Valaris Q4 2023 Earnings Report
Key Takeaways
Valaris reported a strong fourth quarter with significant contract backlog increase and new contracts, leading to positive financial results. The company is optimistic about future earnings and cash flow growth, planning to return free cash flow to shareholders.
Net income increased to $829 million, including a tax benefit of $790 million.
Adjusted EBITDA increased to $58 million.
New contracts and extensions awarded with associated contract backlog of more than $1.4 billion during the fourth quarter.
Total contract backlog increased to more than $3.9 billion as of February 15, 2024.
Valaris
Valaris
Valaris Revenue by Segment
Forward Guidance
Valaris anticipates significant earnings and cash flow growth in the coming years and intends to return all future free cash flow to shareholders unless a better value-accretive opportunity arises.
Revenue & Expenses
Visualization of income flow from segment revenue to net income