VAL 8-K
Valaris Ltd (VAL)
8-K
2025-07-24
For: 2025-07-24
View Original
Added on
April 09, 2026
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities and Exchange Act of 1934
Date of Report (Date of earliest event reported): July 24, 2025
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||||||||
Registrant’s telephone number, including area code: 44 (0) 20 7659 4660
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Ticker Symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
| Emerging Growth Company | |||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ☐ | ||||
TABLE OF CONTENTS
INFORMATION TO BE INCLUDED IN THE REPORT
Item 7.01 Regulation FD Disclosure
The Fleet Status Report of the Company as of July 24, 2025 is furnished as Exhibit 99.1 to this report.
The information furnished in this Item 7.01 and the information attached to this Form 8-K as Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
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Item 9.01 Financial Statements and Exhibits
(d) Exhibits
| Exhibit No. | Description | |||||||
| 99.1 | ||||||||
| 101 | Interactive data files pursuant to Rule 405 of Regulation S-T formatted in inline Extensible Business Reporting Language | |||||||
| 104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) | |||||||
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Valaris Limited | ||||||||
| July 24, 2025 | /s/ CHRISTOPHER T. WEBER | |||||||
Christopher T. Weber Senior Vice President and Chief Financial Officer | ||||||||
4
 | Valaris Limited Fleet Status Report July 24, 2025 | |||||||||||||
| New Contracts, Extensions and Other Updates Since Last Fleet Status Report | ||
Contract Backlog •Valaris has been awarded the following new contracts and contract extensions, with associated contract backlog of more than $1.0 billion, subsequent to issuing its previous fleet status report on April 30, 2025. Contract backlog excludes lump sum payments such as mobilization fees and capital reimbursements. •Contract backlog increased to approximately $4.7 billion from approximately $4.2 billion as of April 30, 2025. Floater Contract Awards •940-day contract extension for drillship VALARIS DS-16, starting in June 2026, and a new 914-day contract for drillship VALARIS DS-18, that is expected to start in mid-fourth quarter 2026, with Anadarko Petroleum Corporation, a wholly-owned subsidiary of Occidental, in the Gulf of America. The combined addition to contracted revenue backlog is approximately $760 million. •Five-well contract offshore West Africa for drillship VALARIS DS-15. The contract is expected to commence in the third quarter 2026. The total contract value, based on an estimated duration of 250 days, is approximately $135 million, including upfront payments for rig upgrades and mobilization. The total contract value does not include the provision of additional services. The contract includes priced options for up to five wells with an estimated total duration of 80 to 100 days. Jackup Contract Awards •Four-year contract extension for jackup VALARIS 110 offshore Qatar. The contract extension is expected to commence in October 2025 in direct continuation of the existing contract. The contracted revenue backlog for the four-year extension is approximately $117 million. •150-day contract extension for jackup VALARIS Norway with Ithaca Energy in the UK North Sea. The contract extension is expected to commence in February 2026 in direct continuation of the existing contract. The contracted revenue backlog for the 150-day extension is approximately $18 million. •31-day contract extension for jackup VALARIS 122 with Shell in the UK North Sea. The contract extension is expected to commence in December 2025 in direct continuation of the existing contract. The contracted revenue backlog for the 31-day extension is over $3.5 million. The contract extension is for accommodation