Valaris Limited (NYSE: VAL) ("Valaris" or the "Company") today
reported first quarter 2023 results.
President and Chief Executive Officer Anton Dibowitz said, “In
the first quarter, we achieved strong revenue efficiency of 99% and
won new contracts and extensions with associated contract backlog
of approximately $820 million, including a three-year contract
offshore Brazil for which we will reactivate drillship VALARIS
DS-8.”
Dibowitz added, “On our fourth quarter conference call we
outlined a goal to enhance our capital structure, and we achieved
this objective through our recently completed refinancing
transaction, including the addition of a revolving credit facility.
The refinancing increased our liquidity by almost $500 million,
enhancing our capital allocation flexibility including our ability
to return capital to shareholders.”
Dibowitz concluded, “We continue to be highly constructive on
the outlook for the industry and our business, with increasing
demand and constrained supply continuing to tighten the market. As
a result of our strong business outlook and commitment to returning
capital to shareholders, the Valaris Board of Directors has
increased our share repurchase authorization to $300 million, and
we intend to repurchase $150 million of shares by the end of the
year. As we look ahead, we will continue executing our focused,
value driven and responsible strategy to deliver value to all
stakeholders.”
Financial and Operational Highlights
- Generated Net Income of $49 million, Adjusted EBITDA of $24
million and Adjusted EBITDAR of $51 million;
- Delivered revenue efficiency of 99%;
- Awarded new contracts and extensions with associated contract
backlog of approximately $820 million, increasing total contract
backlog to $2.8 billion;
- Enhanced capital structure and liquidity through a refinancing
in April 2023, including the addition of a $375 million revolving
credit facility;
- Valaris Board of Directors authorized an increase in the
Company's share repurchase program to $300 million in April 2023;
and
- Published 2022 Sustainability Report in April 2023, in which we
announced a Scope 1 carbon emissions intensity reduction target by
2030.
First Quarter Review
Net income was $49 million compared to $31 million in the fourth
quarter 2022. Adjusted EBITDA decreased to $24 million from $54
million in the fourth quarter primarily due to increased repair and
maintenance costs associated with special periodic surveys.
Adjusted EBITDAR decreased to $51 million from $75 million in the
fourth quarter for the same reason described above.
Revenues decreased to $430 million from $434 million in the
fourth quarter 2022. Excluding reimbursable items, revenues
decreased to $408 million from $413 million in the fourth quarter.
The decrease was primarily due to lower utilization for the harsh
environment jackup fleet, partially offset by a higher average day
rate for the floater fleet.
Contract drilling expense increased to $377 million from $353
million in the fourth quarter 2022. Excluding reimbursable items,
contract drilling expense increased to $356 million from $333
million in the fourth quarter primarily due to increased repair and
maintenance costs associated with special periodic surveys and
higher reactivation costs, which increased to $26 million from $21
million.
Depreciation expense decreased to $23 million from $24 million
in the fourth quarter 2022. General and administrative expense of
$24 million was in line with the fourth quarter 2022.
Other income was $13 million compared to other expense of less
than $1 million in the fourth quarter 2022. This was primarily due
to foreign currency exchange gains compared to losses in the fourth
quarter and an increase in interest income due to a higher interest
rate on the ARO shareholder notes receivable as well as an increase
in interest from short-term deposits.
Tax benefit was $28 million compared to tax expense of $10
million in the fourth quarter 2022. The first quarter tax provision
included $44 million of discrete tax benefit primarily attributable
to changes in liabilities for unrecognized tax benefits associated
with tax positions taken in prior years. The fourth quarter tax
provision included $3 million of discrete tax benefit attributable
to the resolution of prior period tax matters. Adjusted for
discrete items, tax expense increased to $16 million from $13
million in the fourth quarter.
Total liquidity, which includes cash and cash equivalents and
restricted cash, increased to $844 million as of March 31, 2023,
from $749 million as of December 31, 2022. The increase was
primarily due to cash flow generated from operations, including
changes in working capital, of which $46 million was a refund
payment from the IRS related to the CARES Act. These were partially
offset by capital expenditures.
Capital expenditures increased to $56 million from $54 million
in the fourth quarter 2022.
First Quarter Segment Review
Floaters
Floater revenues increased to $215 million from $211 million in
the fourth quarter 2022. Excluding reimbursable items, revenues
increased to $207 million from $203 million in the fourth quarter.
The increase was primarily due to higher day rates for VALARIS
DPS-5 and DS-12, which commenced new contracts during the first
quarter. This was partially offset by lower utilization, primarily
related to VALARIS DS-12, which mobilized from Mauritania to Angola
during the first quarter, prior to commencing operations for
another customer.
Contract drilling expense increased to $175 million from $173
million in the fourth quarter 2022. Excluding reimbursable items,
contract drilling expense increased marginally to $166 million from
$165 million in the fourth quarter.
Jackups
Jackup revenues decreased to $170 million from $182 million in
the fourth quarter 2022. Excluding reimbursable items, revenues
decreased to $162 million from $176 million in the fourth quarter
primarily due to lower utilization for the harsh environment jackup
fleet, including idle time for all three of our N-Class jackups as
well as VALARIS 121 and 247.
Contract drilling expense increased to $149 million from $130
million in the fourth quarter 2022. Excluding reimbursable items,
contract drilling expense increased to $142 million from $124
million in the fourth quarter primarily due to higher repair and
maintenance costs associated with special periodic surveys.
ARO Drilling
Revenues increased to $124 million from $120 million in the
fourth quarter 2022 primarily due to a higher average day rate
following the commencement of three-year contract extensions for
VALARIS 147 and 148 in December 2022 and February 2023,
respectively. Contract drilling expense increased to $91 million
from $86 million in the fourth quarter primarily due to higher
bareboat charter expense.
Other
Revenues increased to $46 million from $41 million in the fourth
quarter 2022 primarily due to higher ARO lease revenue for VALARIS
147 and 148, mentioned above. Contract drilling expense increased
to $20 million from $18 million in the fourth quarter.
First Quarter
Floaters
Jackups
ARO (1)
Other
Reconciling Items (1)(2)
Consolidated Total
(in millions of $, except %)
Q1 2023
Q4 2022
Chg
Q1 2023
Q4 2022
Chg
Q1 2023
Q4 2022
Chg
Q1 2023
Q4 2022
Chg
Q1 2023
Q4 2022
Q1 2023
Q4 2022
Chg
Revenues
214.8
211.0
2%
169.8
181.8
(7)%
123.6
120.4
3%
45.5
40.8
12%
(123.6)
(120.4)
430.1
433.6
(1)%
Operating expenses
Contract drilling
174.6
172.6
(1)%
148.9
129.5
(15)%
90.9
85.5
(6)%
20.2
18.4
(10)%
(57.4)
(52.6)
377.2
353.4
(7)%
Depreciation
13.0
12.9
(1)%
9.0
9.6
6%
15.0
16.1
7%
1.3
1.2
(8)%
(15.0)
(16.0)
23.3
23.8
2%
General and admin.
—
—
—%
—
—
—%
4.6
5.6
18%
—
—
—%
19.8
18.3
24.4
23.9
(2)%
Equity in earnings of ARO
—
—
—%
—
—
—%
—
—
—%
—
—
—%
3.3
8.6
3.3
8.6
(62)%
Operating income (loss)
27.2
25.5
7%
11.9
42.7
(72)%
13.1
13.2
(1)%
24.0
21.2
13%
(67.7)
(61.5)
8.5
41.1
(79)%
Net income (loss)
27.5
26.6
3%
12.1
46.4
(74)%
0.8
10.7
(93)%
24.0
21.2
13%
(15.8)
(73.8)
48.6
31.1
56%
Adjusted EBITDA
38.9
37.5
4%
17.9
51.1
(65)%
28.1
29.3
(4)%
25.4
22.4
13%
(86.0)
(86.0)
24.3
54.3
(55)%
Adjusted EBITDAR
65.1
58.1
12%
18.0
51.2
(65)%
28.1
29.3
(4)%
25.4
22.4
13%
(86.0)
(86.0)
50.6
75.0
(33)%
(1) The full operating results included
above for ARO are not included within our consolidated results and
thus deducted under "Reconciling Items" and replaced with our
equity in earnings of ARO.
(2) Our onshore support costs included
within contract drilling expenses are not allocated to our
operating segments for purposes of measuring segment operating
income (loss) and as such, these costs are included in "Reconciling
Items." Further, general and administrative expense and
depreciation expense incurred by our corporate office are not
allocated to our operating segments for purposes of measuring
segment operating income (loss) and are included in "Reconciling
Items."
Guidance
The Company's first quarter 2023 results were better than prior
guidance primarily due to timing of anticipated projects moving
from the first quarter to subsequent quarters. The Company's
full-year 2023 guidance remains unchanged.
As previously announced, Valaris will hold its first quarter
2023 earnings conference call at 9:00 a.m. CT (10:00 a.m. ET) on
Tuesday, May 2, 2023. An updated investor presentation will be
available on the Valaris website after the call.
About Valaris Limited
Valaris Limited (NYSE: VAL) is the industry leader in offshore
drilling services across all water depths and geographies.
Operating a high-quality rig fleet of ultra-deepwater drillships,
versatile semisubmersibles, and modern shallow-water jackups,
Valaris has experience operating in nearly every major offshore
basin. Valaris maintains an unwavering commitment to safety,
operational excellence, and customer satisfaction, with a focus on
technology and innovation. Valaris Limited is a Bermuda exempted
company. To learn more, visit the Valaris website at www.valaris.com.
Forward-Looking Statements
Statements contained in this press release that are not
historical facts are forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended.
