Offshore drilling contractor Valaris Limited has reported a net loss of $39 million for the first quarter of 2025, hurt by a tax expense of $194 million – compared to a net income of $131 million for the prior quarter.
“First quarter 2025 included an $8 million loss on impairment related to our decision to retire semisubmersibles VALARIS DPS-3, DPS-5 and DPS-6 during the quarter”, the company said.
Valaris posted total operating revenues of $621 million, with revenue efficiency of 96 percent for the quarter under review.
“We continued our track record of providing safe and efficient operations for our customers, delivering revenue efficiency of 96 percent as well as meaningful EBITDA and free cash flow during the quarter”, President and Chief Executive Officer Anton Dibowitz said.
“We are also successfully executing our commercial strategy by securing attractive, long-term contracts for our high-specification fleet”, added Dibowitz. “The recent award for drillship VALARIS DS-10 offshore West Africa enhances our presence in a key deepwater region. Additionally, since the beginning of the year, we’ve had meaningful contracting success across our shallow-water fleet, including contracts for jackups in the Middle East, the North Sea, Australia, and Trinidad. We remain actively engaged with customers for additional contracting opportunities in 2026 and beyond”.
Valaris added that it secured approximately $1.0 billion of new contract backlog since February’s fleet status report, increasing total backlog by nearly 20 percent to more than $4.2 billion.
“While macroeconomic uncertainty has increased recently, we expect offshore production will continue to play a vital role in meeting the world’s energy needs and will be an important part of our customers’ portfolios going forward. Given our high-quality fleet and operational performance, we believe Valaris is well positioned to secure additional contracts which, paired with our prudent fleet management, will further support our earnings and cash flow”, Dibowitz said.
Valaris said that capital expenditures fell to $100 million from $112 million in the fourth quarter of 2024, mainly because VALARIS DS-4 was in a shipyard for an upgrade project during this period, along with reduced maintenance capital expenditures in the first quarter.
To contact the author, email andreson.n.paul@gmail.com
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