Valaris Q4 2019 Earnings Report
Key Takeaways
Valaris plc reported a net loss attributable to the company of $216 million, or $1.09 per share, for fourth quarter 2019. Revenues declined to $512 million in fourth quarter 2019 from $551 million in the prior quarter primarily due to the sale of VALARIS 5006. The Company reported adjusted EBITDA of $22 million in fourth quarter 2019.
Reported a net loss of $216 million, or $1.09 per share, for fourth quarter 2019 compared to a net loss of $197 million, or $1.00 per share, in third quarter 2019.
Achieved approximately $135 million of annual run rate synergies by year-end 2019.
Signed new contracts that added $1.8 billion to contracted revenue backlog during the year.
Revenues declined to $512 million in fourth quarter 2019 from $551 million in the prior quarter primarily due to the sale of VALARIS 5006.
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Forward Guidance
The company expects to report losses and have negative cash flows during 2020 despite gradual improvement in utilization and average day rates for Valaris' fleet.