---
schema_version: "secwatch.filing_event.v1"
accession: "0000314808-23-000043"
form_type: "8-K"
ticker: "VAL"
cik: "0000314808"
company_name: "Valaris Ltd"
filed_at: "2023-05-02T23:59:59+00:00"
generated_at: "2026-06-16T03:55:17.017689+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000314808-23-000043
- form_type: 8-K
- ticker: VAL
- cik: 0000314808
- company_name: Valaris Ltd
- filed_at: 2023-05-02T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/314808/000031480823000043/0000314808-23-000043-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/314808/000031480823000043/val-20230501.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000314808-23-000043
- JSON: https://secwatch.observer/filing/0000314808-23-000043.json
- Plain text: https://secwatch.observer/filing/0000314808-23-000043.txt

## Key facts
- Earnings Releases
  Valaris Ltd reported financial results for First Quarter 2023.
  - Period: First Quarter 2023
  - Result: reported results
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/314808/000031480823000043/0000314808-23-000043-index.htm

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