Every material Form 8-K Valaris has filed with the SEC since December 15, 2023, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Valaris furnished a fleet status report dated November 2, 2026, showing contract backlog of approximately $4.8 billion, up from $4.6 billion as of August 5, 2026. New awards and extensions since the last report added about $600 million, including a three-year bp service contract that adds about $290 million.
Contract backlog is approximately $4.8 billion, up from $4.6 billion as of August 5, 2026
Three-year bp service contract for Mad Dog and Thunder Horse platforms adds about $290 million
Semisubmersible VALARIS MS-1 was sold for recycling; jackup VALARIS 111 was sold to another buyer for conversion to a mobile offshore production unit
Valaris reported third quarter 2026 total operating revenues of $594 million, up from $539 million in the second quarter, and adjusted EBITDA of $151 million, up from $97 million. Net income of $47 million was roughly flat, and diluted earnings per share fell to $0.66 from $0.72. The company said its pending business combination with Transocean has received the required regulatory approvals and is expected to close on or about December 1, 2026, and that it does not plan to hold future earnings calls or update forward-looking guidance.
Total operating revenues $593.6 million vs. $539.2 million in Q2 2026; net income $46.7 million vs. $47.0 million
Diluted EPS $0.66 vs. $0.72 in Q2 2026; net income attributable to Valaris $46.1 million vs. $50.4 million
Middle East conflicts reduced adjusted EBITDA by about $24 million in Q3 2026, compared with $30 million in Q2 2026
Transocean combination expected to close on or about December 1, 2026; no future earnings calls or guidance updates planned
Valaris and Transocean filed a joint proxy statement on October 14, 2026 for the planned Transocean acquisition of Valaris, under which each Valaris share would be exchanged for 15.235 Transocean shares. Valaris and Transocean shareholder meetings are scheduled for November 24, 2026, and a Bermuda court sanction hearing is set for November 26, 2026, with completion anticipated on or about December 1, 2026. The filing gives no financial results, and completion still depends on shareholder and court approvals and other conditions.
Exchange ratio: 15.235 Transocean shares for each Valaris share under a Bermuda scheme of arrangement
Valaris Court Meeting and Transocean Meeting both scheduled for November 24, 2026
Bermuda Supreme Court sanction hearing scheduled for November 26, 2026; closing anticipated on or about December 1, 2026
Valaris reported second quarter 2026 total operating revenues of $539 million and net income of $47 million, compared with $465 million of revenue and a net loss of $18 million in the first quarter. Adjusted EBITDA rose to $97 million from $67 million, though the company said Middle East conflicts reduced it by about $30 million. The company also said it will not hold earnings calls or update forward-looking guidance while its pending business combination with Transocean is completed.
Total operating revenues $539 million, up from $465 million in Q1 2026
Net income $47 million versus a net loss of $18 million in Q1 2026; diluted EPS $0.72 versus $(0.24)
Adjusted EBITDA $97 million, including about $30 million of negative impacts from Middle East conflicts
Pending Transocean business combination expected to close in Q4 2026; no future earnings calls or guidance updates planned
Valaris reported a first quarter 2026 net loss of $18 million, or $0.24 per diluted share, on total operating revenues of $465 million, down 13% from the fourth quarter of 2025. The company said it will not hold future earnings calls or update forward-looking guidance while its all-stock transaction with Transocean, announced February 9, 2026, is pending.
Total operating revenues of $465 million, down from $537 million in Q4 2025
Net loss of $18 million ($0.24 per diluted share) versus net income of $717 million in Q4 2025, which included a $680 million tax benefit
Adjusted EBITDA of $67 million, down from $97 million in Q4 2025
Contract backlog of approximately $4.9 billion; no earnings calls or guidance updates planned during the pending Transocean transaction
Valaris reported fourth quarter 2025 total operating revenues of $537 million, down from $596 million in the third quarter, and adjusted EBITDA of $97 million, down from $163 million. Net income rose to $717 million, but it included a $680 million tax benefit, and the company gave FY 2026 guidance for revenue of $2,125 million to $2,205 million and adjusted EBITDA of $485 million to $565 million. Valaris also said it will not hold future earnings calls or update guidance because of the pending business combination with Transocean.
Total operating revenues were $537 million, versus $596 million in Q3 2025; diluted EPS was $10.26, versus $2.65.
Net income of $717 million included a $680 million tax benefit; adjusted EBITDA fell to $97 million from $163 million.
