Second Quarter | ||||||||||||||||||||||
Floaters | Jackups | ARO | Other | Reconciling Items | Consolidated Total | |||||||||||||||||
(in millions of $, except %) | Q2 2022 | Q1 2022 | Chg | Q2 2022 | Q1 2022 | Chg | Q2 2022 | Q1 2022 | Chg | Q2 2022 | Q1 2022 | Chg | Q2 2022 | Q1 2022 | Q2 2022 | Q1 2022 | Chg | |||||
Revenues | 188.1 | 99.7 | 89 | % | 185.8 | 180.7 | 3 | % | 116.4 | 111.3 | 5 | % | 39.4 | 38.0 | 4 | % | (116.4) | (111.3) | 413.3 | 318.4 | 30 | % |
Operating expenses | ||||||||||||||||||||||
Contract drilling | 165.3 | 147.6 | 12 | % | 142.2 | 139.2 | 2 | % | 82.1 | 84.2 | (2) | % | 24.7 | 15.5 | 59 | % | (52.5) | (55.2) | 361.8 | 331.3 | 9 | % |
Loss on Impairment | 34.5 | - | nm | - | - | - | - | - | - | % | - | - | - | % | - | - | 34.5 | - | nm | |||
Depreciation | 12.3 | 12.2 | 1 | % | 8.7 | 9.1 | (4) | % | 15.4 | 16.5 | (7) | % | 1.3 | 0.9 | 44 | % | (15.4) | (16.2) | 22.3 | 22.5 | (1) | % |
General and admin. | - | - | - | % | - | - | - | % | 3.2 | 5.2 | (38) | % | - | - | - | % | 15.8 | 13.6 | 19.0 | 18.8 | 1 | % |
Equity in earnings of ARO | - | - | - | % | - | - | - | % | - | - | - | % | - | - | - | % | 8.7 | 4.3 | 8.7 | 4.3 | 102 | % |
Operating income (loss) | (24.0) | (60.1) | (60) | % | 34.9 | 32.4 | 8 | % | 15.7 | 5.4 | 191 | % | 13.4 | 21.6 | (38) | % | (55.6) | (49.2) | (15.6) | (49.9) | (69) | % |
Net income (loss) | (24.1) | (60.0) | (60) | % | 170.3 | 34.7 | 391 | % | 9.9 | 1.4 | 607 | % | 13.4 | 21.6 | (38) | % | (56.7) | (37.5) | 112.8 | (39.8) | nm | |
Adjusted EBITDA | 23.1 | (48.7) | nm | 40.0 | 43.0 | (7) | % | 31.1 | 21.9 | 42 | % | 14.9 | 22.6 | (34) | % | (79.8) | (69.7) | 29.3 | (30.9) | nm | ||
Adjusted EBITDAR | 47.2 | 12.2 | 287 | % | 40.2 | 43.6 | (8) | % | 31.1 | 21.9 | 42 | % | 14.9 | 22.6 | (34) | % | (79.8) | (69.7) | 53.6 | 30.6 | 75 | % |
Investor & Media Contact: | Tim Richardson |
Director - Investor Relations | |
+1-713-979-4619 |
VALARIS LIMITED AND SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF OPERATIONS |
(In millions, except per share amounts) |
Three Months Ended | ||||||||||
Successor | Combined (Non-GAAP) (1) | |||||||||
June 30, 2022 | March 31, 2022 | December 31, 2021 | September 30, 2021 | June 30, 2021 | ||||||
OPERATING REVENUES | $ | 413.3 | $ | 318.4 | $ | 305.5 | $ | 326.7 | $ | 293.1 |
OPERATING EXPENSES | ||||||||||
Contract drilling (exclusive of depreciation) | 361.8 | 331.3 | 285.5 | 274.6 | 258.8 | |||||
Loss on impairment | 34.5 | - | - | - | - | |||||
Depreciation | 22.3 | 22.5 | 25.1 | 24.4 | 54.1 | |||||
General and administrative | 19.0 | 18.8 | 18.3 | 27.2 | 19.1 | |||||
Total operating expenses | 437.6 | 372.6 | 328.9 | 326.2 | 332.0 | |||||
EQUITY IN EARNINGS (LOSSES) OF ARO | 8.7 | 4.3 | (1.3) | 2.6 | 6.0 | |||||
OPERATING INCOME (LOSS) | (15.6) | (49.9) | (24.7) | 3.1 | (32.9) | |||||
OTHER INCOME (EXPENSE) | ||||||||||
Interest income | 11.2 | 10.9 | 11.0 | 9.7 | 8.8 | |||||
Interest expense, net (Unrecognized contractual interest expense for debt subject to compromise was $32.6 million for the three months ended June 30, 2021) | (11.6) | (11.5) | (11.7) | (11.3) | (9.1) | |||||
Reorganization items, net | (0.7) | (1.0) | (4.9) | (6.5) | (3,536.5) | |||||
Other, net | 149.7 | 11.0 | 27.0 | 5.5 | 9.0 | |||||
148.6 | 9.4 | 21.4 | (2.6) | (3,527.8) | ||||||
INCOME (LOSS) BEFORE INCOME TAXES | 133.0 | (40.5) | (3.3) | 0.5 | (3,560.7) | |||||
PROVISION (BENEFIT) FOR INCOME TAXES | 20.2 | (0.7) | (31.0) | 53.3 | (0.4) | |||||
NET INCOME (LOSS) | 112.8 | (39.8) | 27.7 | (52.8) | (3,560.3) | |||||
NET (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS | (1.2) | 1.2 | - | (1.7) | (2.9) | |||||
NET INCOME (LOSS) ATTRIBUTABLE TO VALARIS | $ | 111.6 | $ | (38.6) | $ | 27.7 | $ | (54.5) | $ | (3,563.2) |
INCOME (LOSS) PER SHARE | ||||||||||
Basic | $ | 1.49 | $ | (0.51) | $ | 0.37 | $ | (0.73) | n/m | |
Diluted | $ | 1.48 | $ | (0.51) | $ | 0.37 | $ | (0.73) | n/m | |
WEIGHTED-AVERAGE SHARES OUTSTANDING | ||||||||||
Basic | 75.0 | 75.0 | 75.0 | 75.0 | n/m | |||||
Diluted | 75.6 | 75.0 | 75.0 | 75.0 | n/m |
VALARIS LIMITED AND SUBSIDIARIES |
CONSOLIDATED BALANCE SHEETS |
(In millions) |
June 30, 2022 | March 31, 2022 | December 31, 2021 | September 30, 2021 | June 30, 2021 | ||||||
ASSETS | ||||||||||
CURRENT ASSETS | ||||||||||
Cash and cash equivalents | $ | 553.5 | $ | 578.2 | $ | 608.7 | $ | 620.8 | $ | 608.8 |
Restricted cash | 23.8 | 30.0 | 35.9 | 33.9 | 53.1 | |||||
Accounts receivable, net | 544.6 | 439.3 | 444.2 | 455.8 | 436.1 | |||||
Other current assets | 159.0 | 125.7 | 117.8 | 117.0 | 119.7 | |||||
Total current assets | $ | 1,280.9 | $ | 1,173.2 | $ | 1,206.6 | $ | 1,227.5 | $ | 1,217.7 |
PROPERTY AND EQUIPMENT, NET | 931.7 | 930.2 | 890.9 | 892.3 | 897.8 | |||||
LONG-TERM NOTES RECEIVABLE FROM ARO | 264.5 | 256.8 | 249.1 | 241.3 | 234.3 | |||||
INVESTMENT IN ARO | 99.6 | 90.9 | 86.6 | 87.9 | 85.4 | |||||
OTHER ASSETS | 184.1 | 186.6 | 176.0 | 153.5 | 166.5 | |||||
$ | 2,760.8 | $ | 2,637.7 | $ | 2,609.2 | $ | 2,602.5 | $ | 2,601.7 | |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||
CURRENT LIABILITIES | ||||||||||
Accounts payable - trade | $ | 287.0 | $ | 311.2 | $ | 225.8 | $ | 203.0 | $ | 183.9 |
Accrued liabilities and other | 260.1 | 212.1 | 196.2 | 223.8 | 212.7 | |||||
Total current liabilities | $ | 547.1 | $ | 523.3 | $ | 422.0 | $ | 426.8 | $ | 396.6 |
LONG-TERM DEBT | 545.7 | 545.5 | 545.3 | 545.1 | 544.8 | |||||
OTHER LIABILITIES | 527.6 | 544.8 | 581.1 | 591.3 | 569.8 | |||||
TOTAL LIABILITIES | 1,620.4 | 1,613.6 | 1,548.4 | 1,563.2 | 1,511.2 | |||||
TOTAL EQUITY | 1,140.4 | 1,024.1 | 1,060.8 | 1,039.3 | 1,090.5 | |||||
$ | 2,760.8 | $ | 2,637.7 | $ | 2,609.2 | $ | 2,602.5 | $ | 2,601.7 |
VALARIS LIMITED AND SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF CASH FLOWS |
(In millions) |
Successor | Predecessor |
Combined (Non-GAAP) | ||||||
Six Months Ended June 30, 2022 | Two Months Ended June 30, 2021 | Four Months Ended April 30, 2021 | Six Months Ended June 30, 2021 | |||||
OPERATING ACTIVITIES | ||||||||
Net income (loss) | $ | 73.0 | $ | (4.1) | $ | (4,463.8) | $ | (4,467.9) |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||||||||
