Valaris Q1 net income $26M, revenue $525M; contract backlog tops $4.0B, up 43% YoY

Valaris Ltd

2024-Q1 EPS reported $0.35 revenue$525,000,000

Net income $26M, revenue $525M (up 9% QoQ); fleetwide revenue efficiency 97%.
Adjusted EBITDA $54M, Adjusted EBITDAR $84M; net income down vs Q4 due to $790M tax benefit in prior quarter.
New contracts/extensions with backlog >$520M; total backlog >$4.0B, 6th consecutive quarterly increase.
Floaters segment revenue $324M (+23% QoQ) driven by VALARIS DS-8 reactivation; jackup revenue down 15% due to idle time for contract prep.
Capital expenditures $151M; cash $509M; company plans to return all future free cash flow to shareholders.

item 2.02 item 9.01

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 first quarter 2024 results: revenue $525 million, net income $26 million.

Period: first quarter 2024
Revenue: $525 million
Net income: $26 million
Result: reported results

Exact text from the filing

quarter, partially offset by more operating days for the floater fleet. Adjusted EBITDAR decreased to $84 million from $96 million in the fourth quarter. Revenues increased to $525 million from $484 million in the fourth quarter 2023. Excluding reimbursable items, revenues increased to $491 million from $453 million in the fourth quarter primarily due to VALARIS

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Source: SEC EDGAR

accession 0000314808-24-000059

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