Valaris Ltd

Valaris Limited (NYSE: VAL) is a global offshore contract drilling company providing integrated drilling services to the international oil and gas industry. The company operates one of the largest offshore drilling rig fleets in the world, featuring a high-specification ultra-deepwater fleet and a leading premium jackup fleet. As of February 2026, Valaris owns 46 rigs, including 13 drillships, two semisubmersible rigs, and 31 jackup rigs, plus a 50 percent equity interest in ARO, a joint venture with Saudi Aramco that owns an additional nine rigs. The company's website is www.valaris.com.

Valaris operates through four reportable segments: Floaters, which includes drillships and semisubmersible rigs; Jackups; ARO; and Other, which consists of management services on third-party-owned rigs. The company serves major international, government-owned, and independent oil and gas companies across nearly every major offshore market on six continents, including the Gulf of America, South America, the North Sea, the Mediterranean, the Middle East, Africa, and Asia Pacific. During 2025, the five largest customers accounted for 49 percent of consolidated revenues, with Petrobras, BP, and Azule Energy representing 35 percent of total revenues. Non-U.S. operations represented 86 percent of revenues in 2025.

Valaris provides drilling services on a day-rate contract basis, whereby the company supplies drilling rigs and crews in exchange for daily compensation that may vary based on operational status. Customers bear substantially all costs of well construction and drilling operations, as well as economic risk related to well success. The company's global workforce comprises approximately 5,070 persons including contractors, representing 78 nationalities across 25 locations, with the majority working on offshore rigs on an hourly basis.

In February 2026, Valaris entered into a business combination agreement with Transocean Ltd., under which Transocean will acquire all outstanding Valaris common shares at an exchange ratio of 15.235 Transocean shares per Valaris share. Following consummation, Transocean's existing shareholders and Valaris' existing shareholders are expected to own approximately 53 percent and 47 percent, respectively, of the combined company on a fully diluted basis.