tiprankstipranks
Valaris Limited’s Strong Q3 2024 Performance and Future Outlook
Company Announcements

Valaris Limited’s Strong Q3 2024 Performance and Future Outlook

Valaris Ltd ( (VAL) ) has released its Q3 earnings. Here is a breakdown of the information Valaris Ltd presented to its investors.

Don't Miss our Black Friday Offers:

Valaris Limited is a leading offshore drilling services provider, operating a high-quality fleet that includes ultra-deepwater drillships, semisubmersibles, and modern jackups across global offshore basins. In the third quarter of 2024, Valaris reported strong financial performance with a net income of $63 million and an adjusted EBITDA of $150 million, highlighting its operational efficiency with a fleetwide revenue efficiency of 98%. The company generated $193 million in cash from operations and repurchased $100 million in shares, demonstrating a commitment to shareholder returns. Key highlights include the full operational quarter for the VALARIS DS-7 drillship and a significant three-year contract extension for jackup VALARIS 118, adding $168 million to its contract backlog. Looking forward, Valaris remains optimistic about future growth, focusing on securing long-term contracts to support its earnings and cash flow, despite some deferred customer demand. The company is positioned to leverage the upcycle in the offshore drilling market to drive long-term value creation.

Related Articles
TheFlyValaris price target lowered to $59 from $61 at Barclays
TheFlyValaris price target lowered to $60 from $90 at BTIG
TheFlyValaris price target lowered to $55 from $61 at Susquehanna
Looking for investment ideas? Subscribe to our Smart Investor newsletter for weekly expert stock picks!
Get real-time notifications on news & analysis, curated for your stock watchlist. Download the TipRanks app today! Get the App