Valaris Earnings Report
Non-GAAP Reconciliations
(In millions)
ACTIVE FLEET
Net income (loss)
Add (subtract):
Reactivation costs
Depreciation and amortization, net
Other
Adjusted EBITDAR1
VALARIS
(In millions)
(In millions)
Year-Ended
December 31,
2022
LEASED & MANAGED RIGS
Year-Ended
December 31,
2022
ARO
Year-Ended
December 31,
2022
$
232.2
Net income (loss)
$
76.8
Add (subtract):
124.3
Reactivation costs
Net income
Add (subtract):
Income tax expense
20.7
64.8
SA
(9.0)
412.3
Depreciation and amortization, net
Other
5.3
(0.1)
Other expense, net
Operating income
3.8
11.1
SA
35.6
Adjusted EBITDAR¹
82.0
Add (subtract):
Depreciation expense
EBITDA
$
63.4
99.0
1 Adjusted EBITDAR for active fleet and leased and managed rigs excludes onshore support costs and general and administrative expense
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