Each one in plain English, with the numbers worked through for a shareholder.
5 Aug 2026production update● Neutral
The August 5, 2026 fleet report puts backlog at about $4.6 billion, down from about $4.9 billion in May, with more than $160 million of new awards since then. New work includes a 41-well plug-and-abandon contract for VALARIS 248 in the UK North Sea (about $140 million, expected to start mid-2027) and a letter of award for a two-well DS-18 exploration programme (excluded from backlog). In the Middle East, VALARIS 110 resumed work for NOC Qatar in late May after the March suspension, and VALARIS 250 restarted its ARO charter in mid-July (116 is still expected in Q3). Jackups 104 and 109 were sold for $74 million total, and the Medco one-well contract for VALARIS 106 was cancelled by mutual agreement.
On June 29, 2026 the US foreign investment review body (CFIUS) cleared the Transocean deal, so that closing condition is now met. The US antitrust review is still open: both companies agreed not to certify compliance with the DOJ's Second Request before July 31, 2026, and not to close until 60 days after both certify. They still expect to close in the second half of 2026, subject to remaining regulatory approvals and shareholder votes.
Valaris filed a preliminary joint proxy statement (dated May 19, 2026) for the Transocean deal, which sets out the votes: a Valaris court meeting to approve the scheme of arrangement, and a Transocean shareholder meeting to approve issuing the new shares. Each Valaris share is expected to be exchanged for 15.235 Transocean shares (cash for fractions), leaving Valaris holders with about 47% of the combined company; meeting dates are still blank and the document is subject to completion. The Valaris board unanimously recommends voting for.
On May 4, 2026 the US Department of Justice sent both Valaris and Transocean a Second Request for more information on their planned deal (15.235 Transocean shares per Valaris share). This extends the antitrust waiting period until 30 days after both sides have substantially complied, so the review is longer than a standard one. The filing gives no new closing date.
The May 4, 2026 fleet report puts backlog at about $4.9 billion, up from about $4.7 billion in February, with about $560 million of new awards, mainly a 1,064-day Petrobras extension for DS-4 (~$447M, from Nov 2027); the day rate on DS-4's existing contract was cut, reducing backlog by about $21M. Several jackup extensions were added (e.g. VALARIS 115 with Brunei Shell, ~$78M). On Middle East operations, all rigs remain under contract, but VALARIS 110 has been suspended since early March 2026 (still contracted to NOC Qatar), and the restart of bareboat charters for VALARIS 116 and 250 slipped to Q3 2026. Semisubmersible DPS-1 was sold for recycling in April 2026.
The Feb 17, 2026 fleet report puts backlog at about $4.7 billion, up from about $4.5 billion in October 2025, with nearly $900 million of new awards. These include DS-7 (Azule, ~$125M, Angola), a two-year DS-9 extension with Esso Exploration Angola, a multi-year DS-8 contract with Shell in Brazil (~$300M, from Q1 2027), and several jackup awards. About $120 million was removed from backlog because the Harbour Energy contract on VALARIS 120 was suspended in December and revenue is no longer expected (it had run to mid-2028), which resolves that open thread negatively. DPS-1 is held for sale to be recycled, and jackups 102 and 145 were sold for recycling in December 2025.
Valaris disclosed the terms of the Transocean deal: each Valaris share gets 15.235 Transocean shares (plus cash for fractions), leaving Transocean holders with about 53% and Valaris holders about 47% of the combined company. Valaris warrants would be assumed by Transocean, two Valaris directors would join Transocean's board, and Valaris RSUs/PSUs would vest and convert into Transocean shares. Closing needs shareholder votes of both companies, court sanction, NYSE listing of the new shares and regulatory approvals; either side can walk away if not done by Feb 9, 2027. Termination fees are $195M payable by Transocean and $173M payable by Valaris in specified cases, with expense reimbursement of up to $58M (Valaris) or $65M (Transocean) if a shareholder vote fails. Neither side may terminate to accept a superior proposal. This is a pending deal, not yet completed.
Valaris announced a Business Combination Agreement dated Feb 9, 2026 under which Transocean Ltd. (Switzerland) will acquire all Valaris common shares in exchange for Transocean shares, through a court-approved Bermuda scheme of arrangement. This is a new, major event: if completed, Valaris shareholders would receive Transocean shares instead of holding Valaris. The filing itself is mostly the announcement, an investor presentation exhibit and legal cautions; the terms are in the companion filing.
The Oct 23, 2025 fleet report puts backlog at about $4.5 billion, down from about $4.7 billion in July, with about $190 million of new awards. These include a five-well BP contract in Egypt for DS-12 (about $140 million, from Q2 2026; the rig is currently warm stacked) and several North Sea jackup extensions. It confirms the VALARIS 247 sale closed in August 2025 for about $108 million, and that the Harbour Energy suspension on VALARIS 120 is now expected in November 2025, with about $125 million of backlog remaining for that rig after the suspension.
