- Company reports weaker-than-expected fourth quarter results but added further to its backlog.
- On the conference call, management raised profitability expectations of the year after securing additional work for this year.
- Discussing prospects for drillship Valaris DS-11' $428 million 20k PSI contract after TotalEnergies decided to withdraw from the North Platte project in the GoM earlier this month.
- Outlining strategic value of ARO Drilling, the company's 50:50 joint venture with Saudi Aramco.
- Valaris remains a good and rather conservative bet on further industry recovery given its strong balance sheet and ability to generate sizeable amounts of cash at considerably lower dayrates than debt-laden competitors Transocean and Borr Drilling.
For further details see:
Valaris: Company Raises Profitability Expectations For 2022 - Buy