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Valaris (VAL) investor relations material
Valaris Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary30 Oct, 2025
Executive summary
Operates a fleet of 48 rigs, including 13 drillships, 2 semisubmersibles, and 33 jackups, with a $4.5B contract backlog as of October 2025 and a 50% stake in ARO Drilling.
Achieved Q3 2025 operating revenues of $596 million and net income of $187 million, with revenue efficiency at 95%.
Safety performance in 2024 was over 50% better than the offshore peer group average, with a Lost Time Incident Rate (LTIR) of 0.04, and received multiple safety awards.
All four drillships with near-term availability are now contracted for 2026, reflecting successful commercial execution.
Offshore drilling demand softened in 2025 but management remains optimistic about long-term deepwater opportunities.
Financial highlights
Q3 2025 total revenues were $596 million, with net income of $187 million and adjusted EBITDA of $163 million.
Adjusted free cash flow reached $237 million, and cash and cash equivalents rose to $676 million as of September 30, 2025.
Share repurchases totaled $75 million in Q3 2025, with $200 million remaining under the $600 million program.
FY 2025 EBITDA guidance is $615–635 million, with capital expenditures projected at $380–400 million.
Net income for the nine months ended September 30, 2025, was $265.3 million, up from $239.7 million year-over-year.
Outlook and guidance
Q4 2025 revenues expected between $495 million–$515 million, with Q4 adjusted EBITDA guidance of $70 million–$90 million.
Full-year adjusted EBITDA expected around $625 million, above prior guidance.
Backlog as of October 23, 2025, was $4.45 billion, up from $3.61 billion in February, driven by new multi-year floater contracts and jackup extensions.
Management expects deepwater and benign floater demand to rise through 2027, with capital expenditures focused on maintenance and upgrades.
Expect to receive $70 million in upfront customer payments for contract-specific upgrades in 2025.
Floater fleet idle time impact on 2026 outlook?
Explain the recent contract backlog reduction.
ARO Drilling's increasing contribution to Valaris?
Future share repurchase strategy?
7th-gen drillship day rate outlook?
Key regions driving future floater demand?
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Frequently asked questions
Valaris Limited is an offshore drilling contractor that provides drilling services to the global oil and gas industry. The company operates a fleet of offshore drilling rigs, including jackups, drillships, and semisubmersibles, which are used for exploration, development, and production drilling. Valaris serves oil majors, independent exploration and production companies, and government-owned oil enterprises, offering services in various offshore environments, including deepwater and harsh conditions. The company is headquartered in Hamilton, Bermuda, and its shares are listed on the NYSE.
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