Form 8-K

8-K — Valaris Ltd

Accession: 0000314808-26-000098

Filed: 2026-05-04

Period: 2026-05-04

CIK: 0000314808

SIC: 1381 (DRILLING OIL & GAS WELLS)

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — val-20260504.htm (Primary)

EX-99.1 (fsrex99_1may2026.htm)

GRAPHIC (a05042026_fsrxcovera.jpg)

GRAPHIC (image11.jpg)

GRAPHIC (slide11a.jpg)

GRAPHIC (slide1a.jpg)

GRAPHIC (slide21a.jpg)

GRAPHIC (slide2a.jpg)

GRAPHIC (slide3a.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: val-20260504.htm · Sequence: 1

val-20260504

0000314808false00003148082026-05-042026-05-040000314808us-gaap:CommonClassAMember2026-05-042026-05-040000314808us-gaap:WarrantMember2026-05-042026-05-04

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): May 4, 2026

Valaris Limited

(Exact name of registrant as specified in its charter)

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:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ 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:

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).

Emerging Growth Company ☐

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

Item 9.01 Financial Statements and Exhibits

SIGNATURE

INFORMATION TO BE INCLUDED IN THE REPORT

Item 7.01 Regulation FD Disclosure

The Fleet Status Report of the Company as of May 4, 2026 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

Exhibit No. Description

99.1

Fleet Status Report of Valaris Limited as of May 04, 2026

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.

Valaris Limited

May 4, 2026 /s/ CHRISTOPHER T. WEBER

Christopher T. Weber

Senior Vice President and Chief Financial Officer

EX-99.1

Filename: fsrex99_1may2026.htm · Sequence: 2

Document

Valaris Limited

Fleet Status Report

May 4, 2026

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 $560 million, subsequent to issuing its previous fleet status report on February 17, 2026. Contract backlog excludes lump sum payments such as mobilization fees and capital reimbursements.

•Contract backlog increased to approximately $4.9 billion from approximately $4.7 billion as of February 17, 2026.

Floater Contract Awards

•1,064-day contract extension for drillship VALARIS DS-4 with Petrobras offshore Brazil. The extension is expected to commence in November 2027 in direct continuation of the existing program and will add approximately $447 million to contract backlog. In conjunction with the extension, the day rate for the remainder of the existing contract has been adjusted, reducing contract backlog from April 1, 2026 to November 2027 by approximately $21 million.

Jackup Contract Awards

•Two-year contract extension for jackup VALARIS 115 with Brunei Shell Petroleum. The contract extension is expected to commence in April 2027 in direct continuation of the existing program and will add approximately $78 million to contracted revenue backlog.

•One-well contract for jackup VALARIS 106 with Medco Energi offshore Indonesia. The contract commenced in April 2026 and has a minimum duration of 45 days. The estimated total contract value is approximately $5.4 million.

•123-day contract extension for jackup VALARIS 122 with Adura in the UK North Sea to provide accommodation support services. The contract extension commenced in May 2026 in direct continuation of the existing program and will add approximately $14 million to contracted revenue backlog.

•Two-well contract for jackup VALARIS 122 with INEOS in the UK North Sea. The contract is expected to commence in September 2026 and has an estimated duration of 162 days. The operating day rate is $115,000. The contract also includes options with an estimated total duration of 825 days for work in the UK and Danish North Sea.

•123-day contract extension for jackup VALARIS 123 with TAQA in the Dutch North Sea to provide accommodation support services. The contract extension commenced in May 2026 in direct continuation of the existing program. The day rate is $80,000.

Jackup Contract Awards (continued)

•74-day contract extension for jackup VALARIS 248 with GE Vernova in the UK North Sea to provide accommodation support services for an offshore wind project. The contract extension commenced in April 2026 in direct continuation of the existing program and will add over $5 million to contracted revenue backlog.

Middle East Operations Update

•All Valaris and ARO rigs operating in the Middle East remain under contract.

