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Valaris Returns to Profit as War-Zone Costs Continue

Valaris logoValaris
Sig1.80Sen+2.40Env0.00Soc-1.50Gov0.00

Valaris reported second-quarter revenue of $539M and net income of $47M, swinging from a $18M first-quarter loss, with adjusted EBITDA rising to $97M. Floater segment revenue increased as rigs ramped to new contracts, while North Sea jackup revenue declined. Contracting expenses rose with drillship startup and repair costs, plus higher tax expense and extra spending to operate in a war zone.

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