(Gain) loss on asset disposals | (137.6) | 0.1 | (6.0) | (5.9) | ||||
Depreciation expense | 44.8 | 16.6 | 159.6 | 176.2 | ||||
Loss on impairment | 34.5 | - | 756.5 | 756.5 | ||||
Accretion of discount on shareholder note | (15.4) | (6.0) | - | (6.0) | ||||
Equity in earnings of ARO | (13.0) | (4.8) | (3.1) | (7.9) | ||||
Net periodic pension and retiree medical income | (8.1) | (2.4) | (5.4) | (7.8) | ||||
Share-based compensation expense | 6.9 | - | 4.8 | 4.8 | ||||
Deferred income tax expense (benefit) | 6.7 | 1.1 | (18.2) | (17.1) | ||||
Amortization, net | (1.6) | (0.3) | (4.8) | (5.1) | ||||
Amortization of debt issuance cost | 0.4 | 0.4 | - | 0.4 | ||||
Non-cash reorganization items, net | - | - | 3,487.3 | 3,487.3 | ||||
Other | 0.3 | (0.2) | 7.3 | 7.1 | ||||
Changes in operating assets and liabilities: | (102.3) | (25.7) | 68.5 | 42.8 | ||||
Contributions to pension plans and other post-retirement benefits | (2.7) | (0.6) | (22.5) | (23.1) | ||||
Net cash used in operating activities | $ | (114.1) | $ | (25.9) | $ | (39.8) | $ | (65.7) |
INVESTING ACTIVITIES | ||||||||
Net proceeds from disposition of assets | $ | 146.5 | $ | 0.2 | $ | 30.1 | $ | 30.3 |
Additions to property and equipment | (99.6) | (8.1) | (8.7) | (16.8) | ||||
Net cash provided by (used in) investing activities | $ | 46.9 | $ | (7.9) | $ | 21.4 | $ | 13.5 |
FINANCING ACTIVITIES | ||||||||
Issuance of first lien notes | $ | - | $ | - | $ | 520.0 | $ | 520.0 |
Payment to Predecessor creditors | - | - | (129.9) | (129.9) | ||||
Other | (0.2) | - | (1.4) | (1.4) | ||||
Net cash provided by (used in) financing activities | $ | (0.2) | $ | - | $ | 388.7 | $ | 388.7 |
Effect of exchange rate changes on cash and cash equivalents | $ | 0.1 | $ | (0.3) | $ | (0.1) | $ | (0.4) |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | $ | (67.3) | $ | (34.1) | $ | 370.2 | $ | 336.1 |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD | 644.6 | 696.0 | 325.8 | 325.8 | ||||
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD | $ | 577.3 | $ | 661.9 | $ | 696.0 | $ | 661.9 |
VALARIS LIMITED AND SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF CASH FLOWS |
(In millions) |
Three Months Ended | ||||||||||
Successor | Combined (Non-GAAP) (1) | |||||||||
June 30, 2022 | March 31, 2022 | December 31, 2021 | September 30, 2021 |
June 30, 2021 | ||||||
OPERATING ACTIVITIES | ||||||||||
Net income (loss) | $ | 112.8 | $ | (39.8) | $ | 27.7 | $ | (52.8) | $ | (3,560.3) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||||||||||
Gain on asset disposals | (135.1) | (2.5) | (21.0) | (0.3) | (4.5) | |||||
Loss on impairment | 34.5 | - | - | - | - | |||||
Depreciation expense | 22.3 | 22.5 | 25.1 | 24.4 | 54.1 | |||||
Equity in losses (earnings) of ARO | (8.7) | (4.3) | 1.3 | (2.6) | (6.0) | |||||
Accretion of discount on shareholder note | (7.7) | (7.7) | (7.9) | (6.9) | (6.0) | |||||
Deferred income tax expense (benefit) | 7.3 | (0.6) | (22.5) | 0.1 | (18.0) | |||||
Net periodic pension and retiree medical income | (4.1) | (4.0) | (2.6) | (3.7) | (3.8) | |||||
Share-based compensation expense | 3.5 | 3.4 | 2.7 | 1.6 | 1.0 | |||||
Amortization, net | (3.2) | 1.6 | (0.5) | 3.1 | (0.5) | |||||
Amortization of debt issuance cost | 0.2 | 0.2 | 0.2 | (0.1) | 0.4 | |||||
Non-cash reorganization items, net | - | - | - | - | 3,487.3 | |||||
Other | 0.3 | - | 0.3 | 0.2 | 1.3 | |||||
Changes in operating assets and liabilities | (134.8) | 32.5 | (9.0) | 45.0 | 21.9 | |||||
Contributions to pension plans and other post-retirement benefits | (1.9) | (0.8) | (1.0) | (1.1) | (0.9) | |||||
Net cash provided by (used in) operating activities | $ | (114.6) | $ | 0.5 | $ | (7.2) | $ | 6.9 | $ | (34.0) |
INVESTING ACTIVITIES | ||||||||||
Net proceeds from disposition of assets | $ | 145.2 | $ | 1.3 | $ | 23.6 | $ | 1.3 | $ | 26.6 |
Additions to property and equipment | (61.1) | (38.5) | (26.5) | (15.6) | (10.8) | |||||
Net cash provided by (used in) investing activities | $ | 84.1 | $ | (37.2) | $ | (2.9) | $ | (14.3) | $ | 15.8 |
FINANCING ACTIVITIES | ||||||||||
Issuance of first lien notes | $ | - | $ | - | $ | - | $ | - | $ | 520.0 |
Payments to Predecessor creditors | - | - | - | - | (129.9) | |||||
Other | (0.2) | - | - | - | (1.4) | |||||
Net cash provided by (used in) financing activities | $ | (0.2) | $ | - | $ | - | $ | - | $ | 388.7 |
Effect of exchange rate changes on cash and cash equivalents | $ | (0.2) | $ | 0.3 | $ | - | $ | 0.2 | $ | (0.3) |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | $ | (30.9) | $ | (36.4) | $ | (10.1) | $ | (7.2) | $ | 370.2 |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD | 608.2 | 644.6 | 654.7 | 661.9 | 291.7 | |||||
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD | $ | 577.3 | $ | 608.2 | $ | 644.6 | $ | 654.7 | $ | 661.9 |
VALARIS LIMITED AND SUBSIDIARIES |
OPERATING STATISTICS |
(In millions) |
Three Months Ended | ||||||||||
Successor | Combined (Non-GAAP) | |||||||||
June 30, 2022 | March 31, 2022 | December 31, 2021 | September 30, 2021 |
June 30, 2021 | ||||||
REVENUES
| ||||||||||
Floaters | ||||||||||
Drillships | $ | 149.0 | $ | 85.4 | $ | 73.5 | $ | 67.5 | $ | 42.6 |
Semisubmersibles | 39.1 | 14.3 | 27.0 | 36.8 | 25.5 | |||||
$ | 188.1 | $ | 99.7 | $ | 100.5 | $ | 104.3 | $ | 68.1 | |
Jackups (1)
| ||||||||||
HD Ultra-Harsh & Harsh Environment | $ | 106.1 | $ | 92.9 | $ | 94.0 | $ | 102.8 | $ | 104.9 |
HD & SD Modern | 61.1 | 67.9 | 56.2 | 59.6 | 57.7 | |||||
SD Legacy | 18.6 | 19.9 | 22.1 | 23.9 | 25.7 | |||||
$ | 185.8 | $ | 180.7 | $ | 172.3 | $ | 186.3 | $ | 188.3 | |
Total | $ | 373.9 | $ | 280.4 | $ | 272.8 | $ | 290.6 | $ | 256.4 |
Other | ||||||||||
Leased and Managed Rigs | $ | 39.4 | $ | 38.0 | $ | 32.7 | $ | 36.1 | $ | 36.7 |
Valaris Total | $ | 413.3 | $ | 318.4 | $ | 305.5 | $ | 326.7 | $ | 293.1 |
ARO | ||||||||||
ARO Total | $ | 116.4 | $ | 111.3 | $ | 105.4 | $ | 117.7 | $ | 124.8 |
Valaris 50% Share (unconsolidated) | 58.2 | 55.7 | 52.7 | 58.9 | 62.4 | |||||
Adjusted Total (2)
| $ | 471.5 | $ | 374.1 | $ | 358.2 | $ | 385.6 | $ | 355.5 |
VALARIS LIMITED AND SUBSIDIARIES |
OPERATING STATISTICS |