•Completion of planned shipyard projects for VALARIS 116 and 250 have been delayed, with bareboat charters for the rigs now expected to resume in the third quarter 2026.

•Operations for VALARIS 110 have been suspended since early March 2026; the rig remains contracted to NOC offshore Qatar.

Other Fleet Status Updates

•Semisubmersible VALARIS DPS-1 sold for recycling in April 2026.

Valaris Limited

Fleet Status Report

May 4, 2026

Contract Backlog(1) (2)

($ millions)

2026 2027 2028+ Total

Contracted Days(1) (2)

2026 2027 2028+

Drillships $ 863.8 $ 1,279.6 $ 1,176.4 $ 3,319.8 Drillships 2,051 2,953 2,819

Semisubmersibles — — — — Semisubmersibles — — —

Floaters $ 863.8 $ 1,279.6 $ 1,176.4 $ 3,319.8 Floaters 2,051 2,953 2,819

Harsh Environment $ 181.1 $ 131.8 $ 37.2 $ 350.1 Harsh Environment 1,491 974 316

Benign Environment 209.2 286.0 192.0 687.2 Benign Environment 1,540 2,217 1,812

Legacy 48.2 50.1 — 98.3 Legacy 484 505 —

Jackups $ 438.5 $ 467.9 $ 229.2 $ 1,135.6 Jackups 3,515 3,696 2,128

Other(3)

$ 118.6 $ 109.1 $ 246.0 $ 473.7

Other(3)

1,908 2,315 5,422

Total $ 1,420.9 $ 1,856.6 $ 1,651.6 $ 4,929.1 Total 7,474 8,964 10,369

ARO Drilling(4)

Average Day Rates(1) (2)

2026 2027 2028+

Owned Rigs $ 146.2 $ 115.5 $ 491.4 $ 753.1 Drillships $ 421,000 $ 433,000 $ 417,000

Leased Rigs 174.2 291.8 697.6 1,163.6 Semisubmersibles — — —

Total $ 320.4 $ 407.3 $ 1,189.0 $ 1,916.7 Floaters $ 421,000 $ 433,000 $ 417,000

Harsh Environment $ 121,000 $ 135,000 $ 118,000

Benign Environment 136,000 129,000 106,000

Legacy 100,000 99,000 —

Jackups $ 125,000 $ 127,000 $ 108,000

(1) Contract backlog, contracted days and average day rates as of May 4, 2026.

(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, except any backlog or days for rigs that are under a separate firm contract where backlog or days are otherwise included. 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 May 4, 2026.

Valaris Limited

Fleet Status Report

May 4, 2026

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 Occidental Gulf of America

Dec 26 Jun 29 914-day contract for DS-18 and 940-day contract extension for DS-16. Combined addition to contracted revenue backlog is approx. $760 million. Two 1-year options

VALARIS DS-17 GustoMSC P10000 2014 Equinor

Brazil

Mar 26 Jan 28 Estimated total contract value ("TCV") of $498 million, inclusive of MPD, additional services and fees for mobilization and minor rig upgrades. Based on initial estimated duration of 852 days comprised of a 180-day standby period and a 672-day drilling program. Two 90-day priced options

VALARIS DS-16 GustoMSC P10000 2014 Occidental

Occidental Gulf of America

Gulf of America Jun 24

Jun 26 Jun 26

Dec 28 Additional rate charged when MPD services provided

940-day contract extension for DS-16 and 914-day contract for DS-18. Combined addition to contracted revenue backlog is approx. $760 million. Two 1-year options. Expect approx. 35 days out of service for planned maintenance in 4Q26

VALARIS DS-15 GustoMSC P10000 2014

CNR Spain

Cote d'Ivoire

Sep 26

May 27 Rig is warm stacked in Las Palmas, Spain

TCV, based on an estimated duration of 250 days, is approx. $135 million, including upfront payments for rig upgrades and mobilization. TCV does not include the provision of additional services. Priced options with a total estimated duration of 80 to 100 days

