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Valaris Ltd (VAL) is the issuer of common shares that Oak Hill Advisors, L.P. has notified under Rule 144 for potential resale. Oak Hill Advisors reports that the Oak Hill Advisory Entities beneficially hold 1,409,130 common shares of Valaris, with an aggregate market value of $130,372,708, to be sold through Goldman Sachs & Co. LLC on the NYSE. The notice lists this same 1,409,130-share position as the amount of Valaris common shares that may be sold. Oak Hill Advisors also discloses multiple recent open‑market sales of Valaris common shares over the prior three months, including a block of 500,000 shares on August 10, 2026 for $42,192,950. The filing states that the shares were originally acquired from Valaris under a Chapter 11 plan of reorganization.
Oak Hill Advisors, a Delaware investment adviser, reports beneficial ownership of 3,038,600 Valaris Ltd common shares, representing 4.38% of the class. The firm has shared voting and dispositive power over these shares and no sole voting or dispositive power.
The ownership percentage is calculated using 69,435,807 Valaris shares outstanding as of July 30, 2026, as disclosed in the company’s Form 10-Q for the quarter ended June 30, 2026. All reportable trades in the prior 60 days occurred in the open market. A Valaris director, Mr. Goldschmid, received a grant of 2,188 RSUs on June 10, 2026, which are deemed held for the benefit of certain Oak Hill Advisors clients, with no voting or investment control retained by him.
Oak Hill Advisors, L.P. filed a notice to sell up to 1,799,773 VAL common shares through Goldman Sachs & Co. LLC on the NYSE, with an aggregate market value of about $153,970,580. Shares outstanding are listed as 69,435,807. The filing also details prior 3‑month sales, including 500,000 shares for $42,192,950 on 08/10/2026 and 467,586 shares for $44,236,909 on 06/02/2026.
Valaris Limited received an updated ownership report from a group led by Giovanni Agnelli B.V., Exor N.V., Lingotto Investment Management (UK) Limited and Lingotto Investment Management LLP. Lingotto Investment Management LLP acquired the common shares and is 99.7% owned by Lingotto Investment Management (UK) Limited, which is wholly owned by Exor N.V., itself controlled by Giovanni Agnelli B.V.
The group reports beneficial ownership of 2,411,493 Valaris common shares, representing 3.48% of the class, with sole voting and dispositive power over all reported shares and no shared power. The percentage is based on 69,251,773 common shares outstanding. The filing confirms ownership of five percent or less of Valaris’s common shares.
Valaris Limited reported Q2 2026 total operating revenues of $539.2 million, down from $615.2 million a year earlier, and net income attributable to Valaris of $50.4 million versus $115.1 million. For the first six months, revenues were $1,004.6 million and net income attributable to Valaris was $34.0 million, compared with $1,235.9 million and $77.2 million in the prior-year period. Diluted EPS was $0.72 for the quarter and $0.48 year‑to‑date.
Operating income was $51.1 million for the quarter and $71.1 million year‑to‑date, while net cash provided by operating activities declined to $88.1 million from $275.9 million in the first half of 2025. Results included $25.0 million of merger and integration expenses related to a pending all‑stock business combination with Transocean, under which each Valaris share would be exchanged for 15.235 Transocean shares, and Valaris could owe a $173.0 million termination fee in certain circumstances. Management estimates conflicts in the Middle East reduced operating income by approximately $30.0 million in the quarter and $38.0 million year‑to‑date.
As of June 30 2026, cash and cash equivalents and restricted cash totaled $558.0 million, against $1,087.6 million of 2030 Second Lien Notes, with no borrowings under the $375.0 million 2028 revolving credit facility. Contract backlog was $4,585.2 million for Valaris and $1,834.1 million for ARO as of early August 2026.
Valaris Limited reports updated fleet activity and contract backlog as of August 5, 2026. New contracts and extensions since May 4 added more than $160 million of contract backlog, bringing total backlog to approximately $4.6 billion across floaters, jackups and other services through 2028 and beyond.
Key awards include a 101-day extension and a 41-well plug and abandonment contract for VALARIS 248 in the UK North Sea, adding approximately $7.5 million and $140 million, respectively, plus a one-well Baltic Sea contract for VALARIS 123 at an operating day rate of $135,000. Middle East operations remain under contract, with several rigs resuming or recommencing work.
The company sold jackups VALARIS 104 and 109, which had been stacked for about six years, for total cash proceeds of $74 million. Average 2026 day rates are $426,000 for drillships and $126,000 for jackups. Disclosures also outline expected out-of-service days for planned maintenance and extensive forward-looking risk factors, including a pending transaction with Transocean Ltd.
Valaris Limited reported second-quarter 2026 results with total operating revenues of $539.2 million, net income of $47.0 million and Adjusted EBITDA of $96.5 million, compared with $465.4 million of revenues and $66.7 million of Adjusted EBITDA in the first quarter.
Operations delivered 98% revenue efficiency, supported by the successful startup of drillships VALARIS DS-12 and DS-10 and added North Sea jackup backlog of more than $160 million. Ongoing conflicts in the Middle East reduced Adjusted EBITDA by about $30 million, though management expects these impacts to moderate in the second half of 2026. As of June 30, 2026, cash and cash equivalents were $541.2 million against long-term debt of $1,087.6 million, and total contract backlog was $4,585.2 million as of August 5, 2026. The company also continues to pursue a pending business combination with Transocean, which is expected to close in the fourth quarter of 2026 and to provide synergies and enhanced capabilities.
Valaris Ltd Controller Melissa Barron reported a tax-related share disposition. On the vesting of equity awards, 260 Common Shares were withheld at a price of $75.35 per share to cover tax withholding obligations. According to the filing, the issuer will pay the taxes in cash to the relevant authority. After this withholding, Barron directly owns 17,742 Common Shares.
Valaris Ltd controller Melissa Barron reported routine equity compensation activity involving company common shares. She received an annual grant of 8,673 restricted stock units, which will vest in three equal installments on each of the first three anniversaries of the grant date. When a portion of prior awards vested, 735 shares were withheld at a value of $72.46 per share to cover tax withholding obligations, with cash paid by Valaris to the tax authorities. Following these transactions, Barron directly holds 18,002 common shares of Valaris.
Valaris Limited reports progress on its planned all-stock business combination with Transocean. Under the agreement, Transocean will acquire all Valaris common shares in exchange for 15.235 Transocean shares per Valaris share. Valaris and Transocean have received formal approval from the U.S. Committee on Foreign Investment in the United States, satisfying the CFIUS-related closing condition.
The U.S. Department of Justice has issued a Second Request under the Hart-Scott-Rodino Act, and the parties have agreed not to certify substantial compliance before July 31, 2026 and not to close the deal until 60 days after both certify substantial compliance, unless the waiting period is terminated earlier. The companies continue to cooperate with the DOJ and continue to expect completion of the business combination in the second half of 2026, subject to remaining regulatory and shareholder approvals and other customary closing conditions.