Forward-looking statements include words or phrases such as
"anticipate," "believe," "estimate," "expect," "intend," "likely,"
"plan," "project," "could," "may," "might," "should," "will" and
similar words and specifically include statements regarding
expected financial performance; expected utilization, day rates,
revenues, operating expenses, cash flows, contract status, terms
and duration, contract backlog, capital expenditures, insurance,
financing and funding; the offshore drilling market, including
supply and demand, customer drilling programs, stacking of rigs,
effects of new rigs on the market and effect of the volatility of
commodity prices; expected work commitments, awards, contracts and
letters of intent; scheduled delivery dates for rigs; performance
of our joint ventures, including our joint venture with Saudi
Aramco; the availability, delivery, mobilization, contract
commencement, availability, relocation or other movement of rigs
and the timing thereof; rig reactivations; suitability of rigs for
future contracts; divestitures of assets; general economic, market,
business and industry conditions, including inflation and
recessions, trends and outlook; general political conditions,
including political tensions, conflicts and war (such as the
ongoing conflict in Ukraine); cybersecurity attacks and threats;
impacts and effects of public health crises, pandemics and
epidemics, such as the COVID-19 pandemic; future operations;
increasing regulatory complexity; targets, progress, plans and
goals related to environmental, social and governance (“ESG”)
matters; the outcome of tax disputes; assessments and settlements;
and expense management. The forward-looking statements contained in
this press release are subject to numerous risks, uncertainties and
assumptions that may cause actual results to vary materially from
those indicated, including cancellation, suspension, renegotiation
or termination of drilling contracts and programs; our ability to
obtain financing, service our debt, fund capital expenditures and
pursue other business opportunities; adequacy of sources of
liquidity for us and our customers; future share repurchases;
actions by regulatory authorities, or other third parties; actions
by our security holders; internal control risk; commodity price
fluctuations and volatility, customer demand, loss of a significant
customer or customer contract, downtime and other risks associated
with offshore rig operations; adverse weather, including
hurricanes; changes in worldwide rig supply, including as a result
of reactivations and newbuilds; and demand, competition and
technology; supply chain and logistics challenges; consumer
preferences for alternative fuels and forecasts or expectations
regarding the global energy transition; increased scrutiny of our
ESG targets, including our Scope 1 emissions intensity reduction
target, initiatives and reporting and our ability to achieve such
targets or initiatives; changes in customer strategy; future levels
of offshore drilling activity; governmental action, civil unrest
and political and economic uncertainties, including recessions,
volatility affecting the banking system and financial markets,
inflation and adverse changes in the level of international trade
activity; terrorism, piracy and military action; risks inherent to
shipyard rig reactivation, upgrade, repair, maintenance or
enhancement; our ability to enter into, and the terms of, future
drilling contracts; suitability of rigs for future contracts; the
cancellation of letters of intent or letters of award or any
failure to execute definitive contracts following announcements of
letters of intent, letters of award or other expected work
commitments; the outcome of litigation, legal proceedings,
investigations or other claims or contract disputes; governmental
regulatory, legislative and permitting requirements affecting
drilling operations; our ability to attract and retain skilled
personnel on commercially reasonable terms; environmental or other
liabilities, risks or losses; compliance with our debt agreements
and debt restrictions that may limit our liquidity and flexibility;
cybersecurity risks and threats; and changes in foreign currency
exchange rates. In addition to the numerous factors described
above, you should also carefully read and consider "Item 1A. Risk
Factors" in Part I and "Item 7. Management's Discussion and
Analysis of Financial Condition and Results of Operations" in Part
II of our most recent annual report on Form 10-K, which is
available on the Securities and Exchange Commission's website at
www.sec.gov or on the Investor
Relations section of our website at www.valaris.com. Each forward-looking statement
speaks only as of the date of the particular statement, and we
undertake no obligation to update or revise any forward-looking
statements, except as required by law.
VALARIS LIMITED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS
OF OPERATIONS
(In millions, except
per share amounts)
Three Months Ended
March 31, 2023
December 31, 2022
September 30, 2022
June 30, 2022
March 31, 2022
OPERATING REVENUES
$
430.1
$
433.6
$
437.2
$
413.3
$
318.4
OPERATING EXPENSES
Contract drilling (exclusive of
depreciation)
377.2
353.4
336.7
361.8
331.3
Loss on impairment
—
—
—
34.5
—
Depreciation
23.3
23.8
22.6
22.3
22.5
General and administrative
24.4
23.9
19.2
19.0
18.8
Total operating expenses
424.9
401.1
378.5
437.6
372.6
EQUITY IN EARNINGS OF ARO
3.3
8.6
2.9
8.7
4.3
OPERATING INCOME (LOSS)
8.5
41.1
61.6
(15.6
)
(49.9
)
OTHER INCOME (EXPENSE)
Interest income
23.0
15.5
27.9
11.2
10.9
Interest expense, net
(11.1
)
(10.5
)
(11.7
)
(11.6
)
(11.5
)
Reorganization items, net
—
(0.3
)
(0.4
)
(0.7
)
(1.0
)
Other, net
0.6
(4.9
)
14.1
149.7
11.0
12.5
(0.2
)
29.9
148.6
9.4
INCOME (LOSS) BEFORE INCOME TAXES
21.0
40.9
91.5
133.0
(40.5
)
PROVISION (BENEFIT) FOR INCOME TAXES
(27.6
)
9.8
13.8
20.2
(0.7
)
NET INCOME (LOSS)
48.6
31.1
77.7
112.8
(39.8
)
NET INCOME (LOSS) ATTRIBUTABLE TO
NONCONTROLLING INTERESTS
(1.9
)
(1.9
)
(3.4
)
(1.2
)
1.2
NET INCOME (LOSS) ATTRIBUTABLE TO
VALARIS
$
46.7
$
29.2
$
74.3
$
111.6
$
(38.6
)
EARNINGS (LOSS) PER SHARE
Basic
$
0.62
$
0.39
$
0.99
$
1.49
$
(0.51
)
Diluted
$
0.61
$
0.38
$
0.98
$
1.48
$
(0.51
)
WEIGHTED-AVERAGE SHARES OUTSTANDING
Basic
75.2
75.2
75.1
75.0
75.0
Diluted
76.4
76.0
75.6
75.6
75.0
VALARIS LIMITED AND SUBSIDIARIES
CONSOLIDATED BALANCE
SHEETS
(In millions)
As of
March 31, 2023
December 31, 2022
September 30, 2022
June 30, 2022
March 31, 2022
ASSETS
CURRENT ASSETS
Cash and cash equivalents
$
822.5
$
724.1
$
406.0
$
553.5
$
578.2
Restricted cash
21.5
24.4
18.2
23.8
30.0
Short-term investments
—
—
220.0
—
—
Accounts receivable, net
393.4
449.1
535.5
544.6
439.3
Other current assets
158.1
148.6
162.9
159.0
125.7
Total current assets
$
1,395.5
$
1,346.2
$
1,342.6
$
1,280.9
$
1,173.2
PROPERTY AND EQUIPMENT, NET
1,015.5
977.2
953.6
931.7
930.2
LONG-TERM NOTES RECEIVABLE FROM ARO
261.0
254.0
246.9
264.5
256.8
INVESTMENT IN ARO
114.4
111.1
102.6
99.6
90.9
OTHER ASSETS
164.8
171.8
175.5
184.1
180.5
$
2,951.2
$
2,860.3
$
2,821.2
$
2,760.8
$
2,631.6
LIABILITIES AND SHAREHOLDERS'
EQUITY
CURRENT LIABILITIES
Accounts payable - trade
$
324.1
$
256.5
$
256.6
$
287.0
$
311.2
Accrued liabilities and other
267.7
247.9
262.5
260.1
212.1
Total current liabilities
$
591.8
$
504.4
$
519.1
$
547.1
$
523.3
LONG-TERM DEBT
542.8
542.4
541.8
545.7
545.5
OTHER LIABILITIES
464.6
515.6
523.2
511.0
522.1
TOTAL LIABILITIES
1,599.2
1,562.4
1,584.1
1,603.8
1,590.9
TOTAL EQUITY
1,352.0
1,297.9
1,237.1
1,157.0
1,040.7
$
2,951.2
$
2,860.3
$
2,821.2
$
2,760.8
$
2,631.6
VALARIS LIMITED AND
SUBSIDIARIES
CONSOLIDATED STATEMENTS
OF CASH FLOWS
