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