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Shares of Valaris plc Surge on Better-Than-Expected Earnings

TheMotleyFool

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Shares of Valaris plc Surge on Better-Than-Expected Earnings

Shares of offshore oil rig company Valaris plc (NYSE: VAL) are up 17.1% as of 11 a.m. EST today. Even though Valaris, the new name for the now merged Ensco plc and Rowan Companies, has been a rather volatile stock in general, today's move comes after beating expectations and booking additional contracts for its rigs.

The offshore drilling business has been an absolute mess over the past half-decade. Long gone are the days where the only place left to find oil is offshore, so exploration & production companies are spending much less on offshore exploration. As a result, they are leasing equipment from Valaris and its peers, which shows in this stock chart.