Valaris Ltd

valaris.com

What Do They Do?

Provides offshore drilling services using drillships and semisubmersible rigs for international, government-owned and independent oil and gas operators.

How Do They Make Money?

revenue

Segment	Share	Revenue
Floaters	53% FY2022: 44%
Jackups Member	39% FY2022: 46%
ARO	24% FY2022: 29%
Other	8.3% FY2022: 9.9%

Who Are Their Customers?

Drilling contracts are negotiated with customers, and most are awarded through competitive bidding.

Do Revenues Turn Into Profits?

Yes. It kept 41 cents of every revenue dollar as net income in FY2025 and turned 9 cents into free cash flow.

Operating income, FY2025

20% of revenue

▲ +35% vs FY2024 ($352.3M, 15%)

Net income, FY2025

41% of revenue

▲ +163% vs FY2024 ($373.4M, 16%)

Free cash flow, FY2025

9% of revenue

▲ Now profitable vs FY2024 (−$99.7M, −4%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −12%; vs $615.2M in Q2 FY2025
Net income: ▼ −56%; vs $115.1M in Q2 FY2025

Floaters share of revenue vs 53.1% in Q2 FY2025

Jul 1, 2026 CFIUS cleared a regulatory condition for the proposed Transocean combination The CFIUS condition was satisfied; the parties still expected completion in the second half of 2026, subject to remaining approvals and other conditions.
May 5, 2026 DOJ requested more information on the proposed Transocean combination The request extended the antitrust waiting period until both parties substantially complied, unless the DOJ ended it earlier.

More possible rig uses The latest report adds carbon capture and sequestration projects to the possible uses of rigs; the older report listed accommodation and other non-drilling services.

Revenue over time

Floaters Jackups Member ARO Other

$2.5B$1.3B$0

FY2022 FY2023 FY2024 FY2025

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