Strong Financial Performance
Valaris delivered a strong quarter with adjusted EBITDA of $163 million and free cash flow of $237 million, supported by solid operational performance and a fleet-wide revenue efficiency of 95%.
Significant Contract Awards
Valaris secured nearly $200 million in new contracts and extensions since the second quarter, adding $2.2 billion in contract backlog year-to-date with a total backlog now standing at $4.5 billion.
Successful Fleet Management
The sale of the 27-year-old jack-up VALARIS 247 for $108 million in cash and strategic warm stacking of rigs in Malaysia demonstrate disciplined fleet management.
Robust Offshore Drilling Demand
Valaris continues to see a strong pipeline of deepwater opportunities and is in advanced discussions for contracts scheduled to complete in the second half of 2026.
Safety Milestones and Recognition
Valaris achieved significant safety milestones across its fleet, with several rigs marking recordable-free periods, and received recognition from the Center for Offshore Safety for its initiatives.