Offshore drilling services leader Valaris Limited, the Bermuda exempted company, has reported a net loss of $39.8 million in the first quarter 2022 compared with net income of $27.7 million in the fourth quarter 2021.

Revenues increased to $318 million in the first quarter from $306 million in the fourth quarter.

Anton Dibowitz, president and chief executive officer, said: “We are currently in the midst of a transitional period as we incur reactivation costs to put three drillships and one semi-submersible back to work on long-term contracts.

“I am proud of the progress that the entire Valaris team has made in executing these major projects concurrently, particularly considering the ongoing pandemic, personnel and global supply chain challenges.

“Valaris DPS-1 recently returned to work, and we continue to expect that all four floaters will be on contract by the middle of the year with financial results expected to improve meaningfully as these reactivations are completed.”