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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities and Exchange Act of 1934
Date of Report (Date of earliest event reported): February 18, 2025
Valaris Limited
(Exact name of registrant as specified in its charter)
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| Bermuda | | 001-08097 | | 98-1589854 |
(State or other jurisdiction of incorporation) | | (Commission File Number) | | (I.R.S. Employer Identification No.) |
Claredon House, 2 Church Street
Hamilton, Bermuda, HM 11
Registrant’s telephone number, including area code: 44 (0) 20 7659 4660
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
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| Title of each class | | Ticker Symbol(s) | | Name of each exchange on which registered |
| Common Shares, $0.01 par value share | | VAL | | New York Stock Exchange |
| Warrants to purchase Common Shares | | VAL WS | | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ☐ |
TABLE OF CONTENTS
INFORMATION TO BE INCLUDED IN THE REPORT
Item 7.01 Regulation FD Disclosure
The Fleet Status Report of the Company as of February 18, 2025 is furnished as Exhibit 99.1 to this report.
The information furnished in this Item 7.01 and the information attached to this Form 8-K as Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
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| Exhibit No. | | Description |
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| 99.1 | | |
| 101 | | Interactive data files pursuant to Rule 405 of Regulation S-T formatted in inline Extensible Business Reporting Language |
| 104 | | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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| | Valaris Limited |
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| February 18, 2025 | | /s/ CHRISTOPHER T. WEBER |
| Christopher T. Weber Senior Vice President and Chief Financial Officer |
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| Valaris Limited
Fleet Status Report
February 18, 2025 | |
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| New Contracts, Extensions and Other Updates Since Last Fleet Status Report |
Contract Backlog •Valaris has been awarded the following new contracts and contract extensions, with associated contract backlog of approximately $120 million, subsequent to issuing its previous fleet status report on October 30, 2024. Contract backlog excludes lump sum payments such as mobilization fees and capital reimbursements. •Contract backlog decreased to approximately $3.6 billion from approximately $4.1 billion as of October 30, 2024. Contract Awards •600-day priced contract extension with TotalEnergies in the UK North Sea for jackup VALARIS Stavanger. The priced extension is expected to commence in the third quarter 2025 in direct continuation of the current program. The total contract value for the priced extension is over $75 million. •100-day contract for jackup VALARIS 249 with BP offshore Trinidad. The contract is expected to commence in the first quarter 2026 in direct continuation of the rig’s previous program with another operator. The total contract value is approximately $16.8 million. •One-well contract with Jadestone Energy offshore Australia for jackup VALARIS 247. The contract is expected to commence in March 2025 in direct continuation of the rig’s current program with another operator. •Two-well priced option exercised by BP Indonesia for jackup VALARIS 106. The option period has an estimated duration of 80 days and is expected to commence in May 2025 in direct continuation of the existing firm program. The operating day rate is $95,000. •Short-term bareboat charter agreement extensions through February 28, 2025, for jackups VALARIS 116, VALARIS 146 and VALARIS 250, which are leased to ARO Drilling (“ARO”). Valaris and ARO remain in discussions with Saudi Aramco regarding longer-term contract extensions for these rigs. Other Fleet Status Updates •The Company recently decided to retire three semisubmersibles from its fleet: VALARIS DPS-5, which has been idle since last working in third quarter 2024, as well as VALARIS DPS-3 and VALARIS DPS-6, which have been stacked for several years. The Company expects that these rigs will be removed from the global drilling supply and repurposed for alternative uses or scrapped. •Jackup VALARIS 75 has been sold for $24 million. VALARIS 75 is a 25-year-old jackup that has been stacked in the U.S. Gulf for five years. As part of the purchase and sale agreement, future operations are restricted to the U.S. Gulf.
