That's not an adjustable BB, it's a straightforward cartridge held on by a pair of lockrings, which need to be set seriously tight, or with some thread locker.

Anyway, your shell isn't ovalized, but some of the thread is worn away, or mashed. On low end bikes I'd cure this down and dirty by using my 4# stonecutter's mallet to ovalize the BB, with the short radius at 6 and 12. That would bring fresh metal to a tap-able diameter, so I'd fill in the sides with some body filler, and retap the shell. The cups will get good support form the roughly 100 degrees top and bottom of meal to metal contact and the job can last for eons.

Fir a better bike, I'd ovalize less (only enough to ensure steel at the minor diameter), Retap, following the old thread, then fill the long radius area with braze or silver solder, and retap again, now following the good threads I'd established at 6 and 12. That job would outlast the bike.

The other option if the bike has ISO (British) threads, is to source an Italian BB (thread, not country of origin) tap the frame Italian (no ovalizing needed) and be as good as new (or at least a new Italian bike).

There may be other options if there's still enough metal at the right diameter, but it depends on the amount of material available and the type of tap the shop has.