Valaris(US:VAL)2025-05-01 19:03Company Overview - Valaris has the largest offshore drilling fleet, comprising 15 high-spec floaters and 34 jackups[4] - The company boasts a revenue efficiency of 96%+ for four consecutive years[4] - As of April 30, 2025, Valaris' contract backlog stands at $4.2 billion[4] - FY 2025 EBITDA guidance is projected to be between $500 million and $560 million[4] Fleet and Market Positioning - Approximately 70% of benign environment floater demand through 2029 is expected to come from the Golden Triangle[5] - Valaris has ~$2.2 billion of floater backlog with ultra-deepwater customers in key basins[7] - The company's jackup fleet is primarily positioned in the North Sea, Middle East, and attractive niche markets[12] - Valaris has ~$1.9 billion of jackup backlog with leading IOCs, NOCs, and independent operators[14] Operational Excellence and Safety - Valaris significantly outperformed the offshore peer group average on key safety metrics in 2024[17] - The company has maintained a revenue efficiency of at least 96% for each of the past four years[19] Market Outlook and Strategy - Deepwater production is expected to grow by ~23% from 2024 to 2030[23] - Subsea tree installations are expected to be more than 40% higher in 2026-2027 compared to 2024-2025[29] - Benign environment floater demand in 2026-2027 is expected to be ~14% higher on average compared to 2024-2025[31] Financial Strategy - The company has returned $325 million to shareholders since the start of the share repurchase program in 2023[43]