support and includes two 28-day priced options. Other Fleet Status Updates •Contract suspension notice received from Harbour Energy for jackup VALARIS 120. The contract suspension is effective on completion of Harbour Energy's current well, estimated to be during September 2025. Contract backlog includes amounts for this rig following the suspension effective date. •Amendment to a previously disclosed contract for jackup VALARIS 248 with Eni in the East Irish Sea (UK). VALARIS 120 will substitute for VALARIS 248 from September 2025 to April 2026, while VALARIS 248 completes another customer's program and a special periodic survey. •A previously disclosed contract with Anasuria Hibiscus UK Limited in the UK North Sea for jackup VALARIS 248 has been terminated by mutual agreement. •Valaris has agreed to sell jackup VALARIS 247 for cash proceeds of approximately $108 million. This sale is expected to close in the second half of 2025, subject to customary closing conditions. | ||
Page 1 of 15
| Valaris Limited Fleet Status Report July 24, 2025 | |||||||||||||
Contract Backlog(1) (2) ($ millions) | 2025 | 2026 | 2027+ | Total | Contracted Days(1) (2) | 2025 | 2026 | 2027+ | |||||||||||||||||||||
| Drillships | $ | 394.1 | $ | 977.6 | $ | 1,337.1 | $ | 2,708.8 | Drillships | 1,015 | 2,318 | 2,921 | |||||||||||||||||
| Semisubmersibles | 35.4 | — | — | 35.4 | Semisubmersibles | 160 | — | — | |||||||||||||||||||||
| Floaters | $ | 429.5 | $ | 977.6 | $ | 1,337.1 | $ | 2,744.2 | Floaters | 1,175 | 2,318 | 2,921 | |||||||||||||||||
| Harsh Environment | $ | 148.7 | $ | 203.1 | $ | 180.3 | $ | 532.1 | Harsh Environment | 1,088 | 1,472 | 1,191 | |||||||||||||||||
| Benign Environment | 135.5 | 242.6 | 295.1 | 673.2 | Benign Environment | 1,045 | 1,753 | 2,363 | |||||||||||||||||||||
| Legacy | 26.4 | 72.6 | 49.5 | 148.5 | Legacy | 268 | 730 | 500 | |||||||||||||||||||||
| Jackups | $ | 310.6 | $ | 518.3 | $ | 524.9 | $ | 1,353.8 | Jackups | 2,401 | 3,955 | 4,054 | |||||||||||||||||
Other(3) | $ | 69.6 | $ | 190.6 | $ | 356.2 | $ | 616.4 | Other(3) | 1,089 | 3,122 | 7,766 | |||||||||||||||||
| Total | $ | 809.7 | $ | 1,686.5 | $ | 2,218.2 | $ | 4,714.4 | Total | 4,665 | 9,395 | 14,741 | |||||||||||||||||
ARO Drilling(4) | Average Day Rates(1) (2) | 2025 | 2026 | 2027+ | |||||||||||||||||||||||||
| Owned Rigs | $ | 158.7 | $ | 204.6 | $ | 606.8 | $ | 970.1 | Drillships | $ | 388,000 | $ | 422,000 | $ | 458,000 | ||||||||||||||
| Leased Rigs | 94.2 | 293.6 | 991.4 | 1,379.2 | Semisubmersibles | 221,000 | — | — | |||||||||||||||||||||
| Total | $ | 252.9 | $ | 498.2 | $ | 1,598.2 | $ | 2,349.3 | Floaters | $ | 366,000 | $ | 422,000 | $ | 458,000 | ||||||||||||||
| Harsh Environment | $ | 137,000 | $ | 138,000 | $ | 151,000 | |||||||||||||||||||||||
| Benign Environment | 130,000 | 138,000 | 125,000 | ||||||||||||||||||||||||||
| Legacy | 98,000 | 100,000 | 99,000 | ||||||||||||||||||||||||||
| Jackups | $ | 129,000 | $ | 131,000 | $ | 130,000 | |||||||||||||||||||||||
(1) Contract backlog, contracted days and average day rates as of July 24, 2025. (2) Contract backlog and average day rates exclude certain types of non-recurring revenues such as lump sum mobilization payments. Contract backlog and contracted days may include backlog and days when a rig is under suspension, except any backlog or days for rigs that are under a separate firm contract where backlog or days are otherwise included. Average day rates are adjusted to exclude suspension backlog and days. (3) Other represents contract backlog and contracted days related to bareboat charter agreements and management services contracts. (4) ARO Drilling contract backlog as of July 24, 2025. | |||||||||||||||||||||||||||||
Page 2 of 15
| Valaris Limited Fleet Status Report July 24, 2025 | |||||||||||||
| Asset Category / Rig | Design | Year Delivered | Customer | Location | Contract Start Date | Contract End Date(1) | Day Rate(2) | Comments | ||||||||||||||||||||||||||||||||||||||||||
