Valaris Q3 2023 Earnings Report
Key Takeaways
Valaris reported a net income of $17 million and revenues of $455 million for the third quarter of 2023. The company was awarded new contracts and extensions with associated contract backlog of approximately $465 million during the quarter. The outlook for Valaris is positive, with increasing demand and constrained supply tightening the market.
Net income of $17 million, Adjusted EBITDA of $40 million and Adjusted EBITDAR of $91 million.
Delivered revenue efficiency of 94% during the quarter and 97% year to date.
Awarded new contracts and extensions with associated contract backlog of approximately $465 million during the third quarter.
Repurchased $85 million of shares during the third quarter and $171 million to date.
Valaris
Valaris
Valaris Revenue by Segment
Forward Guidance
The outlook for Valaris is positive, with increasing demand and constrained supply tightening the market. The company expects to deliver meaningfully improved earnings in both 2024 and 2025 due to the impact of recent and ongoing drillship reactivations at attractive day rates, as well as the repricing of rigs from legacy day rate contracts to higher markets rates.
Revenue & Expenses
Visualization of income flow from segment revenue to net income