Valaris Q4 2022 net income $31M, revenue $434M; backlog additions >$400M

Valaris Ltd

2022-FY EPS reported $2.33 revenue$1,602,500,000

Net income $31M (vs $78M Q3); Adjusted EBITDA $54M; revenue $434M, down 1% QoQ.
Revenue efficiency 98% in Q4; new contracts/extensions added >$400M backlog in Q4 and ~$230M in early 2023.
Floater revenue up 5% to $211M; jackup revenue down 7% to $182M; ARO Drilling revenue up 8% to $120M.
Total liquidity $748M at year-end, up from $644M at Q3; capex $54M.
CEO notes reactivation of four floaters on time/budget; advanced discussions for multi-year drillship opportunity.

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 the fourth quarter 2022 results: revenue $434 million, net income $31 million.

Period: the fourth quarter 2022
Revenue: $434 million
Net income: $31 million
Result: reported results

Exact text from the filing

EBITDA decreased to $54 million from $76 million in the third quarter. Adjusted EBITDAR decreased to $75 million from $94 million in the third quarter. Revenues decreased to $434 million from $437 million in the third quarter 2022. Excluding reimbursable items, revenues decreased to $413 million from $416 million in the third quarter primarily due to lower

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Source: SEC EDGAR

accession 0000314808-23-000015

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