Valaris Limited · Q3 2022 earnings

Briefing

Reported strong operational performance and increased operating income.

Valaris reported a net income of $78 million and revenues of $437 million for the third quarter of 2022. The company increased quarterly operating income by $77 million due to the reactivation of four floaters and secured new contracts and extensions with a contract backlog of more than $250 million.

• Increased quarterly operating income by $77 million primarily due to the reactivation of four floaters earlier in the year.
• Delivered revenue efficiency of 96% in the third quarter and 97% year to date.
• Rated the No. 1 offshore driller in EnergyPoint Research's 2022 customer satisfaction survey covering offshore drillers.
• Won new contracts and extensions with associated contract backlog of more than $250 million, including floater contracts offshore Brazil and Mexico and jackup contracts in the Middle East, the North Sea, Latin America and Australia.

Headline financials

Revenue & EPS history

The fundamental outlook for our industry remains constructive. A lack of investment in new sources of production over the past several years has contributed to a tight supply picture that has been exacerbated by geopolitical instability and an increased focus on energy security.