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| Valaris Limited
Fleet Status Report
February 18, 2025 | |
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Contract Backlog(1) (2) ($ millions) | 2025 | 2026 | 2027+ | Total | | Contracted Days(1) (2) | 2025 | 2026 | 2027+ |
| Drillships | $ | 866.8 | | $ | 687.7 | | $ | 390.1 | | $ | 1,944.6 | | | Drillships | 2,281 | | 1,567 | | 740 | |
| Semisubmersibles | 79.4 | | — | | — | | 79.4 | | | Semisubmersibles | 359 | | — | | — | |
| Floaters | $ | 946.2 | | $ | 687.7 | | $ | 390.1 | | $ | 2,024.0 | | | Floaters | 2,640 | | 1,567 | | 740 | |
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| HD - Harsh Environment | $ | 315.4 | | $ | 169.3 | | $ | 129.9 | | $ | 614.6 | | | HD - Harsh Environment | 2,213 | | 1,102 | | 784 | |
| HD & SD - Modern | 245.3 | | 171.0 | | 111.1 | | 527.4 | | | HD & SD - Modern | 1,897 | | 1,133 | | 718 | |
| SD - Legacy | 56.5 | | 68.3 | | 46.2 | | 171.0 | | | SD - Legacy | 624 | | 730 | | 508 | |
| Jackups | $ | 617.2 | | $ | 408.6 | | $ | 287.2 | | $ | 1,313.0 | | | Jackups | 4,734 | | 2,965 | | 2,010 | |
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Other(3) | $ | 92.7 | | $ | 114.1 | | $ | 64.7 | | $ | 271.5 | | | Other(3) | 1,222 | | 1,460 | | 1,540 | |
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| Total | $ | 1,656.1 | | $ | 1,210.4 | | $ | 742.0 | | $ | 3,608.5 | | | Total | 8,596 | | 5,992 | | 4,290 | |
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ARO Drilling(4) | | | | | | Average Day Rates(1) (2) | 2025 | 2026 | 2027+ |
| Owned Rigs | $ | 313.4 | | $ | 204.6 | | $ | 606.9 | | $ | 1,124.9 | | | Drillships | $ | 380,000 | | $ | 439,000 | | $ | 527,000 | |
| Leased Rigs | 56.0 | | 78.6 | | 163.4 | | 298.0 | | | Semisubmersibles | 221,000 | | — | | — | |
| Total | $ | 369.4 | | $ | 283.2 | | $ | 770.3 | | $ | 1,422.9 | | | Floaters | $ | 358,000 | | $ | 439,000 | | $ | 527,000 | |
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| | | | | | HD - Harsh Environment | $ | 143,000 | | $ | 154,000 | | $ | 166,000 | |
| | | | | | HD & SD - Modern | 129,000 | | 151,000 | | 155,000 | |
| | | | | | SD - Legacy | 91,000 | | 94,000 | | 91,000 | |
| | | | | | Jackups | $ | 130,000 | | $ | 138,000 | | $ | 143,000 | |
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(1) Contract backlog, contracted days and average day rates as of February 18, 2025. (2) Contract backlog and average day rates exclude certain types of non-recurring revenues such as lump sum mobilization payments. Contract backlog and contracted days may include backlog and days when a rig is under suspension. Average day rates are adjusted to exclude suspension backlog and days. (3) Other represents contract backlog and contracted days related to bareboat charter agreements and management services contracts. (4) ARO Drilling contract backlog as of February 18, 2025. HD = Heavy Duty; SD = Standard Duty |
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| Valaris Limited
Fleet Status Report
February 18, 2025 | |
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| Asset Category / Rig | | Design | | Year Delivered | | Customer | | Location | | Contract Start Date | | Contract End Date(1) | | Day Rate(2) | | Comments |
| Drillships | | | | | | | | | | | | | | | | |
| VALARIS DS-18 | | GustoMSC P10000 | | 2015 | | Chevron | | U.S. Gulf | | Aug 22 | | Aug 25 | | | | Additional rate charged when MPD services provided. Expect approx. 20 days out of service for planned maintenance in 3Q25 |
| VALARIS DS-17 | | GustoMSC P10000 | | 2014 | | Equinor
Equinor
Equinor | | Brazil
Brazil
Brazil | | Sep 23
May 25
Sep 25 | | Apr 25
Aug 25
Dec 27 | | $447,000