(In millions) |
Three Months Ended | ||||||||||
June 30, 2022 | March 31, 2022 | December 31, 2021 | September 30, 2021 | June 30, 2021 | ||||||
ADJUSTED EBITDAR (1)
| ||||||||||
Active Fleet (1) (2)
| $ | 98.7 | $ | 66.5 | $ | 79.6 | $ | 93.0 | $ | 82.1 |
Leased and Managed Rigs (1)
| 14.9 | 22.6 | 17.4 | 22.2 | 22.9 | |||||
$ | 113.6 | $ | 89.1 | $ | 97.0 | $ | 115.2 | $ | 105.0 | |
Stacked Fleet (1) (3)
| (11.3) | (10.7) | (11.0) | (12.5) | (17.1) | |||||
$ | 102.3 | $ | 78.4 | $ | 86.0 | $ | 102.7 | $ | 87.9 | |
Support costs | ||||||||||
General and administrative expense | $ | 19.0 | $ | 18.8 | $ | 18.3 | $ | 27.2 | $ | 19.1 |
Onshore support costs | 29.7 | 29.0 | 28.0 | 27.1 | 29.1 | |||||
$ | 48.7 | $ | 47.8 | $ | 46.3 | $ | 54.3 | $ | 48.2 | |
Add: | ||||||||||
Merger transaction and integration cost included in contract drilling expense | - | - | 0.2 | 0.9 | 0.9 | |||||
Valaris Total | $ | 53.6 | $ | 30.6 | $ | 39.9 | $ | 49.3 | $ | 40.6 |
ARO | ||||||||||
ARO Total | $ | 31.1 | $ | 21.9 | $ | 11.4 | $ | 17.9 | $ | 27.8 |
Valaris 50% Share (unconsolidated) | 15.6 | 11.0 | 5.7 | 9.0 | 13.9 | |||||
Adjusted Total (4)
| $ | 69.2 | $ | 41.6 | $ | 45.6 | $ | 58.3 | $ | 54.5 |
Reactivation costs (5)
| $ | 24.3 | $ | 61.5 | $ | 37.1 | $ | 19.4 | $ | 24.0 |
VALARIS LIMITED AND SUBSIDIARIES |
OPERATING STATISTICS |
(In millions) |
Three Months Ended | ||||||||||
June 30, 2022 | March 31, 2022 | December 31, 2021 | September 30, 2021 | June 30, 2021 | ||||||
ADJUSTED EBITDAR (1)
| ||||||||||
Floaters | ||||||||||
Drillships (1)
| $ | 44.3 | $ | 27.2 | $ | 17.7 | $ | 8.9 | $ | (2.5) |
Semisubmersibles (1)
| 2.9 | (15.0) | 3.2 | 8.3 | 6.5 | |||||
$ | 47.2 | $ | 12.2 | $ | 20.9 | $ | 17.2 | $ | 4.0 | |
Jackups | ||||||||||
HD Ultra-Harsh & Harsh (1)
| $ | 30.7 | $ | 21.0 | $ | 24.3 | $ | 38.7 | $ | 42.3 |
HD & SD - Modern (1)
| 1.7 | 13.7 | 11.6 | 15.6 | 6.7 | |||||
SD - Legacy (1)
| 7.8 | 8.9 | 11.8 | 9.0 | 12.0 | |||||
$ | 40.2 | $ | 43.6 | $ | 47.7 | $ | 63.3 | $ | 61.0 | |
Total | $ | 87.4 | $ | 55.8 | $ | 68.6 | $ | 80.5 | $ | 65.0 |
Other | ||||||||||
Leased and Managed Rigs (1)
| $ | 14.9 | $ | 22.6 | $ | 17.4 | $ | 22.2 | $ | 22.9 |
Total | $ | 102.3 | $ | 78.4 | $ | 86.0 | $ | 102.7 | $ | 87.9 |
Support costs | ||||||||||
General and administrative expense | $ | 19.0 | $ | 18.8 | $ | 18.3 | $ | 27.2 | $ | 19.1 |
Onshore support costs | 29.7 | 29.0 | 28.0 | 27.1 | 29.1 | |||||
$ | 48.7 | $ | 47.8 | $ | 46.3 | $ | 54.3 | $ | 48.2 | |
Add: | ||||||||||
Merger transaction and integration cost included in contract drilling expense | - | - | 0.2 | 0.9 | 0.9 | |||||
Valaris Total | $ | 53.6 | $ | 30.6 | $ | 39.9 | $ | 49.3 | $ | 40.6 |
ARO | ||||||||||
ARO Total | $ | 31.1 | $ | 21.9 | $ | 11.4 | $ | 17.9 | $ | 27.8 |
Valaris 50% Share (unconsolidated) | 15.6 | 11.0 | 5.7 | 9.0 | 13.9 | |||||
Adjusted Total (2)
| $ | 69.2 | $ | 41.6 | $ | 45.6 | $ | 58.3 | $ | 54.5 |
VALARIS LIMITED AND SUBSIDIARIES |
OPERATING STATISTICS |
(In millions) |
Three Months Ended | ||||||||||
June 30, 2022 | March 31, 2022 | December 31, 2021 | September 30, 2021 | June 30, 2021 | ||||||
ADJUSTED EBITDA (1)
| ||||||||||
Floaters
| ||||||||||
Drillships (1)
| $ | 21.0 | $ | (21.4) | $ | (6.6) | $ | 8.6 | $ | (2.5) |
Semisubmersibles (1)
| 2.1 | (27.3) | (6.3) | 7.2 | 6.4 | |||||
$ | 23.1 | $ | (48.7) | $ | (12.9) | $ | 15.8 | $ | 3.9 | |
Jackups | ||||||||||
HD Ultra-Harsh & Harsh (1)
| $ | 30.5 | $ | 20.4 | $ | 21.0 | $ | 25.1 | $ | 22.2 |
HD & SD - Modern (1)
| 1.6 | 13.7 | 11.6 | 11.2 | 2.9 | |||||
SD - Legacy (1)
| 7.9 | 8.9 | 11.8 | 9.0 | 12.0 | |||||
$ | 40.0 | $ | 43.0 | $ | 44.4 | $ | 45.3 | $ | 37.1 | |
Total | $ | 63.1 | $ | (5.7) | $ | 31.5 | $ | 61.1 | $ | 41.0 |
Other | ||||||||||
Leased and Managed Rigs (1)
| $ | 14.9 | $ | 22.6 | $ | 17.3 | $ | 22.1 | $ | 22.9 |
Total | $ | 78.0 | $ | 16.9 | $ | 48.8 | $ | 83.2 | $ | 63.9 |
Support costs | ||||||||||
General and administrative expense | $ | 19.0 | $ | 18.8 | $ | 18.3 | $ | 27.2 | $ | 19.1 |
Onshore support costs | 29.7 | 29.0 | 28.0 | 27.1 | 29.1 | |||||
$ | 48.7 | $ | 47.8 | $ | 46.3 | $ | 54.3 | $ | 48.2 | |
Add: | ||||||||||
Merger transaction and integration cost included in contract drilling expense | - | - | 0.2 | 0.9 | 0.9 | |||||
Valaris Total | $ | 29.3 | $ | (30.9) | $ | 2.7 | $ | 29.8 | $ | 16.6 |
ARO | ||||||||||
ARO Total | $ | 31.1 | $ | 21.9 | $ | 11.4 | $ | 17.9 | $ | 27.8 |
Valaris 50% Share (unconsolidated) | 15.6 | 11.0 | 5.7 | 9.0 | 13.9 | |||||
Adjusted Total (2)
| $ | 44.9 | $ | (19.9) | $ | 8.4 | $ | 38.8 | $ | 30.5 |
VALARIS LIMITED AND SUBSIDIARIES |
OPERATING STATISTICS |
(In millions) |
As of | ||||||||||
July 28, 2022 |
May 2, 2022 | February 21, 2022 | October 27, 2021 | August 2, 2021 | ||||||
CONTRACT BACKLOG (1)
| ||||||||||
Floaters | ||||||||||
Drillships (2)
| $ | 1,090.3 | $ | 1,290.9 | $ | 1,280.4 | $ | 1,338.6 | $ | 1,102.2 |
Semisubmersibles | 359.6 | 375.8 | 384.9 | 277.9 | 294.0 | |||||
$ | 1,449.9 | $ | 1,666.7 | $ | 1,665.3 | $ | 1,616.5 | $ | 1,396.2 | |
Jackups | ||||||||||
HD Ultra-Harsh & Harsh | 192.0 | 218.8 | 309.7 | 307.6 | 364.4 | |||||
HD & SD - Modern | 377.6 | 225.7 | 252.1 | 274.5 | 299.9 | |||||
SD - Legacy | 72.3 | 70.7 | 81.2 | 85.5 | 102.9 | |||||
$ | 641.9 | $ | 515.2 | $ | 643.0 | $ | 667.6 | $ | 767.2 | |
Total | $ | 2,091.8 | $ | 2,181.9 | $ | 2,308.3 | $ | 2,284.1 | $ | 2,163.4 |
Other (3)
| ||||||||||
Leased and Managed Rigs | $ | 257.5 | $ | 271.5 | $ | 135.6 | $ | 33.9 | $ | 60.3 |
Valaris Total | $ | 2,349.3 | $ | 2,453.4 | $ | 2,443.9 | $ | 2,318.0 | $ | 2,223.7 |
ARO | ||||||||||
Owned Rigs | $ | 934.9 | $ | 993.6 | $ | 1,040.9 | $ | 757.4 | $ | 818.7 |
Leased Rigs | 524.3 | 496.9 | 460.2 | 88.7 | 134.5 | |||||
ARO Total | $ | 1,459.2 | $ | 1,490.5 | $ | 1,501.1 | $ | 846.1 | $ | 953.2 |
Valaris 50% Share of ARO Owned Rigs | 467.5 | 496.8 | 520.5 | 378.7 | 409.4 | |||||
Adjusted Total (4)
| $ | 2,816.8 | $ | 2,950.2 | $ | 2,964.4 | $ | 2,696.7 | $ | 2,633.1 |
VALARIS LIMITED AND SUBSIDIARIES |
OPERATING STATISTICS |
Three Months Ended | ||||||||||
June 30, 2022 | March 31, 2022 | December 31, 2021 | September 30, 2021 | June 30, 2021 | ||||||
