Increases 2023 Share Repurchase Target to
$200 Million
Valaris Limited (NYSE: VAL) (“Valaris” or the “Company”)
announced today that it has been awarded a 12-well contract
offshore West Africa for drillship VALARIS DS-7, which will be
reactivated for this contract. The Company also announced that it
is increasing its 2023 share repurchase target from $150 million to
$200 million.
The contract is expected to commence in second quarter 2024 and
has an estimated duration of 850 days. The total contract value is
estimated to be $364 million. The contract requires minimal
customer-specific upgrades to the rig and does not include the
provision of any additional services.
President and Chief Executive Officer Anton Dibowitz said, “This
most recent award represents the seventh contract awarded to one of
our high-quality floaters requiring reactivation since mid-2021 and
speaks volumes about our demonstrated track record of project
execution when reactivating rigs and delivering operational
excellence for our customers. We continue to take a disciplined
approach to rig reactivations, and we expect this contract to
generate a meaningful return over the initial firm term.”
Dibowitz added, “In May, we announced an increase in our share
repurchase authorization to $300 million and our intent to
repurchase $150 million of shares by year-end 2023. To date, we
have repurchased $91 million of shares. As a result of this
attractive contract award and our continued commitment to returning
capital to shareholders, we are increasing our 2023 share
repurchase target from $150 million to $200 million.”
We will discuss the impact of the VALARIS DS-7 contract on our
2023 guidance on our second quarter 2023 results conference
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 (Bermuda No. 56245). To learn more, visit our website at
www.valaris.com.
Cautionary 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; timing of the delivery of the Saudi Aramco Rowan Offshore
Drilling Company ("ARO") newbuild rigs and the timing of additional
ARO newbuild orders; 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20230730156823/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