05/03/2022 | Press release | Distributed by Public on 05/03/2022 04:27
First Quarter | ||||||||||||||||||||||
Floaters | Jackups | ARO | Other | Reconciling Items | Consolidated Total | |||||||||||||||||
(in millions of $, except %) | Q1 2022 | Q4 2021 | Chg | Q1 2022 | Q4 2021 | Chg | Q1 2022 | Q4 2021 | Chg | Q1 2022 | Q4 2021 | Chg | Q1 2022 | Q4 2021 | Q1 2022 | Q4 2021 | Chg | |||||
Revenues | 99.7 | 100.5 | (1) | % | 180.7 | 172.3 | 5 | % | 111.3 | 105.4 | 6 | % | 38.0 | 32.7 | 16 | % | (111.3) | (105.4) | 318.4 | 305.5 | 4 | % |
Operating expenses | ||||||||||||||||||||||
Contract drilling | 147.6 | 113.8 | 30 | % | 139.2 | 128.0 | 9 | % | 84.2 | 88.9 | (5) | % | 15.5 | 15.4 | 1 | % | (55.2) | (60.6) | 331.3 | 285.5 | 16 | % |
Depreciation | 12.2 | 11.7 | 4 | % | 9.1 | 12.1 | (25) | % | 16.5 | 17.7 | (7) | % | 0.9 | 1.1 | (18) | % | (16.2) | (17.5) | 22.5 | 25.1 | (10) | % |
General and admin. | - | - | - | % | - | - | - | % | 5.2 | 5.1 | 2 | % | - | - | - | % | 13.6 | 13.2 | 18.8 | 18.3 | 3 | % |
Equity in earnings (losses) of ARO | - | - | - | % | - | - | - | % | - | - | - | % | - | - | - | % | 4.3 | (1.3) | 4.3 | (1.3) | nm | |
Operating income (loss) | (60.1) | (25.0) | 140 | % | 32.4 | 32.2 | 1 | % | 5.4 | (6.3) | nm | 21.6 | 16.2 | 33 | % | (49.2) | (41.8) | (49.9) | (24.7) | 102 | % | |
Net income (loss) | (60.0) | (25.4) | 136 | % | 34.7 | 52.8 | (34) | % | 1.4 | (10.0) | nm | 21.6 | 16.2 | 33 | % | (37.5) | (5.9) | (39.8) | 27.7 | nm | ||
Adjusted EBITDA | (48.7) | (12.9) | 278 | % | 43.0 | 44.4 | (3) | % | 21.9 | 11.4 | 92 | % | 22.6 | 17.3 | 31 | % | (69.7) | (57.5) | (30.9) | 2.7 | nm | |
Adjusted EBITDAR | 12.2 | 20.9 | (42) | % | 43.6 | 47.7 | (9) | % | 21.9 | 11.4 | 92 | % | 22.6 | 17.4 | 30 | % | (69.7) | (57.5) | 30.6 | 39.9 | (23) | % |
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)
|
Predecessor | ||||||||
March 31, 2022 | December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | ||||||
OPERATING REVENUES | $ | 318.4 | $ | 305.5 | $ | 326.7 | $ | 293.1 | $ | 307.1 |
OPERATING EXPENSES | ||||||||||
Contract drilling (exclusive of depreciation) | 331.3 | 285.5 | 274.6 | 258.8 | 253.6 | |||||
Loss on impairment | - | - | - | - | 756.5 | |||||
Depreciation | 22.5 | 25.1 | 24.4 | 54.1 | 122.1 | |||||
General and administrative | 18.8 | 18.3 | 27.2 | 19.1 | 24.3 | |||||
Total operating expenses | 372.6 | 328.9 | 326.2 | 332.0 | 1,156.5 | |||||
EQUITY IN EARNINGS (LOSSES) OF ARO | 4.3 | (1.3) | 2.6 | 6.0 | 1.9 | |||||
OPERATING INCOME (LOSS) | (49.9) | (24.7) | 3.1 | (32.9) | (847.5) | |||||
OTHER INCOME (EXPENSE) | ||||||||||
Interest income | 10.9 | 11.0 | 9.7 | 8.8 | 2.6 | |||||
Interest expense, net (Unrecognized contractual interest expense for debt subject to compromise was $32.6 million and $100.3 million for the three months ended June 30, 2021 and March 31, 2021, respectively) | (11.5) | (11.7) | (11.3) | (9.1) | (1.3) | |||||
Reorganization items, net | (1.0) | (4.9) | (6.5) | (3,536.5) | (52.2) | |||||
Other, net | 11.0 | 27.0 | 5.5 | 9.0 | 22.5 | |||||
9.4 | 21.4 | (2.6) | (3,527.8) | (28.4) | ||||||
INCOME (LOSS) BEFORE INCOME TAXES | (40.5) | (3.3) | 0.5 | (3,560.7) | (875.9) | |||||
PROVISION (BENEFIT) FOR INCOME TAXES | (0.7) | (31.0) | 53.3 | (0.4) | 31.7 | |||||
NET INCOME (LOSS) | (39.8) | 27.7 | (52.8) | (3,560.3) | (907.6) | |||||
NET (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 1.2 | - | (1.7) | (2.9) | (2.4) | |||||
NET INCOME (LOSS) ATTRIBUTABLE TO VALARIS | $ | (38.6) | $ | 27.7 | $ | (54.5) | $ | (3,563.2) | $ | (910.0) |
INCOME (LOSS) PER SHARE - BASIC AND DILUTED | $ | (0.51) | $ | 0.37 | $ | (0.73) | n/m | $ | (4.56) | |
WEIGHTED-AVERAGE SHARES OUTSTANDING - BASIC AND DILUTED | 75.0 | 75.0 | 75.0 | n/m | 199.6 |
VALARIS LIMITED AND SUBSIDIARIES |
CONSOLIDATED BALANCE SHEETS |
(In millions) |
Successor | Predecessor | |||||||||
March 31, 2022 | December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | ||||||
ASSETS | ||||||||||
CURRENT ASSETS | ||||||||||
Cash and cash equivalents | $ | 578.2 | $ | 608.7 | $ | 620.8 | $ | 608.8 | $ | 291.7 |
Restricted cash | 30.0 | 35.9 | 33.9 | 53.1 | 17.1 | |||||
Accounts receivable, net | 439.3 | 444.2 | 455.8 | 436.1 | 449.8 | |||||
Other current assets | 125.7 | 117.8 | 117.0 | 119.7 | 366.4 | |||||
Total current assets | $ | 1,173.2 | $ | 1,206.6 | $ | 1,227.5 | $ | 1,217.7 | $ | 1,125.0 |
PROPERTY AND EQUIPMENT, NET | 930.2 | 890.9 | 892.3 | 897.8 | 10,083.9 | |||||
LONG-TERM NOTES RECEIVABLE FROM ARO | 256.8 | 249.1 | 241.3 | 234.3 | 442.7 | |||||
INVESTMENT IN ARO | 90.9 | 86.6 | 87.9 | 85.4 | 122.8 | |||||
OTHER ASSETS | 186.6 | 176.0 | 153.5 | 166.5 | 172.5 | |||||
$ | 2,637.7 | $ | 2,609.2 | $ | 2,602.5 | $ | 2,601.7 | $ | 11,946.9 | |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||
CURRENT LIABILITIES | ||||||||||
Accounts payable - trade | $ | 311.2 | $ | 225.8 | $ | 203.0 | $ | 183.9 | $ | 176.8 |
Accrued liabilities and other | 212.1 | 196.2 | 223.8 | 212.7 | 290.6 | |||||
Total current liabilities | $ | 523.3 | $ | 422.0 | $ | 426.8 | $ | 396.6 | $ | 467.4 |
LONG-TERM DEBT | 545.5 | 545.3 | 545.1 | 544.8 | - | |||||
OTHER LIABILITIES | 544.8 | 581.1 | 591.3 | 569.8 | 704.6 | |||||
TOTAL LIABILITIES NOT SUBJECT TO COMPROMISE | 1,613.6 | 1,548.4 | 1,563.2 | 1,511.2 | 1,172.0 | |||||
LIABILITIES SUBJECT TO COMPROMISE | - | - | - | - | 7,313.7 | |||||
TOTAL EQUITY | 1,024.1 | 1,060.8 | 1,039.3 | 1,090.5 | 3,461.2 | |||||
$ | 2,637.7 | $ | 2,609.2 | $ | 2,602.5 | $ | 2,601.7 | $ | 11,946.9 |
VALARIS LIMITED AND SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF CASH FLOWS |
(In millions) |
Three Months Ended | ||||||||||
Successor |
Combined (Non-GAAP) (1)
|
Predecessor | ||||||||
March 31, 2022 | December 31, 2021 | September 30, 2021 |