AVERAGE DAY RATES (1)
| ||||||||||
Floaters | ||||||||||
Drillships | $ | 213,000 | $ | 203,000 | $ | 196,000 | $ | 189,000 | $ | 212,000 |
Semisubmersibles | 214,000 | 156,000 | 171,000 | 191,000 | 178,000 | |||||
$ | 213,000 | $ | 197,000 | $ | 189,000 | $ | 190,000 | $ | 197,000 | |
Jackups | ||||||||||
HD Ultra-Harsh & Harsh | $ | 114,000 | $ | 104,000 | $ | 110,000 | $ | 124,000 | $ | 141,000 |
HD & SD Modern | 79,000 | 80,000 | 76,000 | 77,000 | 73,000 | |||||
SD Legacy | 74,000 | 71,000 | 73,000 | 74,000 | 72,000 | |||||
$ | 94,000 | $ | 89,000 | $ | 90,000 | $ | 96,000 | $ | 99,000 | |
Total | $ | 120,000 | $ | 108,000 | $ | 111,000 | $ | 115,000 | $ | 114,000 |
Other | ||||||||||
Leased and Managed Rigs | $ | 39,000 | $ | 39,000 | $ | 33,000 | $ | 31,000 | $ | 31,000 |
Valaris Total | $ | 98,000 | $ | 90,000 | $ | 89,000 | $ | 90,000 | $ | 87,000 |
ARO | ||||||||||
Owned Rigs | $ | 94,000 | $ | 99,000 | $ | 101,000 | $ | 99,000 | $ | 99,000 |
Leased Rigs (2)
| 91,000 | 93,000 | 94,000 | 92,000 | 93,000 | |||||
ARO Total | $ | 92,000 | $ | 96,000 | $ | 97,000 | $ | 95,000 | $ | 96,000 |
VALARIS LIMITED AND SUBSIDIARIES |
OPERATING STATISTICS |
Three Months Ended | ||||||||||
June 30, 2022 | March 31, 2022 | December 31, 2021 | September 30, 2021 | June 30, 2021 | ||||||
UTILIZATION - TOTAL FLEET (1)
| ||||||||||
Floaters | ||||||||||
Drillships | 29 | % | 30 | % | 27 | % | 24 | % | 18 | % |
Semisubmersibles | 37 | % | 11 | % | 30 | % | 39 | % | 30 | % |
31 | % | 25 | % | 28 | % | 28 | % | 22 | % | |
Jackups | ||||||||||
HD Ultra-Harsh & Harsh | 81 | % | 78 | % | 73 | % | 72 | % | 58 | % |
HD & SD Modern | 53 | % | 51 | % | 42 | % | 43 | % | 43 | % |
SD Legacy | 88 | % | 75 | % | 66 | % | 74 | % | 93 | % |
67 | % | 63 | % | 55 | % | 57 | % | 54 | % | |
Total | 53 | % | 49 | % | 46 | % | 47 | % | 44 | % |
Other | ||||||||||
Leased and Managed Rigs | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % |
Valaris Total | 61 | % | 57 | % | 54 | % | 56 | % | 54 | % |
Pro Forma Jackups (2)
| 72 | % | 68 | % | 62 | % | 62 | % | 63 | % |
ARO | ||||||||||
Owned Rigs | 97 | % | 91 | % | 80 | % | 85 | % | 96 | % |
Leased Rigs (3)
| 96 | % | 91 | % | 89 | % | 86 | % | 83 | % |
ARO Total | 96 | % | 91 | % | 84 | % | 86 | % | 89 | % |
VALARIS LIMITED AND SUBSIDIARIES |
OPERATING STATISTICS |
Three Months Ended | ||||||||||
June 30, 2022 | March 31, 2022 | December 31, 2021 | September 30, 2021 | June 30, 2021 | ||||||
UTILIZATION - ACTIVE FLEET (1) (2)
| ||||||||||
Floaters | ||||||||||
Drillships | 52 | % | 56 | % | 57 | % | 79 | % | 51 | % |
Semisubmersibles | 62 | % | 19 | % | 51 | % | 64 | % | 50 | % |
55 | % | 45 | % | 55 | % | 73 | % | 51 | % | |
Jackups | ||||||||||
HD Ultra-Harsh & Harsh | 89 | % | 85 | % | 80 | % | 84 | % | 82 | % |
HD & SD Modern | 82 | % | 83 | % | 76 | % | 75 | % | 74 | % |
SD Legacy | 90 | % | 100 | % | 84 | % | 87 | % | 93 | % |
86 | % | 86 | % | 79 | % | 80 | % | 80 | % | |
Total | 77 | % | 74 | % | 72 | % | 79 | % | 74 | % |
Other | ||||||||||
Leased and Managed Rigs | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % |
Valaris Total | 82 | % | 80 | % | 78 | % | 84 | % | 81 | % |
Pro Forma Jackups (3)
| 87 | % | 87 | % | 81 | % | 82 | % | 86 | % |
ARO | ||||||||||
Owned Rigs | 97 | % | 91 | % | 80 | % | 85 | % | 96 | % |
Leased Rigs (4)
| 96 | % | 91 | % | 89 | % | 86 | % | 83 | % |
ARO Total | 96 | % | 91 | % | 84 | % | 86 | % | 89 | % |
VALARIS LIMITED AND SUBSIDIARIES |
OPERATING STATISTICS |
Three Months Ended | ||||||||||
June 30, 2022 | March 31, 2022 | December 31, 2021 | September 30, 2021 | June 30, 2021 | ||||||
REVENUE EFFICIENCY (1)
| ||||||||||
Floaters | ||||||||||
Drillships | 94.6 | % | 98.3 | % | 91.5 | % | 97.6 | % | 100.0 | % |
Semisubmersibles | 91.9 | % | 100.0 | % | 97.7 | % | 96.7 | % | 100.0 | % |
93.7 | % | 98.5 | % | 93.0 | % | 97.3 | % | 100.0 | % | |
Jackups | ||||||||||
HD Ultra-Harsh & Harsh | 99.3 | % | 98.9 | % | 99.1 | % | 99.5 | % | 100.0 | % |
HD & SD Modern | 97.9 | % | 99.8 | % | 97.9 | % | 100.0 | % | 99.8 | % |
SD Legacy | 100.0 | % | 100.0 | % | 100.0 | % | 99.0 | % | 96.9 | % |
98.9 | % | 99.4 | % | 98.8 | % | 99.6 | % | 99.0 | % | |
Valaris Total | 97.0 | % | 99.1 | % | 96.6 | % | 98.8 | % | 99.3 | % |
ARO | ||||||||||
Owned Rigs | 97.2 | % | 96.8 | % | 96.3 | % | 98.1 | % | 94.0 | % |
Leased Rigs | 96.5 | % | 95.5 | % | 91.3 | % | 96.9 | % | 92.6 | % |
ARO Total | 96.9 | % | 96.2 | % | 93.7 | % | 97.4 | % | 93.3 | % |
VALARIS LIMITED AND SUBSIDIARIES |
OPERATING STATISTICS |
As of | |||||
NUMBER OF RIGS |
June 30, 2022 | March 31, 2022 | December 31, 2021 | September 30, 2021 |
June 30, 2021 |
Active Fleet (1)
| |||||
Floaters | |||||
Drillships | 8 | 7 | 7 | 4 | 4 |
Semisubmersibles | 3 | 3 | 3 | 3 | 3 |
11 | 10 | 10 | 7 | 7 | |
Jackups | |||||
HD Ultra-Harsh & Harsh | 10 | 10 | 10 | 10 | 10 |
HD & SD Modern | 10 | 10 | 11 | 11 | 11 |
SD Legacy | 3 | 3 | 3 | 3 | 4 |
23 | 23 | 24 | 24 | 25 | |
Total Active Fleet | 34 | 33 | 34 | 31 | 32 |
Stacked Fleet | |||||
Floaters | |||||
Drillships (2)
| 3 | 4 | 4 | 7 | 7 |
Semisubmersibles | 2 | 2 | 2 | 2 | 2 |
5 | 6 | 6 | 9 | 9 | |
Jackups | |||||
HD Ultra-Harsh & Harsh | 1 | 1 | 1 | 1 | 2 |
HD & SD Modern | 5 | 7 | 7 | 7 | 8 |
SD Legacy | - | - | 1 | 1 | - |
6 | 8 | 9 | 9 | 10 | |
Total Stacked Fleet | 11 | 14 | 15 | 18 | 19 |
Leased Rigs (3)
| |||||
Jackups | |||||
HD Ultra-Harsh & Harsh | 1 | 1 | 1 | 1 | 1 |
HD & SD Modern | 6 | 6 | 5 | 5 | 5 |
SD Legacy | - | 1 | 1 | 2 | 3 |
Total Leased Rigs | 7 | 8 | 7 | 8 | 9 |
Valaris Total | 52 | 55 | 56 | 57 | 60 |
Managed Rigs (3)
| 2 | 2 | 2 | 2 | 2 |
ARO (4)
| |||||
Owned Rigs | 7 | 7 | 7 | 7 | 7 |
Leased Rigs | 7 | 8 | 7 | 8 | 9 |
ARO Total | 14 | 15 | 14 | 15 | 16 |
VALARIS LIMITED AND SUBSIDIARIES |
OPERATING STATISTICS |
Three Months Ended | |||||
June 30, 2022 | March 31, 2022 | December 31, 2021 | September 30, 2021 | June 30, 2021 | |
AVAILABLE DAYS - TOTAL FLEET (1)
| |||||
Floaters | |||||
Drillships | 1,161 | 1,170 | 1,196 | 1,196 | 1,001 |
Semisubmersibles | 455 | 450 | 460 | 460 | 455 |
1,616 | 1,620 | 1,656 | 1,656 | 1,456 | |
Jackups | |||||
