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Oil and gas companies hire Valaris to drill offshore wells using its rigs and crews. Floating rigs used in deeper waters bring in the largest share of revenue, followed by jackup rigs used in shallow waters. Customers generally pay an agreed daily rate rather than a share of the oil or gas produced. Valaris pays crew and rig operating costs; customers bear most other well-construction costs and the economic risk of an unsuccessful well.
Most revenue comes from outside the United States, and a small group of large customers supplies a substantial share, including Petrobras, BP and Azule Energy. Valaris also leases rigs to ARO, its drilling joint venture with Saudi Aramco. ARO operates under long-term contracts with Saudi Aramco and depends heavily on that customer.
Revenue depends on how much time rigs spend on paid work and the daily rates customers agree to pay. Repairs and other interruptions can reduce those rates or stop payment altogether. Demand for rigs depends on oil and gas companies’ offshore spending, which is influenced by energy prices and expectations. Permitting, safety and environmental rules also limit where and how drilling can take place.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Valaris also depends materially on BP and Azule Energy’s drilling budgets and on Saudi Aramco’s long-term contracts through its ARO joint venture.
Transocean competes with Valaris to supply rigs and crews for oil and gas companies’ deepwater wells, but has also agreed to buy Valaris by giving shareholders 15.235 Transocean shares for each Valaris share. Watch shareholder and regulatory approvals: this all-stock deal remains conditional and could be delayed or fail to close.
Noble competes globally with Valaris for oil and gas companies’ drilling contracts, supplying drillships, semisubmersibles and shallow-water jackup rigs. Its contract wins and rig deployment show where customers are putting offshore drilling budgets that both companies pursue.
Seadrill and Valaris both supply drillships, semisubmersible rigs and crews to offshore oil and gas operators, tying their business to deepwater drilling spending. Watch the daily prices and operating activity of Seadrill’s floating rigs for clues to demand facing Valaris’s Floaters business.
Borr Drilling Limited competes with Valaris to supply premium jackup rigs and crews to oil and gas customers drilling in shallow water, with customers paying by the day. Its contracts for new production wells in already-producing fields offer a read on demand for Valaris’s jackup fleet.
Petrobras pays Valaris for offshore drilling services and accounted for at least 10% of Valaris’s consolidated revenue in 2025. Watch the oil producer’s drilling plans in Brazil’s offshore Santos and Campos basins, where its most significant proved reserves sit, for signals about a major customer’s demand.
Tidewater and Valaris depend on the same offshore energy activity: customers pay Tidewater for marine transportation and Valaris for drilling rigs and crews. Tidewater’s vessel activity across its offshore markets offers another view of the spending that supports rig demand.
Noble Corporation plc earningsNE
Noble and Valaris both rent floaters and jackups to oil and gas companies, so Noble’s report will show how much offshore drilling work customers are putting into a market they share.
Look at Noble’s contract wins and rig deployments. More awards and rigs put to work would show customers turning offshore budgets into drilling activity, supporting the kind of work Valaris pursues too; fewer awards or slower deployment would point to weaker activity in their shared market.
Valaris Limited earningsThis company
Valaris rents rigs and crews by the day, and this report will show whether floater and jackup utilization and day rates support its revenue and operating income.
Read floater and jackup day rates and utilization alongside contract drilling costs. Higher rates and utilization with costs under control mean more rig revenue is reaching operating income; weaker rates or utilization, or rising costs, mean less of that revenue is turning into profit.
Transocean LTD. earningsRIG
Transocean has agreed to acquire Valaris in an all-stock deal, and any update in its report on approvals or closing conditions could clarify how the transaction uncertainty is changing.
Watch for any update on shareholder and regulatory approvals or other closing conditions. Progress would bring the agreed exchange of 15.235 Transocean shares for each Valaris share closer to completion; delays or obstacles would leave the deal at risk of delay or failure, with Valaris still facing transaction costs and uncertainty.
Seadrill Limited earningsSDRL
Seadrill and Valaris both provide floating rigs to offshore oil and gas companies, so Seadrill’s floater rates and activity will offer a read on demand and pricing for Valaris’s Floater business.
Read Seadrill’s floater day rates alongside operating activity. Higher rates and more rigs at work would show customers paying more while using more deepwater capacity, supporting better rates and work for Valaris’s Floaters; lower rates or less activity would point to pressure on demand or pricing for that business.
PETROLEO BRASILEIRO S.A.-PETROBRAS earningsPBR
Petrobras pays Valaris for offshore drilling and accounted for at least 10% of its consolidated revenue in 2025, so its report can show how this major customer’s Brazilian offshore plans are changing.
Look at whether Petrobras maintains or expands its offshore drilling plans in Brazil, or delays or cuts them. Stronger plans would support this major customer continuing to put Valaris rigs and crews to work; a pullback could put demand for related contracts, renewals, or follow-on work under pressure.
Borr Drilling Limited earningsBORR
Borr Drilling and Valaris both rent jackups to oil and gas customers for shallow-water drilling, so Borr’s report will show whether demand for the kind of jackup work Valaris supplies is holding up.
Look at Borr Drilling’s new rig contracts and drilling work for new production wells in existing fields. More contracts and activity would show customers continuing to hire shallow-water jackups, supporting demand for Valaris’s Jackups; fewer contracts or weaker activity would point to fewer opportunities for that fleet.
