Valaris Q1 Results Top Estimates

(RTTNews) - Valaris Limited (VAL) reported that its first quarter net income attributable to the company was $46.7 million or $0.61 per share compared to a loss of $38.6 million or $0.51 per share in the prior year. Analysts polled by Thomson Reuters expected the company to report a loss of $0.35 per share. Analysts' estimates typically exclude special items.

Operating revenues for the first quarter rose to $430.1 million from $318.4 million in the prior year. Analysts expected revenue of $408.4 million for the quarter.

Valaris board authorized an increase in the company's share repurchase program to $300 million in April 2023 and intends to repurchase $150 million of shares by the end of the year.

In a separate press release, Valaris announced that ARO Drilling, its 50/50 joint venture with Saudi Aramco, has appointed Mohamed Hegazi as Chief Executive Officer, effective immediately. Hegazi replaces Derek Kent as ARO Chief Executive Officer, who will be retiring following a handover period.

Mohamed Hegazi previously served as Chief Executive Officer of TGT Diagnostics, a provider of wellbore integrity measurement solutions to the oil and gas industry. Prior to being appointed Chief Executive Officer in 2015, Hegazi served as Chief Operating Officer and Managing Director from 2012 to 2014. Before joining TGT Diagnostics, Hegazi held various senior leadership positions at SLB.

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