June 30, 2021 |
March 31, 2021 | ||||||
OPERATING ACTIVITIES | ||||||||||
Net income (loss) | $ | (39.8) | $ | 27.7 | $ | (52.8) | $ | (3,560.3) | $ | (907.6) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||||||||||
Depreciation expense | 22.5 | 25.1 | 24.4 | 54.1 | 122.1 | |||||
Accretion of discount on shareholder note | (7.7) | (7.9) | (6.9) | (6.0) | - | |||||
Equity in losses (earnings) of ARO | (4.3) | 1.3 | (2.6) | (6.0) | (1.9) | |||||
Net periodic pension and retiree medical income | (4.0) | (2.6) | (3.7) | (3.8) | (4.0) | |||||
Share-based compensation expense | 3.4 | 2.7 | 1.6 | 1.0 | 3.8 | |||||
Gain on asset disposals | (2.5) | (21.0) | (0.3) | (4.5) | (1.4) | |||||
Amortization, net | 1.6 | (0.5) | 3.1 | (0.5) | (4.6) | |||||
Deferred income tax expense (benefit) | (0.6) | (22.5) | 0.1 | (18.0) | 0.9 | |||||
Amortization of debt issuance cost | 0.2 | 0.2 | (0.1) | 0.4 | - | |||||
Loss on impairment | - | - | - | - | 756.5 | |||||
Non-cash reorganization items, net | - | - | - | 3,487.3 | - | |||||
Other | - | 0.3 | 0.2 | 1.3 | 5.8 | |||||
Changes in operating assets and liabilities | 32.5 | (9.0) | 45.0 | 21.9 | 20.9 | |||||
Contributions to pension plans and other post-retirement benefits | (0.8) | (1.0) | (1.1) | (0.9) | (22.2) | |||||
Net cash provided by (used in) operating activities | $ | 0.5 | $ | (7.2) | $ | 6.9 | $ | (34.0) | $ | (31.7) |
INVESTING ACTIVITIES | ||||||||||
Additions to property and equipment | $ | (38.5) | $ | (26.5) | $ | (15.6) | $ | (10.8) | $ | (6.0) |
Net proceeds from disposition of assets | 1.3 | 23.6 | 1.3 | 26.6 | 3.7 | |||||
Net cash provided by (used in) investing activities | $ | (37.2) | $ | (2.9) | $ | (14.3) | $ | 15.8 | $ | (2.3) |
FINANCING ACTIVITIES | ||||||||||
Issuance of first lien notes | $ | - | $ | - | $ | - | $ | 520.0 | $ | - |
Payments to Predecessor creditors | - | - | - | (129.9) | - | |||||
Other | - | - | - | (1.4) | - | |||||
Net cash provided by financing activities | $ | - | $ | - | $ | - | $ | 388.7 | $ | - |
Effect of exchange rate changes on cash and cash equivalents | $ | 0.3 | $ | - | $ | 0.2 | $ | (0.3) | $ | (0.1) |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | $ | (36.4) | $ | (10.1) | $ | (7.2) | $ | 370.2 | $ | (34.1) |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD | 644.6 | 654.7 | 661.9 | 291.7 | 325.8 | |||||
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD | $ | 608.2 | $ | 644.6 | $ | 654.7 | $ | 661.9 | $ | 291.7 |
VALARIS LIMITED AND SUBSIDIARIES |
OPERATING STATISTICS |
(In millions) |
Three Months Ended | ||||||||||
Successor | Combined (Non-GAAP) | Predecessor | ||||||||
March 31, 2022 | December 31, 2021 | September 30, 2021 |
June 30, 2021 |
March 31, 2021 | ||||||
REVENUES
|
||||||||||
Floaters | ||||||||||
Drillships | $ | 85.4 | $ | 73.5 | $ | 67.5 | $ | 42.6 | $ | 81.0 |
Semisubmersibles | 14.3 | 27.0 | 36.8 | 25.5 | 16.3 | |||||
$ | 99.7 | $ | 100.5 | $ | 104.3 | $ | 68.1 | $ | 97.3 | |
Jackups (1)
|
||||||||||
HD Ultra-Harsh & Harsh Environment | $ | 92.9 | $ | 94.0 | $ | 102.8 | $ | 104.9 | $ | 95.5 |
HD & SD Modern | 67.9 | 56.2 | 59.6 | 57.7 | 50.5 | |||||
SD Legacy | 19.9 | 22.1 | 23.9 | 25.7 | 26.6 | |||||
$ | 180.7 | $ | 172.3 | $ | 186.3 | $ | 188.3 | $ | 172.6 | |
Total | $ | 280.4 | $ | 272.8 | $ | 290.6 | $ | 256.4 | $ | 269.9 |
Other | ||||||||||
Leased and Managed Rigs | $ | 38.0 | $ | 32.7 | $ | 36.1 | $ | 36.7 | $ | 37.2 |
Valaris Total | $ | 318.4 | $ | 305.5 | $ | 326.7 | $ | 293.1 | $ | 307.1 |
ARO | ||||||||||
ARO Total | $ | 111.3 | $ | 105.4 | $ | 117.7 | $ | 124.8 | $ | 122.7 |
Valaris 50% Share (unconsolidated) | 55.7 | 52.7 | 58.9 | 62.4 | 61.4 | |||||
Adjusted Total (2)
|
$ | 374.1 | $ | 358.2 | $ | 385.6 | $ | 355.5 | $ | 368.5 |
VALARIS LIMITED AND SUBSIDIARIES |
OPERATING STATISTICS |
(In millions) |
Three Months Ended | ||||||||||
March 31, 2022 | December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | ||||||
ADJUSTED EBITDAR (1)
|
||||||||||
Active Fleet (1) (2)
|
$ | 66.5 | $ | 79.6 | $ | 93.0 | $ | 82.1 | $ | 88.8 |
Leased and Managed Rigs (1)
|
22.6 | 17.4 | 22.2 | 22.9 | 22.7 | |||||
$ | 89.1 | $ | 97.0 | $ | 115.2 | $ | 105.0 | $ | 111.5 | |
Stacked Fleet (1) (3)
|
(10.7) | (11.0) | (12.5) | (17.1) | (17.7) | |||||
$ | 78.4 | $ | 86.0 | $ | 102.7 | $ | 87.9 | $ | 93.8 | |
Support costs | ||||||||||
General and administrative expense | $ | 18.8 | $ | 18.3 | $ | 27.2 | $ | 19.1 | $ | 24.3 |
Onshore support costs | 29.0 | 28.0 | 27.1 | 29.1 | 32.2 | |||||
$ | 47.8 | $ | 46.3 | $ | 54.3 | $ | 48.2 | $ | 56.5 | |
Add: | ||||||||||
Merger transaction and integration cost included in contract drilling expense | - | 0.2 | 0.9 | 0.9 | 1.9 | |||||
Valaris Total | $ | 30.6 | $ | 39.9 | $ | 49.3 | $ | 40.6 | $ | 39.2 |
ARO | ||||||||||
ARO Total | $ | 21.9 | $ | 11.4 | $ | 17.9 | $ | 27.8 | $ | 33.4 |
Valaris 50% Share (unconsolidated) | 11.0 | 5.7 | 9.0 | 13.9 | 16.7 | |||||
Adjusted Total (4)
|
$ | 41.6 | $ | 45.6 | $ | 58.3 | $ | 54.5 | $ | 55.9 |
Reactivation costs (5)
|
$ | 61.5 | $ | 37.1 | $ | 19.4 | $ | 24.0 | $ | 11.1 |
VALARIS LIMITED AND SUBSIDIARIES |
OPERATING STATISTICS |
(In millions) |
Three Months Ended | ||||||||||
March 31, 2022 | December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | ||||||
ADJUSTED EBITDAR (1)
|
||||||||||
Floaters | ||||||||||
Drillships (1)
|
$ | 27.2 | $ | 17.7 | $ | 8.9 | $ | (2.5) | $ | 16.1 |
Semisubmersibles (1)
|
(15.0) | 3.2 | 8.3 | 6.5 | (1.0) | |||||
$ | 12.2 | $ | 20.9 | $ | 17.2 | $ | 4.0 | $ | 15.1 | |
Jackups | ||||||||||
HD Ultra-Harsh & Harsh (1)
|
$ | 21.0 | $ | 24.3 | $ | 38.7 | $ | 42.3 | $ | 31.0 |
HD & SD - Modern (1)
|
13.7 | 11.6 | 15.6 | 6.7 | 12.0 | |||||
SD - Legacy (1)
|
8.9 | 11.8 | 9.0 | 12.0 | 13.0 | |||||
