Valaris Ltd

Listed Company

VALCIK 0000314808NYSELarge AcceleratedDrilling Oil & Gas WellsZAFY ends Dec 31

Period

FY 2025

Revenue

$2.37B

Net Income

$982.80M

Total Assets

$5.30B

Equity

$3.17B

Shares Out

69.23M

Op. Cash Flow

$546.20M

Business

Valaris Ltd is a global offshore contract drilling company that provides drilling and related services to the international oil and gas industry. It offers integrated drilling services including provision and operation of drillships, semisubmersibles and jackups, crewed rigs, mobilization/demobilization and ancillary well services such as workovers, plug and abandonment and support for carbon capture projects. The company operates through four segments—Floaters (drillships and semisubmersibles), Jackups, ARO (50/50 joint venture) and Other (management services and lease activities). Its operations span major offshore markets including the Gulf of Mexico, South America, the North Sea, the Mediterranean, the Middle East, Africa and Asia Pacific, with revenues generated primarily under day rate contracts with international, government-owned and independent oil and gas companies.

Summary from filing dated 2025-02-20

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenues Excluding Reimbursable Revenues	2,208	2,212	1,676	1,497	—
Reimbursable Revenues	161	151	108	105	—
Total operating revenues	2,369	2,363	1,784	1,603	—
Contract Drilling Expenses Exclusive of Depreciation and Reimbursable Expenses	1,477	1,619	1,440	1,284	—
Reimbursable Expenses	153	142	103	100	—
Cost of Product and Service Sold	1,630	1,761	1,544	1,383	—
Loss on impairment	27	0	0	35	—
Depreciation	146	122	101	91	—
General and administrative	97	116	99	81	—
Total operating expenses	1,900	1,999	1,744	1,590	—
EQUITY IN EARNINGS (LOSSES) OF ARO	8	−11	13	25	—
OPERATING INCOME	477	352	54	37	—
Interest income	71	86	101	66	—
Interest expense, net	99	85	69	45	—
Other, net	103	17	−2	168	—
Other income (expense), net	75	18	31	188	—
INCOME BEFORE INCOME TAXES	552	370	84	225	—
Current income tax expense	88	−5	4	35	—
Deferred income tax expense (benefit)	−515	6	−786	8	—
Total provision for income taxes	−427	400,000	−783	43	—
NET INCOME	979	370	867	182	—
NET (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS	4	4	−1	−5	—
NET INCOME ATTRIBUTABLE TO VALARIS	983	373	865	177	—
Basic (per share)	13.92	5.18	11.68	2.35	—
Diluted (per share)	13.86	5.12	11.51	2.33	—
Basic (shares)	71	72	74	75	—
Diluted (shares)	71	73	75	76	200

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	599	368	621	724	609
Accounts receivable, net	475	571	459	449	444
Disposal Group, Including Discontinued Operation, Assets	6	0	—	—	—
Other	145	139	177	149	118
Total current assets	1,225	1,079	1,272	1,346	1,207
PROPERTY AND EQUIPMENT, AT COST	2,598	2,309	1,889	1,135	957
Less accumulated depreciation	510	377	255	157	66
Property and equipment, net	2,089	1,933	1,634	977	891
LONG-TERM NOTES RECEIVABLE FROM ARO	345	296	282	254	—
INVESTMENT IN ARO	122	113	124	111	87
Deferred Income Tax Assets, Net	1,364	850	855	55	—
OTHER ASSETS	160	149	154	117	170
TOTAL ASSETS	5,305	4,420	4,322	2,860	2,603
Accounts payable - trade	348	329	400	257	226
Accrued liabilities and other	343	351	344	248	196
Liabilities, Current	692	680	744	504	422
LONG-TERM DEBT	1,086	1,083	1,079	542	545
Deferred Tax Liabilities, Net	30	30	30	16	—
OTHER LIABILITIES	326	383	472	500	558
Liabilities	2,133	2,176	2,325	1,562	—
COMMITMENTS AND CONTINGENCIES	—	—	—	—	—
Common Stock, Value, Outstanding	800,000	800,000	800,000	800,000	800,000
Preferred Stock, Value, Outstanding	0	0	0	0	0
Warrants and Rights Outstanding	16	16	16	16	16
Additional paid-in capital	1,135	1,113	1,120	1,098	1,083
Retained earnings	2,382	1,399	1,026	160	−16
Accumulated other comprehensive income	61	34	25	15	−9
Treasury Stock, Common, Value	−425	−325	−200	0	—
Total Valaris shareholders' equity	3,170	2,239	1,988	1,290	1,075
NONCONTROLLING INTERESTS	2	6	9	8	3
Total equity	3,172	2,244	1,997	1,298	1,077
Total liabilities and shareholders' equity	5,305	4,420	4,322	2,860	2,603
Treasury Stock, Common, Shares	7	5	3	—	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2020 2020-12-31
Depreciation expense	146	122	101	91	541
Loss on extinguishment of debt	0	0	29	0	3
Gain (Loss) on Disposition of Assets	−119	200,000	−29	−141	−12
Accretion of discount on the Notes Receivable from ARO	25	40	28	45	0
Share-based compensation expense	25	28	27	17	21
Increase (Decrease) in Deferred Charges	16	39	−26	−39	—
Increase (Decrease) in Contract with Customer, Asset	−10	−1	600,000	—	—
Increase (Decrease) in Contract with Customer, Liability	−41	−32	5	62	—
Other	−8	−7	−6	−8	−30
Changes in operating assets and liabilities	79	−133	121	−7	22
Contributions to pension plans and other post-retirement benefits	−17	−22	−7	−4	—
Net cash provided by operating activities	546	355	268	127	−252
Additions to property and equipment	−344	−455	−696	−207	−94
Proceeds from disposition of assets	138	3	30	150	52
Net Cash Provided by (Used in) Investing Activities, Total	−206	−452	−666	−17	−42
Reduction of long-term borrowings	0	0	−572	0	−10
Payments for Repurchase of Common Stock	−100	−126	−199	0	—
Payments of Debt Issuance Costs	0	−800,000	−39	0	0
Payment, Tax Withholding, Share-Based Payment Arrangement	−4	−30	−5	−3	0
Other	0	−1	−3	−4	−2
Net cash provided by (used in) financing activities	−104	−158	286	−6	522
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	237	−255	−113	104	229

Filings

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