---
schema_version: "secwatch.filing_event.v1"
accession: "0000314808-23-000127"
form_type: "8-K"
ticker: "VAL"
cik: "0000314808"
company_name: "Valaris Ltd"
filed_at: "2023-11-07T23:59:59+00:00"
generated_at: "2026-06-08T17:57:51.086530+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000314808-23-000127
- form_type: 8-K
- ticker: VAL
- cik: 0000314808
- company_name: Valaris Ltd
- filed_at: 2023-11-07T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/314808/000031480823000127/0000314808-23-000127-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/314808/000031480823000127/val-20231106.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000314808-23-000127
- JSON: https://secwatch.observer/filing/0000314808-23-000127.json
- Plain text: https://secwatch.observer/filing/0000314808-23-000127.txt

## Key facts
- Earnings Releases
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/314808/000031480823000127/0000314808-23-000127-index.htm

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