secwatch.observer — SEC 8-K summary
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Issuer:     Valaris Ltd (VAL)
CIK:        0000314808
Form:       8-K
Filed at:   2024-05-02T23:59:59+00:00
Accession:  0000314808-24-000059
Event type: earnings
Sentiment:  positive
Materiality: 0.80
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/314808/000031480824000059/0000314808-24-000059-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/314808/000031480824000059/val-20240501.htm
  HTML page:      https://secwatch.observer/filing/0000314808-24-000059

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