(In millions)
Three Months Ended
March 31, 2023
December 31, 2022
September 30, 2022
June 30, 2022
March 31, 2022
OPERATING ACTIVITIES
Net income (loss)
$
48.6
$
31.1
$
77.7
$
112.8
$
(39.8
)
Adjustments to reconcile net income (loss)
to net cash provided by (used in) operating activities:
Depreciation expense
23.3
23.8
22.6
22.3
22.5
Accretion of discount on notes
receivable
(7.0
)
(7.1
)
(22.4
)
(7.7
)
(7.7
)
Share-based compensation expense
5.7
5.9
4.6
3.5
3.4
Deferred income tax expense (benefit)
4.6
0.8
0.4
7.3
(0.6
)
Amortization, net
(4.2
)
(2.0
)
(5.4
)
(3.2
)
1.6
Equity in earnings of ARO
(3.3
)
(8.6
)
(2.9
)
(8.7
)
(4.3
)
Net periodic pension and retiree medical
income
(0.1
)
(4.3
)
(4.0
)
(4.1
)
(4.0
)
Gain on asset disposals
(0.1
)
(3.5
)
(0.1
)
(135.1
)
(2.5
)
Loss on impairment
—
—
—
34.5
—
Other
0.1
(1.9
)
—
0.3
0.5
Changes in operating assets and
liabilities
85.1
121.3
16.4
(134.8
)
32.5
Contributions to pension plans and other
post-retirement benefits
(1.0
)
(0.8
)
(0.6
)
(1.9
)
(0.8
)
Net cash provided by (used in) operating
activities
$
151.7
$
154.7
$
86.3
$
(114.8
)
$
0.8
INVESTING ACTIVITIES
Additions to property and equipment
$
(56.3
)
$
(53.9
)
$
(53.5
)
$
(61.1
)
$
(38.5
)
Net proceeds from disposition of
assets
0.1
3.5
0.3
145.2
1.3
Purchases of short-term investments
—
—
(220.0
)
—
—
Maturities of short-term investments
—
220.0
—
—
—
Repayments of note receivable from ARO
—
—
40.0
—
—
Net cash provided by (used in) investing
activities
$
(56.2
)
$
169.6
$
(233.2
)
$
84.1
$
(37.2
)
FINANCING ACTIVITIES
Consent solicitation fees
$
—
$
—
$
(3.9
)
$
—
$
—
Payments for tax withholdings for
share-based awards
—
—
(2.3
)
(0.2
)
—
Net cash provided by (used in) financing
activities
$
—
$
—
$
(6.2
)
$
(0.2
)
$
—
INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS AND RESTRICTED CASH
$
95.5
$
324.3
$
(153.1
)
$
(30.9
)
$
(36.4
)
CASH AND CASH EQUIVALENTS AND RESTRICTED
CASH, BEGINNING OF PERIOD
748.5
424.2
577.3
608.2
644.6
CASH AND CASH EQUIVALENTS AND RESTRICTED
CASH, END OF PERIOD
$
844.0
$
748.5
$
424.2
$
577.3
$
608.2
VALARIS LIMITED AND SUBSIDIARIES
OPERATING STATISTICS
(In millions)
Three Months Ended
March 31, 2023
December 31, 2022
September 30, 2022
June 30, 2022
March 31, 2022
REVENUES
Floaters
Drillships
$
146.5
$
151.9
$
139.8
$
149.0
$
85.4
Semisubmersibles
68.3
59.1
61.9
39.1
14.3
$
214.8
$
211.0
$
201.7
$
188.1
$
99.7
Jackups
(1)
HD Ultra-Harsh & Harsh Environment
$
75.7
$
98.5
$
123.0
$
106.1
$
92.9
HD & SD Modern
73.2
62.5
59.0
61.1
67.9
SD Legacy
20.9
20.8
13.9
18.6
19.9
$
169.8
$
181.8
$
195.9
$
185.8
$
180.7
Total
$
384.6
$
392.8
$
397.6
$
373.9
$
280.4
Other
Leased and Managed Rigs
$
45.5
$
40.8
$
39.6
$
39.4
$
38.0
Valaris Total
$
430.1
$
433.6
$
437.2
$
413.3
$
318.4
(1)
HD = Heavy Duty; SD = Standard Duty. Heavy
duty jackups are well-suited for operations in tropical revolving
storm areas.
VALARIS LIMITED AND
SUBSIDIARIES
OPERATING STATISTICS
(In millions)
Three Months Ended
March 31, 2023
December 31, 2022
September 30, 2022
June 30, 2022
March 31, 2022
ADJUSTED EBITDAR (1)
Active Fleet (1) (2)
$
96.2
$
117.5
$
129.6
$
98.7
$
66.5
Leased and Managed Rigs (1)
25.4
22.4
22.1
14.9
22.6
$
121.6
$
139.9
$
151.7
$
113.6
$
89.1
Stacked Fleet (1) (3)
(13.1
)
(8.2
)
(8.5
)
(11.3
)
(10.7
)
$
108.5
$
131.7
$
143.2
$
102.3
$
78.4
Support
costs
General and administrative expense
$
24.4
$
23.9
$
19.2
$
19.0
$
18.8
Onshore support costs
33.5
32.8
30.2
29.7
29.0
$
57.9
$
56.7
$
49.4
$
48.7
$
47.8
Valaris Total
$
50.6
$
75.0
$
93.8
$
53.6
$
30.6
Reactivation costs (4)
$
26.3
$
20.7
$
17.8
$
24.3
$
61.5
(1)
Adjusted EBITDAR is earnings before
interest, tax, depreciation, amortization and reactivation costs.
Adjusted EBITDAR for active fleet, leased and managed rigs and
stacked fleet also excludes onshore support costs and general and
administrative expense.
(2)
Active fleet represents rigs that are not
preservation stacked and includes rigs that are in the process of
being reactivated.
(3)
Stacked fleet represents the combined
total of all preservation and stacking costs.
(4)
Reactivation costs, all of which are
attributed to Valaris' active fleet, are excluded from adjusted
EBITDAR.
VALARIS LIMITED AND SUBSIDIARIES
OPERATING STATISTICS
(In millions)
Three Months Ended
March 31, 2023
December 31, 2022
September 30, 2022
June 30, 2022
March 31, 2022
ADJUSTED EBITDAR (1)
Floaters
Drillships (1)
$
37.3
$
37.4
$
30.5
$
44.3
$
27.2
Semisubmersibles (1)
27.8
20.7
28.0
2.9
(15.0
)
$
65.1
$
58.1
$
58.5
$
47.2
$
12.2
Jackups
HD Ultra-Harsh & Harsh (1)
$
(0.7
)
$
28.1
$
50.4
$
30.7
$
21.0
HD & SD - Modern (1)
9.6
12.9
10.1
1.7
13.7
SD - Legacy (1)
9.1
10.2
2.1
7.8
8.9
$
18.0
$
51.2
$
62.6
$
40.2
$
43.6
Total
$
83.1
$
109.3
$
121.1
$
87.4
$
55.8
Other
Leased and Managed Rigs (1)
$
25.4
$
22.4
$
22.1
$
14.9
$
22.6
Total
$
108.5
$
131.7
$
143.2
$
102.3
$
78.4
Support
costs
General and administrative expense
$
24.4
$
23.9
$
19.2
$
19.0
$
18.8
Onshore support costs
33.5
32.8
30.2
29.7
29.0
$
57.9
$
56.7
$
49.4
$
48.7
$
47.8
Valaris Total
$
50.6
$
75.0
$
93.8
$
53.6
$
30.6
(1)
Adjusted EBITDAR is earnings before
interest, tax, depreciation, amortization and reactivation costs.
Adjusted EBITDAR for asset category also excludes onshore support
costs and general and administrative expense.
VALARIS LIMITED AND
SUBSIDIARIES
OPERATING STATISTICS
(In millions)
Three Months Ended
March 31, 2023
December 31, 2022
September 30, 2022
June 30, 2022
March 31, 2022
ADJUSTED EBITDA (1)
Floaters
Drillships (1)
$
11.4
$
17.1
$
13.5
$
21.0
$
(21.4
)
Semisubmersibles (1)
27.5
20.4
27.2
2.1
(27.3
)
$
38.9
$
37.5
$
40.7
$
23.1
$
(48.7
)
Jackups
HD Ultra-Harsh & Harsh (1)
$
(0.8
)
$
28.0
$
50.5
$
30.5
$
20.4
HD & SD - Modern (1)
9.6
12.9
10.0
1.6
13.7
SD - Legacy (1)
9.1
10.2
2.1
7.9
8.9
$
17.9
$
51.1
$
62.6
$
40.0
$
43.0
Total
$
56.8
$
88.6
$
103.3
$
63.1
$
(5.7
)
Other
Leased and Managed Rigs (1)
$
25.4
$
22.4
$
22.1
$
14.9
$
22.6
Total
$
82.2
$
111.0
$
125.4
$
78.0
$
16.9
Support
costs
General and administrative expense
$
24.4
$
23.9
$
19.2
$
19.0
$
18.8
Onshore support costs
33.5
32.8
30.2
29.7
29.0
$
57.9
$
56.7
$
49.4
$
48.7
$
47.8
Valaris Total
$
24.3
$
54.3
$
76.0
$
29.3
$
(30.9
)
(1)
Adjusted EBITDA is earnings before
interest, tax, depreciation and amortization. Adjusted EBITDA for
asset category also excludes onshore support costs and general and
administrative expense.
VALARIS LIMITED AND
SUBSIDIARIES
OPERATING STATISTICS
(In millions)
As of
May 1, 2023
February 21, 2023
October 31, 2022
July 28, 2022
May 2, 2022
CONTRACT BACKLOG (1)
Floaters
Drillships (2)
$
1,499.0
$
1,062.3
$
995.1
$
1,090.3
$
1,290.9
Semisubmersibles
270.2
314.6
379.5
359.6
375.8
$
1,769.2
$
1,376.9
$
1,374.6
$
1,449.9
$
1,666.7
Jackups
HD Ultra-Harsh & Harsh
277.7
348.3
185.1
192.0
218.8
HD & SD - Modern
317.7
341.1
395.3
377.6
225.7
SD - Legacy
119.7
52.9
82.3
72.3
70.7
$
715.1
$
742.3
$
662.7
$
641.9
$
515.2
Total
$
2,484.3
$
2,119.2
$
2,037.3
$
2,091.8
$
2,181.9
Other (3)
Leased and Managed Rigs
$
318.9
$
344.0
$
223.3
$
257.5
$
271.5
Valaris Total
$
2,803.2
$
2,463.2
$
2,260.6
$
2,349.3
$
2,453.4
(1)
Our contract drilling backlog reflects
commitments, represented by signed drilling contracts, and is
calculated by multiplying the contracted day rate by the contract
period. Contract drilling backlog includes drilling contracts
subject to FID and drilling contracts which grant the customer
termination rights if FID is not received with respect to projects
for which the drilling rig is contracted. The contracted day rate
excludes certain types of lump sum fees for rig mobilization,
demobilization, contract preparation, as well as customer
reimbursables and bonus opportunities.
