— |
|
|
|
— |
|
Adjusted EBITDAR (2) |
$ |
218.1 |
|
|
$ |
126.3 |
|
|
$ |
137.5 |
|
|
$ |
129.3 |
|
|
$ |
104.5 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
LEASED AND MANAGED RIGS |
|
|
|
|
|
|
|
|
|
||||||||||
Net income |
$ |
18.3 |
|
|
$ |
24.8 |
|
|
$ |
22.1 |
|
|
$ |
25.8 |
|
|
$ |
23.8 |
|
Operating income |
$ |
18.3 |
|
|
$ |
24.8 |
|
|
$ |
22.1 |
|
|
$ |
25.8 |
|
|
$ |
23.8 |
|
Add (subtract): |
|
|
|
|
|
|
|
|
|
||||||||||
Depreciation |
|
2.5 |
|
|
|
1.3 |
|
|
|
1.2 |
|
|
|
1.3 |
|
|
|
1.2 |
|
Other |
|
— |
|
|
|
— |
|
|
|
(0.1 |
) |
|
|
0.1 |
|
|
|
(0.1 |
) |
Adjusted EBITDAR (2) |
$ |
20.8 |
|
|
$ |
26.1 |
|
|
$ |
23.2 |
|
|
$ |
27.2 |
|
|
$ |
24.9 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
STACKED FLEET |
|
|
|
|
|
|
|
|
|
||||||||||
Net loss |
$ |
(19.7 |
) |
|
$ |
(7.9 |
) |
|
$ |
(8.3 |
) |
|
$ |
(8.6 |
) |
|
$ |
(11.7 |
) |
Subtract: |
|
|
|
|
|
|
|
|
|
||||||||||
Other income |
|
— |
|
|
|
(0.1 |
) |
|
|
(0.1 |
) |
|
|
— |
|
|
|
— |
|
Operating loss |
$ |
(19.7 |
) |
|
$ |
(8.0 |
) |
|
$ |
(8.4 |
) |
|
$ |
(8.6 |
) |
|
$ |
(11.7 |
) |
Add (subtract): |
|
|
|
|
|
|
|
|
|
||||||||||
Depreciation |
|
1.5 |
|
|
|
1.4 |
|
|
|
2.7 |
|
|
|
2.5 |
|
|
|
3.6 |
|
Other |
|
— |
|
|
|
— |
|
|
|
(0.1 |
) |
|
|
0.1 |
|
|
|
(0.1 |
) |
Adjusted EBITDAR (2) |
$ |
(18.2 |
) |
|
$ |
(6.6 |
) |
|
$ |
(5.8 |
) |
|
$ |
(6.0 |
) |
|
$ |
(8.2 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||||
TOTAL FLEET |
|
|
|
|
|
|
|
|
|
||||||||||
Net income |
$ |
185.2 |
|
|
$ |
97.7 |
|
|
$ |
92.5 |
|
|
$ |
74.7 |
|
|
$ |
80.3 |
|
Subtract: |
|
|
|
|
|
|
|
|
|
||||||||||
Other income |
|
(2.8 |
) |
|
|
(7.1 |
) |
|
|
(3.4 |
) |
|
|
(1.0 |
) |
|
|
(27.4 |
) |
Operating income |
$ |
182.4 |
|
|
$ |
90.6 |
|
|
$ |
89.1 |
|
|
$ |
73.7 |
|
|
$ |
52.9 |
|
Add (subtract): |
|
|
|
|
|
|
|
|
|
||||||||||
Reactivation costs |
|
10.9 |
|
|
|
30.3 |
|
|
|
38.5 |
|
|
|
50.9 |
|
|
|
44.1 |
|
Depreciation |
|
27.5 |
|
|
|
24.9 |
|
|
|
27.4 |
|
|
|
25.7 |
|
|
|
24.4 |
|
Other |
|
(0.1 |
) |
|
|
— |
|
|
|
(0.1 |
) |
|
|
0.2 |
|
|
|
(0.2 |
) |
Adjusted EBITDAR (2) |
$ |
220.7 |
|
|
$ |
145.8 |
|
|
$ |
154.9 |
|
|
$ |
150.5 |
|
|
$ |
121.2 |
|
(1) |
