Valaris Q2 2024 Earnings Report
Key Takeaways
Valaris reported a strong second quarter in 2024, marked by excellent safety and operating performance, achieving 99% revenue efficiency. The company saw a meaningful improvement in financial results, driven by the successful contract startup for VALARIS DS-7 and secured a new multi-year contract with Equinor for VALARIS DS-17.
Net income of $151 million, Adjusted EBITDA of $139 million and Adjusted EBITDAR of $150 million.
Revenue efficiency of 99% during the quarter.
Strong safety performance, including no Lost Time Incidents (LTI) for the second consecutive quarter.
Increased total contract backlog to more than $4.3 billion as of July 29, 2024, representing the seventh consecutive quarter of backlog growth and a 42% increase from twelve months ago.
Valaris
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Valaris Revenue by Segment
Forward Guidance
Valaris expects to deliver significant 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