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Valaris Limited (VAL)
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Re: "hook load", Valaris's drillship that they're outfitting with a 20k psi BOP is a 7th
generation drillship with a hook load of 2.5 rather than the 3.0 hook loads that RIG's
8th generation drillships will have. That means that the Valaris ship will need an
assist vessel to handle placement of the BOP and will be more limited with it's
riser strings as water depths approach the 12,000 foot level. There was a big discussion
on this over on LVS dought freeforums dought net that's highly recommended
reading for anybody interested in this topic.
This is going over $200
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This company is the most fraudulent oil company. Under US law, which allows the company to steal shareholders 'money, all of the company's debts are forgiven overnight, and all of the shareholders' capital is burned and destroyed. The company will file for bankruptcy again.
R they merging with RIG?
Since a few of you asked how I could be up total portfolio today of over 1% while taking a beating in ZM (and buying more ZM this morning!!) - my 4 losers today were #ZM #AAPL #COIN and #ME - my winners were #SDC #LL #HOTH #CNK #BABA #F #PRVB #VAL #GE #DAL #DD #MRNA and #DEN
Ironically, I like, most of the time, to keep the PEG around 1… last week I was almost all in and needed to free up some cash, so I sold all the stocks outside of near 1 PEG or below… EXCEPT ZOOM! Oh well, I’m still a believer at these levels!!
Did they already sell a lot of their assets/drill rigs? RIG was doing some bidding with VAL(drillrigs or co,,I'm not sure). Lot's of insider buying with RIG in last 2 mos,,, I supsect some kind of merger???
@Sam Do you know name of the analyst that predicts the VAL SP will be $55 within a year ? Is the person credible? I will be happy if it can reach $35.
Anyone know what is going on here? The share price has dropped significantly in the past few weeks, CEO stepping down, etc... It looks like the are getting a lot of contracts... what's going on????
Is this reaching $55 soon?
I can feel $60 per share. Correct me if I’m wrong.
Hope this company goes to zero. Screwed all the shareholders before re listing
When are they going to announce a deal for sea drills equipment ?
They’d have so many rigs then.
Reaches Agreement with Certain of its Noteholders on Prearranged Plan that
Would Reduce Debt by More Than $6.5 Billion
Company Receives DIP Financing of $500 million
London, August 19, 2020 … Valaris plc (NYSE: VAL) (“Valaris” or the “Company”) today announced that it has entered into a binding Restructuring Support Agreement (the “RSA”) and Backstop Commitment Agreement (the “BCA”) with approximately 50% of its noteholders (“Consenting Noteholders”). Valaris will undergo a financial restructuring that is intended to reduce its debt load substantially, support continued operations during the current lower demand environment and provide a robust financial platform to take advantage of market recovery over the long term.
The RSA and the BCA contemplate, among other items, the full equitization of the Company’s pre-petition revolving credit facility and unsecured notes, a fully backstopped rights offering to noteholders for $500 million of new secured notes, the effective cancellation of existing equity interests in the Company in exchange for, in certain circumstances, warrants for post-emergence equity and payment of trade claims in full in cash.
To implement the terms of the RSA and the BCA, Valaris voluntarily filed for a Chapter 11 financial restructuring (the “Chapter 11 Cases”) in the United States Bankruptcy Court for the Southern District of Texas (the “Bankruptcy Court”).
Valaris aims to pursue an efficient restructuring process and exit Chapter 11 as soon as possible and is confident that a comprehensive financial restructuring is in the best interest of the Company and its stakeholders in the long-term. Upon consummation of the contemplated restructuring transactions, Valaris will have one of the best balance sheets in the offshore drilling industry.
The Company remains confident that it will be able to maintain liquidity and operate in the ordinary course of business as a result of having approximately $175 million in cash and committed Debtor-inPossession (“DIP”) financing from certain of its noteholders to provide the Company with an additional $500 million of liquidity, with an option to have no cash interest, to support its operations throughout the Chapter 11 process.
“The substantial downturn in the energy sector, exacerbated by the COVID-19 pandemic, requires that we take this step to create a stronger company able to adapt to the prolonged contraction in the industry, and to continue to enhance our position as overall market conditions improve,” said Tom Burke, President and Chief Executive Officer of Valaris.
Burke continued: “We have taken several steps to right-size and streamline our organization in line with our goal to be the offshore drilling cost leader. Now, we intend to use this restructuring to complement these measures to create a stronger financial structure for the Company. Valaris will continue to serve our customers uninterrupted through this process, delivering safe and reliable operations, through its highly-capable rig fleet.”
Burke concluded: “We appreciate the continued support of all of our stakeholders throughout this process, particularly our employees who continue to provide excellent service to our customers amid challenging market conditions, while upholding the Valaris values of integrity, safety, excellence, respect, ingenuity, and stewardship.”
The Company looks forward to working with its other creditors and stakeholders who have not signed the RSA to advance the Company’s efforts to restructure its balance sheet. Kirkland & Ellis LLP and Slaughter and May are serving as legal advisors to Valaris in connection with the restructuring. Lazard Ltd. is serving as Valaris’ investment banker and Alvarez & Marsal North America LLC as its restructuring advisor. Kramer Levin Naftalis & Frankel LLP and Akin Gump Strauss Hauer & Feld LLP are serving as legal advisors to the Consenting Noteholders, and Houlihan Lokey Inc. is serving as financial advisor.