(2)
Approximately $428 million of backlog as
of May 2, 2022 was attributable to a contract awarded to drillship
VALARIS DS-11 for an eight-well deepwater project in the U.S. Gulf
of Mexico that was expected to commence in mid-2024. In June 2022,
the customer terminated the contract.
(3)
Leased rigs and managed rigs included in
Other reporting segment.
VALARIS LIMITED AND
SUBSIDIARIES
OPERATING STATISTICS
Three Months Ended
March 31, 2023
December 31, 2022
September 30, 2022
June 30, 2022
March 31, 2022
AVERAGE DAY RATES (1)
Floaters
Drillships
$
221,000
$
215,000
$
220,000
$
213,000
$
203,000
Semisubmersibles
246,000
204,000
226,000
214,000
156,000
$
228,000
$
212,000
$
222,000
$
213,000
$
197,000
Jackups
HD Ultra-Harsh & Harsh
$
97,000
$
108,000
$
121,000
$
114,000
$
104,000
HD & SD Modern
92,000
83,000
82,000
79,000
80,000
SD Legacy
76,000
74,000
74,000
74,000
71,000
$
91,000
$
93,000
$
100,000
$
94,000
$
89,000
Total
$
139,000
$
133,000
$
138,000
$
120,000
$
108,000
Other
Leased and Managed Rigs
$
43,000
$
36,000
$
38,000
$
39,000
$
39,000
Valaris Total
$
113,000
$
108,000
$
112,000
$
98,000
$
90,000
(1)
Average day rates are derived by dividing
contract drilling revenues, adjusted to exclude certain types of
non-recurring reimbursable revenues, lump-sum revenues, revenues
earned during suspension periods and revenues attributable to
amortization of drilling contract intangibles, by the aggregate
number of contract days, adjusted to exclude contract days
associated with certain suspension periods, mobilizations,
demobilizations and shipyard contracts.
VALARIS LIMITED AND
SUBSIDIARIES
OPERATING STATISTICS
Three Months Ended
March 31, 2023
December 31, 2022
September 30, 2022
June 30, 2022
March 31, 2022
UTILIZATION - TOTAL FLEET (1)
Floaters
Drillships
59 %
62 %
54 %
34 %
36 %
Semisubmersibles
57 %
57 %
54 %
37 %
11 %
58 %
60 %
54 %
35 %
28 %
Jackups
HD Ultra-Harsh & Harsh
57 %
77 %
85 %
81 %
78 %
HD & SD Modern
57 %
55 %
53 %
53 %
51 %
SD Legacy
99 %
99 %
67 %
88 %
75 %
62 %
68 %
67 %
67 %
63 %
Total
60 %
65 %
62 %
56 %
51 %
Other
Leased and Managed Rigs
100 %
100 %
100 %
100 %
100 %
Valaris Total
68 %
72 %
69 %
64 %
59 %
Pro Forma Jackups (2)
68 %
73 %
72 %
72 %
68 %
(1)
Rig utilization is derived by dividing the
number of operating days by the number of available days in the
period for the total fleet.
(2)
Includes all Valaris jackups including
those leased to ARO Drilling.
VALARIS LIMITED AND
SUBSIDIARIES
OPERATING STATISTICS
Three Months Ended
March 31, 2023
December 31, 2022
September 30, 2022
June 30, 2022
March 31, 2022
UTILIZATION - ACTIVE FLEET (1)
(2)
Floaters
Drillships
77 %
85 %
74 %
52 %
56 %
Semisubmersibles
96 %
96 %
91 %
62 %
19 %
82 %
88 %
79 %
55 %
45 %
Jackups
HD Ultra-Harsh & Harsh
67 %
85 %
94 %
89 %
85 %
HD & SD Modern
89 %
86 %
81 %
82 %
83 %
SD Legacy
99 %
99 %
67 %
90 %
100 %
81 %
87 %
85 %
86 %
86 %
Total
81 %
87 %
83 %
77 %
74 %
Other
Leased and Managed Rigs
100 %
100 %
100 %
100 %
100 %
Valaris Total
86 %
90 %
87 %
82 %
80 %
Pro Forma Jackups (3)
83 %
88 %
86 %
87 %
87 %
(1)
Rig utilization is derived by dividing the
number of operating days by the number of available days in the
period for the active fleet.
(2)
Active fleet represents rigs that are not
preservation stacked and includes rigs that are in the process of
being reactivated.
(3)
Includes all Valaris jackups including
those leased to ARO Drilling.
VALARIS LIMITED AND
SUBSIDIARIES
OPERATING STATISTICS
Three Months Ended
March 31, 2023
December 31, 2022
September 30, 2022
June 30, 2022
March 31, 2022
REVENUE EFFICIENCY (1)
Floaters
Drillships
97 %
96 %
90 %
95 %
98 %
Semisubmersibles
100 %
100 %
100 %
92 %
100 %
98 %
97 %
93 %
94 %
99 %
Jackups
HD Ultra-Harsh & Harsh
100 %
96 %
99 %
99 %
99 %
HD & SD Modern
100 %
99 %
97 %
98 %
100 %
SD Legacy
99 %
100 %
100 %
100 %
100 %
100 %
98 %
98 %
99 %
99 %
Valaris Total
99 %
98 %
96 %
97 %
99 %
(1)
Revenue efficiency is day rate revenue
earned as a percentage of maximum potential day rate revenue.
VALARIS LIMITED AND
SUBSIDIARIES
OPERATING STATISTICS
As of
NUMBER OF RIGS
March 31, 2023
December 31, 2022
September 30, 2022
June 30, 2022
March 31, 2022
Active Fleet (1)
Floaters
Drillships
9
8
8
8
7
Semisubmersibles
3
3
3
3
3
12
11
11
11
10
Jackups
HD Ultra-Harsh & Harsh
9
10
10
10
10
HD & SD Modern
9
9
9
10
10
SD Legacy
3
3
3
3
3
21
22
22
23
23
Total Active Fleet
33
33
33
34
33
Stacked Fleet
Floaters
Drillships (2)
2
3
3
3
4
Semisubmersibles
2
2
2
2
2
4
5
5
5
6
Jackups
HD Ultra-Harsh & Harsh
2
1
1
1
1
HD & SD Modern
5
5
5
5
7
SD Legacy
—
—
—
—
—
7
6
6
6
8
Total Stacked Fleet
11
11
11
11
14
Leased Rigs (3)
Jackups
HD Ultra-Harsh & Harsh
1
1
1
1
1
HD & SD Modern
7
7
7
6
6
SD Legacy
—
—
—
—
1
Total Leased Rigs
8
8
8
7
8
Valaris Total
52
52
52
52
55
Managed Rigs (3)
2
2
2
2
2
(1)
Active fleet represents rigs that are not
preservation stacked and includes rigs that are in the process of
being reactivated.
(2)
Excludes VALARIS DS-13 and VALARIS DS-14,
which Valaris has the option to take delivery by year-end 2023.
(3)
Leased rigs and managed rigs included in
Other reporting segment.
VALARIS LIMITED AND
SUBSIDIARIES
OPERATING STATISTICS
Three Months Ended
March 31, 2023
December 31, 2022
September 30, 2022
June 30, 2022
March 31, 2022
AVAILABLE DAYS - TOTAL FLEET
(1)
Floaters
Drillships
990
1,012
1,012
979
990
Semisubmersibles
450
460
460
455
450
1,440
1,472
1,472
1,434
1,440
Jackups
HD Ultra-Harsh & Harsh
990
1,012
1,012
1,001
990
HD & SD Modern
1,260
1,288
1,328
1,419
1,599
SD Legacy
270
276
276
279
360
2,520
2,576
2,616
2,699
2,949
Total
3,960
4,048
4,088
4,133
4,389
Other
Leased and Managed Rigs
900
920
880
874
831
Valaris Total
4,860
4,968
4,968
5,007
5,220
(1)
Represents the maximum number of days
available in the period for the total fleet, calculated by
multiplying the number of rigs in each asset category by the number
of days in the period, irrespective of asset status.
VALARIS LIMITED AND
SUBSIDIARIES
OPERATING STATISTICS
Three Months Ended
March 31, 2023
December 31, 2022
September 30, 2022
June 30, 2022
March 31, 2022
AVAILABLE DAYS - ACTIVE FLEET (1)
(2)
Floaters
Drillships
751
736
736
645
630
Semisubmersibles
270
276
276
273
270
1,021
1,012
1,012
918
900
Jackups
HD Ultra-Harsh & Harsh
841
920
920
910
900
HD & SD Modern
810
828
868
910
969
SD Legacy
270
276
276
273
270
1,921
2,024
2,064
2,093
2,139
Total
2,942
3,036
3,076
3,011
3,039
Other
Leased and Managed Rigs
900
920
880
874
831
Valaris Total
3,842
3,956
3,956
3,885
3,870
(1)
Represents the maximum number of days
available in the period for the active fleet, calculated by
multiplying the number of rigs in each asset category by the number
of days in the period, for active rigs only. Active rigs are
defined as rigs that are not preservation stacked.
(2)
Active fleet represents rigs that are not
preservation stacked and includes rigs that are in the process of
being reactivated.
