Valaris reports Q1 EPS (53c), consensus $1.31

Reports Q1 revenue $621M, consensus $584.66M. CEO Anton Dibowitz said, “I’d like to thank the entire Valaris (VAL) team for delivering another quarter of strong operational and financial performance. We continued our track record of providing safe and efficient operations for our customers, delivering revenue efficiency of 96% as well as meaningful EBITDA and free cash flow during the quarter. We are also successfully executing our commercial strategy by securing attractive, long-term contracts for our high-specification fleet. 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. 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.”