$ | 43.6 | $ | 47.7 | $ | 63.3 | $ | 61.0 | $ | 56.0 | |
Total | $ | 55.8 | $ | 68.6 | $ | 80.5 | $ | 65.0 | $ | 71.1 |
Other | ||||||||||
Leased and Managed Rigs (1)
|
$ | 22.6 | $ | 17.4 | $ | 22.2 | $ | 22.9 | $ | 22.7 |
Total | $ | 78.4 | $ | 86.0 | $ | 102.7 | $ | 87.9 | $ | 93.8 |
Support costs | ||||||||||
General and administrative expense | $ | 18.8 | $ | 18.3 | $ | 27.2 | $ | 19.1 | $ | 24.3 |
Onshore support costs | 29.0 | 28.0 | 27.1 | 29.1 | 32.2 | |||||
$ | 47.8 | $ | 46.3 | $ | 54.3 | $ | 48.2 | $ | 56.5 | |
Add: | ||||||||||
Merger transaction and integration cost included in contract drilling expense | - | 0.2 | 0.9 | 0.9 | 1.9 | |||||
Valaris Total | $ | 30.6 | $ | 39.9 | $ | 49.3 | $ | 40.6 | $ | 39.2 |
ARO | ||||||||||
ARO Total | $ | 21.9 | $ | 11.4 | $ | 17.9 | $ | 27.8 | $ | 33.4 |
Valaris 50% Share (unconsolidated) | 11.0 | 5.7 | 9.0 | 13.9 | 16.7 | |||||
Adjusted Total (2)
|
$ | 41.6 | $ | 45.6 | $ | 58.3 | $ | 54.5 | $ | 55.9 |
VALARIS LIMITED AND SUBSIDIARIES |
OPERATING STATISTICS |
(In millions) |
Three Months Ended | ||||||||||
March 31, 2022 | December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | ||||||
ADJUSTED EBITDA (1)
|
||||||||||
Floaters
|
||||||||||
Drillships (1)
|
$ | (21.4) | $ | (6.6) | $ | 8.6 | $ | (2.5) | $ | 16.1 |
Semisubmersibles (1)
|
(27.3) | (6.3) | 7.2 | 6.4 | (6.7) | |||||
$ | (48.7) | $ | (12.9) | $ | 15.8 | $ | 3.9 | $ | 9.4 | |
Jackups | ||||||||||
HD Ultra-Harsh & Harsh (1)
|
$ | 20.4 | $ | 21.0 | $ | 25.1 | $ | 22.2 | $ | 29.3 |
HD & SD - Modern (1)
|
13.7 | 11.6 | 11.2 | 2.9 | 8.3 | |||||
SD - Legacy (1)
|
8.9 | 11.8 | 9.0 | 12.0 | 13.0 | |||||
$ | 43.0 | $ | 44.4 | $ | 45.3 | $ | 37.1 | $ | 50.6 | |
Total | $ | (5.7) | $ | 31.5 | $ | 61.1 | $ | 41.0 | $ | 60.0 |
Other | ||||||||||
Leased and Managed Rigs (1)
|
$ | 22.6 | $ | 17.3 | $ | 22.1 | $ | 22.9 | $ | 22.7 |
Total | $ | 16.9 | $ | 48.8 | $ | 83.2 | $ | 63.9 | $ | 82.7 |
Support costs | ||||||||||
General and administrative expense | $ | 18.8 | $ | 18.3 | $ | 27.2 | $ | 19.1 | $ | 24.3 |
Onshore support costs | 29.0 | 28.0 | 27.1 | 29.1 | 32.2 | |||||
$ | 47.8 | $ | 46.3 | $ | 54.3 | $ | 48.2 | $ | 56.5 | |
Add: | ||||||||||
Merger transaction and integration cost included in contract drilling expense | - | 0.2 | 0.9 | 0.9 | 1.9 | |||||
Valaris Total | $ | (30.9) | $ | 2.7 | $ | 29.8 | $ | 16.6 | $ | 28.1 |
ARO | ||||||||||
ARO Total | $ | 21.9 | $ | 11.4 | $ | 17.9 | $ | 27.8 | $ | 33.4 |
Valaris 50% Share (unconsolidated) | 11.0 | 5.7 | 9.0 | 13.9 | 16.7 | |||||
Adjusted Total (2)
|
$ | (19.9) | $ | 8.4 | $ | 38.8 | $ | 30.5 | $ | 44.8 |
VALARIS LIMITED AND SUBSIDIARIES |
OPERATING STATISTICS |
(In millions) |
As of | ||||||||||
May 2, 2022 |
February 21, 2022 | October 27, 2021 | August 2, 2021 | March 31, 2021 | ||||||
CONTRACT BACKLOG (1)
|
||||||||||
Floaters | ||||||||||
Drillships (2)
|
$ | 1,290.9 | $ | 1,280.4 | $ | 1,338.6 | $ | 1,102.2 | $ | 117.6 |
Semisubmersibles | 375.8 | 384.9 | 277.9 | 294.0 | 171.4 | |||||
$ | 1,666.7 | $ | 1,665.3 | $ | 1,616.5 | $ | 1,396.2 | $ | 289.0 | |
Jackups | ||||||||||
HD Ultra-Harsh & Harsh | 218.8 | 309.7 | 307.6 | 364.4 | 403.8 | |||||
HD & SD - Modern | 225.7 | 252.1 | 274.5 | 299.9 | 180.6 | |||||
SD - Legacy | 70.7 | 81.2 | 85.5 | 102.9 | 134.4 | |||||
$ | 515.2 | $ | 643.0 | $ | 667.6 | $ | 767.2 | $ | 718.8 | |
Total | $ | 2,181.9 | $ | 2,308.3 | $ | 2,284.1 | $ | 2,163.4 | $ | 1,007.8 |
Other (3)
|
||||||||||
Leased and Managed Rigs | $ | 271.5 | $ | 135.6 | $ | 33.9 | $ | 60.3 | $ | 90.8 |
Valaris Total | $ | 2,453.4 | $ | 2,443.9 | $ | 2,318.0 | $ | 2,223.7 | $ | 1,098.6 |
ARO | ||||||||||
Owned Rigs | $ | 993.6 | $ | 1,040.9 | $ | 757.4 | $ | 818.7 | $ | 869.5 |
Leased Rigs | 496.9 | 460.2 | 88.7 | 134.5 | 192.2 | |||||
ARO Total | $ | 1,490.5 | $ | 1,501.1 | $ | 846.1 | $ | 953.2 | $ | 1,061.7 |
Valaris 50% Share of ARO Owned Rigs | 496.8 | 520.5 | 378.7 | 409.4 | 434.8 | |||||
Adjusted Total (4)
|
$ | 2,950.2 | $ | 2,964.4 | $ | 2,696.7 | $ | 2,633.1 | $ | 1,533.4 |
VALARIS LIMITED AND SUBSIDIARIES |
OPERATING STATISTICS |
Three Months Ended | ||||||||||
March 31, 2022 | December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | ||||||
AVERAGE DAY RATES (1)
|
||||||||||
Floaters | ||||||||||
Drillships | $ | 203,000 | $ | 196,000 | $ | 189,000 | $ | 212,000 | $ | 208,000 |
Semisubmersibles | 156,000 | 171,000 | 191,000 | 178,000 | 164,000 | |||||
$ | 197,000 | $ | 189,000 | $ | 190,000 | $ | 197,000 | $ | 198,000 | |
Jackups | ||||||||||
HD Ultra-Harsh & Harsh | $ | 104,000 | $ | 110,000 | $ | 124,000 | $ | 141,000 | $ | 140,000 |
HD & SD Modern | 80,000 | 76,000 | 77,000 | 73,000 | 70,000 | |||||
SD Legacy | 71,000 | 73,000 | 74,000 | 72,000 | 70,000 | |||||
$ | 89,000 | $ | 90,000 | $ | 96,000 | $ | 99,000 | $ | 95,000 | |
Total | $ | 108,000 | $ | 111,000 | $ | 115,000 | $ | 114,000 | $ | 116,000 |
Other | ||||||||||
Leased and Managed Rigs | $ | 39,000 | $ | 33,000 | $ | 31,000 | $ | 31,000 | $ | 32,000 |
Valaris Total | $ | 90,000 | $ | 89,000 | $ | 90,000 | $ | 87,000 | $ | 89,000 |
ARO | ||||||||||
Owned Rigs | $ | 99,000 | $ | 101,000 | $ | 99,000 | $ | 99,000 | $ | 98,000 |
Leased Rigs (2)
|
93,000 | 94,000 | 92,000 | 93,000 | 89,000 | |||||
ARO Total | $ | 96,000 | $ | 97,000 | $ | 95,000 | $ | 96,000 | $ | 93,000 |
VALARIS LIMITED AND SUBSIDIARIES |
OPERATING STATISTICS |
Three Months Ended | ||||||||||
March 31, 2022 | December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | ||||||
UTILIZATION - TOTAL FLEET (1)
|
||||||||||
Floaters | ||||||||||
Drillships | 30 | % | 27 | % | 24 | % | 18 | % | 33 | % |
Semisubmersibles | 11 | % | 30 | % | 39 | % | 30 | % | 20 | % |
25 | % | 28 | % | 28 | % | 22 | % | 29 | % | |
Jackups | ||||||||||