VALARIS LIMITED AND
SUBSIDIARIES
OPERATING STATISTICS
Three Months Ended
March 31, 2023
December 31, 2022
September 30, 2022
June 30, 2022
March 31, 2022
OPERATING DAYS (1)
Floaters
Drillships
581
623
546
335
353
Semisubmersibles
258
264
251
168
52
839
887
797
503
405
Jackups
HD Ultra-Harsh & Harsh
564
778
862
810
769
HD & SD Modern
718
713
700
750
809
SD Legacy
268
273
184
245
270
1,550
1,764
1,746
1,805
1,848
Total
2,389
2,651
2,543
2,308
2,253
Other
Leased and Managed Rigs
900
920
881
874
831
Valaris Total
3,289
3,571
3,424
3,182
3,084
(1)
Represents the total number of days under
contract in the period. Days under contract equals the total number
of days that rigs have earned and recognized day rate revenue,
including days associated with early contract terminations,
compensated downtime and mobilizations. When revenue is deferred
and amortized over a future period, for example when we receive
fees while mobilizing to commence a new contract or while being
upgraded in a shipyard, the related days are excluded from days
under contract.
VALARIS LIMITED AND
SUBSIDIARIES
OPERATING STATISTICS
($ in millions, except average
day rate)
Three Months Ended
March 31, 2023
December 31, 2022
September 30, 2022
June 30, 2022
March 31, 2022
DRILLSHIPS
Adjusted revenues (1)
$
128.6
$
134.4
$
120.1
$
128.1
$
73.1
Adjusted operating expense (2)
117.3
118.1
106.4
106.7
94.0
Rig operating margin
$
11.3
$
16.3
$
13.7
$
21.4
$
(20.9
)
Rig operating margin %
9
%
12
%
11
%
17
%
(29
)%
Other operating expenses
Depreciation
12.1
12.0
11.8
11.6
11.3
Loss on impairment
—
—
—
34.5
—
$
12.1
$
12.0
$
11.8
$
46.1
$
11.3
Other operating income (expense) (3)
0.9
2.2
0.5
(0.4
)
0.5
Operating income (loss) (4)
$
0.1
$
6.5
$
2.4
$
(25.1
)
$
(31.7
)
Adjusted EBITDA (5)
$
11.4
$
17.1
$
13.5
$
21.0
$
(21.4
)
Reactivation costs (6)
25.9
20.3
17.0
23.3
48.6
Adjusted EBITDAR
$
37.3
$
37.4
$
30.5
$
44.3
$
27.2
Preservation and stacking costs (6)
$
4.5
$
4.9
$
4.5
$
11.1
$
7.5
Number of Rigs (at quarter end)
Total Fleet
11
11
11
11
11
Active Fleet
9
8
8
8
7
Operating Days
581
623
546
335
353
Utilization - Active Fleet
77
%
85
%
74
%
52
%
56
%
Average Day Rate
$
221,000
$
215,000
$
220,000
$
213,000
$
203,000
(1)
Revenues exclusive of amortization and
recurring reimbursable items.
(2)
Operating expense exclusive of
depreciation, amortization, reimbursable items, bad debt expense
and onshore support costs.
(3)
Other operating income (expense) includes
reimbursable revenue and expense, amortized revenue and expense,
bad debt expense and other miscellaneous items.
(4)
Starting from the second quarter 2022, we
adjusted operating income (loss) to exclude support costs. Prior
periods were adjusted to conform with the current period
presentation.
(5)
Adjusted EBITDA for asset category
excludes onshore support costs and general and administrative
expense.
(6)
Included in adjusted operating
expense.
VALARIS LIMITED AND
SUBSIDIARIES
OPERATING STATISTICS
($ in millions, except average
day rate)
Three Months Ended
March 31, 2023
December 31, 2022
September 30, 2022
June 30, 2022
March 31, 2022
SEMISUBMERSIBLES
Adjusted revenues (1)
$
63.9
$
54.0
$
58.3
$
36.3
$
8.1
Adjusted operating expense (2)
36.1
33.5
31.0
34.0
34.5
Rig operating margin
$
27.8
$
20.5
$
27.3
$
2.3
$
(26.4
)
Rig operating margin %
44
%
38
%
47
%
6
%
(326
)%
Depreciation
0.9
0.9
0.8
0.8
0.8
Other operating income (expense) (3)
0.2
(0.5
)
(0.3
)
(0.5
)
(1.1
)
Operating income (loss) (4)
$
27.1
$
19.1
$
26.2
$
1.0
$
(28.3
)
Adjusted EBITDA (5)
$
27.5
$
20.4
$
27.2
$
2.1
$
(27.3
)
Reactivation costs (6)
0.3
0.3
0.8
0.8
12.3
Adjusted EBITDAR
$
27.8
$
20.7
$
28.0
$
2.9
$
(15.0
)
Preservation and stacking costs (6)
$
1.0
$
1.3
$
1.5
$
4.1
$
1.2
Number of Rigs (at quarter end)
Total Fleet
5
5
5
5
5
Active Fleet
3
3
3
3
3
Operating Days
258
264
251
168
52
Utilization - Active Fleet
96
%
96
%
91
%
62
%
19
%
Average Day Rate
$
246,000
$
204,000
$
226,000
$
214,000
$
156,000
(1)
Revenues exclusive of amortization and
recurring reimbursable items.
(2)
Operating expense exclusive of
depreciation, amortization, reimbursable items, bad debt expense
and onshore support costs.
(3)
Other operating income (expense) includes
reimbursable revenue and expense, amortized revenue and expense,
bad debt expense and other miscellaneous items.
(4)
Starting from the second quarter 2022, we
adjusted operating income (loss) to exclude support costs. Prior
periods were adjusted to conform with the current period
presentation.
(5)
Adjusted EBITDA for asset category
excludes onshore support costs and general and administrative
expense.
(6)
Included in adjusted operating
expense.
VALARIS LIMITED AND
SUBSIDIARIES
OPERATING STATISTICS
($ in millions, except average
day rate)
Three Months Ended
March 31, 2023
December 31, 2022
September 30, 2022
June 30, 2022
March 31, 2022
HD ULTRA-HARSH & HARSH
JACKUPS
Adjusted revenues (1)
$
62.7
$
87.1
$
106.5
$
93.6
$
81.1
Adjusted operating expense (2)
63.8
59.3
56.2
63.4
58.1
Rig operating margin
$
(1.1
)
$
27.8
$
50.3
$
30.2
$
23.0
Rig operating margin %
(2
)%
32
%
47
%
32
%
28
%
Depreciation
5.7
5.7
5.6
5.5
5.5
Other operating income (3)
4.2
3.6
7.1
5.1
0.1
Operating income (loss) (4)
$
(2.6
)
$
25.7
$
51.8
$
29.8
$
17.6
Adjusted EBITDA (5)
$
(0.8
)
$
28.0
$
50.5
$
30.5
$
20.4
Reactivation costs (6)
0.1
0.1
(0.1
)
0.2
0.6
Adjusted EBITDAR
$
(0.7
)
$
28.1
$
50.4
$
30.7
$
21.0
Preservation and stacking costs (6)
$
5.1
$
(0.5
)
$
—
$
0.6
$
0.1
Number of Rigs (at quarter end) (7)
Total Fleet
11
11
11
11
11
Active Fleet
9
10
10
10
10
Operating Days
564
778
862
810
769
Utilization - Active Fleet
67
%
85
%
94
%
89
%
85
%
Average Day Rate
$
97,000
$
108,000
$
121,000
$
114,000
$
104,000
(1)
Revenues exclusive of amortization and
recurring reimbursable items.
(2)
Operating expense exclusive of
depreciation, amortization, reimbursable items, bad debt expense
and onshore support costs.
(3)
Other operating income includes
reimbursable revenue and expense, amortized revenue and expense,
bad debt expense and other miscellaneous items.
(4)
Starting from the second quarter 2022, we
adjusted operating income (loss) to exclude support costs. Prior
periods were adjusted to conform with the current period
presentation.
(5)
Adjusted EBITDA for asset category
excludes onshore support costs and general and administrative
expense.
(6)
Included in adjusted operating
expense.
(7)
Jackup rigs leased to ARO are not included
in the number of rigs at quarter end.
VALARIS LIMITED AND
SUBSIDIARIES
OPERATING STATISTICS
($ in millions, except average
day rate)
Three Months Ended
March 31, 2023
December 31, 2022
September 30, 2022
June 30, 2022
March 31, 2022
HD & SD MODERN JACKUPS
Adjusted revenues (1)
$
66.4
$
59.1
$
57.7
$
59.8
$
65.5
Adjusted operating expense (2)
56.7
45.9
47.6
57.9
47.6
Rig operating margin
$
9.7
$
13.2
$
10.1
$
1.9
$
17.9
Rig operating margin %
15
%
22
%
18
%
3
%
27
%
Depreciation
2.3
2.3
2.2
2.3
2.5
Other operating expense (3)
(0.3
)
(2.1
)
(1.5
)
(1.4
)
(8.4
)
Operating income (loss) (4)
$
7.1
$
8.8
$
6.4
$
(1.8
)
$
7.0
Adjusted EBITDA (5)
$
9.6
$
12.9
$
10.0
$
1.6
$
13.7
Reactivation costs (6)
—
—
0.1
0.1
—
Adjusted EBITDAR
$
9.6
$
12.9
$
10.1
$
1.7
$
13.7
Preservation and stacking costs (6)
$
2.5
$
2.4
$
2.4
$
3.3
$
1.8
Number of Rigs (at quarter end) (7)
Total Fleet
14
14
14
15
17
Active Fleet
9
9
9
10
10
Operating Days
718
713
700
750
809
Utilization - Active Fleet
89
%
86
%
81
%
82
%
83
%
Average Day Rate
$
92,000
$
83,000
$
82,000
$
79,000
$
80,000
(1)
Revenues exclusive of amortization and
recurring reimbursable items.
