VAL 8-K: Valaris reports Q4 2023 net income of $829M, including $790M tax benefit; backlog $3.9B

Valaris reports Q4 2023 net income of $829M, including $790M tax benefit; backlog $3.9B

Valaris Ltd

2023-FY EPS reported $11.51 revenue$1,784,200,000

Net income $828.5M (includes $790M tax benefit); adjusted EBITDA $57.5M vs $40M in Q3 2023.

Revenue $483.8M, up 6% QoQ; contract backlog rose to >$3.9B from $2.4B a year ago.

Awarded $1.4B in new contracts during Q4, including multi-year drillship deals at leading-edge rates.

Board increased share repurchase authorization to $600M; repurchased $50M in Q4 ($200M in 2023).

Took delivery of newbuild drillships DS-13 and DS-14 for $337M; cash and restricted cash $636M.

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 fourth quarter 2023 results: revenue Revenues increased to $484 million from $455 million in the third quarter 2023, net income Net income of $829 million (including tax benefit of $790 million).

Period: fourth quarter 2023
Revenue: Revenues increased to $484 million from $455 million in the third quarter 2023
Net income: Net income of $829 million (including tax benefit of $790 million)
Result: reported results

Exact text from the filing

We expect to deliver significant earnings and cash flow growth over the next few years and we intend to return all future free cash flow to shareholders unless there is a better or more value accretive use for it.” Financial and Operational Highlights • Net income of $829 million (including tax benefit of $790 million), Adjusted EBITDA of $58 million and Adjusted EBITDAR of $96 million; • Delivered revenue efficiency of 93% during the quarter and 96% for the year; • VALARIS DS-8 commenced a contract offshore Brazil late in the quarter, following its reactivation; • VALARIS 110 received TotalEnergies' and North Oil Company's global jackup Rig of the Year award; • Awarded new contracts and extensions with associated contract backlog of more than $1.4 billion during the fourth quarter; • Increased total contract backlog to more than $3.9 billion as of February 15, 2024, representing a nearl

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