Valaris Q4 Loss Widens Sequentially

(RTTNews) - Valaris plc (VAL) reported that its net loss attributable to the company for fourth quarter 2019 was $216 million or $1.09 per share, compared to a net loss of $197 million or $1.00 per share, in third quarter 2019.

Revenues declined to $512 million in fourth quarter 2019 from $551 million in the prior quarter primarily due to the sale of VALARIS 5006, which operated during third quarter 2019.

Fewer rig operating days across the broader fleet also contributed to lower revenues and a three percentage point decline in utilization to 61% from 64% in the prior quarter.

Analysts polled by Thomson Reuters expected the company to report a loss of $1.30 per share and revenues of $511.13 million for the quarter. Analysts' estimates typically exclude special items.