Valaris Q1 2025: Net loss $39M (incl. $167M tax charge), Adj. EBITDA $181M, backlog $4.2B

Valaris Ltd

2025-Q1 EPS reported -$0.53 revenue$620,700,000

Revenue $621M, revenue efficiency 96%; sequential revenue up from $584M in Q4 2024.
Net loss $39M vs Q4 net income $131M due to $167M discrete tax expense from valuation allowance on semisub retirements.
Adjusted EBITDA $181M, up 27% from $142M in Q4 2024, driven by higher floater revenues.
Secured ~$1.0B in new contract backlog; total backlog increased to >$4.2B, up ~20% since Feb fleet report.
Sold semisubs DPS-3/5/6 for recycling; incurred $8M impairment loss; cash and equivalents rose to $454M.

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