HD Ultra-Harsh & Harsh | 1,001 | 990 | 1,012 | 1,074 | 1,153 |
HD & SD Modern | 1,419 | 1,599 | 1,668 | 1,748 | 1,729 |
SD Legacy | 279 | 360 | 420 | 398 | 364 |
2,699 | 2,949 | 3,100 | 3,220 | 3,246 | |
Total | 4,315 | 4,569 | 4,756 | 4,876 | 4,702 |
Other | |||||
Leased and Managed Rigs | 874 | 831 | 828 | 982 | 1,001 |
Valaris Total | 5,189 | 5,400 | 5,584 | 5,858 | 5,703 |
ARO | |||||
Owned Rigs | 637 | 630 | 644 | 644 | 637 |
Leased Rigs (2)
| 671 | 646 | 644 | 798 | 819 |
ARO Total | 1,308 | 1,276 | 1,288 | 1,442 | 1,456 |
VALARIS LIMITED AND SUBSIDIARIES |
OPERATING STATISTICS |
Three Months Ended | |||||
June 30, 2022 | March 31, 2022 | December 31, 2021 | September 30, 2021 | June 30, 2021 | |
AVAILABLE DAYS - ACTIVE FLEET (1) (2)
| |||||
Floaters | |||||
Drillships | 645 | 630 | 567 | 368 | 364 |
Semisubmersibles | 273 | 270 | 276 | 276 | 273 |
918 | 900 | 843 | 644 | 637 | |
Jackups | |||||
HD Ultra-Harsh & Harsh | 910 | 900 | 920 | 920 | 819 |
HD & SD Modern | 910 | 969 | 932 | 1,012 | 1,001 |
SD Legacy | 273 | 270 | 328 | 337 | 364 |
2,093 | 2,139 | 2,180 | 2,269 | 2,184 | |
Total | 3,011 | 3,039 | 3,023 | 2,913 | 2,821 |
Other | |||||
Leased and Managed Rigs | 874 | 831 | 828 | 982 | 1,001 |
Valaris Total | 3,885 | 3,870 | 3,851 | 3,895 | 3,822 |
ARO | |||||
Owned Rigs | 637 | 630 | 644 | 644 | 637 |
Leased Rigs (2)
| 671 | 646 | 644 | 798 | 819 |
ARO Total | 1,308 | 1,276 | 1,288 | 1,442 | 1,456 |
VALARIS LIMITED AND SUBSIDIARIES |
OPERATING STATISTICS |
Three Months Ended | |||||
June 30, 2022 | March 31, 2022 | December 31, 2021 | September 30, 2021 | June 30, 2021 | |
OPERATING DAYS (1)
| |||||
Floaters | |||||
Drillships | 335 | 353 | 322 | 290 | 185 |
Semisubmersibles | 168 | 52 | 140 | 177 | 137 |
503 | 405 | 462 | 467 | 322 | |
Jackups | |||||
HD Ultra-Harsh & Harsh | 810 | 769 | 734 | 770 | 674 |
HD & SD Modern | 750 | 809 | 706 | 759 | 742 |
SD Legacy | 245 | 270 | 276 | 294 | 339 |
1,805 | 1,848 | 1,716 | 1,823 | 1,755 | |
Total | 2,308 | 2,253 | 2,178 | 2,290 | 2,077 |
Other | |||||
Leased and Managed Rigs | 874 | 831 | 828 | 982 | 1,001 |
Valaris Total | 3,182 | 3,084 | 3,006 | 3,272 | 3,078 |
ARO | |||||
Owned Rigs | 619 | 572 | 513 | 549 | 609 |
Leased Rigs (2)
| 642 | 588 | 570 | 687 | 684 |
ARO Total | 1,261 | 1,160 | 1,083 | 1,236 | 1,293 |
VALARIS LIMITED AND SUBSIDIARIES |
OPERATING STATISTICS |
($ in millions, except average day rate) |
Three Months Ended | ||||||||||
June 30, 2022 | March 31, 2022 | December 31, 2021 | September 30, 2021 | June 30, 2021 | ||||||
DRILLSHIPS | ||||||||||
Adjusted revenues (1)
| $ | 128.1 | $ | 73.1 | $ | 63.3 | $ | 55.7 | $ | 39.6 |
Adjusted operating expense (2)
| 106.7 | 94.0 | 69.2 | 46.8 | 41.6 | |||||
Rig operating margin | $ | 21.4 | $ | (20.9) | $ | (5.9) | $ | 8.9 | $ | (2.0) |
Rig operating margin % | 17 | % | (29) | % | (9) | % | 16 | % | (5) | % |
Other operating expenses | ||||||||||
Depreciation | 11.6 | 11.3 | 10.8 | 10.5 | 21.4 | |||||
Loss on impairment | 34.5 | - | - | - | - | |||||
$ | 46.1 | $ | 11.3 | $ | 10.8 | $ | 10.5 | $ | 21.4 | |
Other operating income (expense) (3)
| (0.4) | 0.5 | (1.2) | (1.6) | (1.6) | |||||
Operating loss (4)
| $ | (25.1) | $ | (31.7) | $ | (17.9) | $ | (3.2) | $ | (25.0) |
Adjusted EBITDA (5)
| $ | 21.0 | $ | (21.4) | $ | (6.6) | $ | 8.6 | $ | (2.5) |
Reactivation costs (6)
| 23.3 | 48.6 | 24.3 | 0.3 | - | |||||
Adjusted EBITDAR | $ | 44.3 | $ | 27.2 | $ | 17.7 | $ | 8.9 | $ | (2.5) |
Preservation and stacking costs (6)
| $ | 11.1 | $ | 7.5 | $ | 7.6 | $ | 8.3 | $ | 8.9 |
Number of Rigs (at quarter end) | ||||||||||
Total Fleet | 11 | 11 | 11 | 11 | 11 | |||||
Active Fleet | 8 | 7 | 7 | 4 | 4 | |||||
Operating Days | 335 | 353 | 322 | 290 | 185 | |||||
Utilization - Active Fleet | 52 | % | 56 | % | 57 | % | 79 | % | 51 | % |
Average Day Rate | $ | 213,000 | $ | 203,000 | $ | 196,000 | $ | 189,000 | $ | 212,000 |
VALARIS LIMITED AND SUBSIDIARIES |
OPERATING STATISTICS |
($ in millions, except average day rate) |
Three Months Ended | ||||||||||
June 30, 2022 | March 31, 2022 | December 31, 2021 | September 30, 2021 | June 30, 2021 | ||||||
SEMISUBMERSIBLES | ||||||||||
Adjusted revenues (1)
| $ | 36.3 | $ | 8.1 | $ | 24.0 | $ | 33.8 | $ | 24.5 |
Adjusted operating expense (2)
| 34.0 | 34.5 | 28.2 | 25.9 | 17.4 | |||||
Rig operating margin | $ | 2.3 | $ | (26.4) | $ | (4.2) | $ | 7.9 | $ | 7.1 |
Rig operating margin % | 6 | % | (326) | % | (18) | % | 23 | % | 29 | % |
Depreciation | 0.8 | 0.8 | 0.8 | 0.8 | 2.2 | |||||
Other operating expense (3)
| (0.5) | (1.1) | (1.9) | (2.6) | (2.2) | |||||
Operating income (loss) (4)
| $ | 1.0 | $ | (28.3) | $ | (6.9) | $ | 4.5 | $ | 2.7 |
Adjusted EBITDA (5)
| $ | 2.1 | $ | (27.3) | $ | (6.3) | $ | 7.2 | $ | 6.4 |
Reactivation costs (6)
| 0.8 | 12.3 | 9.5 | 1.1 | 0.1 | |||||
Adjusted EBITDAR | $ | 2.9 | $ | (15.0) | $ | 3.2 | $ | 8.3 | $ | 6.5 |
Preservation and stacking costs (6)
| $ | 4.1 | $ | 1.2 | $ | 1.0 | $ | 1.4 | $ | 1.4 |
Number of Rigs (at quarter end) | ||||||||||
Total Fleet | 5 | 5 | 5 | 5 | 5 | |||||
Active Fleet | 3 | 3 | 3 | 3 | 3 | |||||
Operating Days | 168 | 52 | 140 | 177 | 137 | |||||
Utilization - Active Fleet | 62 | % | 19 | % | 51 | % | 64 | % | 50 | % |
Average Day Rate | $ | 214,000 | $ | 156,000 | $ | 171,000 | $ | 191,000 | $ | 178,000 |
VALARIS LIMITED AND SUBSIDIARIES |
OPERATING STATISTICS |
($ in millions, except average day rate) |
Three Months Ended | ||||||||||
June 30, 2022 | March 31, 2022 | December 31, 2021 | September 30, 2021 | June 30, 2021 | ||||||
HD ULTRA-HARSH & HARSH JACKUPS | ||||||||||
Adjusted revenues (1)
| $ | 93.6 | $ | 81.1 | $ | 83.7 | $ | 95.8 | $ | 95.0 |
Adjusted operating expense (2)
| 63.4 | 58.1 | 61.4 | 68.8 | 71.3 | |||||
Rig operating margin | $ | 30.2 | $ | 23.0 | $ | 22.3 | $ | 27.0 | $ | 23.7 |
Rig operating margin % | 32 | % | 28 | % | 27 | % | 28 | % | 25 | % |
Depreciation | 5.5 | 5.5 | 7.9 | 8.0 | 13.7 | |||||
Other operating income (expense) (3)
| 5.1 | 0.1 | (0.8) | (2.1) | (0.7) | |||||
Operating income (4)
| $ | 29.8 | $ | 17.6 | $ | 13.6 | $ | 16.9 | $ | 9.3 |
Adjusted EBITDA (5)
| $ | 30.5 | $ | 20.4 | $ | 21.0 | $ | 25.1 | $ | 22.2 |
Reactivation costs (6)