(2)
Operating expense exclusive of
depreciation, amortization, reimbursable items, bad debt expense
and onshore support costs.
(3)
Other operating expense includes
reimbursable revenue and expense, amortized revenue and expense,
bad debt expense and other miscellaneous items.
(4)
Starting from the second quarter 2022, we
adjusted operating income (loss) to exclude support costs. Prior
periods were adjusted to conform with the current period
presentation.
(5)
Adjusted EBITDA for asset category
excludes onshore support costs and general and administrative
expense.
(6)
Included in adjusted operating
expense.
(7)
Jackup rigs leased to ARO are not included
in the number of rigs at quarter end.
VALARIS LIMITED AND
SUBSIDIARIES
OPERATING STATISTICS
($ in millions, except average
day rate)
Three Months Ended
March 31, 2023
December 31, 2022
September 30, 2022
June 30, 2022
March 31, 2022
SD LEGACY JACKUPS
Adjusted revenues (1)
$
20.4
$
20.4
$
13.6
$
18.1
$
19.2
Adjusted operating expense (2)
11.4
10.1
11.6
10.3
9.9
Rig operating margin
$
9.0
$
10.3
$
2.0
$
7.8
$
9.3
Rig operating margin %
44
%
50
%
15
%
43
%
48
%
Depreciation
1.0
1.6
1.0
0.9
1.0
Other operating expense (3)
(0.6
)
(0.4
)
—
(0.1
)
(0.3
)
Operating income (4)
$
7.4
$
8.3
$
1.0
$
6.8
$
8.0
Adjusted EBITDA (5)
$
9.1
$
10.2
$
2.1
$
7.9
$
8.9
Adjusted EBITDAR
$
9.1
$
10.2
$
2.1
$
7.9
$
8.9
Preservation and stacking costs (6)
$
—
$
0.1
$
0.1
$
(0.1
)
$
—
Number of Rigs (at quarter end) (7)
Total Fleet
3
3
3
3
3
Active Fleet
3
3
3
3
3
Operating Days
268
273
184
245
270
Utilization - Active Fleet
99
%
99
%
67
%
90
%
100
%
Average Day Rate
$
76,000
$
74,000
$
74,000
$
74,000
$
71,000
(1)
Revenues exclusive of amortization and
recurring reimbursable items.
(2)
Operating expense exclusive of
depreciation, amortization, reimbursable items, bad debt expense
and onshore support costs.
(3)
Other operating income (expense) includes
reimbursable revenue and expense, amortized revenue and expense,
bad debt expense and other miscellaneous items.
(4)
Starting from the second quarter 2022, we
adjusted operating income to exclude support costs. Prior periods
were adjusted to conform with the current period presentation.
(5)
Adjusted EBITDA for asset category
excludes onshore support costs and general and administrative
expense.
(6)
Included in adjusted operating
expense.
(7)
Jackup rigs leased to ARO are not included
in the number of rigs at quarter end.
ARO DRILLING
CONDENSED BALANCE SHEET
INFORMATION
(In millions)
As of
March 31, 2023
December 31, 2022
September 30, 2022
June 30, 2022
March 31, 2022
Cash
$
101.2
$
176.2
$
173.5
$
293.3
$
240.2
Other current assets
189.3
140.6
145.6
106.3
179.5
Non-current assets
830.2
818.1
800.9
777.5
775.8
Total assets
$
1,120.7
$
1,134.9
$
1,120.0
$
1,177.1
$
1,195.5
Current liabilities
$
68.5
$
86.3
$
87.3
$
63.7
$
92.9
Non-current liabilities
887.4
884.6
879.5
958.7
957.9
Total liabilities
$
955.9
$
970.9
$
966.8
$
1,022.4
$
1,050.8
Shareholders' equity
$
164.8
$
164.0
$
153.2
$
154.7
$
144.7
Total liabilities and shareholders'
equity
$
1,120.7
$
1,134.9
$
1,120.0
$
1,177.1
$
1,195.5
ARO DRILLING
CONDENSED INCOME STATEMENT
INFORMATION
(In millions)
Three Months Ended
March 31, 2023
December 31, 2022
September 30, 2022
June 30, 2022
March 31, 2022
Revenues
$
123.6
$
120.4
$
111.4
$
116.4
$
111.3
Operating expenses
Contract drilling (exclusive of
depreciation)
90.9
85.5
90.0
82.1
84.2
Depreciation
15.0
16.1
15.4
15.4
16.5
General and administrative
4.6
5.6
4.7
3.2
5.2
Operating income
$
13.1
$
13.2
$
1.3
$
15.7
$
5.4
Other expense, net
10.4
1.8
2.7
3.3
3.3
Provision (benefit) for income taxes
1.9
0.7
(0.1
)
2.5
0.7
Net income (loss)
$
0.8
$
10.7
$
(1.3
)
$
9.9
$
1.4
EBITDA
$
28.1
$
29.3
$
16.7
$
31.1
$
21.9
ARO Drilling condensed balance sheet and income statement
information presented above represents 100% of ARO. Valaris has a
50% ownership interest in ARO.
ARO DRILLING
OPERATING STATISTICS
As of
(In millions)
May 1, 2023
February 21, 2023
October 31, 2022
July 28, 2022
May 2, 2022
CONTRACT BACKLOG (1)
Owned Rigs
$
747.7
$
794.3
$
870.7
$
934.9
$
993.6
Leased Rigs
884.7
937.5
473.3
524.3
496.9
Total
$
1,632.4
$
1,731.8
$
1,344.0
$
1,459.2
$
1,490.5
(1)
Contract drilling backlog reflects
commitments, represented by signed drilling contracts, and is
calculated by multiplying the contracted day rate by the contract
period. The contracted day rate excludes certain types of lump sum
fees for rig mobilization, demobilization, contract preparation, as
well as customer reimbursables and bonus opportunities.
Three Months Ended
March 31, 2023
December 31, 2022
September 30, 2022
June 30, 2022
March 31, 2022
AVERAGE DAY RATES (1)
Owned Rigs
$
99,000
$
95,000
$
96,000
$
94,000
$
99,000
Leased Rigs (2)
98,000
91,000
91,000
91,000
93,000
Total
$
98,000
$
93,000
$
93,000
$
92,000
$
96,000
UTILIZATION (3)
Owned Rigs
91
%
96
%
86
%
97
%
91
%
Leased Rigs (2)
95
%
91
%
92
%
96
%
91
%
Total
93
%
93
%
89
%
96
%
91
%
REVENUE EFFICIENCY (4)
Owned Rigs
98
%
97
%
98
%
97
%
97
%
Leased Rigs (2)
95
%
93
%
96
%
97
%
96
%
Total
96
%
95
%
97
%
97
%
96
%
NUMBER OF RIGS (AT QUARTER END)
(5)
Owned Rigs
7
7
7
7
7
Leased Rigs (2)
8
8
8
7
8
Total
15
15
15
14
15
AVAILABLE DAYS (6)
Owned Rigs
630
644
644
637
630
Leased Rigs (2)
720
736
696
671
646
Total
1,350
1,380
1,340
1,308
1,276
OPERATING DAYS (7)
Owned Rigs
575
618
553
619
572
Leased Rigs (2)
683
672
640
642
588
Total
1,258
1,290
1,193
1,261
1,160
(1)
Average day rates are derived by dividing
contract drilling revenues, adjusted to exclude certain types of
non-recurring reimbursable revenues, lump-sum revenues, revenues
earned during suspension periods and revenues attributable to
amortization of drilling contract intangibles, by the aggregate
number of contract days, adjusted to exclude contract days
associated with certain suspension periods, mobilizations,
demobilizations and shipyard contracts.
(2)
All ARO leased rigs are leased from
Valaris.
(3)
Rig utilization is derived by dividing the
number of operating days by the number of available days in the
period for the rig fleet.
(4)
Revenue efficiency is day rate revenue
earned as a percentage of maximum potential day rate revenue.
(5)
Rig count for owned rigs excludes two rigs
under construction. We expect delivery of these rigs to be in
2023.
(6)
Represents the maximum number of days
available in the period for the rig fleet, calculated by
multiplying the number of rigs in each asset category by the number
of days in the period, irrespective of asset status.
(7)
Represents the total number of days under
contract in the period. Days under contract equals the total number
of days that rigs have earned and recognized day rate revenue,
including days associated with early contract terminations,
compensated downtime and mobilizations. When revenue is deferred
and amortized over a future period, for example when we receive
fees while mobilizing to commence a new contract or while being
upgraded in a shipyard, the related days are excluded from days
under contract.
Non-GAAP Financial Measures
To supplement Valaris’ condensed consolidated financial
statements presented on a GAAP basis, this press release provides
investors with Adjusted EBITDA and Adjusted EBITDAR, which are
non-GAAP measures.
Valaris defines "Adjusted EBITDA" as net income (loss) from
continuing operations before income tax expense, interest expense,
reorganization items, net, other (income) expense, depreciation
expense, amortization, net, loss on impairment, equity in earnings
of ARO, and merger transaction and integration costs. Adjusted
EBITDA is a non-GAAP measure that our management uses to facilitate
period-to-period comparisons of our core operating performance and
to evaluate our long-term financial performance against that of our
peers. We believe that this measure is useful to investors and
analysts in allowing for greater transparency of our core operating
performance and makes it easier to compare our results with those
of other companies within our industry. Adjusted EBITDA should not
be considered (a) in isolation of, or as a substitute for, net
income (loss), (b) as an indication of cash flows from operating
activities, or (c) as a measure of liquidity. Adjusted EBITDA may
not be comparable to other similarly titled measures reported by
other companies.