The Jul 24, 2025 fleet report puts backlog at about $4.7 billion, up from about $4.2 billion in April, with over $1.0 billion of new awards. These include Occidental contracts for DS-16 (940-day extension from June 2026) and DS-18 (914-day contract from late 2026), worth about $760 million combined, and a five-well West Africa contract for DS-15 (about $135 million). Valaris also agreed to sell jackup VALARIS 247 for about $108 million, received a suspension notice from Harbour Energy on VALARIS 120, and saw the Hibiscus contract for VALARIS 248 terminated by mutual agreement.
The Apr 30, 2025 fleet report puts backlog at about $4.2 billion, up from about $3.6 billion in February, with about $1.0 billion of new awards. These include a two-year West Africa contract for DS-10 (previously warm stacked; $352 million, starting late Q2 or Q3 2026) and five-year bareboat charter extensions for five jackups leased to ARO Drilling. It also confirms DPS-3, DPS-5 and DPS-6 were sold for recycling in April 2025 for about $10 million in total, completing the retirement announced in February.
Valaris's Feb 18, 2025 fleet report puts contract backlog at about $3.6 billion, down from about $4.1 billion on Oct 30, 2024, with about $120 million of new awards since then. It retires three semisubmersibles (DPS-3, DPS-5, DPS-6, previously stacked or idle) to be scrapped or repurposed, and says jackup VALARIS 75 was sold for $24 million; new awards include a 600-day Stavanger extension with TotalEnergies (over $75 million).
Valaris's Oct 30, 2024 fleet report shows backlog fell to about $4.1B from about $4.3B in July, even with about $257M of new awards, including a three-year BP extension for jackup 118 in Trinidad (about $168M). The suspensions of ARO's Saudi Aramco contracts for jackups 147 and 148 ended in termination in October 2024, and the rigs returned to Valaris. This resolves the July suspension-notice thread. The report also lists DS-10 as warm stacked in Las Palmas, Spain, and DPS-5 as warm stacked in the US Gulf of Mexico.
Valaris's Jul 29, 2024 fleet report shows backlog of about $4.3B, up from about $4.0B in April, with about $715M of new awards. The largest is a multi-year Equinor contract for DS-17 in Brazil (about $498M, 852 days, starting Q3 2025). Separately, ARO received suspension notices from Saudi Aramco for jackups 147 and 148, which carry $35M of Valaris backlog. This follows the earlier 143 suspension, and discussions with Aramco are ongoing.
Valaris's Apr 30, 2024 fleet report shows backlog of about $4.0B, up from about $3.9B in February, with about $480M of new awards. These include a 13-well Angola contract for jackup 144 (about $149M-$156M) and three-year BP extensions for managed rigs Mad Dog and Thunder Horse (about $259M combined). Two negatives: ARO's Saudi Aramco contract for jackup 143 will be suspended and terminated, so the rig returns to Valaris, and jackup 92 has a suspension notice from Feb 2025, cutting backlog by about $35M. DS-13 and DS-14 have arrived in Las Palmas, Spain, and are stacked.
Valaris's Feb 15, 2024 fleet report shows backlog up to more than $3.9B from about $3.2B on Nov 1, 2023, with about $1.2B of new awards since then. These include a 1,064-day Petrobras contract for DS-4 (about $519M) and a two-year Occidental extension for DS-16. It also confirms the company exercised its options and took delivery of DS-13 and DS-14 for about $337M in total; they are being moved to Las Palmas, Spain, to be stacked until contracted. This closes the purchase thread that was open at year-end 2023.
Valaris published its November 1, 2023 fleet status report. Backlog rose to about $3.2B from about $3.0B on August 1, with roughly $480M from new awards and extensions, including a DS-15 extension with TotalEnergies in Brazil ($100M firm), a Petrobras option on DS-4 (~$41M) and a 55-well Eni plug-and-abandonment contract for jackup 72. The DS-13 and DS-14 purchase options are still listed as open to year-end 2023.
Valaris closed the $400M add-on of 8.375% second lien notes due 2030 on August 21, 2023, issued at 100.75% of par for net proceeds of about $396M. The notes form one series with the $700M issued in April, bringing the total to $1.1B (inference from the two amounts). This completes the financing announced August 7.
8 Aug 2023capital raising announcement● NeutralMajor
The offer was priced and upsized from $350M to $400M of additional 8.375% second lien notes due 2030, issued at 100.75% of par, for net proceeds of about $396M; closing was expected August 21, 2023. Use of proceeds is unchanged: buying DS-13 and DS-14 (about $337M) and general corporate purposes. This adds to Valaris's debt.
7 Aug 2023capital raising announcement● NeutralMajor
Valaris announced it plans to sell $350M of additional 8.375% second lien notes due 2030, on top of the $700M issued in April 2023, subject to market conditions. It says proceeds would fund the roughly $337M purchase of drillships DS-13 and DS-14 (it intends to exercise its delivery options by Dec 31, 2023) and general corporate purposes.
Valaris published its August 1, 2023 fleet status report. It shows total contract backlog of $3,041.3M (up from $2,803.2M in the May report) and new work: a 12-well West Africa contract for drillship DS-7 (about $364M, starting Q2 2024, reactivation required), two Gulf of Mexico contracts for semisubmersible DPS-5, and three jackup contracts (two for rig 107 in Australia, one for rig 247 with a major Australian operator at $180,000/day).