| 0.2 | 0.6 | 3.3 | 13.6 | 20.1 | |||||
Adjusted EBITDAR | $ | 30.7 | $ | 21.0 | $ | 24.3 | $ | 38.7 | $ | 42.3 |
Preservation and stacking costs (6)
| $ | 0.6 | $ | 0.1 | $ | 0.1 | $ | 0.1 | $ | 1.3 |
Number of Rigs (at quarter end) | ||||||||||
Total Fleet | 11 | 11 | 11 | 11 | 12 | |||||
Active Fleet | 10 | 10 | 10 | 10 | 10 | |||||
Operating Days | 810 | 769 | 734 | 770 | 674 | |||||
Utilization - Active Fleet | 89 | % | 85 | % | 80 | % | 84 | % | 82 | % |
Average Day Rate | $ | 114,000 | $ | 104,000 | $ | 110,000 | $ | 124,000 | $ | 141,000 |
VALARIS LIMITED AND SUBSIDIARIES |
OPERATING STATISTICS |
($ in millions, except average day rate) |
Three Months Ended | ||||||||||
June 30, 2022 | March 31, 2022 | December 31, 2021 | September 30, 2021 | June 30, 2021 | ||||||
HD & SD MODERN JACKUPS | ||||||||||
Adjusted revenues (1)
| $ | 59.8 | $ | 65.5 | $ | 54.2 | $ | 58.1 | $ | 54.2 |
Adjusted operating expense (2)
| 57.9 | 47.6 | 40.6 | 44.9 | 49.2 | |||||
Rig operating margin | $ | 1.9 | $ | 17.9 | $ | 13.6 | $ | 13.2 | $ | 5.0 |
Rig operating margin % | 3 | % | 27 | % | 25 | % | 23 | % | 9 | % |
Depreciation | 2.3 | 2.5 | 3.2 | 3.0 | 9.6 | |||||
Other operating expense (3)
| (1.4) | (8.4) | (2.6) | (2.6) | (0.9) | |||||
Operating income (loss) (4)
| $ | (1.8) | $ | 7.0 | $ | 7.8 | $ | 7.6 | $ | (5.5) |
Adjusted EBITDA (5)
| $ | 1.6 | $ | 13.7 | $ | 11.6 | $ | 11.2 | $ | 2.9 |
Reactivation costs (6)
| 0.1 | - | - | 4.4 | 3.8 | |||||
Adjusted EBITDAR | $ | 1.7 | $ | 13.7 | $ | 11.6 | $ | 15.6 | $ | 6.7 |
Preservation and stacking costs (6)
| $ | 3.3 | $ | 1.8 | $ | 2.0 | $ | 0.5 | $ | 5.5 |
Number of Rigs (at quarter end) | ||||||||||
Total Fleet | 15 | 17 | 18 | 18 | 19 | |||||
Active Fleet | 10 | 10 | 11 | 11 | 11 | |||||
Operating Days | 750 | 809 | 706 | 759 | 742 | |||||
Utilization - Active Fleet | 82 | % | 83 | % | 76 | % | 75 | % | 74 | % |
Average Day Rate | $ | 79,000 | $ | 80,000 | $ | 76,000 | $ | 77,000 | $ | 73,000 |
VALARIS LIMITED AND SUBSIDIARIES |
OPERATING STATISTICS |
($ in millions, except average day rate) |
Three Months Ended | ||||||||||
June 30, 2022 | March 31, 2022 | December 31, 2021 | September 30, 2021 | June 30, 2021 | ||||||
SD LEGACY JACKUPS | ||||||||||
Adjusted revenues (1)
| $ | 18.1 | $ | 19.2 | $ | 20.3 | $ | 23.4 | $ | 24.4 |
Adjusted operating expense (2)
| 10.3 | 9.9 | 8.4 | 14.2 | 11.8 | |||||
Rig operating margin | $ | 7.8 | $ | 9.3 | $ | 11.9 | $ | 9.2 | $ | 12.6 |
Rig operating margin % | 43 | % | 48 | % | 59 | % | 39 | % | 52 | % |
Depreciation | 0.9 | 1.0 | 1.0 | 0.9 | 1.6 | |||||
Other operating expense (3)
| (0.1) | (0.3) | (0.2) | (0.3) | (0.6) | |||||
Operating income (4)
| $ | 6.8 | $ | 8.0 | $ | 10.7 | $ | 8.0 | $ | 10.4 |
Adjusted EBITDA (5)
| $ | 7.9 | $ | 8.9 | $ | 11.8 | $ | 9.0 | $ | 12.0 |
Reactivation costs (6)
| - | - | - | - | - | |||||
Adjusted EBITDAR | $ | 7.9 | $ | 8.9 | $ | 11.8 | $ | 9.0 | $ | 12.0 |
Preservation and stacking costs (6)
| $ | (0.1) | $ | - | $ | 0.3 | $ | 2.3 | $ | - |
Number of Rigs (at quarter end) | ||||||||||
Total Fleet | 3 | 3 | 4 | 4 | 4 | |||||
Active Fleet | 3 | 3 | 3 | 3 | 4 | |||||
Operating Days | 245 | 270 | 276 | 294 | 339 | |||||
Utilization - Active Fleet | 90 | % | 100 | % | 84 | % | 87 | % | 93 | % |
Average Day Rate | $ | 74,000 | $ | 71,000 | $ | 73,000 | $ | 74,000 | $ | 72,000 |
ARO DRILLING |
CONDENSED BALANCE SHEET INFORMATION |
(In millions) |
As of | ||||||||||
June 30, 2022 | March 31, 2022 | December 31, 2021 | September 30, 2021 | June 30, 2021 | ||||||
Cash | $ | 293.3 | $ | 240.2 | $ | 270.8 | $ | 309.0 | $ | 318.2 |
Other current assets | 106.3 | 179.5 | 135.0 | 98.0 | 81.7 | |||||
Non-current assets | 777.5 | 775.8 | 775.8 | 776.1 | 782.8 | |||||
Total assets | $ | 1,177.1 | $ | 1,195.5 | $ | 1,181.6 | $ | 1,183.1 | $ | 1,182.7 |
Current liabilities | $ | 63.7 | $ | 92.9 | $ | 79.9 | $ | 77.1 | $ | 74.9 |
Non-current liabilities | 958.7 | 957.9 | 956.7 | 951.0 | 950.3 | |||||
Total liabilities | $ | 1,022.4 | $ | 1,050.8 | $ | 1,036.6 | $ | 1,028.1 | $ | 1,025.2 |
Shareholders' equity | $ | 154.7 | $ | 144.7 | $ | 145.0 | $ | 155.0 | $ | 157.5 |
Total liabilities and shareholders' equity | $ | 1,177.1 | $ | 1,195.5 | $ | 1,181.6 | $ | 1,183.1 | $ | 1,182.7 |
ARO DRILLING |
CONDENSED INCOME STATEMENT INFORMATION |
(In millions) |
Three Months Ended | ||||||||||
June 30, 2022 | March 31, 2022 | December 31, 2021 | September 30, 2021 | June 30, 2021 | ||||||
Revenues | $ | 116.4 | $ | 111.3 | $ | 105.4 | $ | 117.7 | $ | 124.8 |
Operating expenses | ||||||||||
Contract drilling (exclusive of depreciation) | 82.1 | 84.2 | 88.9 | 94.4 | 92.7 | |||||
Depreciation | 15.4 | 16.5 | 17.7 | 16.8 | 14.6 | |||||
General and administrative | 3.2 | 5.2 | 5.1 | 5.4 | 4.3 | |||||
Operating income (loss) | $ | 15.7 | $ | 5.4 | $ | (6.3) | $ | 1.1 | $ | 13.2 |
Other expense, net | 3.3 | 3.3 | 2.4 | 3.4 | 3.1 | |||||
Provision for income taxes | 2.5 | 0.7 | 1.3 | 0.2 | 1.9 | |||||
Net income (loss) | $ | 9.9 | $ | 1.4 | $ | (10.0) | $ | (2.5) | $ | 8.2 |
EBITDA | $ | 31.1 | $ | 21.9 | $ | 11.4 | $ | 17.9 | $ | 27.8 |
Three Months Ended | ||||
June 30, 2022 | March 31, 2022 | |||
VALARIS | ||||
Net income (loss) | $ | 112.8 | $ | (39.8) |
Add (subtract): | ||||
Income tax expense (benefit) | 20.2 | (0.7) | ||
Interest expense | 11.6 | 11.5 | ||
Reorganization items | 0.7 | 1.0 | ||
Other income | (160.9) | (21.9) | ||
Operating loss | $ | (15.6) | $ | (49.9) |
Add (subtract): | ||||
Loss on impairment | 34.5 | - | ||
Depreciation expense | 22.3 | 22.5 | ||
Amortization, net (1)
| (3.2) | 1.6 | ||
Merger transaction and integration costs | - | (0.8) | ||
Equity in earnings of ARO | (8.7) | (4.3) | ||
Adjusted EBITDA | $ | 29.3 | $ | (30.9) |
Three Months Ended | ||||||||||
June 30, 2022 | March 31, 2022 | December 31, 2021 | September 30, 2021 | June 30, 2021 | ||||||
ARO | ||||||||||
Net income (loss) | $ | 9.9 | $ | 1.4 | $ | (10.0) | $ | (2.5) | $ | 8.2 |
Add: | ||||||||||
Income tax expense | 2.5 | 0.7 | 1.3 | 0.2 | 1.9 | |||||
Other expense, net | 3.3 | 3.3 | 2.4 | 3.4 | 3.1 | |||||
Operating income (loss) | $ | 15.7 | $ | 5.4 | $ | (6.3) | $ | 1.1 | $ | 13.2 |
