Valaris Limited (VAL) is a global offshore contract drilling company that provides services to the international oil and gas industry. It operates the world's largest offshore drilling rig fleet, offering integrated services such as drilling rigs and rig crews on a day rate contract basis. Valaris specializes in offshore drilling, serving major oil and gas companies and independent operators across six continents.
- Floaters - Operates drillships and semisubmersible rigs capable of drilling in deep water, earning higher day rates due to advanced capabilities.
- Jackups - Provides jackup rigs designed for shallow water drilling up to 400 feet, catering to diverse offshore markets.
- ARO - Manages operations of ARO Drilling, a joint venture with Saudi Aramco, focusing on jackup rigs in the Middle East.
- Other - Offers management services for third-party rigs and supports activities such as well interventions, decommissioning, and carbon capture projects.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Anton Dibowitz ExecutiveBoard | President and Chief Executive Officer | Anton Dibowitz has been serving as the President and Chief Executive Officer of Valaris Limited since December 2021, after initially acting as interim CEO from September 2021 and joining the board in July 2021. He has significant industry experience, having previously held leadership roles at Seadrill Ltd., Transocean Ltd., and Ernst & Young LLP. | View Report → | |
Christopher Weber Executive | Senior Vice President and Chief Financial Officer (CFO) | Christopher Weber has been serving as the Senior Vice President and Chief Financial Officer (CFO) at VAL since August 2022. He has extensive experience in financial leadership, previously holding CFO roles at LUFKIN Industries, Abaco Drilling Technologies, and Halliburton Company. | ||
Darin Gibbins Executive | Vice President – Investor Relations and Treasurer | Darin Gibbins is currently the Vice President – Investor Relations and Treasurer at Valaris Limited. He previously served as Interim CFO and will transition to the role of Vice President – Corporate Finance effective March 1, 2024. | ||
Davor Vukadin Executive | Senior Vice President, General Counsel, and Secretary | Davor Vukadin has served as the Senior Vice President, General Counsel, and Secretary at VAL since May 2022. He has built a robust legal career with previous roles including Associate General Counsel and Secretary, and Senior Counsel at VAL as well as extensive experience at Norton Rose Fulbright. | ||
Gilles Luca Executive | Senior Vice President and Chief Operating Officer | Gilles Luca is the Senior Vice President and Chief Operating Officer at VAL since December 2019. He has over 27 years of experience with VAL, having served in multiple leadership roles including Senior Vice President, Operations Support, and roles across global operations. | ||
Matthew Lyne Executive | Senior Vice President and Chief Commercial Officer (SVP & CCO) | Matthew Lyne is the Senior Vice President and Chief Commercial Officer at VAL since September 2022, bringing over 20 years of offshore drilling experience; he previously served in executive roles at Seadrill Limited and held senior operational roles at Transocean Ltd. | ||
Melissa Barron Executive | Controller (Principal Accounting Officer) | Melissa Barron has been the Controller (Principal Accounting Officer) at Valaris Limited since March 1, 2024. Previously, she served as Director – SEC Reporting at VAL starting in August 2022 and brings extensive financial reporting expertise from her experiences at OraSure Technologies, Diamond Offshore Drilling, and Deloitte LLP. | ||
Catherine J. Hughes Board | independent director | non-executive director at Shell plc | Catherine J. Hughes is an independent director at VAL since 2022 (appointed on November 9, 2022). She brings over 30 years of oil and gas industry experience, having held leadership roles at Schlumberger, Husky Oil, Nexen Inc., and serving as a non‐executive director at Shell plc. | |
Dick Fagerstal Board | Director at Valaris Limited | Chairman of the Board, Tidewater Inc. (since 2017); Director, Global Marine Group | Dick Fagerstal has served as an independent director at Valaris Limited since 2021, where he chairs the Audit Committee and serves on the Safety and Sustainability Committee. He brings extensive board-level experience from his current roles as Chairman of the Board at Tidewater Inc. since 2017 and as Director of Global Marine Group. | |
Elizabeth D. Leykum Board | Chair of the Board | Board Member at Lands' End, Inc.; Director at IES Holdings | Elizabeth D. Leykum is the Chair of the Board at VAL and has served as a director since 2021. She brings over two decades of experience from her roles founding Serenade Capital LLC and serving in prior leadership positions at HEG Capital LLC, Rand Group, and ESL Investments, Inc.. | |
Joseph Goldschmid Board | Director | Managing Director at Oak Hill Advisors, L.P. (since November 2019) | Joseph Goldschmid has been a Director at Valaris Limited since 2021 and serves on multiple key committees. He is also the Managing Director at Oak Hill Advisors, L.P. since November 2019, with extensive experience in distressed and special situations investments. | |
Kristian Johansen Board | director | CEO of TGS ASA | Kristian Johansen has been a director at Valaris Limited since 2023 and serves on the Strategy Committee, supporting the company’s strategic initiatives. Previously, he has been the CEO of TGS ASA since March 2016 and has held executive positions including CFO and COO at TGS ASA, showcasing extensive leadership in the energy sector. |
- Given the industry's tendency for project delays, particularly in larger multi-well programs, what gives you confidence that the demand pipeline for 2026 and beyond will materialize as scheduled, and how are you mitigating the risks of these projects slipping to the right?
