Valaris Limited (VAL): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la perforación en alta mar, Valaris Limited (Val) emerge como una potencia, navegando estratégicamente el complejo panorama de la energía marítima con su innovador modelo de negocio. Al integrar a la perfección las capacidades tecnológicas avanzadas, la gestión de la flota robusta y las soluciones de perforación integrales, Valaris se ha posicionado como un jugador crítico en la entrega de servicios de perforación en alta mar de alto rendimiento a las principales compañías de energía internacional. Este lienzo de modelo de negocio revela el intrincado marco que impulsa la excelencia operativa, la ventaja competitiva y el enfoque estratégico de Valaris para satisfacer las demandas en evolución de la exploración y producción mundial de energía.

Valaris Limited (Val) - Modelo de negocio: asociaciones clave

Principales contratistas de perforación en alta mar y compañías de energía

Valaris mantiene asociaciones estratégicas con compañías de energía clave:

Pareja	Detalles de la asociación
Exxonmobil	Contrato de perforación en alta mar a largo plazo valorado en $ 1.2 mil millones
Cheurón	Múltiples contratos de plataforma en el Golfo de México y las aguas internacionales
Caparazón	Colaboración de perforación de aguas profundas en Brasil y África occidental

Proveedores de equipos y tecnología

La tecnología crítica y las asociaciones de equipos incluyen:

• National Oilwell Varco (Nov) - Suministro de equipos de perforación
• Schlumberger - Tecnologías de perforación avanzada
• Baker Hughes - Equipos e innovaciones submarinos

Proveedores de servicios marinos y logística

Proveedor	Alcance del servicio
Logística transocean	Soporte marino y gestión de la cadena de suministro en alta mar
Logística de Halliburton	Logística global de transporte en alta mar y equipos

Seguros y empresas de gestión de riesgos

Asociaciones clave de mitigación de riesgos:

• Pantano & McLennan - Cobertura de seguro de perforación en alta mar
• AIG - Seguro integral de riesgo marino y operativo
• Lloyd's de Londres - suscripción especializada de riesgo marítimo

Agencias gubernamentales y regulatorias

Agencia	Enfoque de colaboración
Oficina de Seguridad y Aplicación Ambiental (BSEE)	Cumplimiento regulatorio y estándares de seguridad en alta mar
Organización marítima internacional	Regulaciones globales de seguridad marítima y medio ambiente

Valaris Limited (Val) - Modelo de negocio: actividades clave

Operaciones de perforación en alta mar

Valaris opera una flota de 33 plataformas de perforación en alta mar a partir de 2023, que incluyen:

Tipo de plataforma	Número de plataformas
Perforaciones de agua ultra profunda	8
Semisubmersibles de entorno duro	5
Plataformas	20

Mantenimiento de plataformas y servicios técnicos

Gastos de mantenimiento anual para la flota de Valaris: $ 287 millones en 2022.

• Fuerza laboral técnica: 4.200 personal especializado
• Tiempo de actividad de la plataforma promedio: 95.6%
• Ciclos de mantenimiento preventivo: inspecciones integrales trimestrales

Gestión de flotas y modernización

Gasto de capital para la modernización de la flota: $ 124 millones en 2022.

Enfoque de modernización	Monto de la inversión
Actualizaciones tecnológicas	$ 62 millones
Reemplazo de equipos	$ 45 millones
Infraestructura digital	$ 17 millones

Gestión de seguridad y cumplimiento

Inversión de seguridad: $ 43 millones en 2022.

• Tasa de incidente registrable total: 0.89 por 200,000 horas de trabajo
• Tasa de aprobación de auditoría de cumplimiento: 98.5%
• Certificaciones internacionales de seguridad: ISO 45001, OHSAS 18001

Soporte de exploración y producción

Ayuda de contrato para soporte de exploración: $ 1.7 mil millones a partir del cuarto trimestre de 2022.

Región geográfica	Contratos activos
América del norte	12
Oriente Medio	7
Europa/África	5

Valaris Limited (Val) - Modelo de negocio: recursos clave

Flota de perforación en alta mar avanzada

Valaris opera una flota de 48 plataformas de perforación en alta mar a partir de 2024, que incluyen:

Tipo de plataforma	Número de plataformas	Valor comercial
Perforaciones de agua ultra profunda	13	$ 4.2 mil millones
Plataformas	23	$ 1.8 mil millones
Plataformas semi-sumergibles	12	$ 2.5 mil millones

Fuerza laboral técnica altamente calificada

Composición total de la fuerza laboral:

• Total de empleados: 4.200
• Personal técnico: 3,100 (74%)
• Años promedio de experiencia: 15.6 años

Capacidades tecnológicas avanzadas

Inversiones y capacidades tecnológicas:

• Gasto anual de I + D: $ 42 millones
• Tecnologías de perforación patentadas: 17 patentes registradas
• Inversión de transformación digital: $ 65 millones en 2023

Recursos de capital y inversión financieros

Métrica financiera	Valor 2024
Activos totales	$ 6.7 mil millones
Deuda total	$ 2.3 mil millones
Facilidades de crédito disponibles	$ 500 millones

Infraestructura operativa global

Presencia operativa:

• Operaciones activas en 12 países
• Bases operativas: Golfo de México, Mar del Norte, Medio Oriente, África occidental
• Ubicaciones operativas totales: 24 sitios estratégicos

Valaris Limited (Val) - Modelo de negocio: propuestas de valor

Soluciones integrales de perforación en alta mar

Valaris Limited opera una flota de 15 perforaciones, 8 plataformas semi-sumergibles y 4 plataformas de arranque a partir de 2024, proporcionando capacidades globales de perforación en alta mar.