HD Ultra-Harsh & Harsh | 78 | % | 73 | % | 72 | % | 58 | % | 50 | % |
HD & SD Modern | 51 | % | 42 | % | 43 | % | 43 | % | 40 | % |
SD Legacy | 75 | % | 66 | % | 74 | % | 93 | % | 100 | % |
63 | % | 55 | % | 57 | % | 54 | % | 50 | % | |
Total | 49 | % | 46 | % | 47 | % | 44 | % | 44 | % |
Other | ||||||||||
Leased and Managed Rigs | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % |
Valaris Total | 57 | % | 54 | % | 56 | % | 54 | % | 54 | % |
Pro Forma Jackups (2)
|
68 | % | 62 | % | 62 | % | 63 | % | 60 | % |
ARO | ||||||||||
Owned Rigs | 91 | % | 80 | % | 85 | % | 96 | % | 97 | % |
Leased Rigs (3)
|
91 | % | 89 | % | 86 | % | 83 | % | 85 | % |
ARO Total | 91 | % | 84 | % | 86 | % | 89 | % | 90 | % |
VALARIS LIMITED AND SUBSIDIARIES |
OPERATING STATISTICS |
Three Months Ended | ||||||||||
March 31, 2022 | December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | ||||||
UTILIZATION - ACTIVE FLEET (1) (2)
|
||||||||||
Floaters | ||||||||||
Drillships | 56 | % | 57 | % | 79 | % | 51 | % | 91 | % |
Semisubmersibles | 19 | % | 51 | % | 64 | % | 50 | % | 33 | % |
45 | % | 55 | % | 73 | % | 51 | % | 66 | % | |
Jackups | ||||||||||
HD Ultra-Harsh & Harsh | 85 | % | 80 | % | 84 | % | 82 | % | 92 | % |
HD & SD Modern | 83 | % | 76 | % | 75 | % | 74 | % | 84 | % |
SD Legacy | 100 | % | 84 | % | 87 | % | 93 | % | 100 | % |
86 | % | 79 | % | 80 | % | 80 | % | 90 | % | |
Total | 74 | % | 72 | % | 79 | % | 74 | % | 84 | % |
Other | ||||||||||
Leased and Managed Rigs | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % |
Valaris Total | 80 | % | 78 | % | 84 | % | 81 | % | 89 | % |
Pro Forma Jackups (3)
|
87 | % | 81 | % | 82 | % | 86 | % | 93 | % |
ARO | ||||||||||
Owned Rigs | 91 | % | 80 | % | 85 | % | 96 | % | 97 | % |
Leased Rigs (4)
|
91 | % | 89 | % | 86 | % | 83 | % | 85 | % |
ARO Total | 91 | % | 84 | % | 86 | % | 89 | % | 90 | % |
VALARIS LIMITED AND SUBSIDIARIES |
OPERATING STATISTICS |
Three Months Ended | ||||||||||
March 31, 2022 | December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | ||||||
REVENUE EFFICIENCY (1)
|
||||||||||
Floaters | ||||||||||
Drillships | 98.3 | % | 91.5 | % | 97.6 | % | 100.0 | % | 95.7 | % |
Semisubmersibles | 100.0 | % | 97.7 | % | 96.7 | % | 100.0 | % | 100.0 | % |
98.5 | % | 93.0 | % | 97.3 | % | 100.0 | % | 98.2 | % | |
Jackups | ||||||||||
HD Ultra-Harsh & Harsh | 98.9 | % | 99.1 | % | 99.5 | % | 100.0 | % | 95.1 | % |
HD & SD Modern | 99.8 | % | 97.9 | % | 100.0 | % | 99.8 | % | 99.7 | % |
SD Legacy | 100.0 | % | 100.0 | % | 99.0 | % | 96.9 | % | 100.0 | % |
99.4 | % | 98.8 | % | 99.6 | % | 99.0 | % | 99.3 | % | |
Valaris Total | 99.1 | % | 96.6 | % | 98.8 | % | 99.3 | % | 98.9 | % |
ARO | ||||||||||
Owned Rigs | 96.8 | % | 96.3 | % | 98.1 | % | 94.0 | % | 99.7 | % |
Leased Rigs | 95.5 | % | 91.3 | % | 96.9 | % | 92.6 | % | 96.0 | % |
ARO Total | 96.2 | % | 93.7 | % | 97.4 | % | 93.3 | % | 97.9 | % |
VALARIS LIMITED AND SUBSIDIARIES |
OPERATING STATISTICS |
As of | |||||
NUMBER OF RIGS | March 31, 2022 | December 31, 2021 | September 30, 2021 |
June 30, 2021 |
March 31, 2021 |
Active Fleet (1)
|
|||||
Floaters | |||||
Drillships | 7 | 7 | 4 | 4 | 4 |
Semisubmersibles | 3 | 3 | 3 | 3 | 3 |
10 | 10 | 7 | 7 | 7 | |
Jackups | |||||
HD Ultra-Harsh & Harsh | 10 | 10 | 10 | 10 | 9 |
HD & SD Modern | 10 | 11 | 11 | 11 | 11 |
SD Legacy | 3 | 3 | 3 | 4 | 4 |
23 | 24 | 24 | 25 | 24 | |
Total Active Fleet | 33 | 34 | 31 | 32 | 31 |
Stacked Fleet | |||||
Floaters | |||||
Drillships (2)
|
4 | 4 | 7 | 7 | 7 |
Semisubmersibles | 2 | 2 | 2 | 2 | 2 |
6 | 6 | 9 | 9 | 9 | |
Jackups | |||||
HD Ultra-Harsh & Harsh | 1 | 1 | 1 | 2 | 4 |
HD & SD Modern | 7 | 7 | 7 | 8 | 8 |
SD Legacy | - | 1 | 1 | - | - |
8 | 9 | 9 | 10 | 12 | |
Total Stacked Fleet | 14 | 15 | 18 | 19 | 21 |
Leased Rigs (3)
|
|||||
Jackups | |||||
HD Ultra-Harsh & Harsh | 1 | 1 | 1 | 1 | 1 |
HD & SD Modern | 6 | 5 | 5 | 5 | 5 |
SD Legacy | 1 | 1 | 2 | 3 | 3 |
Total Leased Rigs | 8 | 7 | 8 | 9 | 9 |
Valaris Total | 55 | 56 | 57 | 60 | 61 |
Managed Rigs (3)
|
2 | 2 | 2 | 2 | 2 |
ARO (4)
|
|||||
Owned Rigs | 7 | 7 | 7 | 7 | 7 |
Leased Rigs | 8 | 7 | 8 | 9 | 9 |
ARO Total | 15 | 14 | 15 | 16 | 16 |
VALARIS LIMITED AND SUBSIDIARIES |
OPERATING STATISTICS |
Three Months Ended | |||||
March 31, 2022 | December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | |
AVAILABLE DAYS - TOTAL FLEET (1)
|
|||||
Floaters | |||||
Drillships | 1,170 | 1,196 | 1,196 | 1,001 | 990 |
Semisubmersibles | 450 | 460 | 460 | 455 | 450 |
1,620 | 1,656 | 1,656 | 1,456 | 1,440 | |
Jackups | |||||
HD Ultra-Harsh & Harsh | 990 | 1,012 | 1,074 | 1,153 | 1,170 |
HD & SD Modern | 1,599 | 1,668 | 1,748 | 1,729 | 1,710 |
SD Legacy | 360 | 420 | 398 | 364 | 360 |
2,949 | 3,100 | 3,220 | 3,246 | 3,240 | |
Total | 4,569 | 4,756 | 4,876 | 4,702 | 4,680 |
Other | |||||
Leased and Managed Rigs | 831 | 828 | 982 | 1,001 | 990 |
Valaris Total | 5,400 | 5,584 | 5,858 | 5,703 | 5,670 |
ARO | |||||
Owned Rigs | 630 | 644 | 644 | 637 | 630 |
Leased Rigs (2)
|
646 | 644 | 798 | 819 | 810 |
ARO Total | 1,276 | 1,288 | 1,442 | 1,456 | 1,440 |
VALARIS LIMITED AND SUBSIDIARIES |
OPERATING STATISTICS |
Three Months Ended | |||||
March 31, 2022 | December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | |
AVAILABLE DAYS - ACTIVE FLEET (1) (2)
|
|||||
Floaters | |||||
Drillships | 630 | 567 | 368 | 364 | 360 |
Semisubmersibles | 270 | 276 | 276 | 273 | 270 |
900 | 843 | 644 | 637 | 630 | |
Jackups | |||||
HD Ultra-Harsh & Harsh | 900 | 920 | 920 | 819 | 630 |
HD & SD Modern | 969 | 932 | 1,012 | 1,001 | 810 |
SD Legacy | 270 | 328 | 337 | 364 | 360 |
2,139 | 2,180 | 2,269 | 2,184 | 1,800 | |
Total | 3,039 | 3,023 | 2,913 | 2,821 | 2,430 |
Other | |||||
Leased and Managed Rigs | 831 | 828 | 982 | 1,001 | 990 |