| Drillships | ||||||||||||||||||||||||||||||||||||||||||||||||||
| VALARIS DS-18 | GustoMSC P10000 | 2015 | Chevron Occidental | Gulf of America Gulf of America | Aug 22 Nov 26 | Aug 25 May 29 | Additional rate charged when MPD services provided. Expect approx. 20 days out of service for planned maintenance in 3Q25 914-day contract for DS-18 and 940-day contract extension for DS-16. Combined addition to contracted revenue backlog is approx. $760 million | |||||||||||||||||||||||||||||||||||||||||||
| VALARIS DS-17 | GustoMSC P10000 | 2014 | Equinor Equinor Equinor | Brazil Brazil Brazil | Sep 23 May 25 Nov 25 | Apr 25 Nov 25 Jan 28 | $447,000 $497,000 | Contract includes MPD and additional services Expect approx. 25 days out of service for customer required upgrades in 1Q26 Estimated total contract value ("TCV") of $498 million, inclusive of MPD, additional services and fees for mobilization and minor rig upgrades. Based on initial estimated duration of 852 days comprised of a 180-day standby period followed by a 672-day drilling program | ||||||||||||||||||||||||||||||||||||||||||
| VALARIS DS-16 | GustoMSC P10000 | 2014 | Occidental Occidental | Gulf of America Gulf of America | Jun 24 Jun 26 | Jun 26 Dec 28 | Additional rate charged when MPD services provided 940-day contract extension for DS-16 and 914-day contract for DS-18. Combined addition to contracted revenue backlog is approx. $760 million. Expect approx. 20 days out of service for planned maintenance in 3Q26 | |||||||||||||||||||||||||||||||||||||||||||
| VALARIS DS-15 | GustoMSC P10000 | 2014 | TotalEnergies Undisclosed | Brazil West Africa | Dec 24 Aug 26 | Aug 25 Apr 27 | $400,000 | Additional rate charged when MPD and additional services provided TCV, based on an estimated duration of 250 days, is approx. $135 million, including upfront payments for rig upgrades and mobilization. TCV does not include the provision of additional services. Priced options with a total estimated duration of 80 to 100 days | ||||||||||||||||||||||||||||||||||||||||||
| VALARIS DS-12 | DSME 12000 | 2013 | Spain | Rig is warm stacked in Las Palmas, Spain | ||||||||||||||||||||||||||||||||||||||||||||||
| VALARIS DS-10 | Samsung GF12000 | 2017 | Undisclosed | Spain West Africa | Jul 26 | Jun 28 | Rig is warm stacked in Las Palmas, Spain TCV of $352 million based on duration of two years. TCV does not include the provision of additional services. Additional rate charged when MPD services provided | |||||||||||||||||||||||||||||||||||||||||||
| VALARIS DS-9 | Samsung GF12000 | 2015 | ExxonMobil | Angola | Jul 22 | Jul 26 | Contract includes MPD services | |||||||||||||||||||||||||||||||||||||||||||
| VALARIS DS-8 | Samsung GF12000 | 2015 | Petrobras | Brazil | Dec 23 | Dec 26 | $428,000 | Plus mobilization fee of approx. $30 million. Contract includes additional services | ||||||||||||||||||||||||||||||||||||||||||
| VALARIS DS-7 | Samsung 96K | 2013 | Azule Energy | Angola | Jun 24 | Oct 26 | TCV estimated to be $364 million based on initial estimated duration of 850 days | |||||||||||||||||||||||||||||||||||||||||||
| VALARIS DS-4 | Samsung 96K | 2010 | Petrobras | Brazil | Dec 24 | Nov 27 | $450,000 | Plus mobilization fee of approx. $41 million. Contract includes MPD and additional services | ||||||||||||||||||||||||||||||||||||||||||
| Stacked | ||||||||||||||||||||||||||||||||||||||||||||||||||
| VALARIS DS-14 | DSME 12000 | 2023 | Spain | |||||||||||||||||||||||||||||||||||||||||||||||
| VALARIS DS-13 | DSME 12000 | 2023 | Spain | |||||||||||||||||||||||||||||||||||||||||||||||
| VALARIS DS-11 | DSME 12000 | 2013 | Spain | |||||||||||||||||||||||||||||||||||||||||||||||
Page 3 of 15
| Valaris Limited Fleet Status Report July 24, 2025 | |||||||||||||
