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SCR installed in operation, through and R-class system have SCR reduction, emissions all eliminate we almost our a When on X these example, would NOx SOx the or For rigs. DS-XX system, DS-XX. catalytic selective VALARIS from drillships,
potential of drillers. the remarks topic with landscape I'd address capture one jack-ups and to system to carbon the storage my offshore for in like project. Additionally, following is we're in prepared exploring our adding transport The this conjunction
common the from most view we in the couple of Whether investors consolidation months the not consolidation. plays has part, Valaris a of been see for positive several to whether questions further we One past reasons. as expect over or industry
One benefits of the savings. cost most is evident
the XXXX, million. achieved example, we merger period more annualized the April year-end closing in between savings Valaris For $XXX XXXX and in cost of than
offshore summary, Given we're on already the being That in the we benefit value, to and successfully see market focused scale, M&A well believe opportunities explore to record do would is that shareholder so. our we integrating companies, In positioned in any the from largest from we said, driving industry. of the highly we benefit track opportunities and today. driller Valaris
morning, will fleet winning active arise. for our We continue what work to our focus Valaris X from I'll with the as on really the and for our And the to to of stack Jonathan holds work high-quality of call the incredibly I'm returning everyone. hand and some in attractive company. to and I'm excited Thanks, and during Baksht XX. Chapter good when months has achieved rigs future emergence Tom, that, since proud restructuring see opportunities what over Jon.
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is $XX also as second costs million of contract primarily Excluding costs prior the $XXX totaled of JU-XXX towards reactivation expense New million stack. and U.K. quarter quarter. in with end in to in largely compared Energy a drilling prior quarter. ONZ, preservation consistent the related the XXX-day the contract to North Harbor These JU-XXX with the year, from to start commenced the the reimbursable JU-XXX Zealand, recently VALARIS contract was a and Rig scheduled Sea. million with reactivation items, $XX X-year of Offshore JU-XXX
costs expense to for was to prior $XX from in sum quarter also categories to support $XX these $XX quarter compared EBITDARPS, our from administrative operations, from and to and the X quarter. personnel $XX expense as related million to consolidated $XX million EBITDAR, the primarily costs. in contract $XX due in the cost, declined the second which of declined $XX to back million quarter the prior million carrying within was total are in million second fleet, in a stacked result, million preservation provides million reduction quarter. in General as million and declined reactivation statement costs well which in adds compared reactivation costs, As in the back adds million included prior costs, a $XX drilling Adjusted which the onetime the the in prior million of which quarter. onshore The quarter. $XX $XX support Onshore first onetime
Tom highly we are of mentioned flexible onshore make structure our changing the the support As earlier, meet needs to and to on streamlining it scalable focused operations.
quarter. in second declined due $XX at the to million XXXX, operations and expense the time in reduced will the progress as the April flow. converted to Other derived assets at company's in The the support a of significant estimated the which on significantly balance liability compared carrying and the predecessor XX-Q subject accounting expense that XXXX emergence, made in value million accounting quarter reorganization on the property on is found merger start of the the quarter company. to sheet. on company's in Please for in start $XX adjustments, website of compared Form the regard quarter. below million as our billion $XX was Investors We value $X.X to fresh billion expense long-term to accounting, items benefit benefit to have details fresh and maximize fair in reorganization Under first from can our rate quarter. $X.X the and We of start further this fresh million of of to $XXX quarter run in cash of predecessor adjustments accounting. the start enterprise our gain in quarter was value million XXXX continue partially page sequential resulting refer $X we look the the successor nearly Valaris our Depreciation to prior ways less Valaris net to of increase quarter was by period approximately optimize than fresh compromise the of onshore the quarter support second $XXX with time second compared tax of million structure all due of second equity This filing million are second into prior to tax from the to adjustments. fresh start had offset debt that be billion regarding $X.X a annualized now loss equipment onshore was items in costs and the $XXX the
tax tax whereas provision prior prior accounting tax taken tax quarter was $XX benefit positions related million line quarter second million for of Adjusted years. provision in included discrete in expense primarily the tax to start million items, of with uncertain quarter prior the $XX to discrete for quarter. included the adjustments, expense of tax discrete The second $XX related fresh
our to to EBITDARPs Now be $XX EBITDA quarter adjusted second anticipate of range quarter be moving of EBITDA million, also $XX adjusted $XX million. that in $XX and will prior line the line for quarter are quarter million million XXXX outlook. $XX the third respectively. We to third to and the with adjusted in Adjusted EBITDAR million with in expected
calculating across in drilling contract. $XXX the primarily expected DS-XX $XXX quarter This compared the quarter. $XXX are adjusted million. in to EBITDA. $XX We million in approximately JU-XXX higher to increase the floater will $XXX approximately sequential well jackup $XXX to the third expense compared range fleets. expected The revenue. of to combined be million and second to This as recently Note $XX a impact the back offshore in related third amortized be and work to and as jackup fleet the expense an added by expense, a offset awarded X quarter under to quarter the the VALARIS anticipate quarter million We Woodside is is Australia increase anticipated by Reactivation million primarily net mobilization million VALARIS due expected million amortized some range being Amortization of both is net quarter costs mobilization to million expense in million. with duration in are the is expect as million with from in General expected when second expense the be MS-X of total semisubmersible third primarily sequential and as be primarily utilization revenues of full a administrative be years. quarter contract increase is driven this to items revenues which contracts as quarter. approximately will of to that DPS-X, $X to X be partially impact $XXX DS-XX $X was returned floater of