$497,000
| | Contract includes MPD and additional services Expect approx. 25 days out of service for customer required upgrades in 3Q25 Estimated total contract value ("TCV") of $498 million, inclusive of MPD, additional services and fees for mobilization and minor rig upgrades. Based on estimated duration of 852 days comprised of a 180-day standby period followed by a 672-day drilling program |
VALARIS DS-16
| | GustoMSC P10000 | | 2014 | | Occidental
| | U.S. Gulf
| | Jun 24 | | Jun 26 | | | | Additional rate charged when MPD services provided. 1-year priced option
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| VALARIS DS-15 | | GustoMSC P10000 | | 2014 | | TotalEnergies
TotalEnergies
| | Brazil
Brazil
| | Sep 24 Dec 24
| | Dec 24
Sep 25
| | $254,000
$400,000 | | Additional rate charged when MPD services provided Additional rate charged when MPD and additional services provided. ... |
VALARIS DS-12
| | DSME 12000 | | 2013 | | BP | | Egypt | | Jan 24 | | Mar 25 | |
| | TCV of $136 million based on initial estimated duration of 320 days |
VALARIS DS-10
| | Samsung GF12000 | | 2017 | |
| | Spain
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| | Rig is warm stacked in Las Palmas, Spain
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| VALARIS DS-9 | | Samsung GF12000 | | 2015 | | ExxonMobil
| | Cyprus | | Jul 22
| | Jan 26
| | | | Contract includes MPD services. One 6-month priced option remaining |
| VALARIS DS-8 | | Samsung GF12000 | | 2015 | | Petrobras | | Brazil | | Dec 23 | | Dec 26 | | $428,000 | | Plus mobilization fee of approx. $30 million. Contract includes additional services |
| VALARIS DS-7 | | Samsung 96K | | 2013 | | Undisclosed | | West Africa | | Jun 24 | | Oct 26 | | | | TCV estimated to be $364 million based on initial estimated duration of 850 days |
| VALARIS DS-4 | | Samsung 96K | | 2010 | | Petrobras | | Brazil | | Dec 24 | | Nov 27 | | $450,000 | | Plus mobilization fee of approx. $41 million. Contract includes MPD and additional services |
| Stacked | | | | | | | | | | | | | | |
VALARIS DS-14
| | DSME 12000 | | 2023 | | | | Spain | | | | | | | | |
VALARIS DS-13
| | DSME 12000 | | 2023 | | | | Spain | | | | | | | | |
| VALARIS DS-11 | | DSME 12000 | | 2013 | | | | Spain | | | | | | | | |
Changes: bolded rig names and underlined text signify changes in rig status from previous fleet status report
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| Valaris Limited
Fleet Status Report
February 18, 2025 | |
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| Asset Category / Rig | | Design | | Year Delivered | | Customer | | Location | | Contract Start Date | | Contract End Date(1) | | Day Rate(2) | | Comments |
| Semisubmersibles | | | | | | | | | | | | | | |
VALARIS DPS-5
| | ENSCO 8500 Series,
DP + Moored | | 2012 | | | | U.S. Gulf | | | | | | | | Valaris recently decided to retire the rig from its fleet. The company expects that the rig will be removed from the global drilling supply and repurposed for alternative uses or scrapped |
VALARIS DPS-1
| | F&G ExD Millennium, Moored | | 2012 | | Woodside | | Australia
| | Jan 24
| | Sep 25 | | | | |
VALARIS MS-1
| | F&G ExD Millennium, Moored | | 2011 | | Santos | | Australia | | Jan 24 | | Jun 25 | | | | |
| Stacked | | | | |
VALARIS DPS-6
| | ENSCO 8500 Series, DP | | 2012 | | | | U.S. Gulf | | | | | | | | Valaris recently decided to retire the rig from its fleet. The company expects that the rig will be removed from the global drilling supply and repurposed for alternative uses or scrapped |
VALARIS DPS-3
| | ENSCO 8500 Series,