Valaris Total | 3,870 | 3,851 | 3,895 | 3,822 | 3,420 |
ARO | |||||
Owned Rigs | 630 | 644 | 644 | 637 | 630 |
Leased Rigs (2)
|
646 | 644 | 798 | 819 | 810 |
ARO Total | 1,276 | 1,288 | 1,442 | 1,456 | 1,440 |
VALARIS LIMITED AND SUBSIDIARIES |
OPERATING STATISTICS |
Three Months Ended | |||||
March 31, 2022 | December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | |
OPERATING DAYS (1)
|
|||||
Floaters | |||||
Drillships | 353 | 322 | 290 | 185 | 329 |
Semisubmersibles | 52 | 140 | 177 | 137 | 90 |
405 | 462 | 467 | 322 | 419 | |
Jackups | |||||
HD Ultra-Harsh & Harsh | 769 | 734 | 770 | 674 | 582 |
HD & SD Modern | 809 | 706 | 759 | 742 | 683 |
SD Legacy | 270 | 276 | 294 | 339 | 360 |
1,848 | 1,716 | 1,823 | 1,755 | 1,625 | |
Total | 2,253 | 2,178 | 2,290 | 2,077 | 2,044 |
Other | |||||
Leased and Managed Rigs | 831 | 828 | 982 | 1,001 | 990 |
Valaris Total | 3,084 | 3,006 | 3,272 | 3,078 | 3,034 |
ARO | |||||
Owned Rigs | 572 | 513 | 549 | 609 | 609 |
Leased Rigs (2)
|
588 | 570 | 687 | 684 | 687 |
ARO Total | 1,160 | 1,083 | 1,236 | 1,293 | 1,296 |
VALARIS LIMITED AND SUBSIDIARIES |
OPERATING STATISTICS |
($ in millions, except average day rate) |
Three Months Ended | ||||||||||
March 31, 2022 | December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | ||||||
DRILLSHIPS | ||||||||||
Adjusted revenues (1)
|
$ | 73.1 | $ | 63.3 | $ | 55.7 | $ | 39.6 | $ | 71.3 |
Adjusted operating expense (2)
|
94.0 | 69.2 | 46.8 | 41.6 | 52.8 | |||||
Rig operating margin | (20.9) | (5.9) | 8.9 | (2.0) | 18.5 | |||||
Rig operating margin % | (29) | % | (9) | % | 16 | % | (5) | % | 26 | % |
Other operating expenses | ||||||||||
Depreciation | 11.3 | 10.8 | 10.5 | 21.4 | 43.0 | |||||
Loss on impairment | - | - | - | - | - | |||||
$ | 11.3 | $ | 10.8 | $ | 10.5 | $ | 21.4 | $ | 43.0 | |
Other operating income (expense) (3)
|
(11.6) | (11.4) | (9.3) | (9.9) | (8.6) | |||||
Operating loss | $ | (43.8) | $ | (28.1) | $ | (10.9) | $ | (33.3) | $ | (33.1) |
Adjusted EBITDA (4)
|
$ | (21.4) | $ | (6.6) | $ | 8.6 | $ | (2.5) | $ | 16.1 |
Reactivation costs (5)
|
48.6 | 24.3 | 0.3 | - | - | |||||
Adjusted EBITDAR | $ | 27.2 | $ | 17.7 | $ | 8.9 | $ | (2.5) | $ | 16.1 |
Preservation and stacking costs (5)
|
$ | 7.5 | $ | 7.6 | $ | 8.3 | $ | 8.9 | $ | 11.3 |
Number of Rigs (at quarter end) | ||||||||||
Total Fleet | 11 | 11 | 11 | 11 | 11 | |||||
Active Fleet | 7 | 7 | 4 | 4 | 4 | |||||
Operating Days | 353 | 322 | 290 | 185 | 329 | |||||
Utilization - Active Fleet | 56 | % | 57 | % | 79 | % | 51 | % | 91 | % |
Average Day Rate | $ | 203,000 | $ | 196,000 | $ | 189,000 | $ | 212,000 | $ | 208,000 |
VALARIS LIMITED AND SUBSIDIARIES |
OPERATING STATISTICS |
($ in millions, except average day rate) |
Three Months Ended | ||||||||||
March 31, 2022 | December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | ||||||
SEMISUBMERSIBLES | ||||||||||
Adjusted revenues (1)
|
$ | 8.1 | $ | 24.0 | $ | 33.8 | $ | 24.5 | $ | 14.9 |
Adjusted operating expense (2)
|
34.5 | 28.2 | 25.9 | 17.4 | 20.9 | |||||
Rig operating margin | (26.4) | (4.2) | 7.9 | 7.1 | (6.0) | |||||
Rig operating margin % | (326) | % | (18) | % | 23 | % | 29 | % | (40) | % |
Other operating expenses | ||||||||||
Depreciation | 0.8 | 0.8 | 0.8 | 2.2 | 12.9 | |||||
Loss on impairment | - | - | - | - | 756.5 | |||||
$ | 0.8 | $ | 0.8 | $ | 0.8 | $ | 2.2 | $ | 769.4 | |
Other operating income (expense) (3)
|
(4.8) | (5.8) | (6.7) | (6.6) | (6.1) | |||||
Operating income (loss) | $ | (32.0) | $ | (10.8) | $ | 0.4 | $ | (1.7) | $ | (781.5) |
Adjusted EBITDA (4)
|
$ | (27.3) | $ | (6.3) | $ | 7.2 | $ | 6.4 | $ | (6.7) |
Reactivation costs (5)
|
12.3 | 9.5 | 1.1 | 0.1 | 5.7 | |||||
Adjusted EBITDAR | $ | (15.0) | $ | 3.2 | $ | 8.3 | $ | 6.5 | $ | (1.0) |
Preservation and stacking costs (5)
|
$ | 1.2 | $ | 1.0 | $ | 1.4 | $ | 1.4 | $ | 1.6 |
Number of Rigs (at quarter end) | ||||||||||
Total Fleet | 5 | 5 | 5 | 5 | 5 | |||||
Active Fleet | 3 | 3 | 3 | 3 | 3 | |||||
Operating Days | 52 | 140 | 177 | 137 | 90 | |||||
Utilization - Active Fleet | 19 | % | 51 | % | 64 | % | 50 | % | 33 | % |
Average Day Rate | $ | 156,000 | $ | 171,000 | $ | 191,000 | $ | 178,000 | $ | 164,000 |
VALARIS LIMITED AND SUBSIDIARIES |
OPERATING STATISTICS |
($ in millions, except average day rate) |
Three Months Ended | ||||||||||
March 31, 2022 | December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | ||||||
HD ULTRA-HARSH & HARSH JACKUPS |
||||||||||
Adjusted revenues (1)
|
$ | 81.1 | $ | 83.7 | $ | 95.8 | $ | 95.0 | $ | 86.4 |
Adjusted operating expense (2)
|
58.1 | 61.4 | 68.8 | 71.3 | 55.2 | |||||
Rig operating margin | 23.0 | 22.3 | 27.0 | 23.7 | 31.2 | |||||
Rig operating margin % | 28 | % | 27 | % | 28 | % | 25 | % | 36 | % |
Other operating expenses | ||||||||||
Depreciation | 5.5 | 7.9 | 8.0 | 13.7 | 26.9 | |||||
Loss on impairment | - | - | - | - | - | |||||
$ | 5.5 | $ | 7.9 | $ | 8.0 | $ | 13.7 | $ | 26.9 | |
Other operating income (expense) (3)
|
(4.4) | (5.4) | (7.1) | (6.1) | (6.0) | |||||
Operating income (loss) | $ | 13.1 | $ | 9.0 | $ | 11.9 | $ | 3.9 | $ | (1.7) |
Adjusted EBITDA (4)
|
$ | 20.4 | $ | 21.0 | $ | 25.1 | $ | 22.2 | $ | 29.3 |
Reactivation costs (5)
|
0.6 | 3.3 | 13.6 | 20.1 | 1.7 | |||||
Adjusted EBITDAR | $ | 21.0 | $ | 24.3 | $ | 38.7 | $ | 42.3 | $ | 31.0 |
Preservation and stacking costs (5)
|
$ | 0.1 | $ | 0.1 | $ | 0.1 | $ | 1.3 | $ | 2.8 |
Number of Rigs (at quarter end) | ||||||||||
Total Fleet | 11 | 11 | 11 | 12 | 13 | |||||
Active Fleet | 10 | 10 | 10 | 10 | 9 | |||||
Operating Days | 769 | 734 | 770 | 674 | 582 | |||||
Utilization - Active Fleet | 85 | % | 80 | % | 84 | % | 82 | % | 92 | % |
Average Day Rate | $ | 104,000 | $ | 110,000 | $ | 124,000 | $ | 141,000 | $ | 140,000 |
