Valaris Limited (VAL) reported second quarter 2026 total operating revenues of $539.2 million and net income of $47.0 million. Basic earnings per share were $0.73, while diluted earnings per share were $0.72.
The offshore drilling company said revenue efficiency was 98% during the quarter and year to date. Adjusted EBITDA was $96.5 million, including about $30 million of negative impacts from conflicts in the Middle East.
- Second quarter revenues exclusive of reimbursable items increased to $502.3 million from $430.1 million in the first quarter of 2026.
- Valaris successfully started up drillships VALARIS DS-12 and VALARIS DS-10 for new contracts during the quarter.
- The company added more than $160 million of backlog for its North Sea jackup fleet.
- Cash and cash equivalents were $541.2 million as of June 30, 2026, down from $578.3 million as of March 31, 2026.
- Valaris said its pending business combination with Transocean remains on track to close in the fourth quarter of 2026.
