Strong Financial Performance
Valaris reported total revenues of $621 million, up from $584 million in the prior quarter, and adjusted EBITDA of $181 million, up from $142 million in the prior quarter. Adjusted free cash flow was $74 million.
Significant Contract Backlog Increase
Since the last call, Valaris has added more than $1 billion in new contract backlog, including a $350 million contract for the drill ship Valaris DS-10. The total backlog increased to more than $4.2 billion, a nearly 20% increase from the previously reported $3.6 billion.
Safety Awards and Milestones
Valaris received the 2024 Best Safety Performance Award for jackup rigs from the IADC North Sea chapter. Rigs VALARIS 121, 144, and Mad Dog achieved significant safety milestones, including two years without a recordable incident for VALARIS 121.
Successful Jackup Contract Extensions
Five jackups chartered to ARO Drilling joint venture were extended for five-year terms, securing their operations into 2030.
Positive Market Outlook
Despite macroeconomic uncertainties, Valaris remains optimistic about offshore production's role in meeting global energy needs. The company is actively engaged in discussions for additional contracting opportunities in 2026 and beyond.