Valaris Q1 Net Loss Sequentially Widens

(RTTNews) - Valaris plc (VAL) reported a first-quarter net loss attributable to the company of $3.01 billion, or $15.19 per share, compared to a net loss of $216 million, or $1.09 per share, in fourth quarter 2019.

The latest-quarter results included a non-cash asset impairment charge of $2.81 billion related to three drillships, three semisubmersibles, and seven jackups. Fourth quarter 2019 results included a $13 million impairment charge primarily related to VALARIS JU-70.

Adjusted loss was $1.66 per share in first quarter 2020 compared to an adjusted loss of $1.55 per share in the prior quarter.

Revenues declined to $457 million in first quarter 2020 from $512 million in fourth quarter 2019 primarily due to a two percentage point decline in fleet utilization to 59% from 61% in the prior quarter.