Valaris Q1 net income $49M; backlog rises to $2.8B; board expands buyback to $300M

Valaris Ltd

2023-Q1 EPS reported $0.61 revenue$430,100,000

Net income $49M vs $31M Q4 2022; revenue $430M, down 1% QoQ; revenue efficiency 99%.
New contracts/extensions add ~$820M backlog, total contract backlog rises to $2.8B.
April refinancing added $375M revolver, increasing total liquidity by ~$500M to $844M.
Share repurchase authorization increased to $300M; plans to buy back $150M by year-end.
Full-year 2023 guidance unchanged; Q1 results beat prior expectations.

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 0.75

Valaris Ltd reported financial results for First Quarter 2023.

Period: First Quarter 2023
Result: reported results

Exact text from the filing

Attached hereto as Exhibit 99.1 and incorporated by reference in its entirety into this Item 2.02 is a copy of the press release dated May 1, 2023 of Valaris Limited announcing its First Quarter 2023 results.

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Valaris Ltd filing history →

Source: SEC EDGAR

accession 0000314808-23-000043

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