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Impairments sink Valaris to a £2.5billion loss

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Rig operator Valaris fell to a £2.5billion pre-tax loss for the first quarter of 2020 due to write-downs on its oil and gas assets.

The firm, the largest of its kind by fleet size, took impairments of £2.2bn related to three drillships, three semisubmersibles, and seven jackups as the oil price plummet drags down their value.

The deficit is severe compared to the previous quarter, a loss of £121.1million.

It comes as the firm has warned of job cuts across the business, with a document issued earlier this week setting out plans for up to 332 offshore roles to be cut.

Chief executive Tom Burke said: “In response to these market conditions including lower oil prices, customers for offshore drilling services have significantly reduced their planned capital expenditures and are seeking to cancel or defer projects, which has led to terminations or renegotiations of existing contracts.

“The combination of these factors negatively impacted our first quarter 2020 financial results, and we expect to continue to report losses and negative cash flows throughout the remainder of the year.”

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