Add: | ||||||||||
Depreciation expense | 15.4 | 16.5 | 17.7 | 16.8 | 14.6 | |||||
EBITDA | $ | 31.1 | $ | 21.9 | $ | 11.4 | $ | 17.9 | $ | 27.8 |
(In millions) | Three Months Ended | |||
June 30, 2022 | March 31, 2022 | |||
FLOATERS | ||||
Net loss | $ | (24.1) | $ | (60.0) |
Add (subtract): | ||||
Other (income) expense | 0.1 | (0.1) | ||
Operating loss | $ | (24.0) | $ | (60.1) |
Add (subtract): | ||||
Depreciation and amortization, net | 12.5 | 11.4 | ||
Loss on impairment | 34.5 | - | ||
Other costs | 0.1 | - | ||
Adjusted EBITDA | $ | 23.1 | $ | (48.7) |
Add (subtract): | ||||
Reactivation costs | 24.1 | 60.9 | ||
Adjusted EBITDAR | $ | 47.2 | $ | 12.2 |
JACKUPS | ||||
Net income | $ | 170.3 | $ | 34.7 |
Add (subtract): | ||||
Other income | (135.4) | (2.3) | ||
Operating income | $ | 34.9 | $ | 32.4 |
Add (subtract): | ||||
Depreciation and amortization, net | 5.4 | 10.6 | ||
Other costs | (0.3) | - | ||
Adjusted EBITDA | $ | 40.0 | $ | 43.0 |
Add (subtract): | ||||
Reactivation costs | 0.2 | 0.6 | ||
Adjusted EBITDAR | $ | 40.2 | $ | 43.6 |
OTHER | ||||
Net income | $ | 13.4 | $ | 21.6 |
Add (subtract): | ||||
Operating income | $ | 13.4 | $ | 21.6 |
Add (subtract): | ||||
Depreciation and amortization, net | 1.3 | 1.0 | ||
Other costs | 0.2 | - | ||
Adjusted EBITDA | $ | 14.9 | $ | 22.6 |
Add (subtract): | ||||
Reactivation costs | - | - | ||
Adjusted EBITDAR | $ | 14.9 | $ | 22.6 |
(In millions) | Successor | Predecessor | Combined (Non-GAAP) | |||||||||||
Three Months Ended June 30, 2022 | Three Months Ended March 31, 2022 | Three Months Ended December 31, 2021 | Three Months Ended September 30, 2021 |
Two Months Ended June 30, 2021 |
One Month Ended April 30, 2021 |
Three Months Ended June 30, 2021 | ||||||||
ACTIVE FLEET (1)
| ||||||||||||||
Operating income (loss) | $ | 32.0 | $ | (40.0) | $ | (3.1) | $ | 27.2 | $ | 20.2 | $ | (20.7) | $ | (0.5) |
Add (subtract): | ||||||||||||||
Reactivation costs | 24.3 | 61.5 | 37.1 | 19.4 | 17.3 | 6.7 | 24.0 | |||||||
Depreciation and amortization, net | 14.8 | 18.9 | 19.0 | 20.7 | 11.9 | 19.0 | 30.9 | |||||||
Support and other costs | 27.6 | 26.1 | 26.6 | 25.7 | 17.9 | 9.8 | 27.7 | |||||||
Adjusted EBITDAR (2)
| $ | 98.7 | $ | 66.5 | $ | 79.6 | $ | 93.0 | $ | 67.3 | $ | 14.8 | $ | 82.1 |
LEASED AND MANAGED RIGS
| ||||||||||||||
Operating income | $ | 11.6 | $ | 19.4 | $ | 13.9 | $ | 18.5 | $ | 13.0 | $ | 2.6 | $ | 15.6 |
Add (subtract): | ||||||||||||||
Depreciation and amortization, net | 1.3 | 1.2 | 1.2 | 1.2 | 0.9 | 3.9 | 4.8 | |||||||
Support and other costs | 2.0 | 2.0 | 2.3 | 2.5 | 1.7 | 0.8 | 2.5 | |||||||
Adjusted EBITDAR (2)
| $ | 14.9 | $ | 22.6 | $ | 17.4 | $ | 22.2 | $ | 15.6 | $ | 7.3 | $ | 22.9 |
STACKED FLEET
| ||||||||||||||
Operating loss | $ | (48.9) | $ | (14.6) | $ | (15.2) | $ | (17.6) | $ | (15.3) | $ | (18.8) | $ | (34.1) |
Add (subtract): | ||||||||||||||
Depreciation and amortization, net | 3.1 | 3.4 | 3.9 | 5.1 | 3.3 | 13.7 | 17.0 | |||||||
Loss on impairment | 34.5 | - | - | - | - | - | - | |||||||
Support and other costs | - | 0.5 | 0.4 | - | - | - | - | |||||||
Adjusted EBITDAR (2)
| $ | (11.3) | $ | (10.7) | $ | (10.9) | $ | (12.5) | $ | (12.0) | $ | (5.1) | $ | (17.1) |
TOTAL FLEET
| ||||||||||||||
Operating income (loss) | $ | (5.3) | $ | (35.2) | $ | (4.4) | $ | 28.1 | $ | 17.9 | $ | (36.9) | $ | (19.0) |
Add (subtract): | ||||||||||||||
Reactivation costs | 24.3 | 61.5 | 37.1 | 19.4 | 17.3 | 6.7 | 24.0 | |||||||
Depreciation and amortization, net | 19.2 | 23.5 | 24.0 | 27.0 | 16.1 | 36.6 | 52.7 | |||||||
Loss on impairment | 34.5 | - | - | - | - | - | - | |||||||
Support and other costs | 29.6 | 28.6 | 29.3 | 28.2 | 19.6 | 10.6 | 30.2 | |||||||
Adjusted EBITDAR (2)
| $ | 102.3 | $ | 78.4 | $ | 86.0 | $ | 102.7 | $ | 70.9 | $ | 17.0 | $ | 87.9 |
(In millions) | Successor | Predecessor | Combined (Non-GAAP) | |||||||||||
Three Months Ended June 30, 2022 | Three Months Ended March 31, 2022 | Three Months Ended December 31, 2021 | Three Months Ended September 30, 2021 |
Two Months Ended June 30, 2021 |
One Month Ended April 30, 2021 |
Three Months Ended June 30, 2021 | ||||||||
DRILLSHIPS
| ||||||||||||||
Operating revenues | $ | 149.0 | $ | 85.4 | $ | 73.5 | $ | 67.5 | $ | 28.9 | $ | 13.7 | $ | 42.6 |
Add (subtract): | ||||||||||||||
Reimbursable revenues (1)
| (15.4) | (6.9) | (5.2) | (6.0) | (1.9) | (0.6) | (2.5) | |||||||
Amortized revenues | (5.5) | (5.4) | (5.0) | (5.8) | - | (0.5) | (0.5) | |||||||
Adjusted revenues | $ | 128.1 | $ | 73.1 | $ | 63.3 | $ | 55.7 | $ | 27.0 | $ | 12.6 | $ | 39.6 |
Operating expenses (2)
| $ | 174.0 | $ | 117.2 | $ | 91.4 | $ | 70.6 | $ | 34.5 | $ | 33.0 | $ | 67.5 |
Add (subtract): | ||||||||||||||
Depreciation and amortization | (17.0) | (15.8) | (15.7) | (17.0) | (7.2) | (15.3) | (22.5) | |||||||
Loss on impairment | (34.5) | - | - | - | - | - | - | |||||||
Reimbursable expenses | (15.5) | (7.7) | (5.8) | (6.5) | (2.2) | (1.0) | (3.2) | |||||||
Other | (0.3) | 0.3 | (0.7) | (0.3) | (0.1) | (0.1) | (0.2) | |||||||
Adjusted operating expenses | $ | 106.7 | $ | 94.0 | $ | 69.2 | $ | 46.8 | $ | 25.0 | $ | 16.6 | $ | 41.6 |
Operating loss (2)
| $ | (25.1) | $ | (31.7) | $ | (17.9) | $ | (3.2) | $ | (5.7) | $ | (19.3) | $ | (25.0) |
Add (subtract): | ||||||||||||||
Depreciation and amortization, net | 11.5 | 10.4 | 10.7 | 11.2 | 7.2 | 14.8 | 22.0 | |||||||
Loss on impairment | 34.5 | - | - | - | - | - | - | |||||||
Other | 0.1 | (0.1) | 0.6 | 0.6 | 0.4 | (0.3) | 0.5 | |||||||
Adjusted EBITDA (3)
| $ | 21.0 | $ | (21.4) | $ | (6.6) | $ | 8.6 | $ | 1.9 | $ | (4.8) | $ | (2.5) |
(In millions) | Successor | Predecessor | Combined (Non-GAAP) | |||||||||||
Three Months Ended June 30, 2022 | Three Months Ended March 31, 2022 | Three Months Ended December 31, 2021 | Three Months Ended September 30, 2021 |
Two Months Ended June 30, 2021 |
One Month Ended April 30, 2021 |
Three Months Ended June 30, 2021 | ||||||||
SEMISUBMERSIBLES
| ||||||||||||||
Operating revenues | $ | 39.1 | $ | 14.3 | $ | 27.0 | $ | 36.8 | $ | 20.9 | $ | 4.7 | $ | 25.6 |
Add (subtract): | ||||||||||||||
Reimbursable revenues (1)
