Valaris Ltd. Files 10-Q for Q1 2024

TL;DR

<b>Valaris Ltd. filed its Q1 2024 10-Q, detailing financial performance and operational aspects.</b>

AI Summary

Valaris Ltd (VAL-WT) filed a Quarterly Report (10-Q) with the SEC on May 2, 2024. Valaris Ltd. reported financial results for the period ending March 31, 2024. The filing includes data for the first quarter of 2024 and comparative periods. Key financial statement items and disclosures are presented. Information on debt and fair value of senior notes is provided. Details on rig mobilizations and contract preparation costs are included.

Why It Matters

For investors and stakeholders tracking Valaris Ltd, this filing contains several important signals. This filing provides investors with the latest financial health and operational status of Valaris Ltd. for the first quarter of 2024. Understanding the reported figures, especially debt and asset values, is crucial for assessing the company's current financial standing and future outlook.

Risk Assessment

Risk Level: medium — Valaris Ltd shows moderate risk based on this filing. The filing is a standard 10-Q, providing routine financial disclosures. Risk is medium due to the inherent volatility of the oil and gas drilling industry, which is not detailed in this header information but is a known factor for this sector.

Analyst Insight

Review the full 10-Q filing to analyze specific revenue, net income, and debt figures to assess Valaris Ltd.'s financial performance and operational efficiency.

Key Numbers

• 2024-03-31 — Period End Date (Conformed Period of Report)
• 2024-01-01 — Period Start Date (Reporting Period)
• 2023-01-01 — Comparative Period Start Date (Reporting Period)
• 2023-03-31 — Comparative Period End Date (Reporting Period)

Key Players & Entities

• Valaris Ltd. (company) — Filer
• 0000314808 (company) — Central Index Key
• 1381 (company) — Standard Industrial Classification
• 980635229 (company) — IRS Number
• 2024-03-31 (date) — Period of Report
• 2024-05-02 (date) — Filed as of Date
• USD (currency) — Currency

FAQ

Industry Context

Valaris Ltd. operates in the oil and gas drilling sector, providing offshore drilling services globally. This sector is capital-intensive and subject to commodity price fluctuations.

Regulatory Implications

As a publicly traded company, Valaris Ltd. is subject to SEC regulations and reporting requirements, including the filing of quarterly 10-Q reports.

What Investors Should Do

1. Analyze the full 10-Q for detailed revenue and expense breakdowns.
2. Examine the company's debt structure and fair value disclosures for senior notes.
3. Review any disclosed operational metrics or segment performance.

Key Dates

• 2024-03-31: Quarterly Period End — Financial reporting period for the 10-Q filing.
• 2024-05-02: Filing Date — Date the 10-Q was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial header information for the Q1 2024 10-Q filing. Detailed comparative figures from the previous filing (likely Q4 2023 or Q1 2023) would be found within the full document.

Key Financial Figures

• $0.01 — nge on which registered Common Shares, $0.01 par value share VAL New York Stock Exch

Filing Documents

• val-20240331.htm (10-Q) — 1246KB
• val-03312024xexhibit101.htm (EX-10.1) — 70KB
• val-03312024xexhibit311.htm (EX-31.1) — 10KB
• val-03312024xexhibit312.htm (EX-31.2) — 10KB
• val-03312024xexhibit321.htm (EX-32.1) — 5KB
• val-03312024xexhibit322.htm (EX-32.2) — 5KB
• 0000314808-24-000062.txt (&nbsp;) — 7262KB
• val-20240331.xsd (EX-101.SCH) — 45KB
• val-20240331_cal.xml (EX-101.CAL) — 67KB
• val-20240331_def.xml (EX-101.DEF) — 216KB
• val-20240331_lab.xml (EX-101.LAB) — 558KB
• val-20240331_pre.xml (EX-101.PRE) — 408KB
• val-20240331_htm.xml (XML) — 1184KB

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS Condensed Consolidated Statements of Operations For the Three Months Ended March 3 1 , 202 4 and 202 3 5 Condensed Consolidated Statements of Comprehensive Income For the Three Months Ended March 3 1 , 202 4 and 202 3 6 Condensed Consolidated Balance Sheets March 31, 2024 and December 31, 2023 7 Condensed Consolidated Statements of Cash Flows For the Three Months Ended March 3 1 , 202 4 and 202 3 8 Notes to Condensed Consolidated Financial Statements 9

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 25

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 42

CONTROLS AND PROCEDURES

ITEM 4. CONTROLS AND PROCEDURES 42

OTHER INFORMATION

PART II OTHER INFORMATION 43

LEGAL PROCEEDINGS

ITEM 1. LEGAL PROCEEDINGS 43

RISK FACTORS

ITEM 1A. RISK FACTORS 43

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 43

OTHER INFORMATION

ITEM 5. OTHER INFORMATION 43

EXHIBITS

ITEM 6. EXHIBITS 44

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements 4 VALARIS LIMITED AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except per share amounts) (Unaudited) Three Months Ended March 31, 2024 2023 OPERATING REVENUES $ 525.0 $ 430.1 OPERATING EXPENSES Contract drilling (exclusive of depreciation) 444.8 377.2 Depreciation 26.8 23.3 General and administrative 26.5 24.4 Total operating expenses 498.1 424.9 EQUITY IN EARNINGS OF ARO 2.4 3.3 OPERATING INCOME 29.3 8.5 OTHER INCOME (EXPENSE) Interest income 21.0 23.0 Interest expense, net ( 17.7 ) ( 11.1 ) Other, net 5.8 0.6 9.1 12.5 INCOME BEFORE INCOME TAXES 38.4 21.0 PROVISION (BENEFIT) FOR INCOME TAXES Current income tax expense (benefit) 10.9 ( 32.2 ) Deferred income tax expense 2.0 4.6 12.9 ( 27.6 ) NET INCOME 25.5 48.6 NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS — ( 1.9 ) NET INCOME ATTRIBUTABLE TO VALARIS $ 25.5 $ 46.7 EARNINGS PER SHARE Basic $ 0.35 $ 0.62 Diluted $ 0.35 $ 0.61 WEIGHTED-AVERAGE SHARES OUTSTANDING Basic 72.4 75.2 Diluted 73.6 76.4 The accompanying notes are an integral part of these condensed consolidated financial statements. 5 VALARIS LIMITED AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In millions) (Unaudited) Three Months Ended March 31, 2024 2023 NET INCOME $ 25.5 $ 48.6 OTHER COMPREHENSIVE LOSS, NET Net reclassification adjustment for amounts recognized in net income as a component of net periodic pension benefit ( 0.2 ) ( 0.1 ) Other 0.1 ( 0.1 ) NET OTHER COMPREHENSIVE LOSS ( 0.1 ) ( 0.2 ) COMPREHENSIVE INCOME 25.4 48.4 COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS — ( 1.9 ) COMPREHENSIVE INCOME ATTRIBUTABLE TO VALARIS $ 25.4 $ 46.5 The accompanying notes are an integral part of these condensed consolidated financial statements. 6 VALARIS LIMITED AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except par value amounts) March 31, 2024 December 3

View Full Filing

View this 10-Q filing on SEC EDGAR