Valaris posts Q4 net income of $829 million, boosted by $790 million tax benefit
Valaris reported fourth quarter 2023 results in a press release dated February 21, 2024. Revenue rose to $484 million from $455 million in the third quarter, and net income rose to $829 million, which included a $790 million tax benefit, while the board doubled the share repurchase authorization to $600 million from $300 million.
- Net income was $829 million in Q4 2023, up from $17 million in Q3 2023, including a $790 million tax benefit
- Revenue rose to $484 million from $455 million; Adjusted EBITDA rose to $58 million from $40 million
- Total contract backlog was more than $3.9 billion as of February 15, 2024, and the share repurchase authorization was raised to $600 million from $300 million