Active fleet represents rigs that are not preservation stacked and includes rigs that are in the process of being reactivated. |
|
(2) |
Adjusted EBITDAR for active fleet, leased and managed rigs and stacked fleet excludes onshore support costs and general and administrative expense. |
Reconciliation of Net Income (Loss) to Adjusted EBITDA
(In millions) |
Three Months Ended |
||||||||||||||||||
|
Jun 30, 2024 |
|
Mar 31, 2024 |
|
Dec 31, 2023 |
|
Sep 30, 2023 |
|
Jun 30, 2023 |
||||||||||
DRILLSHIPS |
|
|
|
|
|
|
|
|
|
||||||||||
Net income (loss) |
$ |
79.6 |
|
|
$ |
49.4 |
|
|
$ |
4.7 |
|
|
$ |
(9.9 |
) |
|
$ |
(12.0 |
) |
Subtract: |
|
|
|
|
|
|
|
|
|
||||||||||
Other income |
|
(1.5 |
) |
|
|
(6.2 |
) |
|
|
(2.0 |
) |
|
|
(0.6 |
) |
|
|
(0.4 |
) |
Operating income (loss) |
|
78.1 |
|
|
|
43.2 |
|
|
|
2.7 |
|
|
|
(10.5 |
) |
|
|
(12.4 |
) |
Add (subtract): |
|
|
|
|
|
|
|
|
|
||||||||||
Depreciation |
|
13.2 |
|
|
|
12.4 |
|
|
|
14.0 |
|
|
|
13.2 |
|
|
|
12.8 |
|
Other |
|
(0.1 |
) |
|
|
— |
|
|
|
— |
|
|
|
0.1 |
|
|
|
(0.1 |
) |
Adjusted EBITDA (1) |
$ |
91.2 |
|
|
$ |
55.6 |
|
|
$ |
16.7 |
|
|
$ |
2.8 |
|
|
$ |
0.3 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
SEMISUBMERSIBLES |
|
|
|
|
|
|
|
|
|
||||||||||
Net income |
$ |
34.5 |
|
|
$ |
14.7 |
|
|
$ |
19.6 |
|
|
$ |
24.4 |
|
|
$ |
29.9 |
|
Add (subtract): |
|
|
|
|
|
|
|
|
|
||||||||||
Other (income) expense |
|
(0.2 |
) |
|
|
(0.1 |
) |
|
|
(0.1 |
) |
|
|
— |
|
|
|
0.1 |
|
Operating income |
|
34.3 |
|
|
|
14.6 |
|
|
|
19.5 |
|
|
|
24.4 |
|
|
|
30.0 |
|
Add: |
|
|
|
|
|
|
|
|
|
||||||||||
Depreciation |
|
0.9 |
|
|
|
0.8 |
|
|
|
1.0 |
|
|
|
1.0 |
|
|
|
0.8 |
|
Adjusted EBITDA (1) |
$ |
35.2 |
|
|
$ |
15.4 |
|
|
$ |
20.5 |
|
|
$ |
25.4 |
|
|
$ |
30.8 |
|
| (1) Adjusted EBITDA for asset category excludes onshore support costs and general and administrative expense. | |||||||||||||||||||
Reconciliation of Net Income to Adjusted EBITDA
(In millions) |
Three Months Ended |
||||||||||||||||||
|
Jun 30, 2024 |
|
Mar 31, 2024 |
|
Dec 31, 2023 |
|
Sep 30, 2023 |
|
Jun 30, 2023 |
||||||||||
HD HARSH ENVIRONMENT |
|
|
|
|
|
|
|
|
|
||||||||||
Net income |
$ |
31.0 |
|
|
$ |
0.4 |
|
|
$ |
15.4 |
|
|
$ |
15.4 |
|
|
$ |
0.4 |
|
Subtract: |
|
|
|
|
|
