Valaris Ltd

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.