VALARIS LIMITED Reports 4.1% Increase in Total Revenues for 3rd Quarter of 2023

🌧️Earnings Overview

VALARIS LIMITED ($NYSE:VAL) announced a total revenue of USD 455.1 million for the third quarter ended September 30 2023, which represents a 4.1% increase compared to the same period last year. However, net income was USD 12.9 million for this period, a decrease of 82.6% year over year, on November 7 2023.

Analysis

Analyzing VALARIS LIMITED‘s fundamentals, GoodWhale has made the following assessment. According to our Star Chart, VALARIS LIMITED has an intermediate health score of 6/10, indicating that it is likely to be able to pay off its debt and fund future operations. Furthermore, we classify VALARIS LIMITED as an ‘elephant’, a type of company that is rich in assets after liabilities are deducted off. Given these traits, VALARIS LIMITED would interest investors who are looking for strong assets, medium profitability, and weak dividend and growth. Those investors looking for companies with strong dividend and growth potential should likely look elsewhere. Therefore, VALARIS LIMITED may be best suited to investors who prioritize strong assets, medium profitability, and lower dividend and growth expectations. More…

About the Company

Income Snapshot

Below shows the total revenue, net income and net margin for Valaris Limited. More…

Cash Flow Snapshot

Below shows the cash from operations, investing and financing for Valaris Limited. More…

Balance Sheet Snapshot

Below shows the total assets, liabilities and book value per share for Valaris Limited. More…

Key Ratios Snapshot

Some of the financial key ratios for Valaris Limited are shown below. More…

Peers

Valaris Ltd. is an offshore drilling contractor that provides drilling and related services to the oil and gas industry. The company operates a fleet of offshore drilling rigs and is headquartered in London, the United Kingdom. Select Energy Services Inc, Transocean Ltd, and Tetra Technologies Inc are all competitors of Valaris Ltd.

– Select Energy Services Inc ($NYSE:WTTR)

As of 2022, Select Energy Services Inc has a market cap of 988.86M and a Return on Equity of 2.29%. The company provides oilfield services and products to exploration and production companies in the United States and Canada. Select Energy Services Inc was founded in 2007 and is headquartered in Houston, Texas.

– Transocean Ltd ($NYSE:RIG)

Transocean Ltd is a Swiss-based international provider of offshore contract drilling services for oil and gas wells. The company has a market cap of 3.11B as of 2022 and a Return on Equity of -0.26%. Transocean’s primary business is offshore contract drilling, and it is one of the largest providers of offshore contract drilling services in the world. The company’s fleet consists of 63 rigs, including 27 ultra-deepwater rigs, 30 deepwater rigs and six high-specification jackups.

– Tetra Technologies Inc ($NYSE:TTI)

Tetra Technologies Inc is a North American oil and gas services company. They provide services to both onshore and offshore oil and gas projects. Their services include drilling, completion, and production services. They also have a presence in the oilfield chemicals market.

Summary

VALARIS LIMITED has reported a 4.1% increase in total revenues for the third quarter ending September 30 2023, compared to the same period of the previous year, reaching USD 455.1 million. However, net income decreased by 82.6%, amounting to USD 12.9 million. This is likely to cause investors to take a cautious approach to VALARIS LIMITED, given the decline in profits while revenues are relatively stable. On the other hand, the increase in revenues will be viewed as an opportunity for potential investment, with investors assessing the company’s ability to increase profitability.