DP + Moored | | 2010 | | | | U.S. Gulf | | | | | | | | Valaris recently decided to retire the rig from its fleet. The company expects that the rig will be removed from the global drilling supply and repurposed for alternative uses or scrapped |
Changes: bolded rig names and underlined text signify changes in rig status from previous fleet status report
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| Valaris Limited
Fleet Status Report
February 18, 2025 | |
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| Asset Category / Rig | | Design | | Year Delivered | | Customer | | Location | | Contract Start Date | | Contract End Date(1) | | Day Rate(2) | | Comments | |
| Heavy Duty - Harsh Environment Jackups | |
| VALARIS Norway | | KFELS N Class | | 2011 | | Eni
Ithaca Energy | | UK
UK | | Jan 24 Apr 25
| | Mar 25
Jan 26 | |
| | VALARIS Norway substitutes for VALARIS 72 until the rig completes its current contract
TCV of approx. $39 million based on estimated duration of 292 days. Expect up to 30 days out of service for mobilization / planned maintenance in 2Q25 | |
| VALARIS Stavanger | | KFELS N Class | | 2011 | | TotalEnergies
TotalEnergies | | UK
UK | | May 24
Jul 25 | | Jun 25
Mar 27 | | | | TCV of approx. $52 million, including minor rig modifications, based on initial estimated duration of 360 days TCV of over $75 million based on 600-day priced extension. Two 200-day priced options | |
| VALARIS 250 | | LT Super Gorilla XL | | 2003 | | Saudi Aramco | | Saudi Arabia | | Jun 18 | | Feb 25 | | | | Leased to ARO Drilling(4). | |
| VALARIS 249 | | LT Super Gorilla | | 2001 | | Undisclosed Perenco Undisclosed BP Shell | | Trinidad Trinidad Trinidad Trinidad Trinidad | | Jul 24 Jan 25 Mar 25 Jan 26 Jun 26 | | Jan 25 Feb 25 Jan 26 May 26 Jun 27 | | $125,000
$163,000
| |
Expect approx. 15 days out of service for maintenance in 1Q25
TCV of $16.8 million based on duration of 100 days TCV of approx. $66 million based on estimated duration of 365 days. Three priced options with an estimated duration of 50 days each | |
| VALARIS 248 | | LT Super Gorilla | | 2000 | | Ithaca Energy
Hibiscus | | UK
UK | | Aug 20
Jun 25 | | Apr 25
Sep 25 | | | | Expect approx. 50 days out of service for planned maintenance in 2Q25
TCV of $14.2 million based on estimated duration of 93 days | |
| VALARIS 247 | | LT Super Gorilla | | 1998 | | Undisclosed
Eni Jadestone | | Australia
Australia Australia | | Jul 24
Dec 24 Mar 25
| | Dec 24
Mar 25 May 25
| | $180,000
$180,000
| | Plus mobilization and demobilization fees that cover moving and operating costs while the rig is in transit from/to the UK
| |
| VALARIS 123 | | KFELS Super A | | 2019 | | Shell
TAQA | | UK
Netherlands
| | Jul 24
Feb 25
| | Feb 25
Oct 25 | |
$153,000 | | TCV of approx. $21 million based on initial estimated duration of 154 days Operating day rate increases to approx. $163,000 in 2026. ... | |
VALARIS 122
| | KFELS Super A | | 2014 | | Shell | | UK | | Sep 23 | | Sep 25 | | | | TCV of over $60 million based on initial estimated duration of 500 days | |
| VALARIS 121 | | KFELS Super A | | 2014 | | Shell
Shell
| | UK
UK | | Nov 23 Jan 25 | | Jan 25
Feb 26 | | | | TCV of over $25 million based on initial estimated duration of 210 days TCV of approx. $55 million based on estimated duration of 406 days. Expect approx. 30 days out of service for planned maintenance in 1Q26. Plus two 1-well priced options with an estimated duration of 120 days each | |
| VALARIS 120 | | KFELS Super A | | 2013 | | Harbour Energy
Harbour Energy | | UK
UK | | Jul 23
Jul 25 | | Jul 25
Jul 28 | | $130,000
$166,000 | |
Expect approx. 40 days out of service for planned maintenance in 3Q25 | |
| Stacked | | | | | |
| VALARIS Viking | | KFELS N Class | | 2010 | | | | UK | | | | | | | | | |
