{"schema_version":"secwatch.filing_event.v1","accession":"0000314808-24-000011","form_type":"8-K","ticker":"VAL","cik":"0000314808","company_name":"Valaris Ltd","filed_at":"2024-02-22T23:59:59+00:00","discovered_at":"2026-05-14T18:03:26.541856+00:00","generated_at":"2026-06-05T21:14:03.313983+00:00","sec_items":["2.02","9.01"],"event_type":"earnings","sentiment":"positive","materiality_score":0.8,"calibrated_materiality_score":0.8,"confidence":"high","headline":"Valaris reports Q4 2023 net income of $829M, including $790M tax benefit; backlog $3.9B","bullets":["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."],"urls":{"canonical":"https://secwatch.observer/filing/0000314808-24-000011","json":"https://secwatch.observer/filing/0000314808-24-000011.json","markdown":"https://secwatch.observer/filing/0000314808-24-000011.md","text":"https://secwatch.observer/filing/0000314808-24-000011.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/314808/000031480824000011/0000314808-24-000011-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/314808/000031480824000011/val-20240221.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-05T21:14:03.313983+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"845db2701e026506737da1585fa77a44b979ed95","claim":"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).","evidence_excerpt":"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","evidence_source":"SEC 8-K Item 2.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/314808/000031480824000011/0000314808-24-000011-index.htm","confidence":0.95,"family_label":"Earnings Releases","details":[{"label":"Period","value":"fourth quarter 2023"},{"label":"Revenue","value":"Revenues increased to $484 million from $455 million in the third quarter 2023"},{"label":"Net income","value":"Net income of $829 million (including tax benefit of $790 million)"},{"label":"Result","value":"reported results"}],"fact_type":"earnings_release"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}