|
|
|
|
||||||||||
Other income |
|
(0.3 |
) |
|
|
(0.3 |
) |
|
|
(0.1 |
) |
|
|
(0.2 |
) |
|
|
— |
|
Operating income |
|
30.7 |
|
|
|
0.1 |
|
|
|
15.3 |
|
|
|
15.2 |
|
|
|
0.4 |
|
Add: |
|
|
|
|
|
|
|
|
|
||||||||||
Depreciation |
|
5.6 |
|
|
|
5.3 |
|
|
|
5.8 |
|
|
|
5.7 |
|
|
|
5.7 |
|
Adjusted EBITDA (1) |
$ |
36.3 |
|
|
$ |
5.4 |
|
|
$ |
21.1 |
|
|
$ |
20.9 |
|
|
$ |
6.1 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
HD & SD MODERN JACKUPS |
|
|
|
|
|
|
|
|
|
||||||||||
Net income |
$ |
19.2 |
|
|
$ |
6.4 |
|
|
$ |
28.2 |
|
|
$ |
17.7 |
|
|
$ |
8.9 |
|
Subtract: |
|
|
|
|
|
|
|
|
|
||||||||||
Other income |
|
(0.8 |
) |
|
|
(0.6 |
) |
|
|
(1.2 |
) |
|
|
(0.2 |
) |
|
|
(0.1 |
) |
Operating income |
|
18.4 |
|
|
|
5.8 |
|
|
|
27.0 |
|
|
|
17.5 |
|
|
|
8.8 |
|
Add (subtract): |
|
|
|
|
|
|
|
|
|
||||||||||
Depreciation |
|
2.9 |
|
|
|
2.8 |
|
|
|
3.0 |
|
|
|
2.9 |
|
|
|
2.9 |
|
Other |
|
— |
|
|
|
— |
|
|
|
0.1 |
|
|
|
— |
|
|
|
(0.1 |
) |
Adjusted EBITDA (1) |
$ |
21.3 |
|
|
$ |
8.6 |
|
|
$ |
30.1 |
|
|
$ |
20.4 |
|
|
$ |
11.6 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
SD LEGACY JACKUPS |
|
|
|
|
|
|
|
|
|
||||||||||
Net income |
$ |
2.6 |
|
|
$ |
2.0 |
|
|
$ |
2.5 |
|
|
$ |
1.3 |
|
|
$ |
29.8 |
|
Add (subtract): |
|
|
|
|
|
|
|
|
|
||||||||||
Other (income) expense |
|
— |
|
|
|
0.1 |
|
|
|
— |
|
|
|
— |
|
|
|
(27.5 |
) |
Operating income |
|
2.6 |
|
|
|
2.1 |
|
|
|
2.5 |
|
|
|
1.3 |
|
|
|
2.3 |
|
Add (subtract): |
|
|
|
|
|
|
|
|
|
||||||||||
Depreciation |
|
2.4 |
|
|
|
2.3 |
|
|
|
2.4 |
|
|
|
1.6 |
|
|
|
1.0 |
|
Other |
|
— |
|
|
|
— |
|
|
|
(0.1 |
) |
|
|
— |
|
|
|
0.1 |
|
Adjusted EBITDA (1) |
$ |
5.0 |
|
|
$ |
4.4 |
|
|
$ |
4.8 |
|
|
$ |
2.9 |
|
|
$ |
3.4 |
|
| (1) Adjusted EBITDA for asset category excludes onshore support costs and general and administrative expense. | |||||||||||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20240730726374/en/
Investor & Media Contacts:
Nick Georgas
Vice President - Treasurer and Investor Relations
+1-713-979-4632
Tim Richardson
Director - Investor Relations
+1-713-979-4619
Source: Valaris Limited
FAQ
What was Valaris' (VAL) net income for Q2 2024?
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