Quarterly ResultAug 5, 2026, 05:04 PM
Valaris Q2 Net Income $47M, Adjusted EBITDA $97M
AI Summary
Valaris Limited reported strong second quarter 2026 results with net income of $47 million, a significant improvement from a net loss of $18 million in the prior quarter. Adjusted EBITDA increased by 45% to $97 million, and total operating revenues rose 16% to $539 million, driven by new drillship contracts. The company also added over $160 million in backlog for its North Sea jackup fleet and completed asset sales totaling $74 million, despite a $30 million negative impact on Adjusted EBITDA from Middle East conflicts. The pending business combination with Transocean remains on track for a fourth-quarter 2026 close.
Key Highlights
- Net income of $47 million in Q2 2026, up from a $18 million net loss in Q1.
- Adjusted EBITDA of $97 million in Q2 2026, a 45% increase from $67 million in Q1.
- Total operating revenues reached $539 million, up 16% from $465.4 million in Q1 2026.
- Successfully started up drillships VALARIS DS-12 and DS-10 for new contracts.
- Added over $160 million in backlog for the North Sea jackup fleet.
- Sold two long-term stacked jackups for total cash proceeds of $74 million.
- Middle East conflicts negatively impacted Adjusted EBITDA by approximately $30 million.
- Pending business combination with Transocean is on track to close in Q4 2026.
Price Impact
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