Valaris Limited reported second-quarter results that swung from a first-quarter loss to a profit, with revenue of $539 million, net income of $47 million, and adjusted EBITDA of $97 million, up from $67 million in the prior quarter. The improvement came as two idle drillships, VALARIS DS-12 and DS-10, returned to work, boosting floater segment revenue to $279 million from $193 million, while two more drillships are expected to start contracts before year-end. However, Middle East conflicts cut adjusted EBITDA by about $30 million in the quarter, up from $8 million in the first quarter, due to war-related insurance premiums and shipyard downtime for VALARIS 250 and 116. The company also sold two jackups for $74 million, added over $160 million in North Sea backlog, and continues to expect its pending combination with Transocean to close in the fourth quarter of 2026. Cash on hand fell to $541 million from $578 million, and short interest stands at 11.10% of the float, with shares trading at a forward price-to-earnings ratio of 29.07.
Valaris LtdSwung to profit with revenue and EBITDA up, drillships returned to work, and backlog added.
Transocean LtdPending combination with Valaris mentioned, but no direct impact on Transocean's operations.
