Valaris Q2 net income $151M vs $26M Q1; backlog tops $4.3B

Valaris Ltd

2024-Q2 EPS reported $2.38 revenue$1,135,100,000

Net income of $151M vs $26M in Q1; Adjusted EBITDA $139M vs $54M Q1.
Revenue $610M (+16% QoQ); revenue efficiency 99% with no lost time incidents.
Contract backlog >$4.3B at July 29 (+42% YoY); new $500M Equinor contract for VALARIS DS-17 offshore Brazil.
Capital expenditures $110M; cash $410M (down from $509M due to capex).
CEO expects significant earnings and cash flow growth; all future free cash flow to be returned to shareholders.

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