Valaris reports Q2 EPS $1.61, consensus $1.21

Reports Q2 revenue $615M, consensus $582.18M. President and Chief Executive Officer Anton Dibowitz said, “I am very proud of the entire Valaris (VAL) team for delivering another quarter of strong operational and financial performance, with revenue efficiency of 96% contributing to meaningful EBITDA and free cash flow for the quarter.” Dibowitz added, “Since reporting our first quarter results, we have secured new contracts with associated revenue backlog of more than $1.0 billion, increasing our total backlog to approximately $4.7 billion. These awards include attractive contracts for three 7th generation drillships, and we have now secured work for three of our four drillships with near-term availability. These awards demonstrate the quality of our fleet, the strength of our operations and the consistent execution of our commercial strategy.”