VALARIS LIMITED AND SUBSIDIARIES |
OPERATING STATISTICS |
($ in millions, except average day rate) |
Three Months Ended | ||||||||||
March 31, 2022 | December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | ||||||
HD & SD MODERN JACKUPS | ||||||||||
Adjusted revenues (1)
|
$ | 65.5 | $ | 54.2 | $ | 58.1 | $ | 54.2 | $ | 48.4 |
Adjusted operating expense (2)
|
47.6 | 40.6 | 44.9 | 49.2 | 38.8 | |||||
Rig operating margin | 17.9 | 13.6 | 13.2 | 5.0 | 9.6 | |||||
Rig operating margin % | 27 | % | 25 | % | 23 | % | 9 | % | 20 | % |
Other operating expenses | ||||||||||
Depreciation | 2.5 | 3.2 | 3.0 | 9.6 | 22.4 | |||||
Loss on impairment | - | - | - | - | - | |||||
$ | 2.5 | $ | 3.2 | $ | 3.0 | $ | 9.6 | $ | 22.4 | |
Other operating income (expense) (3)
|
(13.7) | (8.3) | (8.5) | (6.9) | (8.9) | |||||
Operating income (loss) | $ | 1.7 | $ | 2.1 | $ | 1.7 | $ | (11.5) | $ | (21.7) |
Adjusted EBITDA (4)
|
$ | 13.7 | $ | 11.6 | $ | 11.2 | $ | 2.9 | $ | 8.3 |
Reactivation costs (5)
|
- | - | 4.4 | 3.8 | 3.7 | |||||
Adjusted EBITDAR | $ | 13.7 | $ | 11.6 | $ | 15.6 | $ | 6.7 | $ | 12.0 |
Preservation and stacking costs (5)
|
$ | 1.8 | $ | 2.0 | $ | 0.5 | $ | 5.5 | $ | 2.0 |
Number of Rigs (at quarter end) | ||||||||||
Total Fleet | 17 | 18 | 18 | 19 | 19 | |||||
Active Fleet | 10 | 11 | 11 | 11 | 11 | |||||
Operating Days | 809 | 706 | 759 | 742 | 683 | |||||
Utilization - Active Fleet | 83 | % | 76 | % | 75 | % | 74 | % | 84 | % |
Average Day Rate | $ | 80,000 | $ | 76,000 | $ | 77,000 | $ | 73,000 | $ | 70,000 |
VALARIS LIMITED AND SUBSIDIARIES |
OPERATING STATISTICS |
($ in millions, except average day rate) |
Three Months Ended | ||||||||||
March 31, 2022 | December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | ||||||
SD LEGACY JACKUPS | ||||||||||
Adjusted revenues (1)
|
$ | 19.2 | $ | 20.3 | $ | 23.4 | $ | 24.4 | $ | 25.5 |
Adjusted operating expense (2)
|
9.9 | 8.4 | 14.2 | 11.8 | 12.1 | |||||
Rig operating margin | 9.3 | 11.9 | 9.2 | 12.6 | 13.4 | |||||
Rig operating margin % | 48 | % | 59 | % | 39 | % | 52 | % | 53 | % |
Other operating expenses | ||||||||||
Depreciation | 1.0 | 1.0 | 0.9 | 1.6 | 2.8 | |||||
Loss on impairment | - | - | - | - | - | |||||
$ | 1.0 | $ | 1.0 | $ | 0.9 | $ | 1.6 | $ | 2.8 | |
Other operating income (expense) (3)
|
(1.8) | (1.7) | (2.2) | (3.0) | (2.8) | |||||
Operating income | $ | 6.5 | $ | 9.2 | $ | 6.1 | $ | 8.0 | $ | 7.8 |
Adjusted EBITDA (4)
|
$ | 8.9 | $ | 11.8 | $ | 9.0 | $ | 12.0 | $ | 13.0 |
Reactivation costs (5)
|
- | - | - | - | - | |||||
Adjusted EBITDAR | $ | 8.9 | $ | 11.8 | $ | 9.0 | $ | 12.0 | $ | 13.0 |
Preservation and stacking costs (5)
|
$ | - | $ | 0.3 | $ | 2.3 | $ | - | $ | - |
Number of Rigs (at quarter end) | ||||||||||
Total Fleet | 3 | 4 | 4 | 4 | 4 | |||||
Active Fleet | 3 | 3 | 3 | 4 | 4 | |||||
Operating Days | 270 | 276 | 294 | 339 | 360 | |||||
Utilization - Active Fleet | 100 | % | 84 | % | 87 | % | 93 | % | 100 | % |
Average Day Rate | $ | 71,000 | $ | 73,000 | $ | 74,000 | $ | 72,000 | $ | 70,000 |
ARO DRILLING |
CONDENSED BALANCE SHEET INFORMATION |
(In millions) |
As of | ||||||||||
March 31, 2022 | December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | ||||||
Cash | $ | 240.2 | $ | 270.8 | $ | 309.0 | $ | 318.2 | $ | 275.4 |
Other current assets | 179.5 | 135.0 | 98.0 | 81.7 | 89.2 | |||||
Non-current assets | 775.8 | 775.8 | 776.1 | 782.8 | 789.0 | |||||
Total assets | $ | 1,195.5 | $ | 1,181.6 | $ | 1,183.1 | $ | 1,182.7 | $ | 1,153.6 |
Current liabilities | $ | 92.9 | $ | 79.9 | $ | 77.1 | $ | 74.9 | $ | 52.3 |
Non-current liabilities | 957.9 | 956.7 | 951.0 | 950.3 | 952.1 | |||||
Total liabilities | $ | 1,050.8 | $ | 1,036.6 | $ | 1,028.1 | $ | 1,025.2 | $ | 1,004.4 |
Shareholders' equity | $ | 144.7 | $ | 145.0 | $ | 155.0 | $ | 157.5 | $ | 149.2 |
Total liabilities and shareholders' equity | $ | 1,195.5 | $ | 1,181.6 | $ | 1,183.1 | $ | 1,182.7 | $ | 1,153.6 |
ARO DRILLING |
CONDENSED INCOME STATEMENT INFORMATION |
(In millions) |
Three Months Ended | ||||||||||
March 31, 2022 | December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | ||||||
Revenues | $ | 111.3 | $ | 105.4 | $ | 117.7 | $ | 124.8 | $ | 122.7 |
Operating expenses | ||||||||||
Contract drilling (exclusive of depreciation) | 84.2 | 88.9 | 94.4 | 92.7 | 86.3 | |||||
Depreciation | 16.5 | 17.7 | 16.8 | 14.6 | 16.1 | |||||
General and administrative | 5.2 | 5.1 | 5.4 | 4.3 | 3.0 | |||||
Operating income (loss) | $ | 5.4 | $ | (6.3) | $ | 1.1 | $ | 13.2 | $ | 17.3 |
Other expense, net | 3.3 | 2.4 | 3.4 | 3.1 | 4.5 | |||||
Provision for income taxes | 0.7 | 1.3 | 0.2 | 1.9 | 4.5 | |||||
Net income (loss) | $ | 1.4 | $ | (10.0) | $ | (2.5) | $ | 8.2 | $ | 8.3 |
EBITDA | $ | 21.9 | $ | 11.4 | $ | 17.9 | $ | 27.8 | $ | 33.4 |
Three Months Ended | ||||
March 31, 2022 | December 31, 2021 | |||
VALARIS | ||||
Net income (loss) | $ | (39.8) | $ | 27.7 |
Add (subtract): | ||||
Income tax benefit | (0.7) | (31.0) | ||
Interest expense | 11.5 | 11.7 | ||
Reorganization items | 1.0 | 4.9 | ||
Other income | (21.9) | (38.0) | ||
Operating loss | (49.9) | (24.7) | ||
Add (subtract): | ||||
Depreciation expense | 22.5 | 25.1 | ||
Amortization, net (1)
|
1.6 | (0.5) | ||
Merger transaction and integration costs | (0.8) | 1.3 | ||
Equity in (earnings) losses of ARO | (4.3) | 1.3 | ||
Adjusted EBITDA | $ | (30.9) | $ | 2.5 |
Three Months Ended | ||||||||||
March 31, 2022 | December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | ||||||
ARO | ||||||||||
Net (loss) income | $ | 1.4 | $ | (10.0) | $ | (2.5) | $ | 8.2 | $ | 8.3 |
Add: | ||||||||||
Income tax expense | 0.7 | 1.3 | 0.2 | 1.9 | 4.5 | |||||
Other expense, net | 3.3 | 2.4 | 3.4 | 3.1 | 4.5 | |||||
Operating (loss) income | $ | 5.4 | $ | (6.3) | $ | 1.1 | $ | 13.2 | $ | 17.3 |
