US drilling major Valaris posted better than expected first quarter results, although this was caused by a change in project schedules rather than improved market conditions.

The New York-listed player has also landed three new rig contracts, one attracting a disappointing day rate from a supermajor for work in South America and the others surprising the market because they emerged from the moribund UK North Sea.

Valaris also announced today that Aro Drilling, its joint venture with Saudi Aramco, has appointed Mohamed Hegazi as chief executive, replacing retiring Derek Kent.