Valaris Ltd

Overview

Valaris Ltd. is a global offshore contract-drilling company serving the oil and gas industry. It provides drilling rigs and crews, typically under day-rate contracts, through its Floaters, Jackups, ARO and Other segments. Its fleet includes drillships, semisubmersibles and jackups; ARO is its Saudi Aramco joint venture.[1]+2 Valaris describes its purpose as “to provide responsible solutions that deliver energy to the world.” [4]

The company operates across major offshore markets on six continents, including the Gulf of America, South America, the North Sea, the Mediterranean, the Middle East, Africa and Asia Pacific.[5][6] Valaris reported $2.369 billion in operating revenue for 2025.[7] As of February 2026, it reported 46 owned rigs and a 50% stake in ARO, which owned nine additional rigs.[5] [1]+7

Products & services

Valaris provides offshore contract-drilling services using rigs to drill and complete oil and gas wells. Its rigs may also be used for accommodation, well workovers and interventions, plug-and-abandonment, decommissioning, and carbon-capture and sequestration projects.[8]

As of August 6, 2026, Valaris reported a fleet of 43 rigs: 13 drillships, one semisubmersible, and 29 jackups. It also held a 50% interest in ARO, a Saudi Aramco joint venture with nine additional rigs.[9] The fleet includes dynamically positioned drillships such as VALARIS DS-4, rated for maximum water depth of 12,000 feet and drilling depth of 40,000 feet, and semisubmersible VALARIS DPS-1, rated for 10,000 feet of water depth and 35,000 feet of drilling depth. Jackup examples include VALARIS 120, rated for 400 feet of water depth and 40,000 feet of drilling depth.[10]

For the six months ended June 30, 2026, contract-drilling revenue was $1,004.6 million: floaters generated $487.6 million (about 48.5%), jackups $407.4 million (about 40.6%), and other contract-drilling revenue $109.6 million (about 10.9%).[11] [8]+3

Geographic presence

Valaris’s operating markets span the Gulf of America, South America, the North Sea, the Mediterranean, the Middle East, Africa, and Asia Pacific. Its FY2025 filing reported that non-U.S. operations generated 86% of consolidated revenue in 2025, up from 84% in 2024 and 80% in 2023.[12][13]

For the six months ended June 30, 2026, contract-drilling revenue was geographically distributed across Brazil (22.3%), the United Kingdom (19.3%), Angola (19.1%), the Gulf of America (14.7%), Australia (3.2%), and other countries (21.5%); percentages are calculated from the reported country amounts and total.[11] The FY2025 rig inventory also listed deployments in locations including Saudi Arabia, the UAE, Indonesia, Namibia, Qatar, Brunei, Mexico, Trinidad, the Netherlands, and Malaysia.[10][14]

Valaris identifies Houston, Texas, as its corporate-office location and reports leased facilities across North America, South America, Europe, the Middle East, Africa, and Asia Pacific; it also owns offices or facilities in Louisiana and Brazil.[15] The company’s public contact pages additionally list offices or contacts in London and Singapore.[16] [12]+12

Business segments

Valaris reports four operating segments, organized by rig type and operating arrangements. Floaters comprise drillships and semisubmersibles; Jackups are rigs designed for shallow-water operations. ARO covers its jackup-rig operations in Saudi Arabia for Saudi Aramco, while Other includes management services on third-party rigs and activities associated with ARO lease arrangements.[3][17]

For the six months ended June 30, 2026, Floaters generated approximately 50.6% of consolidated revenue excluding reimbursables, Jackups 40.7%, and Other 8.8%. ARO generated $254.3 million in reported segment revenue, but its full operations are excluded from Valaris’s consolidated revenue and reconciled separately; accordingly, ARO should not be treated as an additional share of consolidated revenue.[18][19] For full-year 2025, the corresponding consolidated-revenue mix was approximately 55.4% Floaters, 37.3% Jackups, and 7.3% Other.[20][21] [3]+10

Company history

Valaris traces its roots to about 1923, when two brothers acquired a steam-powered drilling rig and began contract drilling—an early predecessor to the company’s modern offshore drilling business.[22] In 2011, Ensco completed its acquisition of Pride International, bringing together two major offshore drilling businesses.[23]

In April 2019, Ensco merged with Rowan to form Ensco Rowan plc; the company adopted the Valaris name that July.[24][25] After filing for Chapter 11 in 2020, Valaris completed a financial restructuring and emerged in April 2021, eliminating $7.1 billion of pre-petition debt and securing $520 million in new capital.[26]

In February 2026, Valaris agreed to an all-stock acquisition by Transocean; the agreement was proposed and had not yet been completed as of the announcement.[27] [22]+5

Sources

• Valaris Ltd — Full financial report (2025 Y)
  15 citations

  [1][2][3][5][6][7][8][10][12][13][14][15][17][20][21]
• www.valaris.com[4]
• Valaris Ltd — Full financial report (2026 Q 2)
  4 citations

  [9][11][18][19]
• www.valaris.com[16]
• www.sec.gov[22]
• www.valaris.com[23]
• www.valaris.com[24]
• www.valaris.com[25]
• www.valaris.com[26]
• www.valaris.com[27]