Add: | ||||||||||
Depreciation expense | 16.5 | 17.7 | 16.8 | 14.6 | 16.1 | |||||
EBITDA | $ | 21.9 | $ | 11.4 | $ | 17.9 | $ | 27.8 | $ | 33.4 |
(In millions) | ||||
Three Months Ended March 31, 2022 | Three Months Ended December 31, 2021 | |||
FLOATERS | ||||
Net loss | $ | (60.0) | $ | (25.4) |
Add (subtract): | ||||
Other (income) expense | (0.1) | 0.4 | ||
Operating loss | $ | (60.1) | $ | (25.0) |
Add (subtract): | ||||
Depreciation and amortization, net | 11.4 | 11.2 | ||
Other costs | - | 0.9 | ||
Adjusted EBITDA | $ | (48.7) | $ | (12.9) |
Add (subtract): | ||||
Reactivation costs | 60.9 | 33.8 | ||
Adjusted EBITDAR | $ | 12.2 | $ | 20.9 |
JACKUPS | ||||
Net income | $ | 34.7 | $ | 52.8 |
Add (subtract): | ||||
Other income | (2.3) | (20.6) | ||
Operating income | $ | 32.4 | $ | 32.2 |
Add (subtract): | ||||
Depreciation and amortization, net | 10.6 | 11.9 | ||
Other costs | - | 0.3 | ||
Adjusted EBITDA | $ | 43.0 | $ | 44.4 |
Add (subtract): | ||||
Reactivation costs | 0.6 | 3.3 | ||
Adjusted EBITDAR | $ | 43.6 | $ | 47.7 |
OTHER | ||||
Net income | $ | 21.6 | $ | 16.2 |
Add (subtract): | ||||
Operating income | $ | 21.6 | $ | 16.2 |
Add (subtract): | ||||
Depreciation and amortization, net | 1.0 | 1.1 | ||
Adjusted EBITDA | $ | 22.6 | $ | 17.3 |
Add (subtract): | ||||
Reactivation costs | - | 0.1 | ||
Adjusted EBITDAR | $ | 22.6 | $ | 17.4 |
(In millions) | Successor | Predecessor | Combined (Non-GAAP) | Predecessor | ||||||||||
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 |
Three Months Ended March 31, 2021 | ||||||||
ACTIVE FLEET (1)
|
||||||||||||||
Operating income (loss) | $ | (40.0) | $ | (3.1) | $ | 27.2 | $ | 20.2 | $ | (20.7) | $ | (0.5) | $ | (434.1) |
Add (subtract): | ||||||||||||||
Reactivation costs | 61.5 | 37.1 | 19.4 | 17.3 | 6.7 | 24.0 | 11.1 | |||||||
Depreciation and amortization, net | 18.9 | 19.0 | 20.7 | 11.9 | 19.0 | 30.9 | 62.0 | |||||||
Loss on impairment | - | - | - | - | - | - | 419.2 | |||||||
Support and other costs | 26.1 | 26.6 | 25.7 | 17.9 | 9.8 | 27.7 | 30.6 | |||||||
Adjusted EBITDAR (2)
|
$ | 66.5 | $ | 79.6 | $ | 93.0 | $ | 67.3 | $ | 14.8 | $ | 82.1 | $ | 88.8 |
LEASED AND MANAGED RIGS
|
||||||||||||||
Operating income | $ | 19.4 | $ | 13.9 | $ | 18.5 | $ | 13.0 | $ | 2.6 | $ | 15.6 | $ | 7.6 |
Add (subtract): | ||||||||||||||
Depreciation and amortization, net | 1.2 | 1.2 | 1.2 | 0.9 | 3.9 | 4.8 | 12.3 | |||||||
Support and other costs | 2.0 | 2.3 | 2.5 | 1.7 | 0.8 | 2.5 | 2.8 | |||||||
Adjusted EBITDAR (2)
|
$ | 22.6 | $ | 17.4 | $ | 22.2 | $ | 15.6 | $ | 7.3 | $ | 22.9 | $ | 22.7 |
STACKED FLEET
|
||||||||||||||
Operating loss | $ | (14.6) | $ | (15.2) | $ | (17.6) | $ | (15.3) | $ | (18.8) | $ | (34.1) | $ | (396.1) |
Add (subtract): | ||||||||||||||
Depreciation and amortization, net | 3.4 | 3.9 | 5.1 | 3.3 | 13.7 | 17.0 | 41.1 | |||||||
Loss on impairment | - | - | - | - | - | - | 337.3 | |||||||
Support and other costs | 0.5 | 0.4 | - | - | - | - | - | |||||||
Adjusted EBITDAR (2)
|
$ | (10.7) | $ | (10.9) | $ | (12.5) | $ | (12.0) | $ | (5.1) | $ | (17.1) | $ | (17.7) |
VALARIS TOTAL
|
||||||||||||||
Operating income (loss) | $ | (35.2) | $ | (4.4) | $ | 28.1 | $ | 17.9 | $ | (36.9) | $ | (19.0) | $ | (822.6) |
Add (subtract): | ||||||||||||||
Reactivation costs | 61.5 | 37.1 | 19.4 | 17.3 | 6.7 | 24.0 | 11.1 | |||||||
Depreciation and amortization, net | 23.5 | 24.0 | 27.0 | 16.1 | 36.6 | 52.7 | 115.4 | |||||||
Loss on impairment | - | - | - | - | - | - | 756.5 | |||||||
Support and other costs | 28.6 | 29.3 | 28.2 | 19.6 | 10.6 | 30.2 | 33.4 | |||||||
Adjusted EBITDAR (2)
|
$ | 78.4 | $ | 86.0 | $ | 102.7 | $ | 70.9 | $ | 17.0 | $ | 87.9 | $ | 93.8 |
(In millions) | Successor | Predecessor | Combined (Non-GAAP) | Predecessor | ||||||||||
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 |
Three Months Ended March 31, 2021 | ||||||||
DRILLSHIPS
|
||||||||||||||
Operating revenues | $ | 85.4 | $ | 73.5 | $ | 67.5 | $ | 28.9 | $ | 13.7 | $ | 42.6 | $ | 81.0 |
Add (subtract): | ||||||||||||||
Reimbursable revenues (1)
|
(6.9) | (5.2) | (6.0) | (1.9) | (0.6) | (2.5) | (2.5) | |||||||
Amortized revenues | (5.4) | (5.0) | (5.8) | - | (0.5) | (0.5) | (7.2) | |||||||
Adjusted revenues | $ | 73.1 | $ | 63.3 | $ | 55.7 | $ | 27.0 | $ | 12.6 | $ | 39.6 | $ | 71.3 |
Operating expenses | $ | 129.3 | $ | 101.6 | $ | 78.4 | $ | 39.9 | $ | 36.0 | $ | 75.9 | $ | 114.1 |
Add (subtract): | ||||||||||||||
Depreciation and amortization | (15.8) | (15.7) | (17.0) | (7.2) | (15.3) | (22.5) | (46.6) | |||||||
Reimbursable expenses | (7.7) | (5.8) | (6.5) | (2.2) | (1.0) | (3.2) | (5.0) | |||||||
Support and other costs | (11.8) | (10.9) | (8.1) | (5.5) | (3.1) | (8.6) | (9.7) | |||||||
Adjusted operating expenses | $ | 94.0 | $ | 69.2 | $ | 46.8 | $ | 25.0 | $ | 16.6 | $ | 41.6 | $ | 52.8 |
Operating loss | $ | (43.8) | $ | (28.1) | $ | (10.9) | $ | (11.0) | $ | (22.7) | $ | (33.3) | $ | (33.1) |
Add (subtract): | ||||||||||||||
Depreciation and amortization, net | 10.4 | 10.7 | 11.2 | 7.2 | 14.8 | 22.0 | 39.4 | |||||||
Support and other costs | 12.0 | 10.8 | 8.3 | 5.7 | 3.1 | 8.8 | 9.8 | |||||||
Adjusted EBITDA (2)
|
$ | (21.4) | $ | (6.6) | $ | 8.6 | $ | 1.9 | $ | (4.8) | $ | (2.5) | $ | 16.1 |
(In millions) | Successor | Predecessor | Combined (Non-GAAP) | Predecessor | ||||||||||
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 |
Three Months Ended March 31, 2021 | ||||||||
SEMISUBMERSIBLES
|
||||||||||||||
Operating revenues | $ | 14.3 | $ | 27.0 | $ | 36.8 | $ | 20.9 | $ | 4.7 | $ | 25.6 | $ | 16.3 |
Add (subtract): | ||||||||||||||
Reimbursable revenues (1)
|
(6.2) | (2.3) | (2.0) | (1.1) | - | (1.1) | (1.4) | |||||||
Amortized revenues | - | (0.7) | (1.0) | - | - | - | - | |||||||
