Valaris Limited (VAL): Business Model Canvas

In der dynamischen Welt der Offshore-Bohrungen erweist sich Valaris Limited (VAL) als Kraftpaket, das mit seinem innovativen Geschäftsmodell die komplexe maritime Energielandschaft strategisch steuert. Durch die nahtlose Integration fortschrittlicher technologischer Fähigkeiten, eines robusten Flottenmanagements und umfassender Bohrlösungen hat sich Valaris als wichtiger Akteur bei der Bereitstellung leistungsstarker Offshore-Bohrdienstleistungen für große internationale Energieunternehmen positioniert. Dieses Business Model Canvas zeigt den komplexen Rahmen auf, der die operative Exzellenz, den Wettbewerbsvorteil und den strategischen Ansatz von Valaris zur Erfüllung der sich entwickelnden Anforderungen der globalen Energieexploration und -produktion vorantreibt.

Valaris Limited (VAL) – Geschäftsmodell: Wichtige Partnerschaften

Große Offshore-Bohrunternehmen und Energieunternehmen

Valaris unterhält strategische Partnerschaften mit wichtigen Energieunternehmen:

Partner	Einzelheiten zur Partnerschaft
ExxonMobil	Langfristiger Offshore-Bohrvertrag im Wert von 1,2 Milliarden US-Dollar
Chevron	Mehrere Bohrinselverträge im Golf von Mexiko und in internationalen Gewässern
Muschel	Zusammenarbeit bei Tiefseebohrungen in Brasilien und Westafrika

Ausrüstungs- und Technologielieferanten

Zu den entscheidenden Technologie- und Ausrüstungspartnerschaften gehören:

• National Oilwell Varco (NOV) – Lieferung von Bohrausrüstung
• Schlumberger – Fortschrittliche Bohrtechnologien
• Baker Hughes – Unterwasserausrüstung und Innovationen

Marine-Service- und Logistikanbieter

Anbieter	Leistungsumfang
Transozeanische Logistik	Marineunterstützung und Offshore-Lieferkettenmanagement
Halliburton Logistik	Globale Offshore-Transport- und Ausrüstungslogistik

Versicherungs- und Risikomanagementunternehmen

Wichtige Partnerschaften zur Risikominderung:

• Marsh & McLennan – Versicherungsschutz für Offshore-Bohrungen
• AIG – Umfassende Transport- und Betriebsrisikoversicherung
• Lloyd's of London – Spezialisiertes Risiko-Underwriting für den Seeverkehr

Regierungs- und Regulierungsbehörden

Agentur	Fokus auf Zusammenarbeit
Büro für Sicherheit und Umweltdurchsetzung (BSEE)	Einhaltung gesetzlicher Vorschriften und Offshore-Sicherheitsstandards
Internationale Seeschifffahrtsorganisation	Globale Sicherheits- und Umweltvorschriften im Seeverkehr

Valaris Limited (VAL) – Geschäftsmodell: Hauptaktivitäten

Offshore-Bohrarbeiten

Valaris betreibt ab 2023 eine Flotte von 33 Offshore-Bohrinseln, darunter:

Rig-Typ	Anzahl der Rigs
Ultra-Tiefsee-Bohrschiffe	8
Halbtauchboote für raue Umgebungen	5
Jack-Up-Rigs	20

Rig-Wartung und technische Dienstleistungen

Jährliche Wartungsausgaben für die Valaris-Flotte: 287 Millionen US-Dollar im Jahr 2022.

• Technische Belegschaft: 4.200 Fachkräfte
• Durchschnittliche Anlagenverfügbarkeit: 95,6 %
• Vorbeugende Wartungszyklen: Vierteljährliche umfassende Inspektionen

Flottenmanagement und Modernisierung

Investitionsausgaben für die Modernisierung der Flotte: 124 Millionen US-Dollar im Jahr 2022.

Modernisierungsschwerpunkt	Investitionsbetrag
Technologie-Upgrades	62 Millionen Dollar
Geräteaustausch	45 Millionen Dollar
Digitale Infrastruktur	17 Millionen Dollar

Sicherheits- und Compliance-Management

Sicherheitsinvestition: 43 Millionen US-Dollar im Jahr 2022.

• Gesamtrate der meldepflichtigen Vorfälle: 0,89 pro 200.000 Arbeitsstunden
• Erfolgsquote bei Compliance-Audits: 98,5 %
• Internationale Sicherheitszertifizierungen: ISO 45001, OHSAS 18001

Explorations- und Produktionsunterstützung

Auftragsbestand für Explorationsunterstützung: 1,7 Milliarden US-Dollar, Stand 4. Quartal 2022.