Valaris defines "Adjusted EBITDAR" as Adjusted EBITDA before
reactivation costs. Adjusted EBITDAR is a non-GAAP measure that our
management uses to assess the performance of our fleet excluding
one-time rig reactivation costs. We believe that this measure is
useful to investors and analysts in allowing for greater
transparency of our core operating performance. Adjusted EBITDAR
should not be considered (a) in isolation of, or as a substitute
for, net income (loss), (b) as an indication of cash flows from
operating activities, or (c) as a measure of liquidity. Adjusted
EBITDAR may not be comparable to other similarly titled measures
reported by other companies.
Valaris defines ARO "EBITDA" as net income before income tax
expense, other expense, net and depreciation expense. EBITDA is a
non-GAAP measure that our management uses to facilitate
period-to-period comparisons of ARO's core operating performance
and to evaluate ARO's long-term financial performance against that
of ARO's peers. We believe that this measure is useful to investors
and analysts in allowing for greater transparency of ARO's core
operating performance and makes it easier to compare ARO's results
with those of other companies within ARO's industry. EBITDA should
not be considered (a) in isolation of, or as a substitute for, net
income (loss), (b) as an indication of cash flows from operating
activities, or (c) as a measure of liquidity. EBITDA may not be
comparable to other similarly titled measures reported by other
companies.
The Company is not able to provide a reconciliation of the
Company's forward-looking Adjusted EBITDA, as discussed on its
first quarter 2023 earnings conference call, to the most directly
comparable GAAP measure without unreasonable effort because of the
inherent difficulty in forecasting and quantifying certain amounts
necessary for such a reconciliation, including forward-looking tax
expense and other income (expense).
Non-GAAP financial measures should be considered as a supplement
to, and not as a substitute for, or superior to, financial measures
prepared in accordance with GAAP.
Reconciliation of Net Income to Adjusted EBITDA
A reconciliation of net income as reported to Adjusted EBITDA is
included in the tables below (in millions):
Three Months Ended
March 31, 2023
December 31, 2022
VALARIS
Net income
$
48.6
$
31.1
Add (subtract):
Income tax expense (benefit)
(27.6
)
9.8
Interest expense
11.1
10.5
Reorganization items
—
0.3
Other income
(23.6
)
(10.6
)
Operating income
$
8.5
$
41.1
Add (subtract):
Depreciation expense
23.3
23.8
Amortization, net (1)
(4.2
)
(2.0
)
Equity in earnings of ARO
(3.3
)
(8.6
)
Adjusted EBITDA
$
24.3
$
54.3
(1)
Amortization, net, includes amortization
during the indicated period for deferred mobilization revenues and
costs, deferred capital upgrade revenues, deferred certification
costs, intangible amortization and other amortization.
Three Months Ended
March 31, 2023
December 31, 2022
ARO
Net income (loss)
$
0.8
$
10.7
Add (subtract):
Income tax expense (benefit)
1.9
0.7
Other expense, net
10.4
1.8
Operating income
$
13.1
$
13.2
Add:
Depreciation expense
15.0
16.1
EBITDA
$
28.1
$
29.3
Reconciliation of Net Income to Adjusted EBITDA and Adjusted
EBITDAR
(In millions)
Three Months Ended
March 31, 2023
December 31, 2022
FLOATERS
Net income
$
27.5
$
26.6
Subtract:
Other income
(0.3
)
(1.1
)
Operating income
$
27.2
$
25.5
Add (subtract):
Depreciation and amortization, net
11.8
11.8
Other costs
(0.1
)
0.2
Adjusted EBITDA
$
38.9
$
37.5
Add:
Reactivation costs
26.2
20.6
Adjusted EBITDAR
$
65.1
$
58.1
JACKUPS
Net income
$
12.1
$
46.4
Add (subtract):
Other income
(0.2
)
(3.7
)
Operating income
$
11.9
$
42.7
Add (subtract):
Depreciation and amortization, net
6.2
8.6
Other costs
(0.2
)
(0.2
)
Adjusted EBITDA
$
17.9
$
51.1
Add:
Reactivation costs
0.1
0.1
Adjusted EBITDAR
$
18.0
$
51.2
OTHER
Net income
$
24.0
$
21.2
Add:
Other income
—
—
Operating income
$
24.0
$
21.2
Add (subtract):
Depreciation and amortization, net
1.3
1.4
Other costs
0.1
(0.2
)
Adjusted EBITDA
$
25.4
$
22.4
Adjusted EBITDAR
$
25.4
$
22.4
Reconciliation of Net Income (Loss) to Adjusted
EBITDAR
(In millions)
Three Months Ended
March 31, 2023
December 31, 2022
September 30, 2022
June 30, 2022
March 31, 2022
ACTIVE FLEET (1)
Net income (loss)
$
55.4
$
79.9
$
98.8
$
67.3
$
(13.2
)
Add (subtract):
Other (income) expense
$
—
$
(0.9
)
$
—
$
0.1
$
(0.3
)
Operating income (loss) (2)
$
55.4
$
79.0
$
98.8
$
67.4
$
(13.5
)
Add (subtract):
Reactivation costs
26.3
20.7
17.8
24.3
61.5
Depreciation and amortization, net
14.7
17.9
13.2
14.8
18.9
Support and other costs
(0.2
)
(0.1
)
(0.2
)
(7.8
)
(0.4
)
Adjusted EBITDAR (3)
$
96.2
$
117.5
$
129.6
$
98.7
$
66.5
LEASED AND MANAGED RIGS
Net income
$
24.0
$
21.2
$
20.7
$
13.4
$
21.6
Subtract:
Other income
$
—
$
—
$
(0.1
)
$
—
$
—
Operating income (2)
$
24.0
$
21.2
$
20.6
$
13.4
$
21.6
Add (subtract):
Depreciation and amortization, net
1.3
1.4
1.4
1.3
1.2
Support and other costs
0.1
(0.2
)
0.1
0.2
(0.2
)
Adjusted EBITDAR (3)
$
25.4
$
22.4
$
22.1
$
14.9
$
22.6
STACKED FLEET
Net income (loss)
$
(15.8
)
$
(6.9
)
$
(11.1
)
$
78.9
$
(12.1
)
Add (subtract):
Other (income) expense
$
(0.5
)
$
(3.9
)
$
0.1
$
(135.4
)
$
(2.1
)
Operating loss (2)
$
(16.3
)
$
(10.8
)
$
(11.0
)
$
(56.5
)
$
(14.2
)
Add (subtract):
Depreciation and amortization, net
3.2
2.6
2.6
3.1
3.4
Loss on impairment
—
—
—
34.5
—
Support and other costs
—
—
(0.1
)
7.6
0.1
Adjusted EBITDAR (3)
$
(13.1
)
$
(8.2
)
$
(8.5
)
$
(11.3
)
$
(10.7
)
TOTAL FLEET
Net income (loss)
$
63.6
$
94.2
$
108.4
$
159.6
$
(3.7
)
Subtract:
Other income
$
(0.5
)
$
(4.8
)
$
—
$
(135.3
)
$
(2.4
)
Operating income (loss) (2)
$
63.1
$
89.4
$
108.4
$
24.3
$
(6.1
)
Add (subtract):
Reactivation costs
26.3
20.7
17.8
24.3
61.5
Depreciation and amortization, net
19.2
21.8
17.2
19.2
23.5
Loss on impairment
—
—
—
34.5
—
Support and other costs
(0.1
)
(0.2
)
(0.2
)
—
(0.5
)
Adjusted EBITDAR (3)
$
108.5
$
131.7
$
143.2
$
102.3
$
78.4
(1)
Active fleet represents rigs that are not
preservation stacked and includes rigs that are in the process of
being reactivated.
(2)
Starting from the second quarter 2022, we adjusted operating income
(loss) to exclude support costs. Prior periods were adjusted to
conform with the current period presentation.
(3)
Adjusted EBITDAR for active fleet, leased
and managed rigs and stacked fleet excludes onshore support costs
and general and administrative expense.
Reconciliation of Operating Revenues to Adjusted Revenues,
Operating Expenses to Adjusted Operating Expenses and Net Income
(Loss) to Adjusted EBITDA
(In millions)
Three Months Ended
March 31, 2023
December 31, 2022
September 30, 2022
June 30, 2022
March 31, 2022
DRILLSHIPS
Operating revenues
$
146.5
$
151.9
$
139.8
$
149.0
$
85.4
Subtract:
Reimbursable revenues
(7.1
)
(6.8
)
(8.5
)
(15.4
)
(6.9
)
Amortized revenues
(10.8
)
(10.7
)
(11.2
)
(5.5
)
(5.4
)
Adjusted revenues
$
128.6
$
134.4
$
120.1
$
128.1
$
73.1
Operating expenses (1)
$
146.5
$
145.4
$
137.5
$
174.0
$
117.2
Add (subtract):
Depreciation and amortization
(22.2
)
(21.3
)
(22.3
)
(17.0
)
(15.8
)
Loss on impairment
—
—
—
(34.5
)
—
Reimbursable expenses
(7.1
)
(6.9
)
(8.3
)
(15.5
)
(7.7
)
Other
0.1
0.9
(0.5
)
(0.3
)
0.3
Adjusted operating expenses
$
117.3
$
118.1
$
106.4
$
106.7
$
94.0
Net income (loss)
$
0.4
$
7.3
$
2.4
$
(25.2
)
$
(31.7
)
Add (subtract):
Other (income) expense
(0.3
)
(0.8
)
—
0.1
—
Operating income (loss) (1)
0.1
6.5
2.4
(25.1
)
(31.7
)
Add (subtract):
Depreciation and amortization, net
11.4
10.6
11.1
11.5
10.4
Loss on impairment
—
—
—
34.5
—
Other
(0.1
)
—
—
0.1
(0.1
)
Adjusted EBITDA (2)
$
11.4
$
17.1
$
13.5
$
21.0
$
(21.4
)
(1)
Starting from the second quarter 2022, we
adjusted operating expenses and operating income (loss) to exclude
support costs. Prior periods were adjusted to conform with the
current period presentation.