| VALARIS 102 | | KFELS MOD V-A | | 2002 | | | | U.S. Gulf | | | | | | | | | |
Changes: bolded rig names and underlined text signify changes in rig status from previous fleet status report
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| Valaris Limited
Fleet Status Report
February 18, 2025 | |
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| Asset Category / Rig | | Design | | Year Delivered | | Customer | | Location | | Contract Start Date | | Contract End Date(1) | | Day Rate(2) | | Comments |
Heavy Duty - Modern Jackups(3) |
| VALARIS 118 | | LT 240-C | | 2012 | | BP
BP
| | Trinidad
Trinidad
| | Apr 24
Apr 25
| | Apr 25
Apr 28
| |
| | TCV of approx. $51 million based on estimated duration of 365 days
TCV of approx. $168 million based on duration of three years
|
| VALARIS 117 | | LT 240-C | | 2009 | | Eni
Eni | | Mexico
Mexico | | Dec 21
Apr 25 | | Mar 25
Jan 26 | | | |
TCV of approx. $36 million based on estimated duration of 300 days. One priced option with an estimated duration of 150 days |
| VALARIS 116 | | LT 240-C | | 2008 | | Saudi Aramco | | Saudi Arabia | | Dec 18 | | Feb 25 | | | | Leased to ARO Drilling(4) |
| VALARIS 115 | | BM Pacific Class 400 | | 2013 | | Shell | | Brunei | | Apr 23 | | Apr 27 | | | | TCV of approx. $159 million based on duration of four years |
| VALARIS 110 | | KFELS MOD V-B | | 2015 | | North Oil Company | | Qatar | | Oct 21 | | Oct 25 | | | | 1-year priced option |
| VALARIS 108 | | KFELS MOD V-B | | 2007 | | Saudi Aramco | | Saudi Arabia | | Mar 24 | | Mar 27 | | | | Leased to ARO Drilling(4) |
| VALARIS 107 | | KFELS MOD V-B | | 2006 | | Undisclosed
ExxonMobil | | Australia
Australia | | Mar 24
Nov 24 | | Oct 24
Nov 25 | | $150,000
$153,000 | |
Two 180-day priced options
|
| VALARIS 106 | | KFELS MOD V-B | | 2005 | | BP
BP | | Indonesia
Indonesia | | Jan 24
Apr 25 | | Jan 25 Aug 25 | | $85,000
$95,000 | | Expect approx. 90 days out of service for planned maintenance across 1Q25 and 2Q25 Priced options for work into 1Q26 |
| Stacked | | | | |
| VALARIS 111 | | KFELS MOD V-B | | 2003 | | | | Croatia | | | | | | | | |
| VALARIS 109 | | KFELS MOD V-Super B | | 2008 | | | | Namibia | | | | | | | | |
| VALARIS 104 | | KFELS MOD V-B | | 2002 | | | | UAE | | | | | | | | |
Changes: bolded rig names and underlined text signify changes in rig status from previous fleet status report
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| Valaris Limited
Fleet Status Report
February 18, 2025 | |
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| Asset Category / Rig | | Design | | Year Delivered | | Customer | | Location | | Contract Start Date | | Contract End Date(1) | | Day Rate(2) | | Comments |
Standard Duty - Modern Jackups(3) | | | | |
| VALARIS 146 | | LT Super 116-E | | 2011 | | Saudi Aramco | | Saudi Arabia | | Sep 18 | | Feb 25 | | | | Leased to ARO Drilling(4) |
| VALARIS 144 | | LT Super 116-E | | 2010 | | Undisclosed
Undisclosed | | Angola
Angola | | Mar 25
May 25 | | Apr 25
Jun 27 | | | | Out of service for contract preparations and mobilization in 4Q24 and 1Q25. TCV of approx. $8.5 million based on estimated duration of 45 days
TCV estimated to be between $149 million and $156 million, including a mobilization fee from the U.S. Gulf. |
| VALARIS 141 | | LT Super 116-E | | 2016 | | Saudi Aramco | | Saudi Arabia | | Aug 22 | | Aug 25 | | | | Leased to ARO Drilling(4) |
| VALARIS 140 | | LT Super 116-E | | 2016 | | Saudi Aramco | | Saudi Arabia | | Mar 22 | | Mar 25 | | | | Leased to ARO Drilling(4) |
| VALARIS 76 | | LT Super 116-C | | 2000 | | Saudi Aramco | | Saudi Arabia | | Nov 25 | | Nov 30 | | | | Leased to ARO Drilling(4) |
| Stacked | | | | | | |
