Valaris Q3 net income $17M vs loss; revenue up 10%; $465M new contract backlog

Valaris Ltd

2023-Q3 EPS reported $0.40 revenue$1,300,400,000

Net income $17M (Q2 net loss $27M); adjusted EBITDA $40M (Q2 $15M).
Revenue $455M (+10% QoQ); fleetwide revenue efficiency 94% in quarter, 97% YTD.
Awarded $465M contract backlog in Q3; additional $335M post-quarter; drillship reactivations ongoing.
Executed $400M add-on 8.375% second lien notes due 2030 to fund newbuild drillship purchases.
Repurchased $85M shares in Q3, $171M YTD; on track for $200M 2023 target.

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 0.95

Valaris Ltd reported Third Quarter 2023 results: revenue $455 million, net income $17 million.

Period: Third Quarter 2023
Revenue: $455 million
Net income: $17 million
Result: reported results

Exact text from the filing

and an increase in unplanned downtime related to several floaters. Adjusted EBITDAR increased to $91 million from $59 million in the second quarter. 1 Revenues increased to $455 million from $415 million in the second quarter 2023. Excluding reimbursable items, revenues increased to $427 million from $388 million in the second quarter. The increase was primarily

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Source: SEC EDGAR

accession 0000314808-23-000127

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