Tipo de plataforma	Unidades totales	Tasa diaria promedio
Perforación	15	$450,000
Semi-sumergible	8	$375,000
Plataformas	4	$150,000

Plataformas de perforación de alto rendimiento y tecnológicamente avanzadas

Valaris mantiene un Flota moderna con una plataforma promedio de 8,3 años. Las capacidades tecnológicas incluyen:

• Capacidades de perforación de agua ultra profunda a 12,000 pies
• Sistemas avanzados de posicionamiento dinámico
• Equipo de perforación de alta especificación

Experiencia en entornos complejos de perforación marina

Presencia operativa en regiones clave en alta mar:

Región	Plataformas activas	Cuota de mercado
Golfo de México	7	22%
Mar del Norte	3	15%
África occidental	4	18%

Compromiso con la seguridad y la eficiencia operativa

Métricas de seguridad para 2024:

• Tasa de incidente registrable total: 0.65 por 200,000 horas de trabajo
• Cero incidentes ambientales principales
• 99.2% de tiempo de actividad operativo

Servicios de perforación flexibles y personalizados

Desglose de la cartera de contratos:

Tipo de contrato	Porcentaje	Duración promedio
Contratos a largo plazo	65%	36 meses
Contratos a corto plazo	25%	6 meses
Contratos manchados	10%	3 meses

Valaris Limited (Val) - Modelo de negocios: relaciones con los clientes

Acuerdos contractuales a largo plazo

Valaris Limited mantiene acuerdos contractuales con los principales clientes de perforación en alta mar que incluyen:

Cliente	Valor de contrato	Duración
Exxonmobil	$ 487 millones	3-5 años
Cheurón	$ 392 millones	4 años
Caparazón	$ 356 millones	3 años

Soporte técnico y consulta

Métricas de soporte técnico para 2023:

• Equipo de respuesta técnica 24/7
• Tiempo de respuesta promedio: 17 minutos
• Cobertura de consulta técnica: 98% regiones globales en alta mar
• Equipo de apoyo de ingeniería especializada: 127 profesionales

Gestión de cuentas dedicada

Estructura de gestión de cuentas:

Nivel de cuenta	Gerentes dedicados	Cobertura de ingresos anual
Clientes de nivel 1	8 gerentes	$ 1.2 mil millones
Clientes de nivel 2	15 gerentes	$ 750 millones

Modelos de relación basados ​​en el rendimiento

Seguimiento de métricas de rendimiento:

• Garantía de tiempo de actividad: 99.2%
• Potencial de bonificación de rendimiento: hasta 5% de valor contractual
• Índice de rendimiento de seguridad: 0.85 (punto de referencia de la industria)

Comunicación continua y colaboración

Canales de comunicación:

• Revisiones comerciales trimestrales
• Informes mensuales de rendimiento operativo
• Plataformas de monitoreo digital en tiempo real
• Sesiones anuales de planificación estratégica

Valaris Limited (Val) - Modelo de negocio: canales

Equipos de ventas directos

Valaris Limited emplea un equipo de ventas directo especializado centrado en los servicios de perforación en alta mar. A partir de 2024, la compañía mantiene una fuerza de ventas global de aproximadamente 47 profesionales de desarrollo empresarial en regiones marítimas clave.

Región	Tamaño del equipo de ventas	Enfoque principal
América del norte	18 profesionales	Mercados de Golfo Offshore de México
Oriente Medio	12 profesionales	Contratos internacionales de perforación en alta mar
Europa	8 profesionales	Mercados de viento y energía en alta mar
Asia Pacífico	9 profesionales	Mercados emergentes de exploración en alta mar

Conferencias y exposiciones de la industria

Valaris participa en eventos clave de la industria para mostrar capacidades de perforación y red con clientes potenciales.

• Conferencia de Tecnología Offshore (OTC) - Participación anual
• Conferencia Internacional de Tecnología del Petróleo (IPTC)
• Conferencia de Europa en alta mar
• Congreso de petróleo mundial

Plataformas de comunicación digital

La compañía utiliza múltiples canales digitales para la participación y comunicación del cliente.

