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Valaris (VAL) investor relations material

Valaris Barclays 39th Annual CEO Energy-Power Conference 2025 summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Barclays 39th Annual CEO Energy-Power Conference 2025 summary2 Sep, 2025

Fleet overview and operational performance

  • Operates 48 rigs, including 13 high-specification drillships, 2 semisubmersibles, and 33 jackups, with 12 of 13 drillships being seventh-generation assets.

  • High-spec drillships command day rates about 25% higher and utilization 10% higher than the market average.

  • Achieved 96% revenue efficiency and a strong safety record, supporting customer preference and contract wins.

  • Added over $2 billion in contract backlog this year, with $1.3 billion from drillships, raising total backlog to $4.7 billion, the highest in a decade.

  • Increased 2023 guidance midpoint by $55 million to $585 million due to strong operational performance.

Market outlook and contracting trends

  • Offshore drilling, especially deepwater, is seeing strong demand, with customers increasingly turning to deepwater for resource needs.

  • Contracting pace has picked up, with operators booking rigs 12+ months in advance for 2026 startups.

  • Pipeline of about 30 term program opportunities remains steady, with half in Africa, and contracting expected to continue through year-end.

  • Seventh-generation drillships are expected to lead the recovery, with utilization projected to exceed 90% by end of 2026.

  • Pricing is expected to rise as utilization tightens through 2026 and into 2027, especially for high-spec assets.

Asset deployment and reactivation

  • Three of four drillships with near-term availability have secured contracts; focus remains on finding a long-term contract for the remaining DS-12.

  • DS-12 is well positioned for opportunities in Africa and internationally, with a focus on long-term earnings visibility.

  • Short-term programs are emerging but are secondary to securing long-term contracts.

  • Cold-stacked rigs DS-11, DS-13, and DS-14 are expected to return to market around 2028, depending on market readiness.

  • Reactivation costs for drillships remain around $120–$125 million, with a one-year timeline for reactivation.

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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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