quarter compared move third Saudi $XX I'll and in prior joint was our quarter. ARO to results quarter the million XX-XX in second EBITDA for the venture Now ARO to Drilling, Aramco. million $XX outlook second nonconsolidated quarter with
our provide $XX personnel third While full EBITDA expense approximately be of The is in to an update quarter, sequential revenues EBITDA higher leased quarter from decline in to expected X prior in on XXXX increased I'd completion ARO's expected from for like the few $XXX million out-of-service days a million due to $XX the planned year due million $XXX costs. now rigs increased million contracts also across to to million. guidance. and primarily to August. is contract $XX drilling quarter rigs
by year down provide on basis. fully I'll Valaris sum-of-the-parts so mentioned a As mentioned full broken X value drivers can I the evaluate investors guidance that earlier earlier, that
costs $XXX in support margin cost to rigs for $XXX in expected million Operating onetime to onetime expected costs and $XX onshore $XXX to included million $XX range costs drilling of consolidated stacked contract million. excluding in million be are for and margin, that basis to between to holding a be million. is $XX Valaris million of Adding million for G&A adjusted estimated $XX well to back to expense fleet year million. full year for EBITDARPS the $XXX $XXX $XX to the $XX of million. as million for expected $XXX Valaris $XX costs, million XXXX, Onshore at $XX million to all full is year preservation $XXX support operating to be to This for $XXX $XXX the First, are million million. EBITDA gets million the to is Further range onetime total approximately million. costs reactivation of we parts, million and arrived and expense on the adjusted of in estimated be ongoing $XX is for expected the approximately range XXXX reactivation an to fleet, stacked of onetime to $XX while of adjusting full for holding anticipated to Summing million leased are million. the active EBITDAR XXXX managed as fleet, includes million, $XXX costs preservation costs
with range Aramco ARO's $XXX its with growing million. to initial contracts commence highly payback rigs rig will of program the XXXX, Aramco X with Finally, since full cash of million on ARO an rate of in provides half attractive XXXX construction We is of in by will that million The significant XXXX for a anticipate second costs. day X-year in a the business $XX with $XXX the EBITDA XX, $XXX newbuild the June a XXXX, first ARO we provide increase cash-generative backed EBITDA long-term of a EBITDA will of delivery million year X-year which the as contracts anticipate Saudi expected growth which at the be prospects. newbuild is XX balance XXXX. newbuild end already for
As are third-party to a to and ARO by cash newbuild these operations Valaris. rigs from nonrecourse reminder, be expected financing financed
million and million full year to North for the comprised $XX Now I'll campaign, first to million million of capitalized of be other of DS-XX enhancements less capital to upgrades capital to in to XXXX are the on million million $XX approximately $XX costs. expected $XX million CapEx, $XX which interest and to million expenditures. the expenditures of maintenance Total million, $X $XX required the be than $XX for upgrades, stages is Platte and range to move of of for of $XX the expected
for reimburse require currently portion project part operations. the North build new of that the Valaris excluded remaining rig prior to provisions of be day customer addition, $XXX payments, expected by cost are The the DS-XX be event for commitments. the significant over the capital the will remaining upgrade and million. start A duration in milestone Payments Platte project In contract the upgrade no average upgrades Valaris of has of termination. for customer the will rates. operations be investments drilling the recovered the to from upgrade the over the for with to while includes cost backlog is our the defined total contract covered
DS-XX If Chapter meaningfully XX then. $XXX And $XXX rigs rigs, year, process, XXXX, improved in into I'll projections not guidance beyond offshore which newbuild drillship long-term a we to effectively providing on of both agreement DS-XX. or concessions before entered purchase outlook that we the estimated shipyard. drillships, approximately the and the XXXX. own This not we delivery and Valaris. DS-XX also to or further However, the special an million company while DSME as in earlier with since released each drilling have to updated the option removed amended with December XX, the for contracts for to our this for the X during Valaris are exchange the for newbuild the amended for sector its company leaves price VALARIS either vehicle. selects newbuild guarantee for the on purchase million purpose with we be are has provides financial the the and whole the take agreements DS-XX Under certain obligations shipyard, note Valaris that no
offshore the net the sector, and restructuring, provide our overview the of has Finally, to we're position. a I'd strongest balance only driller drilling cash like structure. Valaris capital brief major Post offshore sheet with a in
million equivalent $XXX XXXX, had June of $XX restricted XX, cash million cash. of a cash balance of As plus and we
PIK; is and paid if to must structure with on X.XX% a May is are payments the $XXX Interest tranche in note interest capital X, of due face half days secured coupon payment. interest interest the and one The debt with in straightforward entire the payment XX to of elect decide if beginning we prior of value if senior paid of semiannually only the XXXX XX.XX% the November cash, a million. XX% due in PIK we period. Our form option payment for note and X half the cash;
debt payment fourth and capacity The total greater junior secured first cash paid a pari debt of million $XXX X% also note basket of in the million the quarter. interest $XX assets. of $XXX will The be million in of of passu or provides
a interest a Finally, sustainable to to to to flexibility note release through our to forma Xx and unrestricted their and meeting of for our us we coverage capital liens strong important pro contribute allows our restructuring an and adjusted subsidiary and floating prepared ratio. flexibility please with the reached It we a rigs senior to with prime ensure structure, subject process emerge all contracting end notes. now was the of of opportunities the in We strategic strongest take questions. secured open provided the for they in balance the are as Operator, industry line sheet remarks. for position in We've our feel the our advantage arise.
