Earnings summaries and quarterly performance for Valaris.
Executive leadership at Valaris.
Anton Dibowitz
Detailed
President and Chief Executive Officer
CEO
CW
Chris Weber
Senior Vice President and Chief Financial Officer
DV
Davor Vukadin
Senior Vice President, General Counsel and Secretary
GL
Gilles Luca
Senior Vice President and Chief Operating Officer
ML
Matthew Lyne
Senior Vice President and Chief Commercial Officer
Board of directors at Valaris.
Research analysts who have asked questions during Valaris earnings calls.
David Smith
Truist Securities
5 questions for VAL
Also covers: AESI, BK, CLB +21 more
Fredrik Stene
Clarksons Securities
5 questions for VAL
Also covers: BORR, NE, RIG +2 more
EK
Edward Kim
TD Cowen
4 questions for VAL
Also covers: AESI, HP, LBRT +5 more
GL
Gregory Lewis
BTIG, LLC
4 questions for VAL
Also covers: ABTC, BLBD, BTDR +27 more
JJ
Joshua Jayne
Daniel Energy Partners
4 questions for VAL
Also covers: AESI, AROC, BORR +20 more
Eddie Kim
Barclays
3 questions for VAL
Also covers: AESI, BORR, FTI +9 more
KH
Kurt Hallead
The Benchmark Company
3 questions for VAL
Also covers: AESI, BKR, FTI +14 more
DB
Douglas Becker
Capital One
2 questions for VAL
Also covers: AESI, BORR, HAL +6 more
AJ
Arun Jayaram
JPMorgan Chase & Co.
1 question for VAL
Also covers: APA, AR, BKR +33 more
Recent press releases and 8-K filings for VAL.
Valaris Reports Q4 2025 Results and Announces Transocean Transaction
VAL
Earnings
M&A
Guidance Update
- Valaris reported Q4 2025 total operating revenues of $537 million and net income of $717 million, which included a $680 million tax benefit.
- The company secured nearly $900 million in new contract backlog since Q3 2025, increasing its total backlog to approximately $4.7 billion.
- Valaris announced an all-stock transaction with Transocean Ltd. and provided FY 2026 financial guidance, projecting total operating revenues of $2,125 - $2,205 million and Adjusted EBITDA of $485 - $565 million.
- The company repurchased $25 million of shares in Q4 2025, contributing to a total of $100 million for the full year.
Feb 19, 2026, 9:31 PM
Valaris Reports Fourth Quarter 2025 Results and Announces Transocean Transaction
VAL
Earnings
Guidance Update
M&A
- Valaris reported total operating revenues of $537 million and net income of $717 million for the fourth quarter of 2025, which included a $680 million tax benefit. Adjusted EBITDA was $97 million.
- The company secured nearly $900 million of new contract backlog since the third quarter of 2025, increasing the total backlog to approximately $4.7 billion as of February 17, 2026.
- Valaris repurchased $25 million of shares during the fourth quarter and $100 million during the full year 2025.
- For fiscal year 2026, Valaris expects total operating revenues between $2,125 million and $2,205 million and Adjusted EBITDA between $485 million and $565 million.
- Valaris announced an all-stock transaction with Transocean in February 2026.
Feb 19, 2026, 9:30 PM
Valaris Reports Increased Contract Backlog and New Awards in February 2026 Fleet Status Update
VAL
New Projects/Investments
Guidance Update
Revenue Acceleration/Inflection
- Valaris's total contract backlog increased to approximately $4.7 billion as of February 17, 2026, up from $4.5 billion on October 23, 2025, driven by nearly $900 million in new contracts and extensions.
- Key floater contract awards include a five-well extension for VALARIS DS-7 adding approximately $125 million to backlog, a two-year extension for VALARIS DS-9, and a multi-year contract for VALARIS DS-8 valued at approximately $300 million.
- Notable jackup contract awards include a two-year contract for VALARIS 106 worth approximately $74 million, and various extensions for VALARIS 117, VALARIS 123, VALARIS 122, and VALARIS 248.
- The company's contract backlog for 2026 is $1,703.5 million, for 2027 is $1,807.9 million, and for 2028+ is $1,160.9 million, with average drillship day rates between $410,000 and $433,000 and jackup day rates between $110,000 and $128,000 for these periods.
- Valaris removed approximately $120 million from its backlog due to the suspension of the VALARIS 120 contract and sold jackups VALARIS 102 and 145 for recycling in December 2025.
Feb 17, 2026, 10:21 PM
Valaris and Transocean Enter into Business Combination Agreement
VAL
M&A
Board Change
- On February 9, 2026, Valaris Limited and Transocean Ltd. entered into a Business Combination Agreement.
- Transocean will acquire all issued and outstanding common shares of Valaris in exchange for Transocean shares at an exchange ratio of 15.235 Transocean Shares for each Valaris Share.
