Valaris Q1 revenue rises 9% to $525 million; net income falls to $26 million
Valaris reported first quarter 2024 revenue of $525 million, up from $484 million in the fourth quarter of 2023, helped by the reactivated drillship VALARIS DS-8 and higher floater revenue efficiency. Net income fell to $26 million from $829 million, a period that included an $800 million deferred tax benefit, and Adjusted EBITDA slipped to $54 million from $58 million. Contract backlog rose to more than $4.0 billion as of April 30, 2024, the sixth straight quarterly increase.
Key points
- Revenue of $525 million vs $484 million in Q4 2023; excluding reimbursable items, $491 million vs $453 million
- Net income of $26 million vs $829 million in Q4 2023, which included an $800 million deferred tax benefit; diluted EPS $0.35 vs $11.30
- Adjusted EBITDA of $54 million vs $58 million in Q4 2023, reflecting idle time for jackups in contract preparations and surveys
- Contract backlog of more than $4.0 billion as of April 30, 2024, up 43% from twelve months earlier; Q1 awards exceeded $520 million
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 1:05 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on May 02, 2024.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.