Valaris Q1 2023 Earnings Report
Key Takeaways
Valaris reported a net income of $49 million for Q1 2023. The company achieved a revenue efficiency of 99% and secured new contracts and extensions, increasing contract backlog to $2.8 billion. A refinancing transaction enhanced liquidity by almost $500 million, and the share repurchase authorization was increased to $300 million.
Generated Net Income of $49 million, Adjusted EBITDA of $24 million and Adjusted EBITDAR of $51 million.
Delivered revenue efficiency of 99%.
Awarded new contracts and extensions with associated contract backlog of approximately $820 million, increasing total contract backlog to $2.8 billion.
Enhanced capital structure and liquidity through a refinancing in April 2023, including the addition of a $375 million revolving credit facility.
Valaris
Valaris
Valaris Revenue by Segment
Forward Guidance
The Company's first quarter 2023 results were better than prior guidance primarily due to timing of anticipated projects moving from the first quarter to subsequent quarters. The Company's full-year 2023 guidance remains unchanged.
Revenue & Expenses
Visualization of income flow from segment revenue to net income