| VALARIS 148 | | LT Super 116-E | | 2013 | | | | UAE | | | | | | | | |
| VALARIS 147 | | LT Super 116-E | | 2013 | | | | UAE | | | | | | | | |
| VALARIS 145 | | LT Super 116-E | | 2010 | | | | U.S. Gulf | | | | | | | | |
| VALARIS 143 | | LT Super 116-E | | 2010 | | | | UAE | | | | | | | | |
Changes: bolded rig names and underlined text signify changes in rig status from previous fleet status report
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| Valaris Limited
Fleet Status Report
February 18, 2025 | |
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| Asset Category / Rig | | Design | | Year Delivered | | Customer | | Location | | Contract Start Date | | Contract End Date(1) | | Day Rate(2) | | Comments |
| Standard Duty - Legacy Jackups | | | | |
| VALARIS 92 | | LT 116-C | | 1982 | | Harbour Energy
Shell
| | UK
UK | | Mar 24 Jun 25 | | Jun 25
Jun 27 | | $95,000 | |
TCV of approx. $75 million based on duration of two years |
| VALARIS 72 | | Hitachi 300C | | 1981 | | Eni
Eni | | UK
UK | | Jan 20 Apr 25
| | Apr 25
Nov 27 | | | | |
| | | | | | | | | | | | | | | | |
| Other - Managed Rigs | | | | | | |
| Thunder Horse | | Deepwater Semisubmersible | | | | BP | | U.S. Gulf | | Jan 24 | | Jan 27 | | | | TCV of approx. $153 million |
| Mad Dog | | Deepwater Spar Drilling Rig | | | | BP | | U.S. Gulf | | Jan 24 | | Jan 27 | | | | TCV of approx. $106 million |
| Sold | | | | | | |
| VALARIS 75 | | LT Super 116-C | | 1999 | |
| | U.S. Gulf | | | | | | | | Sold for $24 million |
Changes: bolded rig names and underlined text signify changes in rig status from previous fleet status report
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| Valaris Limited
Fleet Status Report
February 18, 2025 | |
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| Asset Category / Rig | | Design | | Customer | | Location | | Contract Start Date | | Contract End Date(1) | | Day Rate(2) | | Comments |
| ARO Drilling | | | | | | | | | | | | | | |
| Jackup Rigs Owned by ARO Drilling | | | | |
| Gilbert Rowe | | LT 116-C | | Saudi Aramco | | Saudi Arabia | | Oct 17 | | Jan 26 | | | | Expect approx. 15 days out of service for planned maintenance in 1Q25 |
| SAR 201 | | BM 200-H | | Saudi Aramco | | Saudi Arabia | | Feb 18 | | Feb 26 | | | | |
| Bob Keller | | LT Tarzan 225-C | | Saudi Aramco | | Saudi Arabia | | Oct 17 | | Jan 26 | | | | Expect approx. 10 days out of service for planned maintenance in 3Q25 and approx. 100 days out of service for planned maintenance across 1Q26 and 2Q26 |
| J.P. Bussell | | LT Tarzan 225-C | | Saudi Aramco | | Saudi Arabia | | Oct 17 | | Jan 26 | | | | Expect approx. 10 days out of service for planned maintenance in 1Q26 |
| Scooter Yeargain | | LT Tarzan 225-C | | Saudi Aramco | | Saudi Arabia | | Oct 18 | | Dec 26 | | | | Expect approx. 100 days out of service for planned maintenance across 3Q25 and 4Q25 |
| Hank Boswell | | LT Tarzan 225-C | | Saudi Aramco | | Saudi Arabia | | Oct 18 | | Dec 26 | | | | Expect approx. 15 days out of service for planned maintenance in 1Q25 |
| SAR 202 | | KFELS Super B | | Saudi Aramco | | Saudi Arabia | | Oct 17 | | Jan 26 | | | | Expect approx. 10 days out of service for planned maintenance in 1Q26 |
| Kingdom 1 | | LT 116-C | | Saudi Aramco | | Saudi Arabia | | Nov 23 | | Nov 31 | | | | |
| Kingdom 2 | | LT 116-C | | Saudi Aramco | | Saudi Arabia | | Aug 24 | | Aug 32 | | | | |
Changes: bolded rig names and underlined text signify changes in rig status from previous fleet status report
(1) Contract duration does not include any unexercised optional extensions. Contract end dates can vary based on how long it takes to complete the wells subject to the contract.