VALARIS DS-12 DSME 12000 2013 BP Egypt Apr 26 Apr 27 TCV, based on estimated duration of 350 days, is approx. $140 million, inclusive of MPD and mobilization. Three option wells

VALARIS DS-10 Samsung GF12000 2017

Shell Spain

Nigeria

Jun 26

Jul 28 Rig is warm stacked in Las Palmas, Spain

TCV of $352 million based on duration of two years. TCV does not include the provision of additional services. Additional rate charged when CML services provided. Two 1-year options. Expect approx. 45 days out of service for rig upgrades in 1Q27

VALARIS DS-9 Samsung GF12000 2015 ExxonMobil

ExxonMobil

Angola

Jul 22

Jul 26 Jul 26

Jul 28

Contract includes MPD services

Operating day rate is in line with recent market rates in the region. Two 6-month options

VALARIS DS-8 Samsung GF12000 2015 Petrobras

Shell Brazil

Brazil Dec 23

Mar 27 Dec 26

May 29 $428,000 Plus mobilization fee of approx. $30 million. Contract includes additional services. Expect approx. 60 days out of service for rig upgrades in 1Q27

TCV of approx. $300 million, excluding additional services, based on estimated duration of 800 days. Options with a total estimated duration of approx. one year

VALARIS DS-7 Samsung 96K 2013 Azule Energy

Azule Energy

Angola

Angola Jun 24

Oct 26

Sep 27 TCV estimated to be $364 million based on initial estimated duration of 850 days

Contract backlog of approx. $125 million based on estimated duration of 325 days. Five-well unpriced option with an estimated duration of 300 to 350 days

VALARIS DS-4 Samsung 96K 2010

Petrobras

Brazil

Dec 24

Nov 27

Oct 30

Previous day rate of $450,000 has been adjusted, reducing contract backlog from Apr 2026 to Nov 2027 by approx. $21 million. Plus mobilization fee of approx. $41 million. Contract includes MPD and additional services.

Contracted revenue backlog of approx. $447 million for 1,064-day extension

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

Valaris Limited

Fleet Status Report

May 4, 2026

Asset Category / Rig Design Year Delivered Customer Location Contract Start Date

Contract End Date(1)

Day Rate(2)

Comments

Semisubmersibles

VALARIS MS-1

F&G ExD Millennium, Moored 2011 Malaysia Warm stacked

Sold

VALARIS DPS-1

F&G ExD Millennium, DP 2012 Malaysia Rig sold for recycling in April 2026

Changes: bolded rig names and underlined text signify changes in rig status from previous fleet status report

Valaris Limited

Fleet Status Report

May 4, 2026

Asset Category / Rig Design Year Delivered Customer Location Contract Start Date

Contract End Date(1)

Day Rate(2)

Comments

Harsh Environment Jackups

VALARIS Norway KFELS N Class 2011 Ithaca Energy

Ithaca Energy UK

UK Apr 25

May 26 May 26

Feb 27 TCV of approx. $39 million based on estimated duration of 292 days

Contracted revenue backlog of approx. $36 million based on duration of 300 days

VALARIS Stavanger KFELS N Class 2011 TotalEnergies UK

Jan 26 Aug 27 TCV of over $75 million based on 600-day priced extension. Two 200-day priced options

VALARIS 249 LT Super Gorilla 2001 Undisclosed

Shell Trinidad

Trinidad

Trinidad Apr 25

Apr 26

Oct 26 Mar 26

Aug 26

Oct 27 $163,000

TCV of $16.8 million based on duration of 100 days. Expect approx. 60 days out of service for planned maintenance in 3Q26

Contracted revenue backlog 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

GE Vernova

Eni

Nov 25

Aug 26

Jun 26

Jan 28

Contracted revenue backlog of approx. $16 million for 224-day contract to provide accommodation support services. Expect approx 15 days out of service for planned maintenance in 2Q26

