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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.
Valaris Ltd director Catherine Hughes reported routine equity compensation and related tax withholding. She received 2,493 restricted stock units as her annual equity retainer, which will vest in full on the earlier of the first anniversary of the grant date or the next annual meeting of shareholders. To cover taxes from settlement or vesting, 397 common shares were withheld, with the issuer paying the tax in cash to the authorities. After these transactions, Hughes directly holds 15,448 common shares.
Valaris director Elizabeth Leykum reported equity compensation changes involving common shares and restricted stock units. On June 10, 2026, she exercised 6,978 restricted stock units into common shares, then 2,792 of those shares were disposed back to the issuer at $88.98 per share as a cash settlement under her award agreement.
She also received a new grant of 2,849 restricted stock units as part of her annual equity retainer, which will vest in full on the earlier of the first anniversary of the grant date or the next annual shareholders’ meeting. Following these transactions, she directly holds 43,019 Valaris common shares and 2,849 restricted stock units.
Valaris Ltd director Kristian Johansen reported routine equity compensation and related adjustments involving the company’s common shares and restricted stock units on June 10, 2026.
He received 1,984 restricted stock units (RSUs) as his annual equity retainer, which will vest in full on the earlier of the first anniversary of the grant date or the next annual shareholder meeting. Johansen also exercised 4,860 RSUs into an equivalent number of common shares, while 1,944 RSUs were cash settled and returned to the issuer at $88.98 per share in line with his award agreement. Following these transactions, he directly holds 7,564 common shares. All movements reflect compensation and internal settlements rather than open-market buying or selling.
FAGERSTAL DICK reported acquisition or exercise transactions in this Form 4 filing.
Valaris Ltd director Dick Fagerstal received a grant of 2,391 restricted stock units as part of his annual equity retainer. Each unit represents the right to receive one Valaris common share, cash equal to its value, or a mix of both, at his election. The award will vest in full on the earlier of the first anniversary of the grant date or the next annual meeting of shareholders, so it functions as stock-based compensation rather than an open-market share purchase.
Goldschmid Joseph reported acquisition or exercise transactions in this Form 4 filing.
Valaris Ltd director Joseph Goldschmid reported an equity award of 2,188 restricted stock units (RSUs). These RSUs represent his annual equity retainer and were granted at no cash cost per unit. They will vest in full on the earlier of the first anniversary of the grant date or the next annual meeting of shareholders.
After this award, Goldschmid is shown as having 38,560 common shares in total. Under Oak Hill Advisors, L.P. policies, the RSUs received by Goldschmid are held for the benefit of certain OHA clients, so the economic benefit is for those clients rather than a discretionary open-market purchase by the director.