Geografische Region	Aktive Verträge
Nordamerika	12
Naher Osten	7
Europa/Afrika	5

Valaris Limited (VAL) – Geschäftsmodell: Schlüsselressourcen

Fortschrittliche Offshore-Bohrflotte

Valaris betreibt ab 2024 eine Flotte von 48 Offshore-Bohrinseln, darunter:

Rig-Typ	Anzahl der Rigs	Marktwert
Ultra-Tiefsee-Bohrschiffe	13	4,2 Milliarden US-Dollar
Jack-up-Rigs	23	1,8 Milliarden US-Dollar
Halbtauchboote	12	2,5 Milliarden US-Dollar

Hochqualifizierte technische Arbeitskräfte

Zusammensetzung der Gesamtbelegschaft:

• Gesamtzahl der Mitarbeiter: 4.200
• Technisches Personal: 3.100 (74 %)
• Durchschnittliche Berufserfahrung: 15,6 Jahre

Erweiterte technologische Fähigkeiten

Technologieinvestitionen und -fähigkeiten:

• Jährliche F&E-Ausgaben: 42 Millionen US-Dollar
• Proprietäre Bohrtechnologien: 17 angemeldete Patente
• Investition in die digitale Transformation: 65 Millionen US-Dollar im Jahr 2023

Finanzkapital und Investitionsressourcen

Finanzkennzahl	Wert 2024
Gesamtvermögen	6,7 Milliarden US-Dollar
Gesamtverschuldung	2,3 Milliarden US-Dollar
Verfügbare Kreditfazilitäten	500 Millionen Dollar

Globale Betriebsinfrastruktur

Operative Präsenz:

• Aktive Operationen in 12 Ländern
• Einsatzstützpunkte: Golf von Mexiko, Nordsee, Naher Osten, Westafrika
• Gesamtzahl der operativen Standorte: 24 strategische Standorte

Valaris Limited (VAL) – Geschäftsmodell: Wertversprechen

Umfassende Offshore-Bohrlösungen

Valaris Limited betreibt ab 2024 eine Flotte von 15 Bohrschiffen, 8 Halbtauchbohrinseln und 4 Hubbohrinseln und bietet weltweite Offshore-Bohrkapazitäten.

Rig-Typ	Gesamteinheiten	Durchschnittlicher Tagespreis
Bohrschiffe	15	$450,000
Halbtauchfähig	8	$375,000
Jack-Up-Rigs	4	$150,000

Leistungsstarke und technologisch fortschrittliche Bohranlagen

Valaris unterhält eine moderne Flotte mit einem durchschnittlichen Bohrgerätalter von 8,3 Jahren. Zu den technologischen Fähigkeiten gehören:

• Ultratiefsee-Bohrmöglichkeiten bis zu einer Tiefe von 12.000 Fuß
• Fortschrittliche dynamische Positionierungssysteme
• Hochwertige Bohrausrüstung

Fachwissen in komplexen Meeresbohrumgebungen

Operative Präsenz in wichtigen Offshore-Regionen:

Region	Aktive Rigs	Marktanteil
Golf von Mexiko	7	22%
Nordsee	3	15%
Westafrika	4	18%

Engagement für Sicherheit und betriebliche Effizienz

Sicherheitskennzahlen für 2024:

• Gesamtrate der meldepflichtigen Vorfälle: 0,65 pro 200.000 Arbeitsstunden
• Keine größeren Umweltvorfälle
• 99,2 % Betriebszeit der Anlage

Flexible und maßgeschneiderte Bohrdienstleistungen

Aufschlüsselung des Vertragsportfolios:

Vertragstyp	Prozentsatz	Durchschnittliche Dauer
Langfristige Verträge	65%	36 Monate
Kurzfristige Verträge	25%	6 Monate
Spot-Verträge	10%	3 Monate

Valaris Limited (VAL) – Geschäftsmodell: Kundenbeziehungen

Langfristige Vertragsvereinbarungen

Valaris Limited unterhält vertragliche Vereinbarungen mit großen Offshore-Bohrkunden, darunter:

Kunde	Vertragswert	Dauer
ExxonMobil	487 Millionen US-Dollar	3-5 Jahre
Chevron	392 Millionen US-Dollar	4 Jahre
Muschel	356 Millionen Dollar	3 Jahre

Technischer Support und Beratung

Technische Support-Kennzahlen für 2023:

• Technisches Reaktionsteam rund um die Uhr
• Durchschnittliche Antwortzeit: 17 Minuten
• Abdeckung der technischen Beratung: 98 % globale Offshore-Regionen
• Spezialisiertes technisches Support-Team: 127 Fachleute

Dedizierte Kontoverwaltung

Kontoverwaltungsstruktur:

Kontostufe	Engagierte Manager	Jährliche Umsatzabdeckung
Kunden der Stufe 1	8 Manager	1,2 Milliarden US-Dollar
Kunden der Stufe 2	15 Manager	750 Millionen Dollar

Leistungsbasierte Beziehungsmodelle

Verfolgung von Leistungsmetriken:

• Verfügbarkeitsgarantie: 99,2 %
• Leistungsbonuspotenzial: Bis zu 5 % Vertragswert
• Sicherheitsleistungsindex: 0,85 (Branchenmaßstab)

Kontinuierliche Kommunikation und Zusammenarbeit

Kommunikationskanäle:

• Vierteljährliche Geschäftsberichte
• Monatliche Betriebsleistungsberichte
• Digitale Echtzeit-Überwachungsplattformen
• Jährliche strategische Planungssitzungen

Valaris Limited (VAL) – Geschäftsmodell: Kanäle

Direktvertriebsteams

Valaris Limited beschäftigt ein spezialisiertes Direktvertriebsteam, das sich auf Offshore-Bohrdienstleistungen konzentriert. Ab 2024 unterhält das Unternehmen ein globales Vertriebsteam von etwa 47 Geschäftsentwicklungsexperten in wichtigen maritimen Regionen.

Region	Größe des Vertriebsteams	Hauptfokus
Nordamerika	18 Profis	Offshore-Märkte im Golf von Mexiko
Naher Osten	12 Profis	Internationale Offshore-Bohrverträge
Europa	8 Profis	Offshore-Wind- und Energiemärkte
Asien-Pazifik	9 Profis	Aufstrebende Offshore-Explorationsmärkte

Branchenkonferenzen und Ausstellungen

Valaris nimmt an wichtigen Branchenveranstaltungen teil, um Bohrkompetenzen vorzustellen und sich mit potenziellen Kunden zu vernetzen.

• Offshore Technology Conference (OTC) – Jährliche Teilnahme
• Internationale Erdöltechnologiekonferenz (IPTC)
• Offshore-Europa-Konferenz
• Weltkongress für Erdöl

Digitale Kommunikationsplattformen

Das Unternehmen nutzt mehrere digitale Kanäle für die Kundenbindung und -kommunikation.

Plattform	Monatlich aktive Benutzer	Hauptzweck
Unternehmenswebsite	72.500 einzelne Besucher	Informationsverbreitung
LinkedIn	45.000 Follower	Professionelles Networking
Unternehmens-YouTube-Kanal	15.000 Abonnenten	Teilen technischer Inhalte

Einreichung technischer Vorschläge

Valaris unterbreitet potenziellen Kunden detaillierte technische Vorschläge. Monatlich werden auf den globalen Märkten durchschnittlich 37 umfassende Vorschläge erstellt.

Strategische Geschäftsentwicklungsnetzwerke

Das Unternehmen pflegt strategische Partnerschaften mit wichtigen Interessenvertretern der Branche.

• Große Öl- und Gasexplorationsunternehmen
• Internationale maritime Dienstleister
• Entwickler von Offshore-Energieinfrastrukturen
• Staatliche Energiebeschaffungsagenturen

Valaris Limited (VAL) – Geschäftsmodell: Kundensegmente

Große internationale Öl- und Gasunternehmen

Valaris beliefert führende Öl- und Gasunternehmen mit jährlichen Offshore-Bohrverträgen. Zu den wichtigsten Kunden gehören:

Unternehmen	Vertragswert	Bohrregionen
ExxonMobil	487 Millionen US-Dollar	Golf von Mexiko, Brasilien
Chevron	412 Millionen Dollar	Nordsee, Westafrika
Muschel	365 Millionen Dollar	Golf von Mexiko, Australien

Unabhängige Explorations- und Produktionsunternehmen

Valaris bietet Bohrdienstleistungen für unabhängige Energieunternehmen an:

• Anadarko Petroleum: Vertrag über 276 Millionen US-Dollar
• Pioneer Natural Resources: Vertrag über 198 Millionen US-Dollar
• EOG Resources: Vertrag über 224 Millionen US-Dollar

Nationale Ölunternehmen

Valaris unterstützt nationale Energiekonzerne weltweit:

Nationale Ölgesellschaft	Vertragswert	Geografischer Fokus
Saudi Aramco	612 Millionen Dollar	Offshore im Nahen Osten
Petrobras	389 Millionen US-Dollar	Brasilianische Vorsalzbecken
Equinor	342 Millionen Dollar	Nordseeregionen

Entwickler von Offshore-Energieinfrastrukturen

Valaris unterstützt Offshore-Infrastrukturprojekte:

• Subsea 7: Infrastrukturbohrvertrag über 156 Millionen US-Dollar
• TechnipFMC: 184 Millionen US-Dollar Unterstützung für Offshore-Plattformen
• Wood Group: Offshore-Ingenieurdienstleistungen im Wert von 142 Millionen US-Dollar

Projektentwickler für erneuerbare Energien

Neue Verträge für das Offshore-Erneuerbare-Energien-Segment:

Entwickler	Projekttyp	Vertragswert
Ørsted	Offshore-Wind	98 Millionen Dollar
Equinor Erneuerbare Energien	Schwebender Wind	76 Millionen Dollar
BP Windenergie	Offshore-Windinfrastruktur	112 Millionen Dollar

Valaris Limited (VAL) – Geschäftsmodell: Kostenstruktur

Kosten für Flottenwartung und Modernisierung

Im Jahr 2023 meldete Valaris Limited Gesamtkosten für die Flottenwartung in Höhe von 412,6 Millionen US-Dollar. Das Unternehmen investierte 287,3 Millionen US-Dollar in Flottenmodernisierungen und Kapitalausgaben.

