13 May 2020director interest notice● Neutral
Valaris Ltd Senior Vice President & COO Gilles Luca disposed of 163,758 shares via option/appreciation-right settlement.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
13 May 2020director interest notice● Neutral
Valaris Ltd SVP-General Counsel/Secretary Michael Mcguinty disposed of 147,381 shares via option/appreciation-right settlement.
13 May 2020director interest notice● Neutral
Valaris Ltd Executive Vice President & CFO Jonathan Baksht disposed of 191,049 shares via option/appreciation-right settlement.
30 Apr 2020quarterly activities report▼ Bad
Valaris Ltd reported quarterly revenue of $456.6 million and a net loss of $3006.3 million for the period ended 2020-03-31.
30 Apr 2020quarterly activities report▼ Bad
Valaris Ltd reported quarterly revenue of $456.6 million and a net loss of $3006.3 million for the period ended 2020-03-31.
23 Apr 2020production update▼ BadMajor
The April 22, 2020 fleet report shows contract losses: DS-8's Total contract (to Nov 2020) ended early in late March, JU-109's contract (to July 2021) ended early in mid April, and the DS-7 Ghana job and 5004 contract were terminated. Several rigs will work at reduced day rates, and DS-4, DS-11, DS-17 and 8504 are being preservation stacked. Backlog at March 31, 2020 is $1,880.3 million, down from $2,452.6 million at December 31, 2019 (the periods are not like-for-like, since the earlier figure included all of 2020). New work includes MS-1 with Santos and JU-118 with Fieldwood in Mexico.
21 Apr 2020listing compliance notice▼ BadMajor
On April 15, 2020 the NYSE told Valaris its shares averaged below $1.00 over 30 trading days, so the stock is now flagged "below compliance" (.BC) but still trades. It has until about October 15, 2020 to cure it, and the company says it intends to do so. If the shares were delisted from the NYSE and not concurrently listed on Nasdaq, holders of the 3.00% exchangeable notes due 2024 could require repurchase at par plus interest.
25 Feb 2020listing compliance notice▲ GoodMajor
the exchange certified Valaris Ltd's securities for listing, clearing them to begin trading.
21 Feb 2020quarterly activities report▼ Bad
Valaris Ltd reported quarterly revenue of $512.1 million and a net loss of $216.0 million for the period ended 2019-12-31.
13 Feb 2020production update▲ Good
The February 13, 2020 fleet report lists new work since October 2019, e.g. DS-7 a five-well BP Senegal/Mauritania job from September 2020, DS-10 extended with Shell Nigeria to March 2021, JU-144 a 12-well Eni Mexico job from September 2020, and JU-87 a 21-well Exxon job. Rigs 6002, 5006, JU-96 and JU-68 are now sold and retired (JU-68 and 5006 had been held for sale), and JU-70 is held for sale. Total backlog at December 31, 2019 (adjusted for later contracts) is $2,452.6 million, up from $2,332.4 million at September 30, 2019. DS-13 (3Q21) and DS-14 (2Q22) delivery dates are unchanged.
12 Feb 2020substantial holder notice● Neutral
The Vanguard Group reported a Valaris Ltd shareholding of 20,773,381 shares (10.49% of votes) in a periodic institutional filing.
6 Feb 2020substantial holder notice● Neutral
CONTRARIUS INVESTMENT MANAGEMENT LIMITED disclosed a new substantial Valaris Ltd shareholding (9.70% of votes).
4 Feb 2020substantial holder notice● Neutral
BlackRock, Inc reported a Valaris Ltd shareholding of 21,122,486 shares (10.70% of votes) in a periodic institutional filing.
3 Feb 2020material agreement● NeutralMajor
On February 3, 2020 Valaris completed its previously announced internal reorganization and signed a Tenth Supplemental Indenture under which Valaris plc becomes the issuer of the former Rowan US notes (4.875% 2022, 4.75% 2024, 7.375% 2025, 5.4% 2042, 5.85% 2044). Rowan US and Rowan UK are released from their obligations. The notes now rank equally with Valaris's other senior unsecured debt, are structurally subordinated to subsidiary debt and effectively subordinated to any secured debt. This resolves the reorganization step flagged in the June 2019 consent solicitation; Valaris intends to apply for NYSE listing of the notes but has no obligation to maintain it.
10 Dec 2019substantial holder notice● Neutral
Morgan Stanley I.R.S. # reported a Valaris Ltd shareholding of 1,137,340 shares (0.60% of votes) in a periodic institutional filing.