TCV of approx. $84 million for 730-day contract to perform P&A and CCS work. Two 3-month options. VALARIS 120 will substitute for VALARIS 248 while the rig completes another customer's program and a special periodic survey

VALARIS 123 KFELS Super A 2019 TAQA

TAQA

Netherlands

Jan 26

Aug 26

$163,000

$80,000

Accommodation support

VALARIS 122 KFELS Super A 2014

Adura

INEOS

Jan 26

Sep 26

Aug 26

Feb 27

$115,000

Contracted revenue backlog of approx. $28 million for extensions totaling 243 days. The extensions are for accommodation support

Options with an estimated total duration of 825 days for work in the UK and Danish North Sea

VALARIS 121 KFELS Super A 2014 Adura

Adura UK

UK Jan 25

Feb 26

Jan 26

Oct 26

TCV of approx. $55 million based on estimated duration of 406 days

Contracted revenue backlog of over $25 million based on estimated duration of 194 days. Option with an estimated duration of 150 to 200 days

VALARIS 120 KFELS Super A 2013 Eni UK

Jan 26

Aug 26

VALARIS 120 will substitute for VALARIS 248 from Jan 2026 to Aug 2026, while VALARIS 248 completes another customer's program and a special periodic survey

FLEET AWARD Spirit Energy UK Commencement window up to Dec 2030; estimated duration of 294 days. Contracted revenue backlog of $35 million, subject to an annual cost escalation mechanism effective from the contract execution date. Three options with a total estimated duration of 426 days. Fleet award under which operations may be performed by any suitable and available rig within the Valaris North Sea Fleet

Stacked

VALARIS Viking KFELS N Class 2010 UK

Changes: bolded rig names and underlined text signify changes in rig status from previous fleet status report

Valaris Limited

Fleet Status Report

May 4, 2026

Asset Category / Rig Design Year Delivered Customer Location Contract Start Date

Contract End Date(1)

Day Rate(2)

Comments

Benign Environment Jackups

VALARIS 144 LT Super 116-E 2010 Azule Energy

Angola

Sep 25 Oct 27 TCV estimated to be between $149 million and $156 million based on contract duration of 730 to 770 days, including a mobilization fee from the Gulf of America. Three-well option

VALARIS 118 LT 240-C 2012 BP

Trinidad

Nov 25

Aug 28 TCV of approx. $168 million based on duration of three years. Two 1-year options

VALARIS 117 LT 240-C 2009 Eni

Undisclosed Mexico

Trinidad Apr 25

Aug 26 Apr 26

Aug 28 TCV of approx. $36 million based on duration of 300 days. Expect approx. 60 days out of service for planned maintenance in 2Q26

Day rate in line with market rates in the region

VALARIS 115 BM Pacific Class 400 2013

Shell

Brunei

Apr 23

Apr 27

Apr 29

TCV of approx. $159 million based on duration of four years

Contracted revenue backlog of approx. $78 million for two-year extension

VALARIS 110 KFELS MOD V-B 2015 NOC Qatar Oct 25 Oct 29

Contracted revenue backlog for the four-year extension is approx. $117 million. 1-year priced option. Expect approx. 60 days out of service for planned maintenance in 3Q/4Q26. Operations suspended since early March 2026 due to conflicts in the Middle East

VALARIS 107 KFELS MOD V-B 2006 ExxonMobil

GB Energy Australia

Australia

Nov 25

Nov 26

Oct 26

Mar 27 $163,000

TCV of approx. $27 million based on estimated duration of 150 days

VALARIS 106 KFELS MOD V-B 2005

Medco Energi

Indonesia

Jun 25

Apr 26

Jul 26

Jan 26

Jun 26

Jun 28

$95,000

TCV of $5.4 million based on minimum duration of 45 days

Expect out of service time for leg repairs in 2Q26; duration to be determined upon rig's arrival at shipyard in Singapore

TCV of approx. $74 million based on estimated duration of two years. Four 1-well options