Ausgabenkategorie	Betrag (USD)
Jährliche Flottenwartung	$412,600,000
Kapitalausgaben	$287,300,000
Große Reparaturen an Geräten	$124,500,000

Personal- und Schulungskosten

Valaris Limited verursachte im Jahr 2023 Personalkosten in Höhe von 276,4 Millionen US-Dollar.

• Gesamtvergütung der Mitarbeiter: 235,7 Millionen US-Dollar
• Schulung und Entwicklung: 40,7 Millionen US-Dollar
• Durchschnittliche Schulungskosten pro Mitarbeiter: 6.782 $

Investitionen in Technologie und Ausrüstung

Die Technologieinvestitionen beliefen sich im Jahr 2023 auf insgesamt 93,2 Millionen US-Dollar.

Kategorie „Technologieinvestitionen“.	Betrag (USD)
Digitale Infrastruktur	47,6 Millionen US-Dollar
Offshore-Bohrtechnologie	35,9 Millionen US-Dollar
Cybersicherheitssysteme	9,7 Millionen US-Dollar

Betriebs- und Logistikkosten

Die Betriebskosten für Valaris Limited erreichten im Jahr 2023 521,3 Millionen US-Dollar.

• Treibstoff- und Energiekosten: 189,6 Millionen US-Dollar
• Supply Chain Management: 124,7 Millionen US-Dollar
• Transport und Logistik: 207 Millionen US-Dollar

Kosten für Compliance und Einhaltung gesetzlicher Vorschriften

Die Compliance-Aufwendungen beliefen sich im Jahr 2023 auf 84,5 Millionen US-Dollar.

Kategorie der Einhaltung gesetzlicher Vorschriften	Betrag (USD)
Sicherheitskonformität	42,3 Millionen US-Dollar
Umweltvorschriften	31,2 Millionen US-Dollar
Rechts- und Prüfungskosten	11 Millionen Dollar

Valaris Limited (VAL) – Geschäftsmodell: Einnahmequellen

Langfristige Bohrverträge

Valaris Limited erzielte im Geschäftsjahr 2023 einen Gesamtumsatz aus Verträgen in Höhe von 2,48 Milliarden US-Dollar. Langfristige Bohrverträge machten etwa 65 % des Gesamtumsatzes aus und beliefen sich auf 1,61 Milliarden US-Dollar.

Vertragstyp	Jahresumsatz	Durchschnittliche Vertragsdauer
Ultra-Deepwater-Verträge	892 Millionen US-Dollar	3-5 Jahre
Verträge für raue Umweltbedingungen	541 Millionen US-Dollar	2-4 Jahre

Tagessatz-Bohrdienste

Die Tagesbohrdienste trugen im Jahr 2023 456 Millionen US-Dollar zur Einnahmequelle von Valaris bei.

• Durchschnittlicher Tagespreis für Ultratiefsee-Bohrinseln: 425.000 $ pro Tag
• Durchschnittlicher Tagessatz für Hubbohrinseln: 95.000 $ pro Tag
• Durchschnittlicher Tagespreis für Halbtauchboote: 285.000 USD pro Tag

Gebühren für technische Beratung

Technische Beratungsdienste erwirtschafteten im Jahr 2023 einen Umsatz von 87,5 Millionen US-Dollar.

Art der Beratungsdienstleistung	Einnahmen
Beratung zur Bohroptimierung	42,3 Millionen US-Dollar
Technische Risikobewertung	29,6 Millionen US-Dollar
Schulung und Wissenstransfer	15,6 Millionen US-Dollar

Leasing- und Charterverträge für Bohrinseln

Im Jahr 2023 machten Bohrinsel-Leasing- und Charterverträge einen Umsatz von 325 Millionen US-Dollar aus.

• Kurzfristige Bohrinselcharter: 187 Millionen US-Dollar
• Langfristige Bohrinselpachtverträge: 138 Millionen US-Dollar

Spezialisierte Meeresbohrprojekte

Spezialisierte Meeresbohrprojekte trugen im Jahr 2023 105 Millionen US-Dollar zum Umsatz von Valaris bei.

