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Mar 31, 2024
Valaris Q1 2024 Earnings Report
Delivered strong safety and operational performance, benefited from drillship reactivation, and awarded new contracts and extensions.
Key Takeaways
Valaris reported first quarter 2024 results with a net income of $26 million and revenues of $525 million. The company achieved a fleetwide revenue efficiency of 97% and secured new contracts and extensions with associated contract backlog of more than $520 million. Total contract backlog increased to more than $4.0 billion as of April 30, 2024.
Net income of $26 million, Adjusted EBITDA of $54 million and Adjusted EBITDAR of $84 million.
Revenue efficiency of 97% during the quarter.
Strong safety performance, including no Lost Time Incidents (LTI) during the quarter.
Awarded new contracts and extensions with associated contract backlog of more than $520 million during the first quarter.
Revenue by Segment
Forward Guidance
Valaris is focused on securing attractive contracts that support anticipated earnings and cash flow growth over the next few years and intends to return all future free cash flow to shareholders unless there is a better or more value accretive use for it.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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