Valaris Adds $220M in New Contracts and Extensions
VAL sits 76% above its 52-week low of $46.7.
Summary
Valaris announced new contracts and contract extensions with associated backlog of $220 million. This follows the $160M+ in awards reported in Q2, indicating continued demand for its rigs. The backlog addition is material relative to the company's recent quarterly revenue of $539M. The announcement comes as the Valaris-Transocean combination awaits completion following HSR clearance.
At the time of this announcement, VAL was trading at $82.23 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $5.7B. The 52-week trading range was $46.70 to $114.12. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.