www.valaris.com Press Release Valaris Reports Second Quarter 2024 Results Financial and Operational Highlights Second Quarter Review Hamilton, Bermuda, July 31, 2024… Valaris Limited (NYSE: VAL) ("Valaris" or the "Company") today reported second quarter 2024 results. President and Chief Executive Officer Anton Dibowitz said, "In the second quarter, we built on our excellent start to 2024 with another quarter of strong safety and operating performance, delivering revenue efficiency of 99% without a lost time ...

Valaris Ltd. (VAL) , an offshore drilling contractor, has mobilized its 123 jack-up rig toward the Selene well in the Southern North Sea. The Valaris 123 jack-up rig is slated to drill the Selene exploration well in the license P2437, operated by the British energy major, Shell. Shell's partner, Deltic Energy, stated that the jack-up rig was mobilized on Jul 21, and is expected to reach its destination shortly. The duration of the journey will be determined by the weather conditions during its transit. The ...

Valaris - Actual Results vs. Guidance Valaris Limited (NYSE: VAL) has been covered by me previously, so investors should view this as an update to my earlier articles on the company. Last month, leading offshore driller Valaris reported Q1/2024 results handily above expectations, mostly due to improved revenue efficiency. Revenues also benefited from the drillship VALARIS-DS 8 commencing its contract with Petrobras (PBR) offshore Brazil during the quarter. Adjusted EBITDA of $54 million was also well above ...

Financial Data and Key Metrics Changes - In Q1 2024, revenue was $525 million, an increase from $484 million in the prior quarter, while adjusted EBITDA was $54 million, down from $58 million in the previous quarter [66] - Adjusted EBITDAR, which adds back reactivation expenses, was $84 million, down from $96 million in the prior quarter [66] - Cash and cash equivalents at the end of the quarter were $509 million, a decline of $127 million primarily due to capital expenditures of $151 million [41] Business Line Data and Key Metrics Changes - The jackup revenues decreased due to fewer operating days for several rigs, including Valaris 107, 123, and 247 [40] - The floater market saw an increase in average day rates, moving from approximately $450,000 in the second half of 2023 to approximately $480,000 in the first four months of 2024 [33][66] - The contracted benign environment floater count increased to 127 rigs during Q1, the highest point since late 2016, marking an increase of 26 contracted rigs since early 2021 [32] Market Data and Key Metrics Changes - The global jackup market remains tight with marketed utilization nearing 95% and the contracted rig count at its highest level in nearly a decade [26] - In Brazil, Petrobras has 31 contracted floaters, with ongoing tenders that may result in additional rigs needed to meet market demand [34] - The North Sea market has shown improvement, with strong customer interest for programs commencing in the second half of 2025 [36] Company Strategy and Development Direction - The company aims to secure new contracts at higher day rates and consistently build its backlog, which now totals more than $4 billion, marking a 43% increase over the past 12 months [57] - The focus remains on maximizing fleet profitability by keeping active rigs highly utilized and securing the best contract economics possible [23] - The company intends to return all future free cash flow to shareholders unless a better use is identified [20][30] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing strong customer demand for work expected to commence in 2025 and 2026, which will support anticipated earnings and cash flow growth [75] - The offshore drilling market is expected to see strong growth through 2026, driven by increased upstream CapEx and offshore FIDs [16] - Management noted that while there may be some near-term rate pressure due to suspended contracts in Saudi Arabia, the overall demand remains strong [84] Other Important Information - The company has reactivated five drillships over the past two years and is focused on delivering successful startups for upcoming contracts [10] - The company expects total capital expenditures for 2024 to be in the range of $420 million to $460 million, reflecting an increase due to contract preparation costs [46] Q&A Session Summary Question: Can you provide more details on the VALARIS 144 jackup contract? - The contract was signed in March 2024, and the mobilization cost is assumed to be less than $10 million [98] Question: What is the outlook for the jackup market given the suspended rigs in Saudi Arabia? - Management believes there is sufficient demand to absorb the suspended rigs without significant long-term pressure on rates [84][108] Question: What is the likelihood of securing contracts for the DS-11, DS-13, and DS-14 rigs? - Management is actively discussing opportunities for these high-specification assets and is focused on finding the right jobs that provide meaningful returns [123][142]

Include significant upfront payments from customers VALARIS Significant earnings potential and cash flow from Valaris fleet | --- | --- | --- | --- | --- | --- | |-------|----------------------|-------------------------------------------|----------|----------|----------| | | with Future Contract | Illustrative Scenario | A | B | C | | 13 | 10 | Drillship Day Rates | $400K | $450K | $500K | | 5 | 3 | Benign Semisubmersible Day Rates | $300K | $350K | $400K | | 12 | 9 | HD Harsh Environment Jackup Day Rates 2 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to__________ Commission File Number 1-8097 Valaris Limited (Exact name of registrant as specified in its charter) (State or other jurisdiction of i ...

www.valaris.com Press Release Valaris Reports First Quarter 2024 Results Hamilton, Bermuda, May 1, 2024… Valaris Limited (NYSE: VAL) ("Valaris" or the "Company") today reported first quarter 2024 results. President and Chief Executive Officer Anton Dibowitz said, "I am very pleased with our start to 2024 as we delivered strong safety and operational performance during the first quarter as evidenced by fleetwide revenue efficiency of 97%. Our financial results also benefited from more operating days for our ...

Valaris Limited (NYSE:VAL) Q4 2023 Results Conference Call February 22, 2024 10:00 AM ET Company Participants Darin Gibbins - Vice President, Investor Relations & Treasurer Anton Dibowitz - President and CEO Matt Lyne - Senior Vice President, COO Chris Weber - Chief Financial Officer Conference Call Participants David Smith - Pickering Energy Advisors Eddie Kim - Barclays Fredrik Stene - Clarksons Platou Securities Greg Lewis - BTIG Kurt Hallead - Benchmark Operator Good day, and welcome to the Valaris Four ...

www.valaris.com Press Release • Net income of $829 million (including tax benefit of $790 million), Adjusted EBITDA of $58 million and Adjusted EBITDAR of $96 million; • Delivered revenue efficiency of 93% during the quarter and 96% for the year; • VALARIS DS-8 commenced a contract offshore Brazil late in the quarter, following its reactivation; • VALARIS 110 received TotalEnergies' and North Oil Company's global jackup Rig of the Year award; • Awarded new contracts and extensions with associated contract b ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 1-8097 Valaris Limited (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organizati ...