Valaris Q1 Loss Narrows Despite Lower Revenue

(RTTNews) - Offshore drilling contractor Valaris Limited (VAL) on Monday reported first-quarter results, with net loss narrowing from last year despite lower revenues, helped by lower tax.

Revenue for the quarter declined to $465.4 million from $620.7 million in the same period last year.

The company reported a net loss of $18.0 million, or $0.24 per share, compared with a loss of $39.2 million, or $0.53 per share, a year ago.

The company said lower revenues were primarily due to fewer operating days across both floater and jackup fleets.

Valaris also reported a tax expense during the quarter, which helped profitability. Tax expense for the period was $28.4 million, compared to last year's $193.5 million last year.