(2) Day rates are reported to the nearest thousand and reflect the operating day rates charged to customers, excluding certain types of non-recurring revenues such as lump sum mobilization payments. Day rates are provided unless such disclosures are restricted by confidentiality provisions.
(3) Heavy duty jackups are well-suited for operations in tropical revolving storm areas.
(4) Rigs leased to ARO Drilling via bareboat charter agreements to fulfill contracts between ARO Drilling and Saudi Aramco.
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| Valaris Limited
Fleet Status Report
February 18, 2025 | |
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Out of Service Days (1) | | | | | | | | | | | | |
| Rig | | Asset Category | | Q1 2025 | | Q2 2025 | | Q3 2025 | | Q4 2025 | | Q1 2026 | | Q2 2026 |
| VALARIS DS-18 | | Floater - Drillship | | | | | | 20 | | | | | | |
| VALARIS DS-17 | | Floater - Drillship | | | | | | 25 | | | | | | |
| VALARIS Norway | | Jackup - Heavy Duty Harsh Environment | | | | 30 | | | | | | | | |
| VALARIS 249 | | Jackup - Heavy Duty Harsh Environment | | 15 | | | | | | | | | | |
| VALARIS 248 | | Jackup - Heavy Duty Harsh Environment | | | | 50 | | | | | | | | |
| VALARIS 121 | | Jackup - Heavy Duty Harsh Environment | | | | | | | | | | 30 | | |
| VALARIS 120 | | Jackup - Heavy Duty Harsh Environment | | | | | | 40 | | | | | | |
| VALARIS 106 | | Jackup - Heavy Duty Modern | | 55 | | 35 | | | | | | | | |
(1) Table shows expected out of service days for planned maintenance, e.g. special periodic surveys and contract preparation, excluding rigs undergoing reactivation projects. Excludes ARO owned rigs.
| | | | | | | | | | | | | | |
| Valaris Limited
Fleet Status Report
February 18, 2025 | |
Additional Information Regarding this Fleet Status Report
Day Rate and Terms. The day rates reflected in this Fleet Status Report are stated in U.S. dollars and include the operating day rates charged to customers, which may include estimated contractual adjustments for changes in operating costs and/or reimbursable cost adjustments for ongoing expenses such as crew, catering, insurance and taxes. The day rates, however, do not include certain types of non-recurring revenues such as lump sum mobilization payments, revenues earned during mobilizations, revenues associated with contract preparation and other non-recurring reimbursable items such as mobilizations and capital enhancements, and the impact of the fair market value adjustments to previously acquired drilling contracts that are recognized during the contract term. Routine and non-routine downtime may reduce the actual revenues recognized during the contract term. Additionally, we sometimes negotiate special rates and/or day rate adjustments with customers that may reduce revenues recognized.
Total Contract Value. Total contract value is the estimated total compensation expected to be received for a contract, including the operating day rate over the estimated firm term of the contract and any non-recurring lump sum payments for items such as mobilization, reactivation and capital upgrades.