Valaris's May 1, 2023 fleet report adds a three-year Petrobras contract for drillship DS-8 (about $500 million including a $30 million mobilization fee, rig being reactivated), a 100-day TotalEnergies contract for DS-12, and a TotalEnergies option on DS-15 (about $254,000 a day, now under contract through Q2 2024). Several jackup contracts were added, including a two-year Harbour extension for jackup 92 at $95,000 a day and a roughly $26 million Beach Energy job for jackup 107. The previously announced sale of jackup 54 for $28.5 million has completed. Total backlog is $2,803.2 million, up from $2,463.2 million in February, with ARO Drilling backlog of $1,632.4 million, down from $1,731.8 million.
On April 19, 2023 Valaris closed the $700 million 8.375% second lien notes due 2030 (about $685 million net) and the $375 million revolver became available to borrow. Part of the proceeds funds redemption of all of the 2028 first lien notes, and the company said it discharged its obligations under that indenture. Remaining proceeds are for general corporate purposes, which the filing says may include working capital, capital expenditures, share repurchases and acquisitions. This completes the refinancing started April 3; the new notes are secured on a second-priority basis behind the revolver.
On April 4, 2023 Valaris priced the second lien notes offering at $700 million, upsized from the $600 million announced a day earlier. The notes carry an 8.375% coupon, mature April 30, 2030, and were sold at par for about $685 million net, with closing expected April 19, 2023. Proceeds are to fund the redemption of the 2028 first lien notes and for general corporate purposes. The deal is tied to the new revolver becoming available.
On April 3, 2023 Valaris signed a new senior secured revolving credit facility of up to $375 million (expandable by $200 million), with Citibank as agent, and announced a planned $600 million second lien notes offering due 2030. Proceeds are meant to redeem all of the roughly $550 million First Lien Notes due 2028 at 104.00% of principal, with a conditional redemption date of May 3, 2023. The revolver only becomes available if the offering closes and the first lien notes are redeemed or discharged by April 20, 2023. This replaces the 2028 first lien notes that carried the restricted payments terms changed in August 2022.
Valaris's February 21, 2023 fleet report shows a SNEPCo option on DS-10 at $231,000 a day, extending the rig to March 2024, and a one-year contract for jackup 249 offshore Trinidad at $125,000 a day with an $8.5 million mobilization fee. New ARO Drilling contracts cover jackups 76 (five years from Q1 2024) and 108 (three years from Q3 2023), both bareboat chartered to ARO. Total backlog is $2,463.2 million, up from $2,387.7 million in January, with ARO Drilling backlog of $1,731.8 million.
On January 25, 2023 Valaris amended its December 2021 support agreement with Famatown Finance. Famatown must say by March 6, 2023 whether Gunnar Eliassen, its nominee already on the board, or another nominee will stand at the 2023 annual meeting. The standstill period is extended through that meeting, and further if its nominee is elected. If Eliassen resigns before then, no replacement is required until after the meeting. This continues the Famatown thread: the original agreement had been set to end after the 2022 meeting unless a Famatown director was elected, and Eliassen is now described as serving on the board.
Valaris's January 12, 2023 fleet report adds a four-well BP contract in Egypt for drillship DS-12 (about 320 days from late Q3/early Q4 2023, estimated $136 million), a TotalEnergies option on DS-15 taking it to December 2023, and several North Sea jackup contracts (e.g. 121, 123, 247). It also adds three-year Saudi extensions for jackups 147 and 148, which Valaris will bareboat charter to ARO. Total backlog is $2,387.7 million, up from $2,260.6 million in October, with ARO Drilling backlog of $1,472.3 million. The MS-1 suspension remains in place.
Valaris's October 31, 2022 fleet report shows new work: a three-well Eni Mexico contract for DPS-5 (about 240 days from December 2022, $313,500 a day), a Shell North Sea extension for jackup 122 (about 500 days, over $60 million), and several Saudi Aramco extensions and other options. Total backlog is $2,260.6 million (down from $2,349.3 million in July), plus $435.3 million as Valaris's 50% share of ARO Drilling's owned rigs (adjusted total $2,695.9 million). Separately, after an Australian court set aside an environmental plan for the Barossa Gas Project in September 2022, the customer suspended drilling by MS-1; Valaris says it does not expect a material impact on revenues and earnings during the suspension, whose length is unknown, and an appeal hearing is set for November 2022.
22 Aug 2022security holder rights change● NeutralMajor
On August 19, 2022, after enough holders consented, Valaris signed a Fourth Supplemental Indenture changing the terms of its Senior Secured First Lien Notes due 2028 (issued under the April 30, 2021 indenture). The general limit on restricted payments rises from $100 million to $175 million, a net-income-based basket is added, and the general investments limit rises to the greater of $175 million and 6.5% of total assets (from the greater of $100 million and 4.0%). The changes take effect once the consent fee is paid. The filing does not state the fee amount or what the company intends to do with the extra room.
