{
  "id": 5809235,
  "title": "Valaris (VAL) Swings Back to Profit, but Middle East Costs Linger",
  "url": "https://urgent.news/2026/09/05/valaris-val-swings-back-to-profit-but-middle-east-costs-linger",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-05T18:17:58.000Z",
  "source": {
    "name": "Yahoo Finance",
    "slug": "yahoo-finance",
    "url": "https://finance.yahoo.com/markets/stocks/articles/valaris-val-swings-back-profit-181758119.html"
  },
  "original_language": "en",
  "account": "Valaris (VAL) reported a profit in the second quarter of 2023, reversing a loss from the previous quarter, despite ongoing costs in the Middle East. Revenue reached $539 million, up from $67 million in the first quarter, while net income climbed to $47 million, a significant improvement from $18 million. Adjusted EBITDA also increased to $97 million from $67 million. Two idle drillships were brought back online, and two more are expected to start operations before the end of the year. The company sold two jackups for $74 million and increased backlog in the North Sea by $160 million. However, costs in the Middle East added $30 million to adjusted EBITDA compared to the previous quarter, largely due to war-related insurance premiums and reduced revenue from vessels in shipyards. Contract drilling expenses rose to $380 million, partly due to startup costs for new drillships and higher repair bills. Cash on hand fell to $541 million, while capital spending increased to $106 million. The pending merger with Transocean is expected to bring cost synergies and a broader combined fleet. Despite a slight decrease in hedge fund ownership and a higher short interest, Valaris is positioned for earnings recovery, with shares trading at a forward price-to-earnings ratio of 29.07.",
  "summary": null,
  "key_points": [
    "Valaris returns to profit in Q2 2023 with $47 million net income",
    "Middle East costs add $30 million to adjusted EBITDA",
    "Company sells two jackups, backlog increases in North Sea"
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}