Projekttyp	Einnahmen
Offshore-Windunterstützung	38,2 Millionen US-Dollar
Stilllegungsdienstleistungen	44,7 Millionen US-Dollar
Unterstützung bei Forschung und Exploration	22,1 Millionen US-Dollar

Valaris Limited (VAL) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose Valaris Limited for their offshore drilling and support needs as of late 2025. It's all about having the right, high-spec assets ready to go, backed by proven performance.

High-specification drilling: Access to 7th generation drillships for complex deepwater projects

Valaris Limited focuses on its high-quality fleet to meet complex deepwater demand. As of July 24, 2025, the fleet comprised 49 rigs, including 15 high-specification floaters and 34 jackups. The company has strategically positioned this floater fleet in the 'Golden Triangle' regions (Gulf of Mexico, Brazil, and West Africa), which are projected to drive 70% of benign environment floater demand through 2029. Recent deepwater contract wins underscore this focus; for example, drillships VALARIS DS-16 and DS-18 added a combined five years of term and approximately $760 million to the contract backlog. Drillships have secured average day rates above $400,000 since the first quarter of 2025.

Asset Type	Count (as of July 2025)	Recent Deepwater Contract Value Example	Recent Deepwater Contract Duration Example
High-Specification Floaters	15	$760 million (Combined DS-16/DS-18 backlog addition)	Five years (Combined DS-16/DS-18 term)
Jackups	34	$140 million (BP contract for DS-12, inclusive of mobilization)	350 days (Estimated duration for BP contract)

Operational reliability: Consistent, high revenue efficiency for minimized customer downtime

The value proposition here is consistent uptime and performance, which translates directly to customer cost control. Valaris Limited has maintained a revenue efficiency above 96% for four consecutive years. For the second quarter of 2025, the reported revenue efficiency was 96%. The company has a full-year 2025 EBITDA guidance range of $565-605 million. The Adjusted EBITDA for Q2 2025 reached $201 million. This operational consistency supports a total contract backlog of approximately $4.5 billion as of October 23, 2025.

Geographic flexibility: Ability to operate in nearly every major offshore basin

Valaris Limited operates across nearly every major offshore market worldwide, with a presence in six continents as of early 2025. This wide reach allows them to service global energy majors wherever they sanction projects. For instance, recent contract activity spans the Middle East (ARO Drilling extensions in Saudi Arabia), Egypt (BP contract), and the UK North Sea.

Safety track record: Recognized with the 2025 Safety Leadership Award

Safety is a core deliverable, evidenced by industry recognition. Valaris Limited was named a Winner in the Contractor Category for the 2025 Safety Leadership Award by the Center for Offshore Safety (COS) for its Video After Action Review. Furthermore, the company reported no Lost Time Incidents (LTI) through the first half of 2025.

Energy transition support: Providing accommodation and support services for offshore wind

Valaris Limited is actively supporting the energy transition by deploying assets for non-hydrocarbon projects. The jackup rig VALARIS 248 was contracted by GE Vernova to provide accommodation support services for an offshore wind project in the UK North Sea. This specific contract is for 120 days, starting in November 2025, and is valued at over $8 million, with an additional six priced options totaling 104 days.

• VALARIS 248 contract duration: 120 days firm term.
• VALARIS 248 contract value: Over $8 million.
• Additional optional duration: 104 days.

Valaris Limited (VAL) - Canvas Business Model: Customer Relationships

You're managing relationships in a cyclical industry where contract visibility is everything; so, focusing on direct engagement and proven performance is how Valaris Limited secures its high-specification assets for the long haul.

Dedicated Account Management: Direct Engagement for Long-Term Contract Negotiation and Renewal

Valaris Limited prioritizes direct engagement, which is evident in the successful conversion of their deepwater pipeline into secured work. The company reported securing approximately $1.9 billion in new contract backlog year-to-date as of the third quarter of 2025. This commercial execution resulted in the total contract backlog, excluding certain payments, standing at approximately $4.7 billion as of late 2025. This focus on securing long-term programs for high-specification assets is a direct result of this dedicated approach.

The company has been actively working to secure future utilization for rigs coming off contract:

• All four active drillships with near-term availability were contracted for work beginning in 2026 as of the third quarter of 2025.
• VALARIS DS-15 and DS-18 completed contracts mid-third quarter 2025 but are both scheduled to start their next contracts in the second half of 2026.
• The company is in advanced customer discussions for drillships scheduled to complete contracts in the second half of 2026.

High-Touch Service: Focus on Safety and Operational Performance to Strengthen Relationships

Operational excellence and a strong safety record are non-negotiable elements that strengthen customer trust and drive repeat business. Valaris Limited achieved a fleet-wide revenue efficiency of 95% in the third quarter of 2025, following 96% in the second quarter of 2025. For the full year 2024, the efficiency stood at 97%. This focus on execution is recognized externally:

Valaris Limited was recognized by the Center for Offshore Safety with its 2025 Safety Leadership Award, marking the third consecutive year for this recognition. Furthermore, the company reported no Lost Time Incidents (LTI) through the first half of 2025. Safety improvements in 2024 included a 20% reduction in the Total Recordable Incident Rate (TRIR) and a 55% reduction in the Lost Time Incident Rate (LTIR) compared to the prior year.