8 Nov 2019substantial holder notice● Neutral
Capital International Investors ** reported a Valaris Ltd shareholding of 1,542,830 shares (0.70% of votes) in a periodic institutional filing.
31 Oct 2019quarterly activities report▼ Bad
Valaris Ltd reported quarterly revenue of $551.3 million and a net loss of $197.1 million for the period ended 2019-09-30.
31 Oct 2019quarterly activities report▼ Bad
Valaris Ltd reported quarterly revenue of $551.3 million and a net loss of $197.1 million for the period ended 2019-09-30.
25 Oct 2019production update● NeutralMajor
The October 25, 2019 fleet report is the first under the name Valaris plc (ticker VAL), with rigs renamed VALARIS. It adds new and extended work (e.g. DPS-1 with Woodside extended to September 2021, DS-12 a four-well BP Angola job from April 2020, DS-7 extended to March 2020). It also shows DS-13 delivery pushed from 3Q19 to 3Q21 and DS-14 from 2Q20 to 2Q22, so the earlier near-term newbuild payments are deferred. Rig 5006 and JU-68 are cold stacked and held for sale and JU-42 (California) is sold and retired. Backlog as of September 30, 2019 is $2,332.4 million, down from $2,576.6 million in the April report.
10 Oct 2019substantial holder notice● Neutral
The Vanguard Group reported a Valaris Ltd shareholding of 20,601,285 shares (10.41% of votes) in a periodic institutional filing.
9 Oct 2019substantial holder notice● Neutral
BlackRock, Inc disclosed a new substantial Valaris Ltd shareholding (10.10% of votes).
5 Aug 2019substantial holder notice● Neutral
Morgan Stanley I.R.S. # disclosed a new substantial Valaris Ltd shareholding (5.10% of votes).
1 Aug 2019quarterly activities report● Neutral
Valaris Ltd reported quarterly revenue of $583.9 million and net income of $405.5 million for the period ended 2019-06-30.
1 Aug 2019quarterly activities report● Neutral
Valaris Ltd reported quarterly revenue of $583.9 million and net income of $405.5 million for the period ended 2019-06-30.
26 July 2019production update▲ Good
The July 25, 2019 fleet report adds new work: ENSCO 120's ConocoPhillips contract extended two years (now to July 2022), a 40-well Eni plugging-and-abandonment contract for ENSCO 72 from November 2019, Rowan Relentless a one-well EnVen job from October 2019, and extensions for ENSCO 109 (Chevron, two years), Rowan Gorilla V, ENSCO 104 and ENSCO 96. ENSCO 4 (DS-4) is to be mobilized to Spain for hire after its Chevron Nigeria contract and Rowan Gorilla IV is reported sold; the report also lists rig year-of-delivery instead of water depth.
12 July 2019security holder rights change● NeutralMajor
On July 12, 2019 Ensco Rowan bought about $951.8 million of its senior notes in tender offers (including the 4.50% 2024 and 5.20% 2025 notes) for about $724.1 million, excluding accrued interest, so it paid less than face value. Holders also consented to a Sixth Supplemental Indenture that removes substantially all restrictive covenants and certain events of default from the remaining notes of those series. This follows the June 25 launch of the offers; the filing does not say which series were bought in what amounts or how the purchase was funded.
11 June 2019security holder rights change● Neutral
Following the Rowan deal, Ensco Rowan got the required consents from holders of five series of Rowan US notes (due 2022, 2024, 2025, 2042, 2044) and signed a Ninth Supplemental Indenture on June 7, 2019. It rewrites several covenants (reports, mergers, liens, sale-leasebacks) to match those in Ensco Rowan's own notes and apply to the parent instead of Rowan US. The changes take effect once consent fees are paid and the planned internal reorganization is completed or the company otherwise becomes an obligor; this continues the post-merger integration of Rowan's debt.
10 May 2019substantial holder notice● Neutral
Capital International Investors ** reported a Valaris Ltd shareholding of 11,453,878 shares (5.80% of votes) in a periodic institutional filing.
2 May 2019quarterly activities report▼ Bad
Valaris Ltd reported quarterly revenue of $405.9 million and a net loss of $190.4 million for the period ended 2019-03-31.
2 May 2019quarterly activities report▼ Bad
Valaris Ltd reported quarterly revenue of $405.9 million and a net loss of $190.4 million for the period ended 2019-03-31.