Demi Moore, 61, and The Substance co-star Margaret Qualley, 30, stun in black and white dresses as they reunite at the 15th annual Governors Awards in LA

Demi Moore and her The Substance co-star Margaret Qualley stunned in black-and-white dresses as they reunited at the 15th annual Governors Awards in LA on Sunday.

Hollywood actress, Demi, 61, looked incredible as she wore a black little black dress, which featured a cape-like design .

Her dress showcased her toned legs, which he elongated with a pair of black Mary Janes heels.

She put on a very glitzy display as she accessorised with a myriad of bold diamond statement pieces.

Meanwhile, Margaret, 30, looked ethereal in a long white floaty dress with delicate diamond detailing around the bodice and skirt.

Margaret paired her gown with sensible white heels, delicate silver earrings and a diamond bracelet.

She slicked her long brunette locks back into a back-combed side ponytail.

The pair looked happy to be reunited as they posed confidently on the red carpet at the Ray Dolby Ballroom at Ovation Hollywood.

Demi and Margaret star in the horror film The Substance - which is directed, written and produced by French filmmaker Coralie Fargeat.

It sees Elisabeth Sparkle (Demi), a former Oscar winner settle in TV with a popular aerobics program that she hosts.

But when she turns 50, she in unceremoniously fired from her show as the network — led by an over-the-top Dennis Quaid — seeks a younger host, even though the show seems to be getting solid ratings.

When Elisabeth learns of a mysterious drug called The Substance that can help her stay young, she jumps at the opportunity.

The shadowy substance causes her to grow a second, younger body (played by Margaret), which she can inhabit for seven days at time, though she must return to her body for a full week off before alternating again.

Her younger self turns out to be a hit with the network and nabs her old show, but Elisabeth realizes that her younger self has trouble only using her body for seven days at a time, and their delayed transfers begin to have significant, stomach-churning impacts on Elisabeth's body.

The film has been applauded by film fans for being a return to the body horror sub-genre pioneered by filmmakers including David Cronenberg (The Fly, Videodrome), Brian Yuzna (Society) and Stuart Gordon (Re-Animator, From Beyond).

Demi, who undergoes multiple shocking physical transformations in The Substance, has received some of the best reviews of her career, while Margaret has capped off a string of acclaimed performances with auteur filmmakers.

The film features an impressive amount of gore for an international co-production that played at the Cannes Film Festival and won its Best Screenplay award earlier this year.

The Governors Awards is a prestigious honor bestowed by the Academy of Motion Picture Arts and Sciences.

It recognises extraordinary lifetime achievements in cinema and exceptional contributions to the film industry.

The event honored the late Quincy Jones, James Bond producers Barbara Broccoli and Michael G. Wilson, filmmaker Richard Curtis and casting director Juliet Taylor.

It's also a de-facto campaign stop for Oscar hopefuls as awards season gets underway.

Super producer Quincy died from pancreatic cancer, per his death certificate released by the Los Angeles County Department of Public Health.

There were no other contributory factors to his death and it is not known how long Jones had been battling cancer for.