---
schema_version: "secwatch.filing_event.v1"
accession: "0000314808-23-000015"
form_type: "8-K"
ticker: "VAL"
cik: "0000314808"
company_name: "Valaris Ltd"
filed_at: "2023-02-21T23:59:59+00:00"
generated_at: "2026-06-19T07:23:04.918191+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000314808-23-000015
- form_type: 8-K
- ticker: VAL
- cik: 0000314808
- company_name: Valaris Ltd
- filed_at: 2023-02-21T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/314808/000031480823000015/0000314808-23-000015-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/314808/000031480823000015/val-20230221.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000314808-23-000015
- JSON: https://secwatch.observer/filing/0000314808-23-000015.json
- Plain text: https://secwatch.observer/filing/0000314808-23-000015.txt

## Key facts
- Earnings Releases
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/314808/000031480823000015/0000314808-23-000015-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.