NYSE$VAL
Valaris Limited · Q4 2021 earnings
Q4 2021 earnings · · Investor relations
Briefing
Reported fourth quarter 2021 results, showing strong operational performance and increased contract backlog.
Valaris reported a decrease in revenues to $306 million in the fourth quarter 2021 from $327 million in the third quarter 2021. Contract backlog increased to $2.4 billion from $1.0 billion at the beginning of 2021. The company is in a transitional period, incurring reactivation costs for upcoming contracts, but anticipates financial results will improve significantly as these reactivations are completed.
- Achieved revenue efficiency of 97% during the fourth quarter and more than 98% over the course of 2021.
- Improved personal safety performance by 25% as compared to 2020.
- Increased contract backlog to $2.4 billion from $1.0 billion at the beginning of 2021.
- Added approximately $330 million of new backlog since last quarterly report.
Headline financials
Revenue & EPS history
Valaris · Revenue · Quarterly
$306M
Revenue by segment
Valaris · $273M total across 2 segments · Q4 2021
- Jackups$172M—63.2%
- Floaters$101M—36.8%
Forward guidance
Valaris anticipates that financial results will improve significantly as reactivations are completed. The company has three uncontracted drillships remaining within their stacked fleet providing operational leverage to the improving floater market.
Tailwinds
- Financial results are expected to improve significantly as reactivations are completed.
- Three uncontracted drillships in stacked fleet provide operational leverage.
- Company will be disciplined in exercising operational leverage.
- Assets will only return to the active fleet for opportunities that provide meaningful returns.
- Strong operational performance.
Headwinds
- Company is in a transitional period that will extend into the second quarter of this year.
- Incurring reactivation costs to ready three drillships and one semisubmersible for contracts.
- Revenues decreased to $306 million in the fourth quarter 2021 from $327 million in the third quarter 2021.
- Higher rig reactivation costs.
- Customer decided not to sanction and therefore withdraw from the project associated with this contract.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q4 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 |
|---|---|---|---|---|
| Q2 2025 | — | — | — | |
| 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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