Valaris Limited (NYSE:VAL) Q4 2022 Earnings Conference Call February 21, 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

Matt Lyne - SVP and Chief Commercial Officer

Conference Call Participants

Greg Lewis - BTIG

David Smith - Pickering Energy Advisors

Fredrik Stene - Clarksons Platou Securities

Eddie Kim - Barclays

Kurt Hallead - Benchmark

Operator

Good day and welcome to the Valaris Fourth Quarter 2022 Results Conference Call. All participants will be in listen-only mode. [Operator Instructions] Please note, this event is being recorded.

I would now like to turn the conference over to Darin Gibbins, Vice President of Investor Relations and Treasurer. Please go ahead.

Darin Gibbins

Welcome, everyone, to the Valaris fourth quarter 2022 conference call. With me today: 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 providing an overview of our performance during the quarter. I will then provide commentary on the outlook for the offshore drilling market, highlight some recent contract awards and discuss our strategy for maximizing shareholder value during the unfolding industry upcycle. After that, I'll hand the call over to Chris to our financial results and guidance.

I'd like to start by acknowledging the focus and efforts of the entire Valaris team, which resulted in us continuing to deliver excellent operational performance, achieving revenue efficiency of 98% in the fourth quarter and 97% for full year 2022. This is commendable performance given we reactivated four floaters during the year. These projects required a significant amount of internal resources and attention. And we are extremely pleased to have maintained high levels of operational performance that our customers expect from us under these circumstances.