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Sep 30, 2022
Valaris Q3 2022 Earnings Report
Reported strong operational performance and increased operating income.
Key Takeaways
Valaris reported a net income of $78 million and revenues of $437 million for the third quarter of 2022. The company increased quarterly operating income by $77 million due to the reactivation of four floaters and secured new contracts and extensions with a contract backlog of more than $250 million.
Increased quarterly operating income by $77 million primarily due to the reactivation of four floaters earlier in the year.
Delivered revenue efficiency of 96% in the third quarter and 97% year to date.
Rated the No. 1 offshore driller in EnergyPoint Research's 2022 customer satisfaction survey covering offshore drillers.
Won new contracts and extensions with associated contract backlog of more than $250 million, including floater contracts offshore Brazil and Mexico and jackup contracts in the Middle East, the North Sea, Latin America and Australia.
Revenue by Segment
Forward Guidance
The fundamental outlook for our industry remains constructive. A lack of investment in new sources of production over the past several years has contributed to a tight supply picture that has been exacerbated by geopolitical instability and an increased focus on energy security.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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