Here's a snapshot of recent contract wins that reflect customer confidence in Valaris Limited's operational capability:

Rig	Customer/Location	Start Period	Duration/Scope	Estimated Value
VALARIS DS-12	BP offshore Egypt	Q2 2026	~350 days (5-well contract)	~$140 million
VALARIS DS-16 (Extension)	Anadarko (Occidental) / US Gulf	June 2026	940 days	Part of ~$760 million combined backlog addition
VALARIS DS-18 (New Contract)	Anadarko (Occidental) / US Gulf	Mid-Q4 2026	914 days	Part of ~$760 million combined backlog addition
VALARIS DS-10	Undisclosed / West Africa	Late Q2 or Q3 2026	Two-year firm term	$352 million
VALARIS 117	Undisclosed / Trinidad	Q3 2026	545 days	Rate in line with recent market rates

Joint Venture Model: Structured, Long-Term Relationship with Saudi Aramco via ARO Drilling

The 50/50 joint venture, ARO Drilling, with Saudi Aramco provides a stable, structured relationship, particularly for the jackup fleet. This venture is a significant driver of EBITDA growth potential as it expands its fleet over the next decade. ARO Drilling's strategic plan involves adding 20 rigs over the next decade, potentially leading to a fleet size of over 30 rigs, up from 16 as of late 2025.

Valaris Limited supports this growth by leasing rigs to the venture. As of the second quarter of 2025, Valaris leased 7 jackups to ARO Drilling. The company recently signed five-year Bareboat Charter (BBC) extensions for five jackups (VALARIS 116, 140, 141, 146, and 250) leased to ARO Drilling. Revenues exclusive of reimbursable items increased in Q3 2025 primarily due to higher bareboat charter revenue from these rigs leased to ARO Drilling. The JV also marked a milestone with the delivery of the Kingdom 1 and Kingdom 2 jack-up rigs, part of a visionary 20-rig program.

Customer Discussions: Advanced Talks for Rigs Completing Contracts in the Second Half of 2026

Management confirmed being in advanced customer discussions for drillships scheduled to complete contracts in the second half of 2026. This proactive engagement is key to maintaining high utilization for their high-specification assets. For instance, the VALARIS DS-12 contract with BP offshore Egypt is expected to commence in the second quarter of 2026. Furthermore, Valaris secured multi-year contracts for drillships VALARIS DS-16 and DS-18 in the US Gulf, starting in June 2026 and mid-fourth quarter 2026, respectively, adding approximately $760 million to the backlog.

The company is tracking a robust pipeline of opportunities, with over 20 floater opportunities exceeding one-year durations tracked, and an expected increase to nearly 30 opportunities as Petrobras launches new tenders.

Finance: draft 13-week cash view by Friday.

Valaris Limited (VAL) - Canvas Business Model: Channels

You're looking at how Valaris Limited secures its work, which is heavily reliant on direct engagement and clear market communication, especially given the high-value, long-term nature of offshore drilling contracts.

Direct sales team: Primary channel for securing multi-year contracts with IOCs and NOCs.

The direct sales effort focuses on placing the high-specification fleet, evidenced by securing new drillship backlog at average day rates above $400,000 as of the Q2 2025 earnings call. This team successfully converted deepwater opportunities, with management noting that the pipeline of floater opportunities was converting into contracts. The total contracted revenue backlog, excluding mobilization fees, stood at approximately $4.5 billion as of October 23, 2025. This backlog reflects significant recent additions, with $190 million added from new contracts and extensions announced in the report dated October 23, 2025.

Here's a snapshot of the contract activity that the direct sales channel drove:

Metric	Value / Date	Source Context
Total Contract Backlog (as of Oct 23, 2025)	$4.5 billion	Latest reported figure
New Backlog Added (since July 24, 2025)	$190 million	October 2025 Fleet Status Report addition
New Drillship Backlog (as of Q2 2025)	$860 million	Average day rates above $400,000
Drillship Contract (VALARIS DS-12)	Estimated Total Contract Value of $140 million	Includes mobilization fee, 350 days estimated duration

ARO Drilling JV: Dedicated channel for the strategic Middle East jackup market.

The joint venture with Saudi Aramco serves as a crucial, dedicated channel for the Middle East jackup market. Valaris Limited leases jackup rigs to ARO Drilling under bareboat charter agreements (BBCs). This channel provided a direct revenue uplift, with revenues exclusive of reimbursable items increasing to $46 million in the third quarter of 2025 from $41 million in the second quarter of 2025, primarily due to higher bareboat charter revenue from these leased rigs.

