Valaris Limited (NYSE:VAL) Q3 2022 Results Conference Call November 1, 2022 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

Greg Lewis - BTIG

Fredrik Stene - Clarksons Platou Securities

David Smith - Pickering Energy Partners

Samantha Ho - Evercore ISI

Operator

Good day and welcome to the Valaris Third Quarter 2022 Earnings Call. All participants will be in a listen-only mode. [Operator Instructions] Please note that 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 third quarter 2022 conference call. With me today are President and CEO, Anton Dibowitz; Senior Vice President and CFO, Chris Weber and other members of our executive management team. We issued our press release which is available on our website of 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 provide commentary on the outlook for the offshore drilling market and discuss our strategy for maximizing shareholder value during the unfolding industry up cycle. After that, I'll hand the call over to Chris to discuss our financial results and guidance.

We continue to deliver strong operational performance to our customers, with revenue efficiency of 96% in the third quarter and 97% year-to-date. We are committed to maintaining high levels of safety performance, which is particularly important given increasing activity levels. Our safety performance is the result of the focus and dedication of the Valaris team in several programs that we have implemented.