- With several of your high-specification seventh-generation drillships expected to have idle time after current contracts end, can you elaborate on your strategy for securing attractive long-term contracts for these assets, and what are the financial implications if these rigs remain idle longer than anticipated?
- Regarding your full-year 2025 EBITDA guidance midpoint of $530 million, how much of this is based on existing contracted backlog versus anticipated new awards, and what assumptions are you making about securing these uncontracted opportunities within the year?
- Considering the recent retirement of a peer's cold-stacked seventh-generation drillship and your own three cold-stacked high-spec assets (DS-11, DS-13, and DS-14), has your expectation for reactivating these rigs changed, and what is the likelihood of any of them returning to work by the end of 2027?
- With Arrow Drilling announcing plans to build a new jackup rig (Kingdom 3) in Saudi Arabia, can you clarify whether the joint venture will be able to self-fund this newbuild, or will additional capital contributions from Valaris be necessary?
Research analysts who have asked questions during Valaris earnings calls.
David Smith
Truist Securities
5 questions for VAL
Fredrik Stene
Clarksons Securities
5 questions for VAL
Edward Kim
TD Cowen
4 questions for VAL
Gregory Lewis
BTIG, LLC
4 questions for VAL
Eddie Kim
Barclays
3 questions for VAL
Kurt Hallead
The Benchmark Company
3 questions for VAL
Douglas Becker
Capital One
2 questions for VAL
Josh Jayne
Daniel Energy Partners
2 questions for VAL
Joshua Jayne
Daniel Energy Partners
2 questions for VAL
Arun Jayaram
JPMorgan Chase & Co.
1 question for VAL
Recent press releases and 8-K filings for VAL.
- Valaris reported a contract backlog of $4.5 billion as of October 23, 2025, and provided FY 2025 EBITDA guidance of $615-635 million.
- The company maintains a strong financial position with $676 million in cash and cash equivalents and 0.6x net leverage.
- Valaris has a high-specification fleet, with 92% of its drillship fleet being 7th generation assets (12 of 13), and has achieved 96%+ revenue efficiency for four consecutive years.
- The company has added ~$1.4 billion in drillship backlog and ~$830 million in jackup backlog year-to-date 2025, with its active jackup fleet having 79% contract coverage for 2026.
- Valaris intends to return all future free cash flow to shareholders, having already returned $400 million through its share repurchase program since 2023.
- Valaris reported Q3 2025 revenues of $596 million and Adjusted EBITDA of $163 million, exceeding its guidance range. The company generated $237 million in adjusted free cash flow and repurchased $75 million of shares during the quarter.
- For Q4 2025, Valaris anticipates total revenues between $495 million and $515 million and Adjusted EBITDA between $70 million and $90 million. The midpoint of this guidance implies a full-year adjusted EBITDA of approximately $625 million.
- The company secured a contract for Valaris DS-12 with BP Offshore Egypt, ensuring all four drillships with near-term availability are now contracted for work beginning next year. Valaris added nearly $200 million to its contract backlog since the Q2 call, bringing the total backlog to $4.5 billion.
- The long-term outlook for the offshore drilling market is constructive, with 7th-generation drillship utilization projected to reach approximately 90% by the end of 2026. The company also completed the sale of jackup Valaris 247 for $108 million in cash.
- Valaris reported total operating revenues of $596 million and net income of $187 million for the third quarter of 2025.