| Asset Category / Rig | Design | Year Delivered | Customer | Location | Contract Start Date | Contract End Date(1) | Day Rate(2) | Comments | ||||||||||||||||||||||||||||||||||||||||||
| Semisubmersibles | ||||||||||||||||||||||||||||||||||||||||||||||||||
| VALARIS DPS-1 | F&G ExD Millennium, DP | 2012 | Woodside | Australia | Jan 24 | Oct 25 | ||||||||||||||||||||||||||||||||||||||||||||
| VALARIS MS-1 | F&G ExD Millennium, Moored | 2011 | Santos | Australia | Jan 24 | Sep 25 | ||||||||||||||||||||||||||||||||||||||||||||
Page 4 of 15
| Valaris Limited Fleet Status Report July 24, 2025 | |||||||||||||
| Asset Category / Rig | Design | Year Delivered | Customer | Location | Contract Start Date | Contract End Date(1) | Day Rate(2) | Comments | ||||||||||||||||||||||||||||||||||||||||||
| Harsh Environment Jackups | ||||||||||||||||||||||||||||||||||||||||||||||||||
| VALARIS Norway | KFELS N Class | 2011 | Ithaca Energy Ithaca Energy | UK UK | Apr 25 Feb 26 | Feb 26 Jul 26 | TCV of approx. $39 million based on estimated duration of 292 days Contracted revenue backlog of approx. $18 million based on duration of 150 days | |||||||||||||||||||||||||||||||||||||||||||
| VALARIS Stavanger | KFELS N Class | 2011 | TotalEnergies TotalEnergies | UK UK | May 24 Oct 25 | Sep 25 May 27 | TCV of approx. $52 million, including minor rig modifications, based on initial estimated duration of 360 days TCV of over $75 million based on 600-day priced extension. Two 200-day priced options | |||||||||||||||||||||||||||||||||||||||||||
| VALARIS 249 | LT Super Gorilla | 2001 | Undisclosed BP Shell | Trinidad Trinidad Trinidad | Apr 25 Mar 26 Jul 26 | Jan 26 Jun 26 Jul 27 | $163,000 | TCV of $16.8 million based on duration of 100 days Contracted revenue backlog of approx. $66 million based on estimated duration of 365 days Three priced options with an estimated duration of 50 days each. Expect approx. 30 days out of service for planned maintenance across 2Q26 and 3Q26 | ||||||||||||||||||||||||||||||||||||||||||
| VALARIS 248 | LT Super Gorilla | 2000 | Ithaca Energy Eni | UK UK | Aug 20 May 26 | Aug 25 Sep 27 | Expect approx. 50 days out of service for planned maintenance across 3Q25 and 4Q25 TCV of approx. $84 million for 730-day contract to perform P&A and CCS work. VALARIS 120 will substitute for VALARIS 248 from Sep 2025 to Apr 2026, while VALARIS 248 completes another customer's program and a special periodic survey | |||||||||||||||||||||||||||||||||||||||||||
| VALARIS 247 | LT Super Gorilla | 1998 | Jadestone | Australia | Mar 25 | Aug 25 | Valaris has agreed to sell the rig for cash proceeds of approx. $108 million. This sale is expected to close in 2H25, subject to customary closing conditions | |||||||||||||||||||||||||||||||||||||||||||
| VALARIS 123 | KFELS Super A | 2019 | TAQA | Netherlands | Mar 25 | Oct 25 | $153,000 | |||||||||||||||||||||||||||||||||||||||||||
| VALARIS 122 | KFELS Super A | 2014 | Shell Shell | UK UK | Sep 23 Dec 25 | Nov 25 Dec 25 | TCV of over $60 million based on initial estimated duration of 500 days Contracted revenue backlog for the 31-day extension is over $3.5 million.The extension is for accommodation support. Two 28-day priced options | |||||||||||||||||||||||||||||||||||||||||||
| VALARIS 121 | KFELS Super A | 2014 | Shell | UK | Jan 25 | Feb 26 | TCV of approx. $55 million based on estimated duration of 406 days. Expect approx. 15 days out of service for planned maintenance in 1Q26. 200-day priced option | |||||||||||||||||||||||||||||||||||||||||||
| VALARIS 120 | KFELS Super A | 2013 | Harbour Energy Harbour Energy Eni Harbour Energy | UK UK UK UK | Jul 23 Jul 25 Sep 25 | Jul 25 Sep 25 Apr 26 | $130,000 $166,000 | Contract suspension notice received from Harbour Energy effective on completion of Harbour Energy's current well, estimated to be during Sep 2025 VALARIS 120 will substitute for VALARIS 248 from Sep 2025 to Apr 2026, while VALARIS 248 completes another customer's program and a special periodic survey See comment above regarding contract suspension notice. Remainder of contract term runs from May 2026 to Jul 2028 at a day rate of $166,000 | ||||||||||||||||||||||||||||||||||||||||||
