Valaris Ltd. (NYSE:VAL) Q1 2022 Earnings Conference Call May 3, 2022 10:00 AM ET

Company Participants

Tim Richardson - Director, Investor Relations

Anton Dibowitz - President, CEO & Director

Darin Gibbins - Interim CFO, VP, IR & Treasurer

Conference Call Participants

Gregory Lewis - BTIG

Operator

Good day, and welcome to the Valaris First Quarter 2022 Earnings Call. [Operator Instructions]. Please note this event is being recorded.

I would now like to turn the conference over to Tim Richardson, Director of Investor Relations. Please go ahead.

Tim Richardson

Welcome, everyone, to the Valaris First Quarter 2022 Conference Call. With me today are President and CEO, Anton Dibowitz, Interim CFO and Vice President, Investor Relations and Treasurer, Darin Gibbins 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, Tim. Good morning and afternoon to everyone, and thank you for your interest in Valaris. During today's call, I will start by providing an overview of our operational and financial performance during the quarter. Next, I'll provide some commentary on the current state of the offshore drilling market and discuss how we're managing our fleet and our business to maximize shareholder value. Finally, I'll provide an update on ARO Drilling, our 50-50 joint venture with Audi Aramco. After that, I'll hand the call over to Darren to discuss our financial results and 2022 guidance. The heart of our business and our primary focus every day is on delivering safe, reliable and efficient operations to our customers.