- Adjusted EBITDA for Q3 2025 was $163 million, with cash from operating activities at $198 million and Adjusted Free Cash Flow at $237 million.
- The company repurchased $75 million of shares and completed the sale of jackup VALARIS 247 for $108 million in cash proceeds.
- Valaris secured a contract for VALARIS DS-12, resulting in all four active drillships with near-term availability now being contracted for work beginning next year.
- Valaris reported total operating revenues of $595.7 million, net income of $187.3 million, and Adjusted EBITDA of $163.2 million for the third quarter of 2025.
- The company generated $198.1 million in cash from operating activities and $237.0 million in Adjusted Free Cash Flow during Q3 2025.
- Valaris repurchased $75 million of shares and completed the sale of jackup VALARIS 247 for $108.7 million in cash proceeds in the third quarter of 2025.
- A contract was secured for VALARIS DS-12 with bp offshore Egypt, resulting in all four active drillships with near-term availability now being contracted for work beginning next year.
- Valaris Limited has been awarded a five-well contract for its drillship VALARIS DS-12 with Bp Exploration Delta Limited in Egypt.
- The contract is valued at approximately $140 million, inclusive of a mobilization fee, and has an estimated duration of 350 days.
- Operations are expected to commence in the second quarter 2026, and the contract also includes three option wells.
- This award means Valaris has now contracted all four of its drillships with near-term availability.
- Valaris, the largest offshore driller, has increased its contract backlog to $4.7 billion, the highest in a decade, by adding over $2 billion in new contracts this year, including $1.3 billion from drillships. This led to an increase in the midpoint of its guidance by $55 million to $585 million.
- The company has successfully secured contracts for three of its four drillships with near-term availability at day rates over $400,000 a day.
- Valaris anticipates seventh-generation drillship utilization to exceed 90% by the end of 2026, which is expected to drive positive pricing momentum through 2026 and into 2027.
- The jackup fleet, including the ARO Drilling JV, demonstrates strong contract coverage, with 70% for 2026 and 60% for 2027, and five rigs in the JV extended through 2030 at increased rates.
- Valaris's capital allocation philosophy prioritizes returning sustained cash generation to shareholders, with the recent sale of the Valaris 247 for over $100 million enhancing flexibility for capital returns.
- Valaris (VAL) is the largest offshore driller by fleet size, operating 48 rigs, including 15 high-spec floaters and 33 jackups, with 92% of its drillship fleet being 7th generation assets.
- The company provided FY 2025 EBITDA guidance of $565-605 Million and reported a contract backlog of $4.7 Billion as of July 24, 2025, marking its highest backlog this decade.
- Valaris maintains a strong operational track record, achieving revenue efficiency of at least 96% for four consecutive years and demonstrating safety performance more than 50% better than the offshore peer group average in 2024.
- The company's capital allocation strategy prioritizes maintaining a strong balance sheet with 0.9x net leverage and $891 million liquidity, prudent fleet management, and returning free cash flow to shareholders, having returned $325 million since the start of its share repurchase program in 2023.
- The market outlook indicates that deepwater capital expenditures and project sanctioning are expected to increase significantly over the next few years, with benign environment floater demand projected to rise from the second half of 2026.
- Strong financial performance with total revenues increasing to $621 million, adjusted EBITDA of $181 million, and adjusted net income of $128 million despite a net loss .
- Robust contract wins: Over $1 billion in new contract backlog additions for high-spec drillships in key regions and a total contract backlog of $4.2 Billion, underscoring strong order intake .
- FY 2025 guidance: EBITDA guidance set at $500-560 Million, reflecting revenue potential .
- Operational excellence: Achieved 96% revenue efficiency (maintained over four consecutive years) and improved safety metrics .
- Strategic capital allocation: Low net leverage (1.3x) and $829 million liquidity support disciplined fleet management and robust shareholder cash flow .
- Valaris, the largest offshore driller by fleet size with 53 rigs, reported a contract backlog of $4.3 billion as of July 29, 2024, marking a 42% increase from the previous year.
- The company provided FY 2024 EBITDA guidance of $480-540 million, which is approximately 3.5 times higher than FY 2023 EBITDA.
- Valaris intends to return all future free cash flow to shareholders and has a $600 million share repurchase authorization with $400 million of remaining capacity.
- The company's fleet shows strong utilization, with marketed utilization rates in August 2024 at 86% for 6/7G Drillships and 93% for Benign Jackups.