Stacked

VALARIS 148 LT Super 116-E 2013 UAE

VALARIS 147 LT Super 116-E 2013 UAE

VALARIS 143 LT Super 116-E 2010 UAE

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

Valaris Limited

Fleet Status Report

May 4, 2026

Asset Category / Rig Design Year Delivered Customer Location Contract Start Date

Contract End Date(1)

Day Rate(2)

Comments

Legacy Jackups

VALARIS 92 LT 116-C 1982 Shell UK

Aug 25 Aug 27 Options with total duration of up to one year

VALARIS 72 Hitachi 300C 1981 Eni

Oct 25

Sep 27

Other - Jackups Leased to ARO Drilling(3)

VALARIS 250 LT Super Gorilla XL 2003 ARO Drilling Saudi Arabia May 25 Apr 30

Expect approx. 120 days out of service for planned maintenance in 2Q/3Q26. Completion of planned shipyard projects delayed due to disruptions related to conflicts in the Middle East; rig expected to resume bareboat charter in 3Q26

VALARIS 146 LT Super 116-E 2011 ARO Drilling Saudi Arabia May 25 Apr 30

Expect approx. 90 days out of service for planned maintenance in 3Q/4Q26

VALARIS 141 LT Super 116-E 2016 ARO Drilling Saudi Arabia Aug 25 Aug 30 Expect approx. 10 days out of service for planned maintenance in 2Q26

VALARIS 140 LT Super 116-E 2016 ARO Drilling Saudi Arabia May 25 Apr 30

Expect approx. 30 days out of service for planned maintenance in 2Q26

VALARIS 116 LT 240-C 2008 ARO Drilling Saudi Arabia May 25 Apr 30

VALARIS 108 KFELS MOD V-B 2007 ARO Drilling Saudi Arabia Mar 24 Mar 27 Expect approx. 15 days out of service for planned maintenance in 2Q26. 1-year priced option

VALARIS 76 LT Super 116-C 2000 ARO Drilling Saudi Arabia Dec 25 Dec 30 Priced options of up to two years

Other - Managed Rigs

Thunder Horse Deepwater Semisubmersible BP Gulf of America Jan 24 Jan 27 TCV of approx. $153 million

Mad Dog Deepwater Spar Drilling Rig BP Gulf of America Jan 24 Jan 27 TCV of approx. $106 million

Changes: bolded rig names and underlined text signify changes in rig status from previous fleet status report

Valaris Limited

Fleet Status Report

May 4, 2026

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 Jun 26 Expect approx. 30 days out of service for planned maintenance in 3Q26

SAR 201 BM 200-H Saudi Aramco Saudi Arabia Feb 18 Jun 26 Expect approx. 30 days out of service for planned maintenance in 3Q26

Bob Keller LT Tarzan 225-C Saudi Aramco Saudi Arabia Oct 17 Jun 26 Expect approx. 30 days out of service for planned maintenance in 3Q26

J.P. Bussell LT Tarzan 225-C Saudi Aramco Saudi Arabia Oct 17 Jun 26

Scooter Yeargain LT Tarzan 225-C Saudi Aramco Saudi Arabia Oct 18 Dec 26 Expect approx. 85 days out of service for planned maintenance in 2Q26

Hank Boswell LT Tarzan 225-C Saudi Aramco Saudi Arabia Oct 18 Dec 26

SAR 202 KFELS Super B Saudi Aramco Saudi Arabia Oct 17 Jun 26 Expect approx. 15 days out of service for planned maintenance in 3Q26

Kingdom 1 LT 116-C Saudi Aramco Saudi Arabia Nov 23 Nov 31 Expect approx. 30 days out of service for planned maintenance in 3Q26

Kingdom 2 LT 116-C Saudi Aramco Saudi Arabia Aug 24 Aug 32 Expect approx. 25 days out of service for planned maintenance in 4Q26

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) Rigs leased to ARO Drilling via bareboat charter agreements to fulfill contracts between ARO Drilling and Saudi Aramco.