| Stacked | ||||||||||||||||||||||||||||||||||||||||||||||||||
| VALARIS Viking | KFELS N Class | 2010 | UK | |||||||||||||||||||||||||||||||||||||||||||||||
| VALARIS 102 | KFELS MOD V-A | 2002 | Gulf of America | |||||||||||||||||||||||||||||||||||||||||||||||
Page 5 of 15
| Valaris Limited Fleet Status Report July 24, 2025 | |||||||||||||
| Asset Category / Rig | Design | Year Delivered | Customer | Location | Contract Start Date | Contract End Date(1) | Day Rate(2) | Comments | ||||||||||||||||||||||||||||||||||||||||||
| Benign Environment Jackups | ||||||||||||||||||||||||||||||||||||||||||||||||||
| VALARIS 144 | LT Super 116-E | 2010 | Azule Energy Azule Energy | Angola Angola | Mar 25 Aug 25 | Jul 25 Sep 27 | TCV of approx. $8.5 million based on estimated duration of 45 days TCV estimated to be between $149 million and $156 million based on contract duration of 730 to 770 days, including a mobilization fee from the Gulf of America | |||||||||||||||||||||||||||||||||||||||||||
| VALARIS 118 | LT 240-C | 2012 | BP BP | Trinidad Trinidad | Apr 24 Sep 25 | Sep 25 Aug 28 | TCV of approx. $51 million based on initial estimated duration of 365 days TCV of approx. $168 million based on duration of three years. Expect approx. 30 days out of service for planned maintenance in 3Q26 | |||||||||||||||||||||||||||||||||||||||||||
| VALARIS 117 | LT 240-C | 2009 | Eni Undisclosed | Mexico Trinidad | Apr 25 Aug 26 | Jan 26 Jan 28 | TCV of approx. $36 million based on duration of 300 days. 150-day priced option. Expect approx. 20 days out of service for planned maintenance in 3Q26 185-day priced option | |||||||||||||||||||||||||||||||||||||||||||
| VALARIS 115 | BM Pacific Class 400 | 2013 | Shell | Brunei | Apr 23 | Apr 27 | TCV of approx. $159 million based on duration of four years | |||||||||||||||||||||||||||||||||||||||||||
| VALARIS 110 | KFELS MOD V-B | 2015 | NOC Undisclosed | Qatar Qatar | Oct 21 Oct 25 | Oct 25 Oct 29 | 1-year priced option Contracted revenue backlog for the four-year extension is approx. $117 million. 1-year priced option. Expect approx. 45 days of out service for planned maintenance in 2Q26 | |||||||||||||||||||||||||||||||||||||||||||
| VALARIS 107 | KFELS MOD V-B | 2006 | ExxonMobil ExxonMobil | Australia Australia | Nov 24 Nov 25 | Nov 25 May 26 | $153,000 $163,000 | 180-day priced option | ||||||||||||||||||||||||||||||||||||||||||
| VALARIS 106 | KFELS MOD V-B | 2005 | BP | Indonesia | Jun 25 | Oct 25 | $95,000 | |||||||||||||||||||||||||||||||||||||||||||
| Stacked | ||||||||||||||||||||||||||||||||||||||||||||||||||
| VALARIS 148 | LT Super 116-E | 2013 | UAE | |||||||||||||||||||||||||||||||||||||||||||||||
| VALARIS 147 | LT Super 116-E | 2013 | UAE | |||||||||||||||||||||||||||||||||||||||||||||||
| VALARIS 145 | LT Super 116-E | 2010 | Gulf of America | |||||||||||||||||||||||||||||||||||||||||||||||
| VALARIS 143 | LT Super 116-E | 2010 | UAE | |||||||||||||||||||||||||||||||||||||||||||||||
| VALARIS 111 | KFELS MOD V-B | 2003 | Croatia | |||||||||||||||||||||||||||||||||||||||||||||||
| VALARIS 109 | KFELS MOD V-Super B | 2008 | Namibia | |||||||||||||||||||||||||||||||||||||||||||||||
| VALARIS 104 | KFELS MOD V-B | 2002 | UAE | |||||||||||||||||||||||||||||||||||||||||||||||
Page 6 of 15
| Valaris Limited Fleet Status Report July 24, 2025 | |||||||||||||
| Asset Category / Rig | Design | Year Delivered | Customer | Location | Contract Start Date | Contract End Date(1) | Day Rate(2) | Comments | ||||||||||||||||||||||||||||||||||||||||||
| Legacy Jackups | ||||||||||||||||||||||||||||||||||||||||||||||||||