The status of the ARO-leased fleet shows ongoing commitment:

• Five jackups (VALARIS 116, 140, 141, 146, and 250) secured five-year BBC extensions.
• VALARIS 116 and 250 were expected to be out of service at zero rate for approximately six months each from October 2025 to March 2026 for surveys.
• As of September 30, 2025, ARO operated 9 total and active rigs.

Fleet Status Reports: Publicly communicating rig availability and contract awards to the market.

Valaris Limited uses its Fleet Status Reports as the primary mechanism for transparently communicating the execution of its commercial strategy to the market. These reports detail contract awards, extensions, and fleet disposition actions. For instance, the July 2025 report announced new contracts adding over $1.0 billion to the backlog. Furthermore, the company actively manages its fleet composition through sales; the jackup VALARIS 247 was sold for cash proceeds of approximately $108 million in August 2025.

The overall fleet composition as of September 30, 2025, shows the assets being actively deployed:

Asset Category	Total Fleet	Active Fleet - Valaris
Floaters	15	12
Jackups	26	17
Other	7	7
Total Fleet - Valaris	48	36

The active jackup count of 17 reflects the deployment of rigs not under bareboat charter to ARO Drilling, which had 9 active rigs under its operation. Finance: review the impact of the $108 million VALARIS 247 sale on Q4 2025 cash flow by next Tuesday.

Valaris Limited (VAL) - Canvas Business Model: Customer Segments

You're looking at the core clients Valaris Limited serves across its high-quality rig fleet as of late 2025. The business model relies on securing long-duration contracts with major energy players globally, supplemented by emerging work in the energy transition space.

As of October 23, 2025, Valaris Limited's total contract backlog stood at approximately $4.5 billion. This backlog reflects commitments across the customer base, spanning deepwater and shallow-water drilling services.

Major International Oil Companies (IOCs) remain a cornerstone of the demand profile, particularly for the drillship and high-specification jackup fleet.

• BP: Secured a five-well contract in Egypt for the VALARIS DS-12 drillship, with an estimated total value of $140 million, including mobilization, set to begin in the second quarter of 2026. Valaris also had a 100-day contract for VALARIS 249 offshore Trinidad.
• Shell: Extended work for the VALARIS 121 jackup in the UK North Sea by 194 days, adding over $25 million to the backlog starting February 2026. Additionally, VALARIS 122 secured two 28-day extensions from Shell, valued at more than $6 million combined, for accommodation support starting January 2026.
• Occidental (Oxy): Through its subsidiary Anadarko Petroleum Corporation, Valaris secured contract extensions and new work for drillships VALARIS DS-16 and DS-18 in the Gulf of America, adding approximately $760 million to the contracted revenue backlog, with work commencing in late 2026.

National Oil Companies (NOCs) are serviced primarily through Valaris's joint venture structure.

The relationship with Saudi Aramco is managed via the ARO Drilling joint venture. As of February 2025, Valaris had short-term bareboat charter agreement extensions in place for jackups VALARIS 116, VALARIS 146, and VALARIS 250, with ongoing discussions for longer-term extensions. For the third quarter of 2025, bareboat revenue from rigs leased to ARO Drilling, exclusive of reimbursables, was reported at $46 million.

Independent E&P Companies contribute steady, often shorter-cycle, work, particularly in mature basins like the North Sea.

Ithaca Energy, an independent operator in the North Sea, extended the contract for the VALARIS Norway jackup by 150 days, commencing August 2026, with an estimated value of around $18 million.

The company is actively diversifying into the Offshore Wind Developers segment, using its jackup fleet for support services.

Valaris contracted the VALARIS 248 jackup to GE Vernova to provide accommodation support for a North Sea offshore wind project. This initial contract is for 120 days, starting November 2025, valued at over $8 million, and includes six priced options for 104 additional days.

Here's a quick look at the recent, specific contract values tied to these customer groups:

Customer Segment/Client	Rig Type/Asset	Contract Value (Approximate)	Duration/Scope
Major IOC (BP)	Drillship (VALARIS DS-12)	$140 million	Five wells, Egypt, starting Q2 2026
Major IOC (Shell)	Jackup (VALARIS 121)	$25 million+	194-day extension, UK North Sea, starting Feb 2026
Independent E&P (Ithaca Energy)	Jackup (VALARIS Norway)	$18 million	150-day extension, starting Aug 2026
Offshore Wind Developer (GE Vernova)	Jackup (VALARIS 248)	$8 million+	120 days + options, accommodation support, starting Nov 2025
Major IOC (Occidental/Anadarko)	Drillships (DS-16 & DS-18)	$760 million	New contracts/extensions, Gulf of America, starting late 2026

The total contract backlog as of the October 2025 updates, which includes these awards, reached approximately $4.5 billion.