Valaris Limited

Fleet Status Report

May 4, 2026

Out of Service Days (1)

Rig Segment / Asset Category Q2 2026 Q3 2026 Q4 2026 Q1 2027

VALARIS DS-16 Floater - Drillship 35

VALARIS DS-10 Floater - Drillship 45

VALARIS DS-8 Floater - Drillship 60

VALARIS 249 Jackup - Harsh Environment 60

VALARIS 248 Jackup - Harsh Environment 15

VALARIS 117 Jackup - Benign Environment 60

VALARIS 110 Jackup - Benign Environment 30 30

VALARIS 250 Other - Jackups Leased to ARO Drilling 90 30

VALARIS 146 Other - Jackups Leased to ARO Drilling 60 30

VALARIS 141 Other - Jackups Leased to ARO Drilling 10

VALARIS 140 Other - Jackups Leased to ARO Drilling 30

VALARIS 116 Other - Jackups Leased to ARO Drilling 90 30

VALARIS 108 Other - Jackups Leased to ARO Drilling 15

(1) Table shows expected out of service days for planned maintenance, e.g. special periodic surveys and rig upgrades, excluding rigs undergoing reactivation projects. Excludes ARO owned rigs.

Valaris Limited

Fleet Status Report

May 4, 2026

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, 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; 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 risks associated with the pending transaction with Transocean Ltd., including, among others, the completion of the pending transaction on the anticipated terms and timing, or at all, the risk that disruptions from the transaction will harm our business, including current plans and operations, the diversion of management's time and attention from ordinary course operations to completion of the pending transaction and certain restrictions during the pendency of the transaction that may impact our business; 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; 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, inflation, volatility affecting financial markets and the banking system, changing tariff policies, trade disputes, and adverse changes in the level of international trade activity; terrorism, piracy and military action (including conflicts in the Middle East and potential disruptions to key shipping lanes such as the Strait of Hormuz); risks inherent to shipyard upgrade, repair, maintenance, enhancement or rig reactivation; 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; our ability to attract and retain skilled personnel on commercially reasonable terms; the use of artificial intelligence by us, third-party service providers or our competitors; 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.

GRAPHIC

Filename: a05042026_fsrxcovera.jpg · Sequence: 7

Binary file (214226 bytes)

Download a05042026_fsrxcovera.jpg

GRAPHIC

Filename: image11.jpg · Sequence: 8

Binary file (157177 bytes)

Download image11.jpg

GRAPHIC

Filename: slide11a.jpg · Sequence: 9

Binary file (72498 bytes)

Download slide11a.jpg

GRAPHIC

Filename: slide1a.jpg · Sequence: 10

Binary file (128286 bytes)

Download slide1a.jpg

GRAPHIC

Filename: slide21a.jpg · Sequence: 11

Binary file (114447 bytes)

Download slide21a.jpg

GRAPHIC

Filename: slide2a.jpg · Sequence: 12

Binary file (110279 bytes)

Download slide2a.jpg

GRAPHIC

Filename: slide3a.jpg · Sequence: 13

Binary file (156863 bytes)

Download slide3a.jpg

XML — IDEA: XBRL DOCUMENT

XML

Filename: R1.htm · Sequence: 15

v3.26.1

Document and Entity Information Document

May 04, 2026

Entity Information [Line Items]

Entity Central Index Key

0000314808

Document Type

8-K

Document Period End Date

May 04, 2026

Entity Registrant Name

Valaris Limited

Entity Incorporation, State or Country Code

Entity File Number

001-08097

Entity Tax Identification Number

98-1589854

Entity Address, Address Line One

Claredon House, 2 Church Street

Entity Address, City or Town

Hamilton

Entity Address, Country

Entity Address, Postal Zip Code

HM 11

City Area Code

44 (0)

Local Phone Number

20 7659 4660

Written Communications

false

Soliciting Material

false

Pre-commencement Tender Offer

false

Pre-commencement Issuer Tender Offer

false

Entity Emerging Growth Company

false

Amendment Flag

false

Common Class A

Entity Information [Line Items]

Title of 12(b) Security

Common Shares, $0.01 par value share

Trading Symbol

VAL

Security Exchange Name

NYSE

Warrant

Entity Information [Line Items]

Title of 12(b) Security

Warrants to purchase Common Shares

Trading Symbol

VAL WS

Security Exchange Name

NYSE

- Definition

Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.

