Valaris posts $18 million Q1 net loss as revenue falls 13% to $465 million
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.
Key points
- 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
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 1:05 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on May 04, 2026.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.