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Valaris Ltd senior vice president and COO Luca Gilles reported a routine share disposition related to taxes. On settlement or vesting of equity awards, 1,193 common shares were withheld at $90.63 per share to cover tax withholding obligations, which will be paid in cash by Valaris to the tax authorities. After this tax-withholding disposition, Gilles directly holds 84,052 common shares of Valaris.
Valaris Ltd senior vice president and chief commercial officer Matthew Lyne reported a tax-related share disposition. On the transaction date, 1,449 common shares were withheld at a price of $90.63 per share to satisfy tax withholding obligations arising from equity settlement or vesting. After this withholding, Lyne directly owned 34,324 common shares.
Valaris Ltd reported that President and CEO Anton Dibowitz acquired 14,037 common shares on a grant or award basis, at a price of $0.00 per share. The award is structured as restricted share units that will vest in three equal installments on each of the first three anniversaries of the grant date. Following this equity award, Dibowitz holds a total of 259,418 common shares directly.
Luca Gilles reported acquisition or exercise transactions in this Form 4 filing.
Valaris Ltd senior vice president and COO Luca Gilles received an equity award in the form of 4,992 common share units. These were granted at no cash cost to him and are structured as restricted share units that vest in three equal installments on each of the first three anniversaries of the grant date.
Following this grant, Gilles directly owns 85,245 common shares of Valaris. The award further ties a portion of his compensation to the company’s long-term share performance through multi‑year vesting.
Lyne Matthew reported acquisition or exercise transactions in this Form 4 filing.
Valaris Ltd reported that senior vice president and chief commercial officer Matthew Lyne received an equity award. He was granted 4,992 restricted share units at no cash cost, classified as common shares. These units will vest in three equal installments on each of the first three anniversaries of the grant date. After this award, he beneficially owns 35,773 common shares directly.
Vukadin Davor reported acquisition or exercise transactions in this Form 4 filing.
Valaris Ltd senior vice president and general counsel Davor Vukadin received a one-time equity award of 3,270 common-share-based restricted share units at no cash cost. These units will vest in three equal installments on each of the first three anniversaries of the grant date. After this grant, Vukadin holds 20,685 common shares in total, reflecting both existing holdings and this new award.
Weber Christopher T reported acquisition or exercise transactions in this Form 4 filing.
Valaris Ltd SVP and CFO Christopher T. Weber received a one-time grant of 4,992 restricted share units, vesting in three equal installments on each of the first three anniversaries of the grant date. Following this award, he directly holds 64,127 common shares.
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.
Valaris Limited reported fourth quarter 2025 operating revenues of $537.4 million, down 10% from the prior quarter, and net income of $717.5 million, boosted by a $680.4 million tax benefit tied to deferred tax asset valuation allowance changes.
Adjusted EBITDA was $97.0 million versus $163.2 million in the third quarter as floater and jackup revenues declined on fewer operating days and asset sales, while maintenance, claims accruals and mobilization costs increased. Revenue efficiency remained high at 98% and total contract backlog was approximately $4.7 billion, supported by nearly $900 million of new awards since the third quarter.
For full-year 2026, Valaris guides to total operating revenues of $2,125–2,205 million, Adjusted EBITDA of $485–565 million excluding costs for its pending all-stock combination with Transocean Ltd., and capital expenditures of $425–475 million, partly offset by about $110 million of customer upfront payments. Around 97% of 2026 revenue at the midpoint of guidance is covered by firm contracts, and management expects currently idle drillships to return to work through 2026.
Valaris Limited released an updated fleet status report as of February 17, 2026, highlighting new offshore drilling contracts and extensions that add nearly $900 million of contract backlog. Total contract backlog increased to approximately $4.7 billion, up from about $4.5 billion in the prior report.
Key wins include a five-well extension for drillship VALARIS DS-7 with Azule Energy in Angola, a two-year extension for VALARIS DS-9 with Esso Angola, and a multi‑year VALARIS DS-8 contract with Shell in Brazil valued at about $300 million. On the jackup side, notable awards include a two‑year BP Indonesia contract for VALARIS 106 with an estimated value of roughly $74 million and multiple North Sea accommodation and plug-and-abandonment contracts. The company also removed roughly $120 million of backlog tied to the suspended VALARIS 120 contract, classified semisubmersible VALARIS DPS‑1 as held for sale, and sold jackups VALARIS 102 and 145 for recycling, while outlining expected maintenance-related out‑of‑service days across several rigs.