+ References

No definition available.

+ Details

Name:

dei_AmendmentFlag

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Area code of city

+ References

No definition available.

+ Details

Name:

dei_CityAreaCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.

+ References

No definition available.

+ Details

Name:

dei_DocumentPeriodEndDate

Namespace Prefix:

dei_

Data Type:

xbrli:dateItemType

Balance Type:

Period Type:

duration

- Definition

The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.

+ References

No definition available.

+ Details

Name:

dei_DocumentType

Namespace Prefix:

dei_

Data Type:

dei:submissionTypeItemType

Balance Type:

Period Type:

duration

- Definition

Address Line 1 such as Attn, Building Name, Street Name

+ References

No definition available.

+ Details

Name:

dei_EntityAddressAddressLine1

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the City or Town

+ References

No definition available.

+ Details

Name:

dei_EntityAddressCityOrTown

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

ISO 3166-1 alpha-2 country code.

+ References

No definition available.

+ Details

Name:

dei_EntityAddressCountry

Namespace Prefix:

dei_

Data Type:

dei:countryCodeItemType

Balance Type:

Period Type:

duration

- Definition

Code for the postal or zip code

+ References

No definition available.

+ Details

Name:

dei_EntityAddressPostalZipCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityCentralIndexKey

Namespace Prefix:

dei_

Data Type:

dei:centralIndexKeyItemType

Balance Type:

Period Type:

duration

- Definition

Indicate if registrant meets the emerging growth company criteria.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityEmergingGrowthCompany

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

+ References

No definition available.

+ Details

Name:

dei_EntityFileNumber

Namespace Prefix:

dei_

Data Type:

dei:fileNumberItemType

Balance Type:

Period Type:

duration

- Definition

Two-character EDGAR code representing the state or country of incorporation.

+ References

No definition available.

+ Details

Name:

dei_EntityIncorporationStateCountryCode

Namespace Prefix:

dei_

Data Type:

dei:edgarStateCountryItemType

Balance Type:

Period Type:

duration

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

No definition available.

+ Details

Name:

dei_EntityInformationLineItems

Namespace Prefix:

dei_

Data Type:

xbrli:stringItemType

Balance Type:

Period Type:

duration

- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityRegistrantName

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityTaxIdentificationNumber

Namespace Prefix:

dei_

Data Type:

dei:employerIdItemType

Balance Type:

Period Type:

duration

- Definition

Local phone number for entity.

+ References

No definition available.

+ Details

Name:

dei_LocalPhoneNumber

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

+ Details

Name:

dei_PreCommencementIssuerTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

+ Details

Name:

dei_PreCommencementTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

+ Details

Name:

dei_Security12bTitle

Namespace Prefix:

dei_

Data Type:

dei:securityTitleItemType

Balance Type:

Period Type:

duration

- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

+ Details

Name:

dei_SecurityExchangeName

Namespace Prefix:

dei_

Data Type:

dei:edgarExchangeCodeItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

+ Details

Name:

dei_SolicitingMaterial

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

Name:

dei_TradingSymbol

Namespace Prefix:

dei_

Data Type:

dei:tradingSymbolItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

+ Details

Name:

dei_WrittenCommunications

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Details

Name:

us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassAMember

Namespace Prefix:

Data Type:

Balance Type:

Period Type:

- Details

Name:

us-gaap_StatementClassOfStockAxis=us-gaap_WarrantMember

Namespace Prefix:

Data Type:

Balance Type:

Period Type: