---
schema_version: "secwatch.filing_event.v1"
accession: "0000314808-23-000112"
form_type: "8-K"
ticker: "VAL"
cik: "0000314808"
company_name: "Valaris Ltd"
filed_at: "2023-08-02T23:59:59+00:00"
generated_at: "2026-06-12T15:11:31.833717+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000314808-23-000112
- form_type: 8-K
- ticker: VAL
- cik: 0000314808
- company_name: Valaris Ltd
- filed_at: 2023-08-02T23:59:59+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/314808/000031480823000112/0000314808-23-000112-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/314808/000031480823000112/val-20230801.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000314808-23-000112
- JSON: https://secwatch.observer/filing/0000314808-23-000112.json
- Plain text: https://secwatch.observer/filing/0000314808-23-000112.txt

## Key facts
- Earnings Releases
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/314808/000031480823000112/0000314808-23-000112-index.htm

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