FY 2026 guidance: total operating revenues of $2,125 million to $2,205 million and adjusted EBITDA of $485 million to $565 million, excluding costs tied to the Transocean deal announced February 9, 2026.
Valaris will not hold future earnings calls or provide updates to forward-looking guidance.
Valaris and Transocean entered a Business Combination Agreement on February 9, 2026, under which Transocean will acquire all Valaris shares in exchange for Transocean shares at 15.235 Transocean shares per Valaris share, effected by a Bermuda scheme of arrangement. After closing, Transocean shareholders would own about 53% of the combined company and Valaris shareholders about 47%, so Valaris holders would give up control to Transocean's existing investor base.
Exchange ratio of 15.235 Transocean shares for each Valaris share, with Transocean shares issued under the Securities Act Section 3(a)(10) exemption.
Post-closing ownership: about 53% Transocean shareholders and about 47% Valaris shareholders.
Termination fees: $195 million payable by Transocean and $173 million payable by Valaris in specified circumstances; the agreement can be terminated if closing has not occurred by February 9, 2027.
Closing requires shareholder approvals from both companies, a Bermuda court sanction order, NYSE listing approval for the new shares, and certain regulatory approvals.
Valaris reported third quarter 2025 total operating revenues of $596 million, down from $615 million in the second quarter, and adjusted EBITDA of $163 million, down from $201 million. Net income rose to $187 million from $114 million, helped by a $90 million gain on asset sales, including the sale of jackup VALARIS 247. The company also repurchased $75 million of shares and secured a contract for VALARIS DS-12.
Total operating revenues of $596 million, down from $615 million in Q2 2025
Net income of $187 million, up from $114 million in Q2 2025, including a $90 million gain on asset sales
Adjusted EBITDA of $163 million, down from $201 million in Q2 2025
Repurchased $75 million of shares; contract for VALARIS DS-12 with an estimated duration of 350 days
Valaris reported second quarter 2025 net income of $114 million, compared with a net loss of $39 million in the first quarter, on total operating revenues of $615 million, down slightly from $621 million. Adjusted EBITDA of $201 million exceeded the company's prior guidance of $140 million to $160 million, and contract backlog rose to approximately $4.7 billion after more than $1.0 billion of new awards.
Net income of $114 million vs. a net loss of $39 million in Q1 2025; Q1 included $167 million of discrete tax expense
Adjusted EBITDA of $201 million vs. guidance of $140 million to $160 million, aided by a $24 million benefit from an arbitration outcome
Total backlog of approximately $4.7 billion after more than $1.0 billion of new contracts since April
Agreed to sell jackup VALARIS 247 for cash proceeds of approximately $108 million
Valaris reported first quarter 2025 total operating revenues of $621 million, up from $584 million in the fourth quarter, and Adjusted EBITDA of $181 million, up from $142 million. The company posted a net loss of $39 million, driven by $167 million of discrete tax expense tied to a valuation allowance on deferred tax assets after its decision to retire three semisubmersibles. Shareholders face a mixed picture: operating results improved, while the one-time tax charge turned a fourth quarter net income of $131 million into a loss.
Total operating revenues $621 million, with revenue efficiency of 96%
Net loss of $39 million, including $167 million of discrete tax expense; fourth quarter 2024 net income was $131 million
Adjusted EBITDA of $181 million, versus $142 million in the fourth quarter 2024
Contract backlog rose nearly 20% to more than $4.2 billion, with about $1.0 billion of new contracts since February
Valaris reported fourth quarter 2024 results. Net income rose to $131 million from $63 million in the third quarter, but revenue excluding reimbursable items fell to $548 million from $600 million and Adjusted EBITDA fell to $142 million from $150 million. The filing says the net income increase was helped by a $16 million discrete tax benefit, so the lower revenue and Adjusted EBITDA are the clearer signs of the quarter's operating trend.
Net income of $131 million, versus $63 million in the third quarter; diluted EPS was $1.88 versus $0.88
Revenue excluding reimbursable items of $548 million, down from $600 million, mainly on lower floater utilization
Adjusted EBITDA of $142 million, down from $150 million; the fourth quarter tax line included a $16 million discrete tax benefit
Valaris Limited reported third quarter 2024 results on October 30, 2024. Revenue rose to $643 million from $610 million in the second quarter and Adjusted EBITDA rose to $150 million from $139 million, while net income fell to $63 million from $151 million, with a $24 million tax expense compared with a $30 million tax benefit in the prior quarter. The company also repurchased $100 million of shares during the quarter.
