Valaris Ltd
Business
Valaris Limited is a global offshore contract drilling company providing drilling services to international oil and gas operators. The company owns and operates a fleet of drillships, semisubmersible rigs, and jackup rigs across six continents, along with a joint venture interest in ARO with Saudi Aramco. Services are provided on a day-rate contract basis, with customers bearing well-construction costs and economic risk. Operations span major offshore markets including the Gulf of America, North Sea, South America, Africa, and Asia Pacific.
Summary from 10-K filed 2026-02-20
Financials
Consolidated Statement of Income
| Concept | Trend | 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
| Concept | Trend | 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
| Concept | Trend | 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
Material Events
Insiders
Institutional Holders
Frequently asked questions
What is Valaris Ltd's CIK number?
Valaris Ltd's SEC CIK number is 0000314808 (314808). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find Valaris Ltd's SEC filings?
All of Valaris Ltd's EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did Valaris Ltd last report earnings?
Valaris Ltd (VAL) most recently filed an earnings 8-K with the SEC on May 4, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0000314808-26-000097). This is Valaris Ltd's most recent earnings filing of record — not a forecast of its next earnings date.
What is Valaris Ltd's most recent earnings 8-K?
Valaris Ltd's latest earnings 8-K (Item 2.02) was filed May 4, 2026 under accession 0000314808-26-000097. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
View Valaris Ltd's latest earnings 8-K →
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