Here are the 10-K annual reports from Valaris Limited (VAL) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow VAL and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full VAL filings page.
Valaris Limited is a global offshore contract driller with 46 owned rigs as of December 31, 2025, including 13 drillships, two semisubmersibles and 31 jackups, plus a 50% interest in nine additional rigs through its ARO joint venture with Saudi Aramco. Operations span most major offshore basins, with 86% of 2025 revenue from non-U.S. markets and a concentrated customer base where the top five customers generated 49% of revenue.
The company operates mainly on day-rate contracts and reported contract drilling backlog of about $4.7 billion as of February 17, 2026. On February 9, 2026, Valaris agreed to a share-for-share business combination with Transocean, under which Transocean will acquire all Valaris shares at an exchange ratio of 15.235 Transocean shares per Valaris share, leaving existing Transocean and Valaris shareholders with approximately 53% and 47% of the combined company on a fully diluted basis, assuming conversion of Transocean’s 2029 exchangeable bonds.
The deal is subject to shareholder, court and regulatory approvals and includes termination fees up to approximately $173.0 million, plus possible expense reimbursement up to $58 million. Key risks highlighted include dependence on volatile offshore exploration spending, intense industry competition, cybersecurity threats, significant capital needs for rig reactivations and upgrades, climate and regulatory pressures, and execution and timing risks around the pending Transocean combination and the ARO joint venture.