Valaris plc reported a net loss attributable to the company of $3.01 billion for Q1 2020, compared to a net loss of $216 million in Q4 2019. Revenues declined to $457 million from $512 million in the previous quarter, primarily due to a decrease in fleet utilization. The company is taking steps to manage costs and preserve liquidity amidst a severe industry downturn.
Net loss attributable to the Company was $3.01 billion, or $15.19 per share.
Revenues declined to $457 million due to lower fleet utilization.
Adjusted EBITDA was ($40) million.
The company is implementing cost-saving measures and evaluating debt restructuring options.
Valaris expects to continue to report losses and negative cash flows throughout the remainder of the year due to the severe industry downturn.
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