| VALARIS 92 | LT 116-C | 1982 | Harbour Energy Shell | UK UK | Mar 24 Aug 25 | Jul 25 Aug 27 | $95,000 | TCV of approx. $75 million based on duration of 730 days | ||||||||||||||||||||||||||||||||||||||||||
| VALARIS 72 | Hitachi 300C | 1981 | Eni Eni | UK UK | Jan 20 Sep 25 | Aug 25 Sep 27 | TCV of approx. $71 million for 730-day contract to perform P&A and CCS work | |||||||||||||||||||||||||||||||||||||||||||
Other - Jackups Leased to ARO Drilling(3) | ||||||||||||||||||||||||||||||||||||||||||||||||||
| VALARIS 250 | LT Super Gorilla XL | 2003 | ARO Drilling | Saudi Arabia | May 25 | Apr 30 | Expect approx. 180 days out of service for planned maintenance across 4Q25 and 1Q26 | |||||||||||||||||||||||||||||||||||||||||||
| VALARIS 146 | LT Super 116-E | 2011 | ARO Drilling | Saudi Arabia | May 25 | Apr 30 | Expect approx. 50 days out of service for planned maintenance in 1Q26 | |||||||||||||||||||||||||||||||||||||||||||
| VALARIS 141 | LT Super 116-E | 2016 | ARO Drilling | Saudi Arabia | Aug 22 Aug 25 | Aug 25 Aug 30 | ||||||||||||||||||||||||||||||||||||||||||||
| VALARIS 140 | LT Super 116-E | 2016 | ARO Drilling | Saudi Arabia | May 25 | Apr 30 | ||||||||||||||||||||||||||||||||||||||||||||
| VALARIS 116 | LT 240-C | 2008 | ARO Drilling | Saudi Arabia | May 25 | Apr 30 | Expect approx. 180 days out of service for planned maintenance across 4Q25 and 1Q26 | |||||||||||||||||||||||||||||||||||||||||||
| VALARIS 108 | KFELS MOD V-B | 2007 | ARO Drilling | Saudi Arabia | Mar 24 | Mar 27 | ||||||||||||||||||||||||||||||||||||||||||||
| VALARIS 76 | LT Super 116-C | 2000 | ARO Drilling | Saudi Arabia | Jan 26 | Dec 30 | ||||||||||||||||||||||||||||||||||||||||||||
| Other - Managed Rigs | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Thunder Horse | Deepwater Semisubmersible | BP | Gulf of America | Jan 24 | Jan 27 | TCV of approx. $153 million | ||||||||||||||||||||||||||||||||||||||||||||
| Mad Dog | Deepwater Spar Drilling Rig | BP | Gulf of America | Jan 24 | Jan 27 | TCV of approx. $106 million | ||||||||||||||||||||||||||||||||||||||||||||
Changes: bolded rig names and underlined text signify changes in rig status from previous fleet status report
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| Valaris Limited Fleet Status Report July 24, 2025 | |||||||||||||
| Asset Category / Rig | Design | Customer | Location | Contract Start Date | Contract End Date(1) | Day Rate(2) | Comments | |||||||||||||||||||||||||||||||||||||
| ARO Drilling | ||||||||||||||||||||||||||||||||||||||||||||
| Jackup Rigs Owned by ARO Drilling | ||||||||||||||||||||||||||||||||||||||||||||
| Gilbert Rowe | LT 116-C | Saudi Aramco | Saudi Arabia | Oct 17 | Jan 26 | Expect approx. 15 days out of service for planned maintenance in 4Q25 | ||||||||||||||||||||||||||||||||||||||
| SAR 201 | BM 200-H | Saudi Aramco | Saudi Arabia | Feb 18 | Feb 26 | |||||||||||||||||||||||||||||||||||||||
| Bob Keller | LT Tarzan 225-C | Saudi Aramco | Saudi Arabia | Oct 17 | Jan 26 | Expect approx. 10 days out of service for planned maintenance in 3Q25 and approx. 100 days out of service for planned maintenance across 1Q26 and 2Q26 | ||||||||||||||||||||||||||||||||||||||
| J.P. Bussell | LT Tarzan 225-C | Saudi Aramco | Saudi Arabia | Oct 17 | Jan 26 | Expect approx. 10 days out of service for planned maintenance in 1Q26 | ||||||||||||||||||||||||||||||||||||||
| Scooter Yeargain | LT Tarzan 225-C | Saudi Aramco | Saudi Arabia | Oct 18 | Dec 26 | Expect approx. 100 days out of service for planned maintenance across 3Q25 and 4Q25 | ||||||||||||||||||||||||||||||||||||||
| Hank Boswell | LT Tarzan 225-C | Saudi Aramco | Saudi Arabia | Oct 18 | Dec 26 | |||||||||||||||||||||||||||||||||||||||
| SAR 202 | KFELS Super B | Saudi Aramco | Saudi Arabia | Oct 17 | Jan 26 | Expect approx. 10 days out of service for planned maintenance in 1Q26 | ||||||||||||||||||||||||||||||||||||||