Valaris Limited (VAL) - Canvas Business Model: Cost Structure

You're looking at the money Valaris Limited spends to keep those high-specification rigs running and available for contracts. It's a capital-intensive business, plain and simple.

Contract drilling expense is the big one, covering the day-to-day operational costs. This includes everything from the crew wages and supplies to the necessary maintenance while the rig is working or standing by. For the full year 2025, Valaris Limited expected this expense to be between $1.57 billion and $1.6 billion based on guidance provided in October 2025. To give you a snapshot of a recent period, the third quarter 2025 contract drilling expense, exclusive of reimbursable items, was $368 million.

Then there's Capital expenditures (CapEx), which is the investment you make to keep the fleet modern and compliant. This is crucial for maintaining high utilization and commanding premium day rates. For the third quarter of 2025, Valaris Limited reported CapEx of $70 million. The full-year 2025 CapEx guidance, as of the October 2025 update, was set between $375 million and $415 million.

The company actively manages its asset base through fleet rationalization costs. This involves the expense associated with retiring or selling older, less efficient assets to focus on premium rigs. A significant part of this in early 2025 involved the decision to retire three semisubmersibles (VALARIS DPS-3, DPS-5, and DPS-6). This strategic move resulted in specific financial impacts:

• Non-cash loss on impairment of $8 million in the first quarter of 2025.
• Discrete tax expense of $167 million primarily related to the rig retirements in the first quarter of 2025.
• Sale of jackup VALARIS 75 for cash proceeds of $108 million, finalized in the third quarter of 2025.

General and administrative (G&A) expenses are your corporate overhead-the costs for running the headquarters and providing centralized support. The full-year 2025 G&A expense was anticipated to be between $100 million and $105 million, per the October 2025 guidance. For the third quarter of 2025 specifically, G&A expense was reported at $27 million.

Here's a quick look at how some of these major cost categories compare for the full year 2025 guidance and the specific Q3 2025 result for CapEx:

Cost Component	Full Year 2025 Guidance (Expected)	Q3 2025 Actual/Reported
Contract Drilling Expense	$1.57 billion to $1.6 billion	$368 million (Exclusive of Reimbursables)
Capital Expenditures (CapEx)	$375 million to $415 million	$70 million
General and Administrative (G&A)	$100 million to $105 million	$27 million

You can see the operating costs, the contract drilling expense, dwarfs the other categories on an annual basis. Still, managing the CapEx for shipyard work and major surveys is a constant cash flow consideration.

Valaris Limited (VAL) - Canvas Business Model: Revenue Streams

You're looking at the core ways Valaris Limited brings in cash, which is almost entirely tied to securing and operating its high-specification offshore drilling rigs for oil and gas exploration and production companies.

The primary engine for Valaris Limited's income is Contract drilling revenue, which comes from day rates charged for the use of its Floater (drillships and semi-submersibles) and Jackup segments. For the third quarter of 2025, the total operating revenue was $596 million. This revenue is segmented across the business units, giving you a clear picture of where the money is coming from right now.

Here is the revenue breakdown for Q3 2025:

Revenue Source	Q3 2025 Operating Revenue (Millions USD)
Contract Drilling - Floaters	$302.9 million
Contract Drilling - Jackups	$237.1 million
ARO Drilling Segment Revenue	$156.8 million
Other (Management Services, etc.)	$55.7 million

The Jackup segment showed resilience in Q3 2025, driven by more operating days and higher average day rates, while the Floater segment saw a near-term decrease due to fewer operating days for certain drillships that finished contracts mid-quarter. To give you a sense of the high-end pricing power in the market, Valaris Limited secured multi-year contracts for its high-specification 7th-generation drillships at day rates up to $410,000.

Beyond the core day rates, other revenue sources contribute to the top line:

• Reimbursable revenue: Payments from customers for contract-specific rig upgrades (expected $70 million in 2025).
• Asset sales: Proceeds from selling older rigs, such as the VALARIS 247 jackup sold for $108 million in Q3 2025.
• Equity income: Share of profits from the ARO Drilling joint venture, in which Valaris Limited holds a 50% equity interest in the venture that owns nine rigs.

Looking closer at the Q3 2025 figures, revenues exclusive of reimbursable items totaled $556 million, meaning the actual reimbursable revenue for that quarter was approximately $40 million ($596 million total minus $556 million exclusive). The sale of the VALARIS 247 rig in Q3 2025 resulted in a net income gain of $90 million on the $108 million cash sale.

The ARO Drilling joint venture is a key component, with its segment revenue hitting $156.8 million in Q3 2025, which is partially represented by bareboat charter revenue from rigs leased to the venture. Valaris Limited is focused on executing its commercial strategy, with all four active drillships having near-term availability now contracted for work beginning next year.

Finance: draft 13-week cash view by Friday.