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VAL Valaris

Valaris Plc engages in the provision of offshore contract drilling services to the international oil and gas industry. It operates its through the following segments: Floaters, Jackups and Others. The Floaters segment includes drill ships and semisubmersible rigs. The Jackups segment offers contract drilling service. The Others segment consists of management services on rigs owned by third-parties. The company was founded on July 3, 1905 and is headquartered in London, the United Kingdom.

Company profile

Ticker
VAL, VALPQ
Exchange
CEO
Thomas Burke
Employees
Location
Fiscal year end
Industry (SIC)
Former names
ENERGY SERVICE COMPANY INC, ENSCO INTERNATIONAL INC, Ensco International plc, Ensco plc, Ensco Rowan plc, Valaris plc
SEC CIK
IRS number
980635229

VAL stock data

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Calendar

28 Apr 21
14 Jun 21
31 Dec 21
Quarter (USD)
Mar 21 Dec 20 Sep 20 Jun 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from Valaris earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 291.7M 291.7M 291.7M 291.7M 291.7M 291.7M
Cash burn (monthly) 11.37M (positive/no burn) 282.03M 176.42M 10.57M 6.58M
Cash used (since last report) 28.05M n/a 696.04M 435.38M 26.08M 16.25M
Cash remaining 263.65M n/a -404.34M -143.68M 265.62M 275.45M
Runway (months of cash) 23.2 n/a -1.4 -0.8 25.1 41.8

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
30 Apr 21 Francis Mary Restricted Share Units Class A Ordinary Shares Other Aquire J No No 0 2,533 0 0
30 Apr 21 Francis Mary Warrants to purchase Common Shares Common Shares Other Aquire J No No 131.88 423 55.79K 423
30 Apr 21 Suzanne P Nimocks Restricted Share Units Class A Ordinary Shares Other Dispose J No No 0 30,085 0 0
30 Apr 21 Suzanne P Nimocks Warrants to purchase Common Shares Common Shares Other Aquire J No No 131.88 563 74.25K 563
30 Apr 21 Jonathan Baksht Restricted Share Units Class A Ordinary Shares Other Dispose J No No 0 13,329 0 0
30 Apr 21 Jonathan Baksht Warrants to purchase Common Shares Common Shares Other Aquire J No No 131.88 698 92.05K 698
30 Apr 21 Georges J. Lambert Restricted Share Units Class A Ordinary Shares Other Dispose J No No 0 25,164 0 0
30 Apr 21 Thierry Pilenko Restricted Share Units Class A Ordinary Shares Other Dispose J No No 0 42,816 0 0
30 Apr 21 Thierry Pilenko Warrants to purchase Common Shares Common Shares Other Aquire J No No 131.88 19 2.51K 19

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

13F holders
Current Prev Q Change
Total holders 17 18 -5.6%
Opened positions 2 3 -33.3%
Closed positions 3 16 -81.3%
Increased positions 1 0 NEW
Reduced positions 0 2 EXIT
13F shares
Current Prev Q Change
Total value 31K 24K +29.2%
Total shares 52.25K 150.91K -65.4%
Total puts 0 0
Total calls 0 0
Total put/call ratio

Financial report summary

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Management Discussion
  • Revenues decreased $149.5 million, or 33%, for the three months ended March 31, 2021, as compared to the prior year quarter primarily due to $124.0 million from fewer days under contract across our fleet, $30.8 million from the sale of VALARIS 5004, VALARIS JU-84, VALARIS JU-87 and VALARIS JU-88, which operated in the prior year quarter, and $25.9 million due to lower revenues earned under the Secondment Agreement, Lease Agreements and Transition Services agreement with ARO. This decline was partially offset by a $25.0 million increase in revenue for certain rigs with higher average day rates for the three months ended March 31, 2021 as compared to the prior year quarter.
  • Contract drilling expense decreased $223.8 million, or 47%, for the three months ended March 31, 2021, as compared to the prior year quarter, primarily due to $108.9 million of lower cost on idle rigs, $24.5 million from the sale of VALARIS 5004, VALARIS 5006, VALARIS 8504, VALARIS DS-3, VALARIS DS-5, VALARIS DS-6, VALARIS JU-84, VALARIS JU-87 and VALARIS JU-88 and reduced cost resulting primarily from spend control efforts. Additionally, there was a decline of $17.5 million related to the Secondment Agreement with ARO as almost all remaining employees seconded became employees of ARO during the second quarter of 2020.
  • During the first quarter of 2021 and 2020, we recorded non-cash losses on impairment totaling $756.5 million and $2.8 billion, respectively, with respect to certain assets in our fleet. See "Note 6 - Property and Equipment" for additional information.
Content analysis
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