Revenue $643 million vs. $610 million in Q2 2024; Adjusted EBITDA $150 million vs. $139 million
Net income $63 million vs. $151 million in Q2 2024; net income included $24 million of tax expense
Repurchased $100 million of shares in the third quarter; free cash flow of $111 million
Three-year contract extension for VALARIS 118 added $168 million of contract backlog
Valaris director James W. Swent III resigned from the Board of Directors on October 15, 2024, and the board now has six members. Catherine Hughes was also appointed chair of the Nominating and Governance Committee. The filing describes an administrative board change and does not give a reason for the resignation.
James W. Swent III resigned from the Board of Directors of Valaris Limited on October 15, 2024.
The board now comprises six directors following the resignation.
Catherine Hughes was appointed to the Nominating and Governance Committee and will serve as its chair.
Valaris reported second quarter 2024 results that improved sharply from the first quarter, with net income of $151 million, revenue of $610 million and Adjusted EBITDA of $139 million. The company said the results were better than its prior guidance, and contract backlog reached more than $4.3 billion as of July 29, 2024.
Net income of $151 million in Q2 2024, up from $26 million in Q1 2024; diluted EPS of $2.03 versus $0.35 in Q1
Revenues of $610 million, up from $525 million in Q1 2024; Adjusted EBITDA of $139 million, up from $54 million
Contract backlog above $4.3 billion as of July 29, 2024, a 42% increase from twelve months earlier, including a multi-year Equinor contract for VALARIS DS-17 adding nearly $500 million
Valaris director Deepak Munganahalli resigned from the company's board on July 18, 2024, according to a filing dated July 19, 2024. The company said the resignation was for personal reasons and not due to any disagreement over its operations, policies, or practices, so it does not signal a dispute at the company.
Deepak Munganahalli resigned from the Board of Directors of Valaris Limited on July 18, 2024.
The company said the resignation was for personal reasons.
The filing states there was no disagreement relating to the Company's operations, policies, or practices.
The 8-K was signed by Davor Vukadin, Senior Vice President and General Counsel, on July 19, 2024.
Valaris reported first quarter 2024 revenue of $525 million, up from $484 million in the fourth quarter of 2023, helped by the reactivated drillship VALARIS DS-8 and higher floater revenue efficiency. Net income fell to $26 million from $829 million, a period that included an $800 million deferred tax benefit, and Adjusted EBITDA slipped to $54 million from $58 million. Contract backlog rose to more than $4.0 billion as of April 30, 2024, the sixth straight quarterly increase.
Revenue of $525 million vs $484 million in Q4 2023; excluding reimbursable items, $491 million vs $453 million
Net income of $26 million vs $829 million in Q4 2023, which included an $800 million deferred tax benefit; diluted EPS $0.35 vs $11.30
Adjusted EBITDA of $54 million vs $58 million in Q4 2023, reflecting idle time for jackups in contract preparations and surveys
Contract backlog of more than $4.0 billion as of April 30, 2024, up 43% from twelve months earlier; Q1 awards exceeded $520 million
Valaris reported fourth quarter 2023 results in a press release dated February 21, 2024. Revenue rose to $484 million from $455 million in the third quarter, and net income rose to $829 million, which included a $790 million tax benefit, while the board doubled the share repurchase authorization to $600 million from $300 million.
Net income was $829 million in Q4 2023, up from $17 million in Q3 2023, including a $790 million tax benefit
Revenue rose to $484 million from $455 million; Adjusted EBITDA rose to $58 million from $40 million
Total contract backlog was more than $3.9 billion as of February 15, 2024, and the share repurchase authorization was raised to $600 million from $300 million
Valaris Limited said Melissa Barron will become principal accounting officer effective March 1, 2024, succeeding Colleen Grable, who will remain with the company as Vice President – Chief Human Resources Officer. The filing also says named executive officer Darin Gibbins will take a Vice President – Corporate Finance role, while continuing as Vice President – Investor Relations and Treasurer until March 1, 2024. The changes are administrative leadership moves with no financial results or guidance in the filing.
Melissa Barron, age 43, becomes principal accounting officer effective March 1, 2024, with a $260,000 base salary
Barron's annual target short-term incentive award is 35% of base salary; annual target long-term equity grant is 70% of base salary
Colleen Grable moves to Vice President – Chief Human Resources Officer
Darin Gibbins will assume Vice President – Corporate Finance; he remains Investor Relations and Treasurer until March 1, 2024
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