secwatch.observer — SEC 8-K summary
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Issuer:     Valaris Ltd (VAL)
CIK:        0000314808
Form:       8-K
Filed at:   2024-02-22T23:59:59+00:00
Accession:  0000314808-24-000011
Event type: earnings
Sentiment:  positive
Materiality: 0.80
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/314808/000031480824000011/0000314808-24-000011-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/314808/000031480824000011/val-20240221.htm
  HTML page:      https://secwatch.observer/filing/0000314808-24-000011

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