- Following the consummation of the Business Combination, Transocean's existing shareholders will own approximately 53% and Valaris' existing shareholders will own approximately 47% of the combined company.
- The Business Combination will be effected by a court-approved scheme of arrangement, resulting in Valaris becoming a subsidiary of Transocean.
- Transocean's board of directors will include two current Valaris directors after the Business Combination, subject to Transocean Shareholder approval.
Feb 10, 2026, 2:10 PM
Halper Sadeh LLC Investigates Valaris Sale to Transocean
VAL
M&A
Legal Proceedings
Takeover Bid
- Halper Sadeh LLC is investigating the sale of Valaris Limited (NYSE: VAL) to Transocean Ltd..
- The investigation concerns whether Valaris's board failed to obtain the best possible price for shareholders, conduct a fair sales process, or disclose all material information.
- The proposed transaction involves Valaris shareholders receiving 15.235 shares of Transocean stock for each common share of Valaris.
- Concerns highlighted include potential substantial financial benefits for insiders and terms that could limit superior competing offers.
Feb 9, 2026, 2:12 PM
Transocean to Acquire Valaris
VAL
M&A
Guidance Update
- Transocean will acquire Valaris in an all-stock transaction valued at approximately $5.8 billion, as announced on February 9, 2026.
- Valaris shareholders are set to receive a fixed exchange ratio of 15.235 shares of Transocean stock for each common share of Valaris, resulting in Transocean shareholders owning approximately 53% and Valaris shareholders 47% of the combined company on a fully diluted basis.
- The combined entity is projected to have an enterprise value of approximately $17 billion and an estimated pro forma market capitalization of $12.3 billion.
- The merger is expected to yield over $200 million in identified cost synergies and create a combined fleet of 73 rigs with an industry-leading backlog of approximately $10 billion.
- The transaction is anticipated to close in the second half of 2026, subject to regulatory and shareholder approvals.
Feb 9, 2026, 2:00 PM
Transocean and Valaris Announce Combination
VAL
M&A
New Projects/Investments
- Transocean and Valaris announced a transformational combination in an all-stock transaction, aiming to create a stronger company well-positioned for a multi-year upcycle in offshore drilling.
- The deal is expected to generate more than $200 million in annual deal-related cost synergies and offers an implied premium of 10%-20% over a 60-90-day period to Valaris shareholders.
- The combined entity will have a pro forma backlog of more than $10 billion and anticipates its leverage ratio will drop to about 1.5 times within 24 months of closing.
- The transaction, expected to close in the second half of 2026, is projected to be accretive to free cash flow and earnings on a per-share basis.
- The combined fleet will include 7 highly capable semi-submersibles, 24 7th Gen drillships, two 8th Gen drillships, and a modern jack-up fleet of 31 rigs, which Transocean intends to continue operating.
Feb 9, 2026, 2:00 PM
Transocean to Acquire Valaris
VAL
M&A
Takeover Bid
- Transocean will acquire Valaris in an all-equity transaction, announced on February 9, 2026.
- The deal involves an exchange ratio of 15.235 shares of RIG for each VAL share, resulting in pro forma ownership of ~53% for RIG shareholders and ~47% for VAL shareholders.
- The combined entity is expected to achieve $200M+ in identified cost synergies and accelerate deleveraging, aiming for a leverage ratio of ~1.5x within 24 months.
- The transaction is expected to close in the second half of 2026, subject to shareholder and regulatory approvals.
- Post-acquisition, Keelan Adamson will serve as CEO and Jeremy Thigpen as Executive Board Chair.
Feb 9, 2026, 2:00 PM
Valaris and Transocean Announce All-Stock Combination
VAL
M&A
New Projects/Investments
Guidance Update
- Transocean and Valaris announced an all-stock combination expected to close in the second half of 2026.
- The transaction is projected to yield more than $200 million in annual deal-related cost synergies, contributing over $1.5 billion in value.
- The combined entity will have a pro forma backlog exceeding $10 billion and aims to reduce its leverage ratio to approximately 1.5 times within 24 months of closing.
- The merger creates a diversified fleet, including 24 7th Gen and 2 8th Gen drillships, 7 harsh environment semi-submersibles, and a 31-rig modern jack-up fleet, marking Transocean's re-entry into the shallow-water drilling market.
Feb 9, 2026, 2:00 PM
Valaris and Transocean Announce Combination
VAL
M&A
- Transocean and Valaris announced a combination in an all-stock transaction.
- The transaction includes an implied premium of 10%-20% over a 60-90-day period for Valaris shareholders.
- The combined entity anticipates over $200 million in annual deal-related cost synergies, expected to add more than $1.5 billion in value when capitalized.
- The pro forma company will have a backlog exceeding $10 billion and aims to reduce its leverage ratio to approximately 1.5 times within 24 months of closing.
- The transaction is projected to close in the second half of 2026.
Feb 9, 2026, 2:00 PM
Quarterly earnings call transcripts for Valaris.
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