| Metric | Value ($ M) | Q1 FY26 | Q2 FY25 |
|---|---|---|---|
| Revenue | 539.20 | 7089.3% | 12.3% |
| Total Income | 539.20 | 7089.3% | 12.3% |
| Expenditure | 498.70 | 10.3% | 10.8% |
| PBT | 80.60 | 675.0% | 44.7% |
| Net Profit | 50.40 | 407.3% | 56.2% |
| OPM | 9.48% | 90.52pp | 17.20pp |
| NPM | 9.35% | 9.36pp | |
| EPS | 0.73 | 404.2% | 54.9% |
Valaris Reports Second Quarter 2026 Results
06 Aug 2026 · 6 Aug, 2:34 am
Summary
Valaris Limited reported second quarter 2026 results with total operating revenues of $539 million and a net income of $47 million, a substantial turnaround from a net loss in the prior quarter. Adjusted EBITDA stood at $97 million, despite approximately $30 million in negative impacts from Middle East conflicts. The company highlighted strong revenue efficiency of 98% and the successful startup of two drillships, with two more expected to commence contracts by year-end. Management expressed optimism about the offshore drilling outlook, citing a robust pipeline of deepwater opportunities and strong customer demand for high-specification assets, while also noting the pending business combination with Transocean is on track to close in Q4 2026.
Key Highlights
- 1
Valaris reported total operating revenues of $539 million for the second quarter of 2026.
- 2
The company achieved a net income of $47 million in Q2 2026, a significant improvement from a net loss of $18 million in the first quarter of 2026.
- 3
Adjusted EBITDA for the second quarter was $97 million, which included approximately $30 million of negative impacts from the Middle East conflicts.
- 4
Revenue efficiency remained strong at 98% during the quarter and year to date.
- 5
Valaris successfully started up two drillships, VALARIS DS-12 and DS-10, for new contracts during the second quarter.
- 6
The company added more than $160 million of backlog for its North Sea jackup fleet.
- 7
Valaris high-graded its fleet by selling two long-term stacked jackups, VALARIS 104 and 109, for total cash proceeds of $74 million.
Management Comments
Anton Dibowitz
I want to thank our teams across the organization for their unwavering commitment to safe, reliable and efficient operations. Together we delivered another quarter of strong performance, highlighted by revenue efficiency of 98% and the successful startup of two drillships. These achievements helped drive solid financial results despite the impact of the ongoing conflicts in the Middle East. We successfully returned VALARIS DS-12 and DS-10 to work on schedule and on budget during the second quarter. With two additional drillships set to commence new contracts before year-end, these rig startups, together with continued strong operational execution across our fleet, are expected to drive further improvement in our financial performance over the remainder of the year. We remain positive on the outlook for offshore drilling. The pipeline of deepwater contract opportunities remains robust, and we expect to see further awards across the industry, supported by favorable market fundamentals and strong customer demand for high-specification assets. We are also excited about the pending business combination with Transocean, which is on track to close in the fourth quarter of 2026. The combination is expected to deliver meaningful value to our shareholders through anticipated synergies and the enhanced capabilities of the combined company.
Informational and educational content only. Not investment advice.