Adjusted revenues | $ | 8.1 | $ | 24.0 | $ | 33.8 | $ | 19.8 | $ | 4.7 | $ | 24.5 | $ | 14.9 |
Operating expenses | $ | 46.3 | $ | 37.9 | $ | 36.5 | $ | 21.5 | $ | 5.8 | $ | 27.3 | $ | 797.8 |
Add (subtract): | ||||||||||||||
Depreciation and amortization | (1.0) | (1.2) | (3.4) | (1.9) | (1.6) | (3.5) | (13.0) | |||||||
Loss on impairment | - | - | - | - | - | - | (756.5) | |||||||
Reimbursable expenses | (7.3) | (4.9) | (2.8) | (1.5) | (0.2) | (1.7) | (2.1) | |||||||
Support and other costs | (3.5) | (3.6) | (4.4) | (3.0) | (1.7) | (4.7) | (5.3) | |||||||
Adjusted operating expenses | $ | 34.5 | $ | 28.2 | $ | 25.9 | $ | 15.1 | $ | 2.3 | $ | 17.4 | $ | 20.9 |
Operating income (loss) | $ | (32.0) | $ | (10.8) | $ | 0.4 | $ | (0.6) | $ | (1.1) | $ | (1.7) | $ | (781.5) |
Add (subtract): | ||||||||||||||
Depreciation and amortization, net | 1.0 | 0.5 | 2.4 | 1.9 | 1.6 | 3.5 | 13.0 | |||||||
Loss on impairment | - | - | - | - | - | - | 756.5 | |||||||
Support and other costs | 3.7 | 4.0 | 4.4 | 2.9 | 1.7 | 4.6 | 5.3 | |||||||
Adjusted EBITDA (2)
|
$ | (27.3) | $ | (6.3) | $ | 7.2 | $ | 4.2 | $ | 2.2 | $ | 6.4 | $ | (6.7) |
(In millions) | Successor | Predecessor | Combined (Non-GAAP) | Predecessor | ||||||||||
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 |
Three Months Ended March 31, 2021 | ||||||||
HD ULTRA-HARSH & HARSH JACKUPS
|
||||||||||||||
Operating revenues | $ | 92.9 | $ | 94.0 | $ | 102.8 | $ | 70.9 | $ | 34.0 | $ | 104.9 | $ | 95.5 |
Add (subtract): | ||||||||||||||
Reimbursable revenues (1)
|
(6.6) | (8.6) | (6.6) | (5.9) | (2.7) | (8.6) | (5.7) | |||||||
Amortized revenues | (5.2) | (1.7) | (0.4) | (0.2) | (1.1) | (1.3) | (3.4) | |||||||
Adjusted revenues | $ | 81.1 | $ | 83.7 | $ | 95.8 | $ | 64.8 | $ | 30.2 | $ | 95.0 | $ | 86.4 |
Operating expenses | $ | 79.9 | $ | 85.0 | $ | 90.9 | $ | 59.1 | $ | 41.9 | $ | 101.0 | $ | 97.2 |
Add (subtract): | ||||||||||||||
Depreciation and amortization | (8.1) | (8.9) | (8.2) | (5.0) | (9.0) | (14.0) | (28.8) | |||||||
Reimbursable expenses | (9.2) | (10.1) | (8.8) | (6.8) | (3.2) | (10.0) | (7.6) | |||||||
Support and other costs | (4.5) | (4.6) | (5.1) | (3.7) | (2.0) | (5.7) | (5.6) | |||||||
Adjusted operating expenses | $ | 58.1 | $ | 61.4 | $ | 68.8 | $ | 43.6 | $ | 27.7 | $ | 71.3 | $ | 55.2 |
Operating income (loss) | $ | 13.1 | $ | 9.0 | $ | 11.9 | $ | 11.8 | $ | (7.9) | $ | 3.9 | $ | (1.7) |
Add (subtract): | ||||||||||||||
Depreciation and amortization, net | 2.8 | 7.2 | 7.8 | 4.8 | 7.9 | 12.7 | 25.4 | |||||||
Support and other costs | 4.5 | 4.8 | 5.4 | 3.6 | 2.0 | 5.6 | 5.6 | |||||||
Adjusted EBITDA (2)
|
$ | 20.4 | $ | 21.0 | $ | 25.1 | $ | 20.2 | $ | 2.0 | $ | 22.2 | $ | 29.3 |
(In millions) | Successor | Predecessor | Combined (Non-GAAP) | Predecessor | ||||||||||
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 |
Three Months Ended March 31, 2021 | ||||||||
HD & SD MODERN JACKUPS
|
||||||||||||||
Operating revenues | $ | 67.8 | $ | 56.2 | $ | 59.6 | $ | 40.7 | $ | 17.0 | $ | 57.7 | $ | 50.5 |
Add (subtract): | ||||||||||||||
Reimbursable revenues (1)
|
(3.1) | (1.4) | (1.1) | (0.9) | (0.5) | (1.4) | (0.5) | |||||||
Amortized revenues | 0.8 | (0.6) | (0.4) | (1.6) | (0.5) | (2.1) | (1.6) | |||||||
Adjusted revenues | $ | 65.5 | $ | 54.2 | $ | 58.1 | $ | 38.2 | $ | 16.0 | $ | 54.2 | $ | 48.4 |
Operating expenses | $ | 66.2 | $ | 54.1 | $ | 57.9 | $ | 41.3 | $ | 27.9 | $ | 69.2 | $ | 72.2 |
Add (subtract): | ||||||||||||||
Depreciation and amortization | (6.0) | (4.3) | (3.6) | (2.2) | (8.1) | (10.3) | (24.5) | |||||||
Reimbursable expenses | (7.5) | (3.2) | (3.2) | (2.2) | (1.2) | (3.4) | (1.8) | |||||||
Support and other costs | (5.1) | (6.0) | (6.2) | (4.1) | (2.2) | (6.3) | (7.1) | |||||||
Adjusted operating expenses | $ | 47.6 | $ | 40.6 | $ | 44.9 | $ | 32.8 | $ | 16.4 | $ | 49.2 | $ | 38.8 |
Operating income (loss) | $ | 1.7 | $ | 2.1 | $ | 1.7 | $ | (0.6) | $ | (10.9) | $ | (11.5) | $ | (21.7) |
Add (subtract): | ||||||||||||||
Depreciation and amortization, net | 6.8 | 3.7 | 3.2 | 0.6 | 7.6 | 8.2 | 22.9 | |||||||
Support and other costs | 5.2 | 5.8 | 6.3 | 4.0 | 2.2 | 6.2 | 7.1 | |||||||
Adjusted EBITDA (2)
|
$ | 13.7 | $ | 11.6 | $ | 11.2 | $ | 4.0 | $ | (1.1) | $ | 2.9 | $ | 8.3 |
(In millions) | Successor | Predecessor | Combined (Non-GAAP) | Predecessor | ||||||||||
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 |
Three Months Ended March 31, 2021 | ||||||||
SD LEGACY JACKUPS
|
||||||||||||||
Operating revenues | $ | 19.9 | $ | 22.1 | $ | 23.9 | $ | 16.8 | $ | 8.8 | $ | 25.6 | $ | 26.6 |
Add (subtract): | ||||||||||||||
Reimbursable revenues (1)
|
(0.7) | (1.8) | (0.5) | (0.8) | (0.2) | (1.0) | (0.6) | |||||||
Amortized revenues | - | - | - | - | (0.2) | (0.2) | (0.5) | |||||||
Adjusted revenues | $ | 19.2 | $ | 20.3 | $ | 23.4 | $ | 16.0 | $ | 8.4 | $ | 24.4 | $ | 25.5 |
Operating expenses | $ | 13.5 | $ | 12.9 | $ | 17.9 | $ | 11.5 | $ | 6.1 | $ | 17.6 | $ | 18.8 |
Add (subtract): | ||||||||||||||
Depreciation and amortization | (1.0) | (1.0) | (0.9) | (0.7) | (1.0) | (1.7) | (2.9) | |||||||
Reimbursable expenses | (1.1) | (2.1) | (0.9) | (1.2) | (0.4) | (1.6) | (1.0) | |||||||
Support and other costs | (1.5) | (1.4) | (1.9) | (1.7) | (0.8) | (2.5) | (2.8) | |||||||
Adjusted operating expenses | $ | 9.9 | $ | 8.4 | $ | 14.2 | $ | 7.9 | $ | 3.9 | $ | 11.8 | $ | 12.1 |
Operating income | $ | 6.5 | $ | 9.2 | $ | 6.1 | $ | 5.3 | $ | 2.7 | $ | 8.0 | $ | 7.8 |
Add (subtract): | ||||||||||||||
Depreciation and amortization, net | 1.0 | 1.0 | 0.9 | 0.7 | 0.8 | 1.5 | 2.4 | |||||||
Support and other costs | 1.4 | 1.6 | 2.0 | 1.7 | 0.8 | 2.5 | 2.8 | |||||||
Adjusted EBITDA (2)
|
$ | 8.9 | $ | 11.8 | $ | 9.0 | $ | 7.7 | $ | 4.3 | $ | 12.0 | $ | 13.0 |