(Corrects typographical error in headline)

Overview

* Valaris ( VAL ) Q2 net income $114 mln, a turnaround from Q1 net loss

* Adjusted EBITDA of $201 mln beats expectations

* Company secured $1 bln in new contracts, boosting backlog to $4.7 bln

Outlook

* Valaris ( VAL ) anticipates additional awards across the industry in coming months

* Company sees pipeline of floater opportunities converting into contracts

* Valaris ( VAL ) highlights high-specification fleet for future opportunities

* Company emphasizes readiness to deliver long-term shareholder value

Result Drivers

* CONTRACT BACKLOG - Valaris ( VAL ) secured over $1 bln in new contracts, increasing total backlog to approximately $4.7 bln

* REVENUE EFFICIENCY - Achieved revenue efficiency of 96%, contributing to strong operational performance

* FLEET UTILIZATION - Secured contracts for three 7th generation drillships, demonstrating fleet quality and operational strength

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q2 Net $114 mln

Income

Q2 Beat $201 mln $155.90

Adjusted mln (8

EBITDA Analysts

)

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 8 "strong buy" or "buy", 5 "hold" and 1 "sell" or "strong sell"

* The average consensus recommendation for the oil & gas drilling peer group is "buy"

* Wall Street's median 12-month price target for Valaris Ltd ( VAL ) is $50.00, about 1.9% below its July 29 closing price of $50.94

* The stock recently traded at 15 times the next 12-month earnings vs. a P/E of 9 three months ago

Press Release:

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)