Valaris Ltd

Valaris Ltd is a global offshore contract drilling company that provides rigs and crews to the international oil and gas industry. Its fleet includes ultra-deepwater drillships, semisubmersible rigs, and premium jackup rigs, and it operates across major offshore basins on six continents through owned rigs and an equity interest in the ARO joint venture.

26,3 %

31,2 %

41,5 %

+0,3 %

1.77

1.77

— Valaris Ltd
%
Floaters55% Drillships and semisubmersible rigs used for deepwater and ultra-deepwater wells.
Jackups35% Premium jackup rigs used for shallow-water offshore drilling projects.
Reimbursables and mobilization10% Fees and reimbursements tied to moving rigs and recovering certain project costs.

Valaris sells drilling services to international oil and gas companies, government-owned national oil companies, and...

  • International oil and gas companiesprimary

    Buy offshore drilling services for deepwater and jackup programs where rig capability and reliability matter.

  • Government-owned national oil companiesprimary

    Contract rigs for long-cycle offshore development projects and basin-specific campaigns.

  • Independent oil and gas operatorssecondary

    Use Valaris rigs for exploration and development wells when they need outsourced offshore drilling capacity.

Valaris operates in almost every major offshore market across six continents, with exposure to the Gulf of America,...

  • Operations span six continents and multiple offshore basins
  • Key markets include the Gulf of America and South America
  • Also active in the North Sea and Mediterranean
  • Middle East, Africa, and Asia Pacific are important operating regions
  • Geography matters because rigs must be mobilized to specific basins

Valaris focuses on ultra-deepwater floaters and premium jackups, where its rig specifications and operating scale are...

01
Concentrate on high-spec offshore rigsmedium-term

These assets are more relevant to deepwater and premium offshore demand and support stronger competitive positioning.

02
Upgrade and maintain the fleetshort-term

Rig upgrades and maintenance are needed to win contracts and keep assets marketable across offshore basins.

03
Optimize portfolio through asset sales and acquisitionsmedium-term

Portfolio actions can improve fleet quality and align capital with the most attractive offshore opportunities.

04
Maintain financing flexibilitylong-term

Offshore drilling is capital intensive and requires funding for upgrades, acquisitions, and working capital through cycles.

Valaris is exposed to offshore drilling cycle risk, customer concentration, and contract renegotiation risk because...

high

Customer concentration

A few customers account for a large share of revenue, so contract loss or renegotiation can materially affect cash flow.

Scope
Five largest customers represented 49% of 2025 consolidated revenues; largest customer 13%
Materiality
high
high

Offshore drilling cycle and commodity exposure

Demand for rigs depends on oil and gas capital spending, which moves with commodity prices and project economics.

Scope
Global offshore markets across multiple basins
Materiality
high
high

Cybersecurity and systems disruption

Rig operations and corporate functions depend on IT and operational technology that can be disrupted by cyberattacks or outages.

Scope
Operational technology, payment systems, and records
Materiality
high
medium

Contract pricing and utilization risk

Day-rate contracts can include zero-rate periods, lower utilization, or unfavorable terms if market conditions weaken.

Scope
Floaters and jackups on day-rate contracts
Materiality
high
medium

Business combination execution risk

The pending transaction with Transocean may be delayed, fail, or create uncertainty for stakeholders.

Scope
Pending business combination agreement
Materiality
high
Revenue recognition under day-rate contracts
Affects quarterly revenue and comparability across rigs and periods
Property and equipment and impairment
Can materially affect depreciation expense and impairment charges
Income tax valuation allowances
Can create large discrete tax benefits or charges
Pension and post-retirement obligations
Affects operating expense and balance sheet liabilities

: 29/04/2026