Valaris Reports Third Quarter 2026 Results
Business Wire•02/11/2026•16:15 ET
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Key Highlights
- ➤Revenue $594 million; net income $47 million in Q3 2026
- ➤Adjusted EBITDA $151 million, up from $97 million in Q2
- ➤Added approximately $600 million backlog, increasing total backlog to $4.8 billion
- ➤All ten active drillships now contracted amid rising day rates
- ➤Transocean combination received regulatory approvals; closing anticipated around December 1, 2026
Expert Statements
Anton Dibowitz, President and Chief Executive Officer of Valaris
“I want to thank our employees across the organization for their continued focus on delivering safe, reliable and efficient operations. Their strong execution helped us achieve revenue efficiency of 97% in the third quarter and 98% year to date, contributing to solid financial results.”
Anton Dibowitz, President and Chief Executive Officer of Valaris
“These results are particularly commendable given we have returned four drillships back to work this year following significant idle periods and have been impacted by the ongoing conflicts in the Middle East. Fleet utilization is increasing, and all ten of our active drillships are now on contract, positioning us to generate meaningful earnings and cash flow.”
Anton Dibowitz, President and Chief Executive Officer of Valaris
“The outlook for our business is increasingly positive. The pipeline of deepwater opportunities remains robust, the opportunities continue to convert to contracts, and day rates are moving higher, driven by favorable market fundamentals and strong customer demand for high-specification drillships.”
Anton Dibowitz, President and Chief Executive Officer of Valaris
“Our pending business combination with Transocean has received the required regulatory approvals and is anticipated to close on or about December 1, 2026. We remain confident that the pending transaction will create meaningful value through expected synergies and the enhanced capabilities of the combined company.”
Valaris Limited (NYSE: VAL) ("Valaris" or the "Company") today reported third quarter 2026 results.
President and Chief Executive Officer Anton Dibowitz said, “I want to thank our employees across the organization for their continued focus on delivering safe, reliable and efficient operations. Their strong execution helped us achieve revenue efficiency of 97% in the third quarter and 98% year to date, contributing to solid financial results.”
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