Valaris Ltd
VAL
ISIN BMG9460G1015 / Valor 111375537
Valaris Ltd
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About company
Valaris Ltd is a global leader in offshore drilling services, boasting a century of experience in the industry. The company operates a diverse and technologically advanced fleet of ultra-deepwater drillships, versatile semisubmersibles, and modern shallow-water jackups designed to meet a broad range of customer requirements in offshore drilling operations. With operations spanning six continents, Valaris places a strong emphasis on safety, quality, and customer satisfaction, attributes that have established its reputation as an industry leader. The company's commitment to providing responsible energy solutions is underscored by its innovative approaches and the expertise of its well-trained crews, who are adept at performing in challenging offshore environments.
Summarized from source with an LLMView SourceSector: EnergyLatest Results (14.08.2024):
Net Income
Valaris Ltd reported a significant increase in net income for the second quarter of 2024, reaching $151 million. This marks a substantial rise from the $26 million reported in the first quarter of 2024, driven by higher utilization and average daily revenue for both the floater and jackup fleets.
Revenue Growth
Valaris Ltd's revenues for the second quarter of 2024 increased to $610 million, up from $525 million in the first quarter. Excluding reimbursable items, revenues rose to $573 million from $491 million, primarily due to higher utilization and average daily revenue as several rigs commenced new contracts.
Contract Backlog
Valaris Ltd secured a new multi-year contract for the drillship VALARIS DS-17, adding nearly $500 million to its contract backlog. This increased the total contract backlog to more than $4.3 billion as of July 29, 2024, representing the seventh consecutive quarter of backlog growth and a 42% increase from twelve months ago.
Operating Expenses
Contract drilling expenses for Valaris Ltd decreased to $439 million in the second quarter of 2024 from $445 million in the first quarter. Excluding reimbursable items, contract drilling expenses fell to $407 million from $414 million, mainly due to lower reactivation expenses and reduced repair and personnel costs for the jackup fleet.
Cash Flow and Capital Expenditures
Valaris Ltd's cash and cash equivalents, including restricted cash, decreased to $410 million as of June 30, 2024, from $509 million as of March 31, 2024. The decrease was primarily due to capital expenditures, which were partially offset by positive operating cash flow. Capital expenditures for the second quarter were $110 million, down from $151 million in the first quarter.
Summarized from source with an LLMView SourceKey figures
Performance
Volatility
3093 M
Market cap (USD)
277,856
Daily traded volume (Shares)
41.3 / 40.34
1 day high/low (USD)
52 weeks high/low (USD)
Dividend ex-date
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Ratings & reviews
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