Quarterly ResultMay 4, 2026, 04:19 PM
Valaris Reports Q1 2026 Net Loss of $18M; Backlog $4.9B
AI Summary
Valaris Limited reported a net loss of $18 million for the first quarter of 2026, a significant decline from the $717 million net income in the previous quarter, primarily due to lower operating days and a tax expense. Total operating revenues decreased to $465 million, and Adjusted EBITDA fell to $67 million. Despite the financial downturn, the company announced a strong commercial performance, adding over $500 million in new contract backlog, bringing the total to approximately $4.9 billion, its highest in nearly a decade. The company also highlighted the pending all-stock transaction with Transocean, which is expected to deliver meaningful value to shareholders.
Key Highlights
- Valaris reported a net loss of $18 million in Q1 2026, compared to a net income of $717 million in Q4 2025.
- Total operating revenues were $465 million, a decrease from $537.4 million in Q4 2025.
- Adjusted EBITDA for Q1 2026 was $67 million, down from $97 million in Q4 2025.
- The company secured over $500 million in new contract backlog, bringing the total backlog to approximately $4.9 billion.
- Floaters segment revenues decreased to $192.6 million from $255.4 million in Q4 2025.
- Jackups segment revenues decreased to $195.8 million from $208.8 million in Q4 2025.
- Capital expenditures for the quarter were $101 million.
- Merger and integration expenses related to the pending Transocean transaction amounted to $14 million.