| Kingdom 1 | LT 116-C | Saudi Aramco | Saudi Arabia | Nov 23 | Nov 31 | Expect approx. 30 days out of service for planned maintenance in 3Q26 | ||||||||||||||||||||||||||||||||||||||
| Kingdom 2 | LT 116-C | Saudi Aramco | Saudi Arabia | Aug 24 | Aug 32 | Expect approx. 25 days out of service for planned maintenance in 4Q26 | ||||||||||||||||||||||||||||||||||||||
Changes: bolded rig names and underlined text signify changes in rig status from previous fleet status report
(1) Contract duration does not include any unexercised optional extensions. Contract end dates can vary based on how long it takes to complete the wells subject to the contract.
(2) Day rates are reported to the nearest thousand and reflect the operating day rates charged to customers, excluding certain types of non-recurring revenues such as lump sum mobilization payments. Day rates are provided unless such disclosures are restricted by confidentiality provisions.
(3) Rigs leased to ARO Drilling via bareboat charter agreements to fulfill contracts between ARO Drilling and Saudi Aramco.
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| Valaris Limited Fleet Status Report July 24, 2025 | |||||||||||||
Out of Service Days (1) | ||||||||||||||||||||||||||||||||||||||||||||
| Rig | Segment / Asset Category | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | Q3 2026 | Q4 2026 | |||||||||||||||||||||||||||||||||||||
| VALARIS DS-18 | Floater - Drillship | 20 | ||||||||||||||||||||||||||||||||||||||||||
| VALARIS DS-17 | Floater - Drillship | 25 | ||||||||||||||||||||||||||||||||||||||||||
| VALARIS DS-16 | Floater - Drillship | 20 | ||||||||||||||||||||||||||||||||||||||||||
| VALARIS 249 | Jackup - Harsh Environment | 20 | 10 | |||||||||||||||||||||||||||||||||||||||||
| VALARIS 248 | Jackup - Harsh Environment | 30 | 20 | |||||||||||||||||||||||||||||||||||||||||
| VALARIS 121 | Jackup - Harsh Environment | 15 | ||||||||||||||||||||||||||||||||||||||||||
| VALARIS 118 | Jackup - Benign Environment | 30 | ||||||||||||||||||||||||||||||||||||||||||
| VALARIS 117 | Jackup - Benign Environment | 20 | ||||||||||||||||||||||||||||||||||||||||||
| VALARIS 110 | Jackup - Benign Environment | 45 | ||||||||||||||||||||||||||||||||||||||||||
| VALARIS 250 | Other - Jackups Leased to ARO Drilling | 90 | 90 | |||||||||||||||||||||||||||||||||||||||||
| VALARIS 146 | Other - Jackups Leased to ARO Drilling | 50 | ||||||||||||||||||||||||||||||||||||||||||
| VALARIS 116 | Other - Jackups Leased to ARO Drilling | 90 | 90 | |||||||||||||||||||||||||||||||||||||||||
(1) Table shows expected out of service days for planned maintenance, e.g. special periodic surveys and contract preparation, excluding rigs undergoing reactivation projects. Excludes ARO owned rigs.
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| Valaris Limited Fleet Status Report July 24, 2025 | |||||||||||||
Additional Information Regarding this Fleet Status Report
Day Rate and Terms. The day rates reflected in this Fleet Status Report are stated in U.S. dollars and include the operating day rates charged to customers, which may include estimated contractual adjustments for changes in operating costs and/or reimbursable cost adjustments for ongoing expenses such as crew, catering, insurance and taxes. The day rates, however, do not include certain types of non-recurring revenues such as lump sum mobilization payments, revenues earned during mobilizations, revenues associated with contract preparation and other non-recurring reimbursable items such as mobilizations and capital enhancements, and the impact of the fair market value adjustments to previously acquired drilling contracts that are recognized during the contract term. Routine and non-routine downtime may reduce the actual revenues recognized during the contract term. Additionally, we sometimes negotiate special rates and/or day rate adjustments with customers that may reduce revenues recognized.
