Valaris Misses Q3 Earnings On Weak Floater Revenue Efficiency & Contract Delays

Valaris Misses Q3 Earnings On Weak Floater Revenue Efficiency & Contract Delays

Grand News Network / November 7, 2023 11:15 AM

Valaris Ltd (NYSE: VAL) reported Q3 2023 revenues of $455.1 million, missing the consensus of $469.4 million.

Excluding reimbursable items, revenues increased to $427.2 million sequentially on two jackups and one floater commencing contracts and an increase in average daily revenue for both the floater and jackup fleets.

In Q3, the company got new contracts and extensions, with an associated contract backlog of around $465 million, increasing to $3.2 billion. 

Contract drilling expenses stood at $390.9 million ...

Full story available on Benzinga.com


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