---
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"
generated_at: "2026-06-05T21:14:03.313983+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: earnings
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000314808-24-000011
- JSON: https://secwatch.observer/filing/0000314808-24-000011.json
- Plain text: https://secwatch.observer/filing/0000314808-24-000011.txt

## Key facts
- Earnings Releases
  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
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/314808/000031480824000011/0000314808-24-000011-index.htm

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