Valaris Ltd reported Q3 2023 revenues of $455.1 million, missing the consensus of $469.4 million. The lower results were due to lower-than-expected floater revenue efficiency and two contract commencement delays. However, the company got new contracts and extensions, with an associated contract backlog of around $465 million, increasing to $3.2 billion. Valaris repurchased $85 million of shares in Q3 and reiterated the 2023 share repurchase target at $200 million. The company's outlook is positive, expecting improved earnings in 2024 and 2025.