Valaris Q3 net income $78M, adjusted EBITDA $76M; revenue up 6% to $437M

Valaris Ltd

2022-Q3 EPS reported $1.95 revenue$1,168,900,000

Net income $78M (Q2: $113M); adjusted EBITDA $76M ($29M in Q2); revenue $437M (+6% QoQ).
Won contracts/additions adding >$250M backlog; floater contracts offshore Brazil and Mexico.
Sold 40-year old jackup VALARIS 54 for $28.5M; expected close March 2023 upon contract completion.
Received $40M partial early repayment of ARO shareholder notes; remaining balance $403M.
Q3 operating income $61.6M vs. loss of $15.6M in Q2; no impairment loss.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Valaris Ltd reported Third Quarter 2022 results: revenue $437 million, net income $78 million.

Period: Third Quarter 2022
Revenue: $437 million
Net income: $78 million
Result: reported results

Exact text from the filing

EBITDA increased to $76 million from $29 million in the second quarter. Adjusted EBITDAR increased to $94 million from $54 million in the second quarter. Revenues increased to $437 million from $413 million in the second quarter 2022. Excluding reimbursable items, revenues increased to $416 million from $385 million in the second quarter. The increase was primarily

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Source: SEC EDGAR

accession 0000314808-22-000126

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