Total Contract Value. Total contract value is the estimated total compensation expected to be received for a contract, including the operating day rate over the estimated firm term of the contract and any non-recurring lump sum payments for items such as mobilization, reactivation and capital upgrades.
Forward-Looking Statements. Statements contained in this Fleet Status Report that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include words or phrases such as "anticipate," "believe," "estimate," "expect," "intend," "likely," "outlook," "plan," "project," "could," "may," "might," "should," "will" and similar words and specifically include statements regarding expected financial performance; expected utilization, day rates, revenues, operating expenses, cash flows, contract status, terms and duration, contract backlog, capital expenditures, insurance, financing and funding; the offshore drilling market, including supply and demand, customer drilling programs and the attainment of requisite permits for such programs, stacking of rigs, effects of new rigs on the market and effect of the volatility of commodity prices; expected work commitments, awards, contracts and letters of intent; scheduled delivery dates for rigs; performance and expected benefits of our joint ventures, including our joint venture with Saudi Aramco; timing of the delivery of the Saudi Aramco Rowan Offshore Drilling Company ("ARO") newbuild rigs and the timing of additional ARO newbuild orders; the availability, delivery, mobilization, contract commencement, availability, relocation or other movement of rigs and the timing thereof; rig reactivations; suitability of rigs for future contracts; divestitures of assets, including the expected sale of VALARIS 247; general economic, market, business and industry conditions, trends and outlook; general political conditions, including political tensions, conflicts and war; cybersecurity attacks and threats; uncertainty around the use and impacts of artificial intelligence applications; impacts and effects of public health crises, pandemics and epidemics; future operations; ability to renew expiring contracts or obtain new contracts; increasing regulatory complexity; targets, progress, plans and goals related to sustainability matters; the outcome of tax disputes; assessments and settlements; and expense management. The forward-looking statements contained in this Fleet Status Report are subject to numerous risks, uncertainties and assumptions that may cause actual results to vary materially from those indicated, including cancellation, suspension, renegotiation or termination of drilling contracts and programs; our ability to obtain financing, service our debt, fund capital expenditures and pursue other business opportunities; adequacy of sources of liquidity for us and our customers; future share repurchases; actions by regulatory authorities, or other third parties; actions by our security holders; internal control risk; commodity price fluctuations and volatility, customer demand, loss of a significant customer or customer contract, downtime and other risks associated with offshore rig operations; adverse weather, including hurricanes; changes in worldwide rig supply; and demand, competition and technology; supply chain and logistics challenges; consumer preferences for alternative fuels and forecasts or expectations regarding the global energy transition; increased scrutiny of our sustainability targets, initiatives and reporting and our ability to achieve such targets or initiatives; changes in customer strategy; future levels of offshore drilling activity; governmental action, civil unrest and political and economic uncertainties, including recessions, inflation, volatility affecting financial markets and the banking system, changing tariff policies, trade disputes, and adverse changes in the level of international trade activity; terrorism, piracy and military action; risks inherent to shipyard upgrade, repair, maintenance, enhancement or rig reactivation; our ability to enter into, and the terms of, future drilling contracts; suitability of rigs for future contracts; the cancellation of letters of intent or letters of award or any failure to execute definitive contracts following announcements of letters of intent, letters of award or other expected work commitments; the outcome of litigation, legal proceedings, investigations or other claims or contract disputes; governmental regulatory, legislative and permitting requirements affecting drilling operations; our ability to attract and retain skilled personnel on commercially reasonable terms; the use of artificial intelligence by us, third-party service providers or our competitors; environmental or other liabilities, risks or losses; compliance with our debt agreements and debt restrictions that may limit our liquidity and flexibility, including in any return of capital plans; cybersecurity risks and threats; and changes in foreign currency exchange rates. In addition to the numerous factors described above, you should also carefully read and consider "Item 1A. Risk Factors" in Part I and "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" in Part II of our most recent annual report on Form 10-K, which is available on the Securities and Exchange Commission's website at www.sec.gov or on the Investor Relations section of our website at www.valaris.com. Each forward-looking statement speaks only as of the date of the particular statement, and we undertake no obligation to update or revise any forward-looking statements, except as required by law.
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