| (2.0) | (6.2) | (2.3) | (2.0) | (1.1) | - | (1.1) | |||||||
Amortized revenues | (0.8) | - | (0.7) | (1.0) | - | - | - | |||||||
Adjusted revenues | $ | 36.3 | $ | 8.1 | $ | 24.0 | $ | 33.8 | $ | 19.8 | $ | 4.7 | $ | 24.5 |
Operating expenses (2)
| $ | 38.1 | $ | 42.6 | $ | 34.0 | $ | 32.3 | $ | 18.7 | $ | 4.1 | $ | 22.8 |
Add (subtract): | ||||||||||||||
Depreciation and amortization | (1.8) | (1.0) | (1.2) | (3.4) | (1.9) | (1.6) | (3.5) | |||||||
Reimbursable expenses | (2.1) | (7.3) | (4.9) | (2.8) | (1.5) | (0.2) | (1.7) | |||||||
Other | (0.2) | 0.2 | 0.3 | (0.2) | (0.2) | - | (0.2) | |||||||
Adjusted operating expenses | $ | 34.0 | $ | 34.5 | $ | 28.2 | $ | 25.9 | $ | 15.1 | $ | 2.3 | $ | 17.4 |
Operating income (loss) (2)
| $ | 1.0 | $ | (28.3) | $ | (6.9) | $ | 4.5 | $ | 2.2 | $ | 0.5 | $ | 2.7 |
Add (subtract): | ||||||||||||||
Depreciation and amortization, net | 1.0 | 1.0 | 0.5 | 2.4 | 1.9 | 1.6 | 3.5 | |||||||
Other | 0.1 | - | 0.1 | 0.3 | 0.1 | 0.1 | 0.2 | |||||||
Adjusted EBITDA (3)
| $ | 2.1 | $ | (27.3) | $ | (6.3) | $ | 7.2 | $ | 4.2 | $ | 2.2 | $ | 6.4 |
(In millions) | Successor | Predecessor | Combined (Non-GAAP) | |||||||||||
Three Months Ended June 30, 2022 | Three Months Ended March 31, 2022 | Three Months Ended December 31, 2021 | Three Months Ended September 30, 2021 |
Two Months Ended June 30, 2021 |
One Month Ended April 30, 2021 |
Three Months Ended June 30, 2021 | ||||||||
HD ULTRA-HARSH & HARSH JACKUPS
| ||||||||||||||
Operating revenues | $ | 106.1 | $ | 92.9 | $ | 94.0 | $ | 102.8 | $ | 70.9 | $ | 34.0 | $ | 104.9 |
Add (subtract): | ||||||||||||||
Reimbursable revenues (1)
| (3.7) | (6.6) | (8.6) | (6.6) | (5.9) | (2.7) | (8.6) | |||||||
Amortized revenues | (8.8) | (5.2) | (1.7) | (0.4) | (0.2) | (1.1) | (1.3) | |||||||
Adjusted revenues | $ | 93.6 | $ | 81.1 | $ | 83.7 | $ | 95.8 | $ | 64.8 | $ | 30.2 | $ | 95.0 |
Operating expenses (2)
| $ | 76.3 | $ | 75.4 | $ | 80.4 | $ | 85.9 | $ | 55.6 | $ | 40.0 | $ | 95.6 |
Add (subtract): | ||||||||||||||
Depreciation and amortization | (9.5) | (8.1) | (8.9) | (8.2) | (5.0) | (9.0) | (14.0) | |||||||
Reimbursable expenses | (3.3) | (9.2) | (10.1) | (8.8) | (6.8) | (3.2) | (10.0) | |||||||
Other | (0.1) | - | - | (0.1) | (0.2) | (0.1) | (0.3) | |||||||
Adjusted operating expenses | $ | 63.4 | $ | 58.1 | $ | 61.4 | $ | 68.8 | $ | 43.6 | $ | 27.7 | $ | 71.3 |
Operating income (loss) (2)
| $ | 29.8 | $ | 17.6 | $ | 13.6 | $ | 16.9 | $ | 15.3 | $ | (6.0) | $ | 9.3 |
Add (subtract): | ||||||||||||||
Depreciation and amortization, net | 0.7 | 2.9 | 7.2 | 7.8 | 4.8 | 7.9 | 12.7 | |||||||
Other | - | (0.1) | 0.2 | 0.4 | 0.1 | 0.1 | 0.2 | |||||||
Adjusted EBITDA (3)
| $ | 30.5 | $ | 20.4 | $ | 21.0 | $ | 25.1 | $ | 20.2 | $ | 2.0 | $ | 22.2 |
(In millions) | Successor | Predecessor | Combined (Non-GAAP) | |||||||||||
Three Months Ended June 30, 2022 | Three Months Ended March 31, 2022 | Three Months Ended December 31, 2021 | Three Months Ended September 30, 2021 |
Two Months Ended June 30, 2021 |
One Month Ended April 30, 2021 |
Three Months Ended June 30, 2021 | ||||||||
HD & SD MODERN JACKUPS
| ||||||||||||||
Operating revenues | $ | 61.1 | $ | 67.8 | $ | 56.2 | $ | 59.6 | $ | 40.7 | $ | 17.0 | $ | 57.7 |
Add (subtract): | ||||||||||||||
Reimbursable revenues (1)
| (1.9) | (3.1) | (1.4) | (1.1) | (0.9) | (0.5) | (1.4) | |||||||
Amortized revenues | 0.6 | 0.8 | (0.6) | (0.4) | (1.6) | (0.5) | (2.1) | |||||||
Adjusted revenues | $ | 59.8 | $ | 65.5 | $ | 54.2 | $ | 58.1 | $ | 38.2 | $ | 16.0 | $ | 54.2 |
Operating expenses (2)
| $ | 62.8 | $ | 60.9 | $ | 48.4 | $ | 52.0 | $ | 37.4 | $ | 25.8 | $ | 63.2 |
Add (subtract): | ||||||||||||||
Depreciation and amortization | (3.1) | (6.0) | (4.3) | (3.6) | (2.2) | (8.1) | (10.3) | |||||||
Reimbursable expenses | (1.9) | (7.5) | (3.2) | (3.2) | (2.2) | (1.2) | (3.4) | |||||||
Other | 0.1 | 0.2 | (0.3) | (0.3) | (0.2) | (0.1) | (0.3) | |||||||
Adjusted operating expenses | $ | 57.9 | $ | 47.6 | $ | 40.6 | $ | 44.9 | $ | 32.8 | $ | 16.4 | $ | 49.2 |
Operating income (loss) (2)
| $ | (1.8) | $ | 7.0 | $ | 7.8 | $ | 7.6 | $ | 3.3 | $ | (8.8) | $ | (5.5) |
Add (subtract): | ||||||||||||||
Depreciation and amortization, net | 3.7 | 6.8 | 3.7 | 3.2 | 0.6 | 7.6 | 8.2 | |||||||
Other | (0.3) | (0.1) | 0.1 | 0.4 | 0.1 | 0.1 | 0.2 | |||||||
Adjusted EBITDA (3)
| $ | 1.6 | $ | 13.7 | $ | 11.6 | $ | 11.2 | $ | 4.0 | $ | (1.1) | $ | 2.9 |
(In millions) | Successor | Predecessor | Combined (Non-GAAP) | |||||||||||
Three Months Ended June 30, 2022 | Three Months Ended March 31, 2022 | Three Months Ended December 31, 2021 | Three Months Ended September 30, 2021 |
Two Months Ended June 30, 2021 |
One Month Ended April 30, 2021 |
Three Months Ended June 30, 2021 | ||||||||
SD LEGACY JACKUPS
| ||||||||||||||
Operating revenues | $ | 18.6 | $ | 19.9 | $ | 22.1 | $ | 23.9 | $ | 16.8 | $ | 8.8 | $ | 25.6 |
Add (subtract): | ||||||||||||||
Reimbursable revenues (1)
| (0.5) | (0.7) | (1.8) | (0.5) | (0.8) | (0.2) | (1.0) | |||||||
Amortized revenues | - | - | - | - | - | (0.2) | (0.2) | |||||||
Adjusted revenues | $ | 18.1 | $ | 19.2 | $ | 20.3 | $ | 23.4 | $ | 16.0 | $ | 8.4 | $ | 24.4 |
Operating expenses (2)
| $ | 11.8 | $ | 12.0 | $ | 11.4 | $ | 16.0 | $ | 10.0 | $ | 5.2 | $ | 15.2 |
Add (subtract): | ||||||||||||||
Depreciation and amortization | (1.0) | (1.0) | (1.0) | (0.9) | (0.7) | (1.0) | (1.7) | |||||||
Reimbursable expenses | (0.5) | (1.1) | (2.1) | (0.9) | (1.2) | (0.4) | (1.6) | |||||||
Other | - | - | 0.1 | - | (0.2) | 0.1 | (0.1) | |||||||
Adjusted operating expenses | $ | 10.3 | $ | 9.9 | $ | 8.4 | $ | 14.2 | $ | 7.9 | $ | 3.9 | $ | 11.8 |
Operating income (2)
| $ | 6.8 | $ | 8.0 | $ | 10.7 | $ | 8.0 | $ | 6.8 | $ | 3.6 | $ | 10.4 |
Add (subtract): | ||||||||||||||
Depreciation and amortization, net | 1.0 | 1.0 | 1.0 | 0.9 | 0.7 | 0.8 | 1.5 | |||||||
Other | 0.1 | (0.1) | 0.1 | 0.1 | 0.2 | (0.1) | 0.1 | |||||||
Adjusted EBITDA (3)
| $ | 7.9 | $ | 8.9 | $ | 11.8 | $ | 9.0 | $ | 7.7 | $ | 4.3 | $ | 12.0 |
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Valaris Ltd. published this content on 02 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 August 2022 11:41:04 UTC.