Valaris Q3 revenue rises 10% on drillship contracts
VAL•Valaris said third-quarter 2026 revenue rose 10% year over year to $594 million, while adjusted EBITDA was $151 million, including a $24 million negative impact from Middle East conflicts. The pending merger with Transocean is expected to close around December 1, 2026.
1. Revenue and earnings
Valaris reported third-quarter revenue of $594 million, up 10% year over year, and net income of $47 million. Adjusted EBITDA was $151 million, negatively affected by $24 million from ongoing conflicts in the Middle East; the impact moderated as war-risk insurance costs fell.
2. Drilling activity
Higher floater-fleet revenue reflected more operating days and higher average daily revenues. Three drillships started new contracts after idle periods, and another began a contract at a higher day rate. Fewer jackup operating days, mainly because VALARIS 249 spent most of the quarter in planned shipyard maintenance, reduced revenue.
3. Outlook and merger
Valaris described its outlook as increasingly positive, citing a robust deepwater opportunity pipeline and rising day rates. It expects all ten active drillships to be on contract, supporting earnings and cash flow generation. The company does not intend to provide future earnings guidance or hold conference calls while its pending merger with Transocean is expected to close around December 1, 2026.
