Valaris Ltd

Valaris announced a business combination agreement with Transocean, where Valaris shareholders will receive 15.235 Transocean shares for each Valaris share, owning approximately 47% of the combined entity. For Q2 2026, Valaris reported a net income attributable to Valaris of $50.4 million, down from $115.1 million in Q2 2025, on operating revenues of $539.2 million, a decrease from $615.2 million year-over-year. The company also incurred $11.4 million in merger and integration expenses during the quarter.

Valaris Ltd. announced significant fleet updates, including new contracts and extensions totaling over $160 million, pushing its contract backlog to approximately $4.6 billion as of August 5, 2026. Key awards include a substantial plug and abandonment contract for VALARIS 248 worth $140 million and a new contract for VALARIS 123 offshore Poland. The company also divested two stacked jackup rigs, VALARIS 104 and 109, for $74 million and resumed operations for VALARIS 110 in Qatar.

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.

Valaris and Transocean announced that they have received approval from the Committee on Foreign Investment in the United States (CFIUS) for their previously announced business combination. The merger, where Transocean will acquire Valaris for 15.235 shares per Valaris share, is still awaiting clearance under the Hart-Scott-Rodino Antitrust Improvements Act. The Department of Justice issued a Second Request on May 4, 2026, and the companies have committed not to certify substantial compliance before July 31, 2026, with closing expected 60 days thereafter. The companies continue to anticipate completing the merger in the second half of 2026.

Valaris Ltd. announced a pending business combination with Transocean Ltd., where Transocean will acquire all Valaris common shares at an exchange ratio of 15.235 Transocean shares per Valaris share. For Q1 2026, Valaris reported total operating revenues of $465.4 million, a decrease from $620.7 million in Q1 2025. The company posted a net loss attributable to Valaris of $(16.4) million, an improvement from a $(37.9) million net loss in the prior year period. Merger and integration expenses related to the Transocean deal totaled $13.6 million.

Valaris Limited and Transocean Ltd. announced on February 9, 2026, a business combination where Transocean will acquire Valaris shares at an exchange ratio of 15.235 Transocean shares per Valaris share. The closing is subject to HSR Act approval. On May 4, 2026, both companies received a Second Request from the DOJ, extending the HSR waiting period until 30 days after substantial compliance. The companies are cooperating with the DOJ, but there is no assurance the transaction will occur as anticipated.

Valaris Ltd announced new contracts and extensions totaling approximately $560 million, increasing its contract backlog to $4.9 billion. Key awards include a $447 million extension for the VALARIS DS-4 drillship with Petrobras and a $78 million extension for the VALARIS 115 jackup with Brunei Shell Petroleum. However, the company also reported delays in shipyard projects for two ARO rigs and the suspension of operations for VALARIS 110 in Qatar due to regional conflicts, alongside the sale of the VALARIS DPS-1 semisubmersible for recycling.

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.