Valaris Q2 net loss $27M, revenue $415M; increases share repurchase target to $200M

Valaris Ltd

2023-Q2 EPS reported $0.23 revenue$845,300,000

Net loss of $27M vs net income of $49M in Q1 2023; Adjusted EBITDA $15M, down from $29M.
Revenue $415M, down 3% from $430M; floater revenue up 6%, jackup revenue down 15%.
Awarded $180M in new contracts in Q2; post-quarter-end VALARIS DS-7 contract raised backlog to $3.0B.
Increased 2023 share repurchase target from $150M to $200M; $65M repurchased in Q2, $94M YTD.
Revenue efficiency 97%; reactivation costs rose to $44M from $26M in Q1 for DS-8 and DS-17.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Valaris Ltd reported second quarter 2023 results: revenue $415 million, net income Net loss of $27 million.

Period: second quarter 2023
Revenue: $415 million
Net income: Net loss of $27 million
Result: reported results

Exact text from the filing

million in the first quarter primarily due to higher reactivation expense. Adjusted EBITDAR increased to $59 million from $55 million in the first quarter. Revenues decreased to $415 million from $430 million in the first quarter 2023. Excluding reimbursable items, revenues decreased to $390 million from $408 million in the first quarter. The decrease was primarily

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Source: SEC EDGAR

accession 0000314808-23-000112

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