(2)
Adjusted EBITDA for asset category
excludes onshore support costs and general and administrative
expense.
Reconciliation of Operating Revenues to Adjusted Revenues,
Operating Expenses to Adjusted Operating Expenses and Net Income
(Loss) to Adjusted EBITDA
(In millions)
Three Months Ended
March 31, 2023
December 31, 2022
September 30, 2022
June 30, 2022
March 31, 2022
SEMISUBMERSIBLES
Operating revenues
$
68.3
$
59.1
$
61.9
$
39.1
$
14.3
Add (subtract):
Reimbursable revenues
(1.1
)
(0.8
)
(1.2
)
(2.0
)
(6.2
)
Amortized revenues
(3.3
)
(4.3
)
(2.4
)
(0.8
)
—
Adjusted revenues
$
63.9
$
54.0
$
58.3
$
36.3
$
8.1
Operating expenses (1)
$
41.1
$
40.1
$
35.6
$
38.1
$
42.6
Add (subtract):
Depreciation and amortization
(3.7
)
(5.6
)
(3.4
)
(1.8
)
(1.0
)
Reimbursable expenses
(1.1
)
(0.9
)
(1.2
)
(2.1
)
(7.3
)
Other
(0.2
)
(0.1
)
—
(0.2
)
0.2
Adjusted operating expenses
$
36.1
$
33.5
$
31.0
$
34.0
$
34.5
Net income (loss)
$
27.1
$
19.3
$
26.2
$
1.1
$
(28.3
)
Add (subtract):
Other income
—
(0.2
)
—
(0.1
)
—
Operating income (loss) (1)
27.1
19.1
26.2
1.0
(28.3
)
Add:
Depreciation and amortization, net
0.4
1.2
1.0
1.0
1.0
Other
—
0.1
—
0.1
—
Adjusted EBITDA (2)
$
27.5
$
20.4
$
27.2
$
2.1
$
(27.3
)
(1)
Starting from the second quarter 2022, we
adjusted operating expenses and operating income (loss) to exclude
support costs. Prior periods were adjusted to conform with the
current period presentation.
(2)
Adjusted EBITDA for asset category
excludes onshore support costs and general and administrative
expense.
Reconciliation of Operating Revenues to Adjusted Revenues,
Operating Expenses to Adjusted Operating Expenses and Net Income
(Loss) to Adjusted EBITDA
(In millions)
Three Months Ended
March 31, 2023
December 31, 2022
September 30, 2022
June 30, 2022
March 31, 2022
HD ULTRA-HARSH & HARSH
JACKUPS
Operating revenues
$
75.7
$
98.5
$
123.0
$
106.1
$
92.9
Subtract:
Reimbursable revenues
(4.2
)
(2.8
)
(3.5
)
(3.7
)
(6.6
)
Amortized revenues
(8.8
)
(8.6
)
(13.0
)
(8.8
)
(5.2
)
Adjusted revenues
$
62.7
$
87.1
$
106.5
$
93.6
$
81.1
Operating expenses (1)
$
78.4
$
72.8
$
71.2
$
76.3
$
75.4
Add (subtract):
Depreciation and amortization
(10.8
)
(10.9
)
(11.9
)
(9.5
)
(8.1
)
Reimbursable expenses
(3.9
)
(2.8
)
(3.1
)
(3.3
)
(9.2
)
Other
0.1
0.2
—
(0.1
)
—
Adjusted operating expenses
$
63.8
$
59.3
$
56.2
$
63.4
$
58.1
Net income (loss)
$
(2.5
)
$
29.3
$
51.7
$
29.8
$
17.7
Add (subtract):
Other (income) expense
(0.1
)
(3.5
)
0.1
—
(0.1
)
Operating income (loss) (1)
(2.6
)
25.8
51.8
29.8
17.6
Add (subtract):
Depreciation and amortization, net
2.0
2.3
(1.0
)
0.7
2.9
Other
(0.2
)
(0.1
)
(0.3
)
—
(0.1
)
Adjusted EBITDA (2)
$
(0.8
)
$
28.0
$
50.5
$
30.5
$
20.4
(1)
Starting from the second quarter 2022, we
adjusted operating expenses and operating income (loss) to exclude
support costs. Prior periods were adjusted to conform with the
current period presentation.
(2)
Adjusted EBITDA for asset category
excludes onshore support costs and general and administrative
expense.
Reconciliation of Operating Revenues to Adjusted Revenues,
Operating Expenses to Adjusted Operating Expenses and Net Income to
Adjusted EBITDA
(In millions)
Three Months Ended
March 31, 2023
December 31, 2022
September 30, 2022
June 30, 2022
March 31, 2022
HD & SD MODERN JACKUPS
Operating revenues
$
73.2
$
62.5
$
59.0
$
61.1
$
67.8
Add (subtract):
Reimbursable revenues
(2.8
)
(2.2
)
(2.0
)
(1.9
)
(3.1
)
Amortized revenues
(4.0
)
(1.2
)
0.7
0.6
0.8
Adjusted revenues
$
66.4
$
59.1
$
57.7
$
59.8
$
65.5
Operating expenses (1)
$
66.1
$
53.7
$
52.6
$
62.8
$
60.9
Add (subtract):
Depreciation and amortization
(6.6
)
(5.5
)
(3.1
)
(3.1
)
(6.0
)
Reimbursable expenses
(2.9
)
(2.3
)
(2.0
)
(1.9
)
(7.5
)
Other
0.1
—
0.1
0.1
0.2
Adjusted operating expenses
$
56.7
$
45.9
$
47.6
$
57.9
$
47.6
Net income
$
7.2
$
8.8
$
6.5
$
118.3
$
7.1
Subtract:
Other income
(0.1
)
(0.1
)
(0.1
)
(120.1
)
(0.1
)
Operating income (loss) (1)
7.1
8.7
6.4
(1.8
)
7.0
Add (subtract):
Depreciation and amortization, net
2.6
4.3
3.8
3.7
6.8
Other
(0.1
)
(0.1
)
(0.2
)
(0.3
)
(0.1
)
Adjusted EBITDA (2)
$
9.6
$
12.9
$
10.0
$
1.6
$
13.7
(1)
Starting from the second quarter 2022, we
adjusted operating expenses and operating income (loss) to exclude
support costs. Prior periods were adjusted to conform with the
current period presentation.
(2)
Adjusted EBITDA for asset category
excludes onshore support costs and general and administrative
expense.
Reconciliation of Operating Revenues to Adjusted Revenues,
Operating Expenses to Adjusted Operating Expenses and Net Income to
Adjusted EBITDA
(In millions)
Three Months Ended
March 31, 2023
December 31, 2022
September 30, 2022
June 30, 2022
March 31, 2022
SD LEGACY JACKUPS
Operating revenues
$
20.9
$
20.8
$
13.9
$
18.6
$
19.9
Add (subtract):
Reimbursable revenues
(0.5
)
(0.4
)
(0.3
)
(0.5
)
(0.7
)
Adjusted revenues
$
20.4
$
20.4
$
13.6
$
18.1
$
19.2
Operating expenses (1)
$
13.4
$
12.6
$
12.9
$
11.8
$
12.0
Add (subtract):
Depreciation and amortization
(1.6
)
(2.0
)
(1.1
)
(1.0
)
(1.0
)
Reimbursable expenses
(0.5
)
(0.5
)
(0.2
)
(0.5
)
(1.1
)
Other
0.1
—
—
—
—
Adjusted operating expenses
$
11.4
$
10.1
$
11.6
$
10.3
$
9.9
Net income
$
7.4
$
8.3
$
0.9
$
22.2
$
10.0
Add (subtract):
Other (income) expense
—
(0.1
)
0.1
(15.4
)
(2.0
)
Operating income (1)
7.4
8.2
1.0
6.8
8.0
Add (subtract):
Depreciation and amortization, net
1.6
2.0
1.1
1.0
1.0
Other
0.1
—
—
0.1
(0.1
)
Adjusted EBITDA (2)
$
9.1
$
10.2
$
2.1
$
7.9
$
8.9
(1)
Starting from the second quarter 2022, we
adjusted operating expenses and operating income to exclude support
costs. Prior periods were adjusted to conform with the current
period presentation.
(2)
Adjusted EBITDA for asset category
excludes onshore support costs and general and administrative
expense.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230501005718/en/
Investor & Media Contacts: Darin Gibbins Vice President -
Investor Relations and Treasurer +1-713-979-4623 Tim Richardson
Director - Investor Relations +1-713-979-4619
Valaris (NYSE:VAL)
과거 데이터 주식 차트
부터 4월(4) 2024 으로 5월(5) 2024
Valaris (NYSE:VAL)
과거 데이터 주식 차트
부터 5월(5) 2023 으로 5월(5) 2024