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Valaris Limited (VAL) offers offshore contract drilling services to oil and gas industry in Bermuda and internationally. 
The company owns an offshore drilling rig fleet of 56 rigs, which include 11 drillships, 4 dynamically positioned semisubmersible rigs, 1 moored semisubmersible rig, and 40 jackup rigs.
It serves international, government-owned, and independent oil and gas companies in the Gulf of Mexico, the North Sea, the Middle East, West Africa, Australia, and Southeast Asia.
On May 2nd, Compny reported revenues increased to $318 million in the first quarter 2022 from $306 million in the fourth quarter 2021. Excluding reimbursable items, revenues increased to $291 million in the first quarter from $283 million in the fourth quarter primarily due to higher utilization for the jackup fleet and higher average day rates for the other segment, partially offset by lower utilization for the floater fleet.
Shares have formed a bullish "wedge" and are expected to break higher out of this formation.
Entry Point: $60.00
Stop Loss: $57.00
Trading Range: $23.02 - $61.70
Target Price: $66.00
