Loss deepens for Valaris

Offshore drilling contractor Valaris booked a bigger quarterly loss as its revenues declined due to fewer rig operating days.

Valaris on Thursday reported a net loss attributable to the company of $216 million for fourth quarter 2019 compared to a net loss of $197 million in the third quarter 2019.

Revenues declined to $512 million in fourth quarter 2019 from $551 million in the prior quarter primarily due to the sale of Valaris 5006, which operated during third quarter 2019. Fewer rig operating days across the broader fleet also contributed to lower revenues and a three percentage point decline in utilization to 61% from 64% in the prior quarter.

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