Valaris Q3 Profit Down; Expects To Deliver Meaningfully Improved Earnings In 2024 And 2025

(RTTNews) - Valaris Limited (VAL) reported a third-quarter net income attributable to company of $12.9 million or $0.17 per share down from $74.3 million or $0.98 per share in the same quarter last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.28 per share for the third quarter. Analysts' estimates typically exclude special items.

Operating revenues for the third quarter grew to $455.1 million from $437.2 million in the prior year. Analysts expected revenue of $473.72 million for the quarter.

The company expects to deliver meaningfully improved earnings in both 2024 and 2025 due to the impact of recent and ongoing drillship reactivations at attractive day rates, as well as the repricing of rigs from legacy day rate contracts to higher markets rates.

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