Every material Form 8-K Valaris filed with the SEC in 2024, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Valaris Limited reported third quarter 2024 results on October 30, 2024. Revenue rose to $643 million from $610 million in the second quarter and Adjusted EBITDA rose to $150 million from $139 million, while net income fell to $63 million from $151 million, with a $24 million tax expense compared with a $30 million tax benefit in the prior quarter. The company also repurchased $100 million of shares during the quarter.
Revenue $643 million vs. $610 million in Q2 2024; Adjusted EBITDA $150 million vs. $139 million
Net income $63 million vs. $151 million in Q2 2024; net income included $24 million of tax expense
Repurchased $100 million of shares in the third quarter; free cash flow of $111 million
Three-year contract extension for VALARIS 118 added $168 million of contract backlog
Valaris director James W. Swent III resigned from the Board of Directors on October 15, 2024, and the board now has six members. Catherine Hughes was also appointed chair of the Nominating and Governance Committee. The filing describes an administrative board change and does not give a reason for the resignation.
James W. Swent III resigned from the Board of Directors of Valaris Limited on October 15, 2024.
The board now comprises six directors following the resignation.
Catherine Hughes was appointed to the Nominating and Governance Committee and will serve as its chair.
Valaris reported second quarter 2024 results that improved sharply from the first quarter, with net income of $151 million, revenue of $610 million and Adjusted EBITDA of $139 million. The company said the results were better than its prior guidance, and contract backlog reached more than $4.3 billion as of July 29, 2024.
Net income of $151 million in Q2 2024, up from $26 million in Q1 2024; diluted EPS of $2.03 versus $0.35 in Q1
Revenues of $610 million, up from $525 million in Q1 2024; Adjusted EBITDA of $139 million, up from $54 million
Contract backlog above $4.3 billion as of July 29, 2024, a 42% increase from twelve months earlier, including a multi-year Equinor contract for VALARIS DS-17 adding nearly $500 million
Valaris director Deepak Munganahalli resigned from the company's board on July 18, 2024, according to a filing dated July 19, 2024. The company said the resignation was for personal reasons and not due to any disagreement over its operations, policies, or practices, so it does not signal a dispute at the company.
Deepak Munganahalli resigned from the Board of Directors of Valaris Limited on July 18, 2024.
The company said the resignation was for personal reasons.
The filing states there was no disagreement relating to the Company's operations, policies, or practices.
The 8-K was signed by Davor Vukadin, Senior Vice President and General Counsel, on July 19, 2024.
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.
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
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
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.
Only material 8-Ks get a brief: results, deals, executive changes, restructuring, impairments, delisting notices, restatements, cybersecurity incidents and other disclosed events. Routine filings (vote results, exhibits only) are skipped. Every Valaris filing is on SEC EDGAR ↗. 8-K briefs of other companies →