NYSE$VAL
Valaris Limited · Q3 2021 earnings
Q3 2021 earnings · · Investor relations
Briefing
Reported third quarter 2021 results with outstanding operational performance and contracting success.
Valaris reported strong third-quarter results driven by high revenue efficiency and significant contract backlog additions. The company is focused on maximizing earnings and driving free cash flow as the offshore drilling market recovers.
- Achieved 99% revenue efficiency in the third quarter and year-to-date.
- Added approximately $330 million of contract backlog since reporting second quarter results, and over $2.1 billion year-to-date.
- VALARIS DS-9 was awarded a two-year contract, and VALARIS DS-4 was awarded a 548-day contract.
- Two rigs were recently equipped with emissions reductions systems.
Headline financials
Revenue & EPS history
Valaris · Revenue · Quarterly
$327M
Revenue by segment
Valaris · $327M total across 3 segments · Q3 2021
- Jackups$186M—57.0%
- Floaters$104M—31.9%
- Other$36.1M—11.0%
Forward guidance
Valaris is well-positioned to benefit from improving market conditions, focusing on maximizing earnings and driving free cash flow.
Tailwinds
- Improved market environment for offshore drilling in 2021.
- Strong rebound in demand for hydrocarbons.
- Constructive commodity prices.
- Winning an outsized share of contracts and rig years awarded.
- Platform for increased earnings in 2022 and beyond.
Headwinds
- Effects of the chapter 11 cases on the Company's business.
- Relationships, comparability of our financial results and ability to access financing sources.
- The COVID-19 outbreak and global pandemic.
- Customer drilling programs, stacking of rigs, effects of new rigs on the market and effects of declines in commodity prices.
- Potential additional asset impairments.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q3 2021
+0.2%
Avg return
Earnings day
-3.1%
Avg return
5 days after
+0.6%
Avg return
30 days after
55%
11 / 20 earnings
Positive
+11.9%
Q1 2022
Best reaction
-9.0%
Q4 2022
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +0.0% | -7.2% | -9.3% | |
| Q4 2025 | +3.3% | +1.8% | +0.0% | |
| Q3 2025 | +2.3% | -3.1% | -0.1% | |
| Q1 2025 | +3.5% | -24.7% | -9.4% | |
| Q4 2024 | -4.4% | -8.7% | -11.5% | |
| Q3 2024 | +4.3% | +2.5% | -4.8% | |
| Q2 2024 | -4.9% | -17.1% | -21.1% | |
| Q1 2024 | -0.0% | +8.8% | +19.0% | |
| Q4 2023 | +8.8% | +5.1% | +16.7% | |
| Q3 2023 | -5.4% | -0.8% | -6.0% | |
| Q2 2023 | -2.4% | -0.7% | -1.9% | |
| Q1 2023 | -5.2% | -4.9% | -3.8% | |
| Q4 2022 | -9.0% | -11.6% | -15.2% | |
| Q3 2022 | -3.2% | -3.7% | +1.6% | |
| Q2 2022 | +1.5% | -4.1% | +1.6% | |
| Q1 2022 | +11.9% | +12.8% | +21.8% | |
| Q4 2021 | +0.1% | -1.4% | +25.1% | |
| Q3 2021 | +1.2% | -0.9% | -13.9% | |
| Q4 2020 | -0.0% | -1.0% | +14.9% | |
| Q2 2021 | +1.1% | -4.1% | +8.5% | |
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