Forward-Looking Statements. Statements contained in this Fleet Status Report that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include words or phrases such as "anticipate," "believe," "estimate," "expect," "intend," "likely," "outlook," "plan," "project," "could," "may," "might," "should," "will" and similar words and specifically include statements regarding expected financial performance; expected utilization, day rates, revenues, operating expenses, cash flows, contract status, terms and duration, contract backlog, capital expenditures, insurance, financing and funding; the offshore drilling market, including supply and demand, customer drilling programs and the attainment of requisite permits for such programs, stacking of rigs, effects of new rigs on the market and effect of the volatility of commodity prices; expected work commitments, awards, contracts and letters of intent; scheduled delivery dates for rigs; performance and expected benefits of our joint ventures, including our joint venture with Saudi Aramco; timing of the delivery of the Saudi Aramco Rowan Offshore Drilling Company ("ARO") newbuild rigs and the timing of additional ARO newbuild orders; the availability, delivery, mobilization, contract commencement, availability, relocation or other movement of rigs and the timing thereof; rig reactivations; suitability of rigs for future contracts; divestitures of assets; general economic, market, business and industry conditions, including inflation and recessions, trends and outlook; general political conditions, including political tensions, conflicts and war; cybersecurity attacks and threats; uncertainty around the use and impacts of artificial intelligence applications; impacts and effects of public health crises, pandemics and epidemics; future operations; ability to renew expiring contracts or obtain new contracts, including for VALARIS DS-13 and VALARIS DS-14; increasing regulatory complexity; targets, progress, plans and goals related to sustainability matters; the outcome of tax disputes; assessments and settlements; and expense management. The forward-looking statements contained in this Fleet Status Report are subject to numerous risks, uncertainties and assumptions that may cause actual results to vary materially from those indicated, including cancellation, suspension, renegotiation or termination of drilling contracts and programs; our ability to obtain financing, service our debt, fund capital expenditures and pursue other business opportunities; adequacy of sources of liquidity for us and our customers; future share repurchases; actions by regulatory authorities, or other third parties; actions by our security holders; internal control risk; commodity price fluctuations and volatility, customer demand, loss of a significant customer or customer contract, downtime and other risks associated with offshore rig operations; adverse weather, including hurricanes; changes in worldwide rig supply, including as a result of reactivations and newbuilds; and demand, competition and technology; supply chain and logistics challenges; consumer preferences for alternative fuels and forecasts or expectations regarding the global energy transition; increased scrutiny of our sustainability targets, initiatives and reporting and our ability to achieve such targets or initiatives; changes in customer strategy; future levels of offshore drilling activity; governmental action, civil unrest and political and economic uncertainties, including recessions, volatility affecting the banking system and financial markets, inflation, tariffs and adverse changes in the level of international trade activity; terrorism, piracy and military action; risks inherent to shipyard rig reactivation, upgrade, repair, maintenance or enhancement; our ability to enter into, and the terms of, future drilling contracts; suitability of rigs for future contracts; the cancellation of letters of intent or letters of award or any failure to execute definitive contracts following announcements of letters of intent, letters of award or other expected work commitments; the outcome of litigation, legal proceedings, investigations or other claims or contract disputes; governmental regulatory, legislative and permitting requirements affecting drilling operations; the use of artificial intelligence by us, third-party service providers or our competitors; our ability to attract and retain skilled personnel on commercially reasonable terms; environmental or other liabilities, risks or losses; compliance with our debt agreements and debt restrictions that may limit our liquidity and flexibility, including in any return of capital plans; cybersecurity risks and threats; and changes in foreign currency exchange rates. In addition to the numerous factors described above, you should also carefully read and consider "Item 1A. Risk Factors" in Part I and "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" in Part II of our most recent annual report on Form 10-K, which is available on the Securities and Exchange Commission's website at www.sec.gov or on the Investor Relations section of our website at www.valaris.com. Each forward-looking statement speaks only as of the date of the particular statement, and we undertake no obligation to update or revise any forward-looking statements, except as required by law.
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