Court filings and other information related to the Court-supervised proceedings are available at a website administered by the Company's claims agent, Stretto,
. Questions should be directed to our dedicated restructuring hotline 855-348-2032 (Toll-Free) or +1 949-266-6309 (International).
Been reading message boards for many years but don’t often chime in because I’ve realized that most people post for either comfort or to try and hype or crash a stock price. It there are a few logical fact based people I follow. I personally have been swing and day trading for 20 years on and off and I’ve seen it all. So my personal rule number one of investing in any stock trading under $25 a share is to only invest what you are willing to lose. Rule number 2 is there is no crying in Stock Trading. Rule number three is don’t go by anybody’s suggestions unless your goal is to chase pump and dumps. Go by your personally confirmed FACTS and the numbers you see. Final rule is don’t get greedy. Take your profit and take calculated losses if necessary so that you can stay in the game. So best of luck to all. I personally am holding a good chunk of VAL at 40% my avg price as well as other oil based securities and I’m very confident my limit orders will be filled in the next few months.
‘We expect to further reduce shore-based support costs in the future, lowering them to less than half of what they were in early 2019. While savings through fleet management and shore-based reductions are significant, the most meaningful opportunity to sustainably improve our cash generation potential is by lowering rig operating costs. To address this, we have several initiatives underway, including optimizing manning levels and improving operational and supply chain processes to safely lower repair and maintenance spend. We anticipate that these efforts will help us structurally reduce our daily operating costs. While the savings from these initiatives will depend on rig utilization, we expect to benefit regardless of activity levels. Lastly, we are reducing our capital expenditures for full year 2020 to $120 million, a 25% decrease from our prior estimates, and we continue to scrutinize this spend carefully. With market conditions expected to remain challenging, we're focused on what we can control, providing safe and reliable operations to customers and actively managing our cost base. By delivering efficient services and high levels of uptime, we best position the company to win the limited opportunities for new work that arise and keep our rigs utilized, provided they are economically viable contracts for Valaris. And through the rightsizing of our marketed fleet and overall rig footprint, along with our operating and support costs, we preserve cash as we navigate the industry challenges. And with that, I'll turn it over to Jon.’
PERTH, Australia – The jackup Valaris 115 has completed a 54-day development drilling/workover campaign for Mubadala Petroleum on the Manora oil field in the Gulf of Thailand.
This comprised four new development wells and the workover of two existing wells. According to partner Tap Oil, the program finished 8.5% under budget and 2.5 days ahead of schedule, with an estimated overall cost of $15.08 million.
Among the line-up, MNA-25 was a deviated development well designed to produce oil from a crestal location in the 600 series reservoirs of the Manora central fault block region. It reached TD at 1,975 m (6,479 ft) MD, with petrophysical analysis indicating around 40 m (131 ft) net oil pay in the target sands, and was completed with an electric submersible pump.
MNA-27, drilled in the eastern fault block (EFB) region, was effectively a twin of the MNA-22 well drilled in 2019 but not put into production due to poor cement bonding behind the production casing. It too was a deviated well, drilled to a TD of 2,405 m (7,890 ft) MD, encountering 45 m (147 ft) of net oil pay.
MNA-28 was designed as an additional drainage point in the thick oil bearing 490 series sand in the EFB. It penetrated at least 35 m (115 ft) net oil pay in the 490 and 500 reservoirs, and was fitted with a single zone completion with ESP in the 490 sands.
Workovers included conversion of the MNA-07 well in the EFB to a water disposal well to help optimize the field’s production and ultimate oil recovery.
Response from Robinhood, Thoughts?
Thank you for clarifying. VAL is not delisted, it is halted.
I looked up VAL and can shed some light on why trading was halted.
It looks like VAL has been halted due to SEC circuit breaker rules. SEC rules mandate a market-wide trading pause in individual stocks whose price moves 10% or more in a five-minute period.
When the underlying security is halted, the options chain is halted as well. This may cause the options prices to look off as there is no bid/ask spread. Once the security resumes trading, the options chain will update as well.
After five minutes, the exchange that issued the pause may extend it if there are still significant imbalances between orders to buy and sell shares of the affected stock. After a ten-minute pause, other exchanges are free to resume trading in the stock, and once this occurs, trading may resume in the over-the-counter markets.
Please let me know if you have any other questions. I’m here to help.
ESV + RDC IS NOW A GLOBAL LEADER IN THE JACKUP SPACE. JACKUP UTILIZATION AND DAY RATES ARE RISING.
From Borr Drilling LTD earnings call 2/28/2019:
"Utilization level for modern rigs have approached or exceeded the 90% mark in several key jack-up regions, such as North Sea, Middle East and West Africa. Broadly, the increase in utilization levels continued to improve drilling contract pricing power, a trend that should continue during 2019. Particularly in the modern jack-up segment, we anticipate several multiyear and multi-rig tenders to be concluded in the coming months. This includes tenders in Mexico, Qatar, Kuwait, Malaysia and Thailand. That together should result in an incremental jack-up demand of over 40 rigs. We note that several of these tenders include a restrictive age band, which effectively blocks units before 2010 from participating. Additionally, requirements of BOP capabilities, cantilever reach, crane capacity, water depth further limits the availability of suitable units."
Director, RATTIE KEITH O stepping down. Issued shares fully converted.
SEC Form 4:
"On June 15, 2020, in connection with the reporting person stepping down from the Board of Directors of Valaris plc, the reporting person's outstanding restricted share units fully vested."
Valaris - Investors - Financials - SEC Filings
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