Valaris Limited (NYSE:VAL) Q1 2023 Earnings Conference Call May 2, 2023 10:00 AM ET

Company Participants

Darin Gibbins - Vice President of Investor Relations & Treasurer

Anton Dibowitz - President & Chief Executive Officer

Chris Weber - Senior Vice President & Chief Financial Officer

Conference Call Participants

Kurt Hallead - Benchmark

Eddie Kim - Barclays

David Smith - Pickering Energy Partners

Darin Gibbins

Welcome, everyone, to the Valaris First Quarter 2023 Conference Call. With me today: are President and CEO, Anton Dibowitz, Senior Vice President and CFO, Chris Weber, Senior Vice President and CCO, Matt Lyne and other members of our executive management team. We issued our press release, which is available on our website at valaris.com.

Any comments we make today about expectations are forward-looking statements and are subject to risks and uncertainties. Many factors could cause actual results to differ materially from our expectations. Please refer to our press release and SEC filings on our website that define forward-looking statements and list risk factors and other events that could impact future results. Also, please note that the Company undertakes no duty to update forward-looking statements.

During this call, we will refer to GAAP and non-GAAP financial measures. Please see the press release on our website for additional information and required reconciliations.

As a reminder, yesterday, we issued our most recent Fleet Status Report, which provides details on contracts across our rig fleet. An updated investor presentation and ARO Drilling presentation will be available on our website after the call.

Now, I’ll turn the call over to Anton Dibowitz, President and CEO.

Anton Dibowitz

Thanks, Darin, and good morning and afternoon to everyone. During today's call, I will start by providing an overview of our performance during the quarter. I'll then comment on the refinancing we recently executed along with an update on our capital allocation strategy. Finally, I'll provide commentary on the outlook for the offshore drilling market and discuss our fleet strategy. After that, I'll hand the call over to Chris to discuss our financial results and guidance.

During the first quarter, we achieved strong revenue efficiency of 99%, and I commend the entire Valaris team for their dedication to delivering excellent performance for our customers. The outlook for our business remains strong, and we recognize that the success of our operations depends upon the skills and expertise of our employees. We continue to invest in our people in order to recruit, train and retain the best talent in our industry.