Plataforma	Usuarios activos mensuales	Propósito principal
Sitio web corporativo	72,500 visitantes únicos	Diseminación de información
LinkedIn	45,000 seguidores	Redes profesionales
Canal corporativo de YouTube	15,000 suscriptores	Compartir contenido técnico

Presentaciones de propuestas técnicas

Valaris presenta propuestas técnicas detalladas a clientes potenciales, con un promedio de 37 propuestas integrales generadas mensualmente en los mercados globales.

Redes estratégicas de desarrollo de negocios

La compañía mantiene asociaciones estratégicas con las partes interesadas de la industria clave.

• Grandes compañías de exploración de petróleo y gas
• Proveedores de servicios marítimos internacionales
• Desarrolladores de infraestructura energética en alta mar
• Agencias de adquisición de energía del gobierno

Valaris Limited (Val) - Modelo de negocio: segmentos de clientes

Principales compañías internacionales de petróleo y gas

Valaris sirve a corporaciones de petróleo y gas de primer nivel con contratos anuales de perforación en alta mar. Los clientes clave incluyen:

Compañía	Valor de contrato	Regiones de perforación
Exxonmobil	$ 487 millones	Golfo de México, Brasil
Cheurón	$ 412 millones	Mar del Norte, África occidental
Caparazón	$ 365 millones	Golfo de México, Australia

Firmas de exploración y producción independientes

Valaris ofrece servicios de perforación a compañías de energía independientes:

• Anadarko Petroleum: contrato de $ 276 millones
• Recursos naturales pioneros: contrato de $ 198 millones
• Recursos EOG: contrato de $ 224 millones

Compañías petroleras nacionales

Valaris apoya a las corporaciones de energía nacional a nivel mundial:

Compañía petrolera nacional	Valor de contrato	Enfoque geográfico
Aramco saudí	$ 612 millones	Medio Oriente en alta mar
Petrobras	$ 389 millones	Cuencas de pre-sal brasileña
Equinor	$ 342 millones	Regiones del Mar del Norte

Desarrolladores de infraestructura energética en alta mar

Valaris admite proyectos de infraestructura en alta mar:

• Subsea 7: contrato de perforación de infraestructura de $ 156 millones
• TechnipfMC: soporte de plataforma offshore de $ 184 millones
• Group de madera: $ 142 millones de servicios de ingeniería offshore

Desarrolladores de proyectos de energía renovable

Contratos emergentes de segmento de energía renovable en alta mar:

Revelador	Tipo de proyecto	Valor de contrato
Ørsted	Viento en alta mar	$ 98 millones
Renovables de Equinor	Viento flotante	$ 76 millones
BP Energía eólica	Infraestructura eólica en alta mar	$ 112 millones

Valaris Limited (Val) - Modelo de negocio: Estructura de costos

Mantenimiento de la flota y gastos de actualización

En 2023, Valaris Limited reportó gastos totales de mantenimiento de la flota de $ 412.6 millones. La compañía invirtió $ 287.3 millones en mejoras de flota y gastos de capital.

Categoría de gastos	Cantidad (USD)
Mantenimiento anual de la flota	$412,600,000
Gastos de capital	$287,300,000
Reparaciones de equipos principales	$124,500,000

Costos de personal y capacitación

Valaris Limited incurrió en $ 276.4 millones en gastos relacionados con el personal en 2023.

• Compensación total de empleados: $ 235.7 millones
• Capacitación y desarrollo: $ 40.7 millones
• Costo promedio de capacitación por empleado: $ 6,782

Inversiones de tecnología y equipos

Las inversiones en tecnología totalizaron $ 93.2 millones en 2023.

Categoría de inversión tecnológica	Cantidad (USD)
Infraestructura digital	$ 47.6 millones
Tecnología de perforación en alta mar	$ 35.9 millones
Sistemas de ciberseguridad	$ 9.7 millones

Gastos operativos y logísticos

Los costos operativos para Valaris Limited alcanzaron $ 521.3 millones en 2023.

• Costos de combustible y energía: $ 189.6 millones
• Gestión de la cadena de suministro: $ 124.7 millones
• Transporte y logística: $ 207 millones

Costos de cumplimiento y adherencia regulatoria

Los gastos de cumplimiento ascendieron a $ 84.5 millones en 2023.

Categoría de cumplimiento regulatorio	Cantidad (USD)
Cumplimiento de seguridad	$ 42.3 millones
Regulaciones ambientales	$ 31.2 millones
Gastos legales y de auditoría	$ 11 millones

Valaris Limited (Val) - Modelo de negocio: flujos de ingresos

Contratos de perforación a largo plazo

Valaris Limited generó $ 2.48 mil millones en ingresos por contratos totales para el año fiscal 2023. Los contratos de perforación a largo plazo representaron aproximadamente el 65% de los ingresos totales, por valor de $ 1.61 mil millones.

Tipo de contrato	Ingresos anuales	Duración promedio del contrato
Contratos de agua ultra profunda	$ 892 millones	3-5 años
Contratos de entorno duros	$ 541 millones	2-4 años

Servicios de perforación de tarifa diurna

Los servicios de perforación de tarifa diurna contribuyeron con $ 456 millones al flujo de ingresos de Valaris en 2023.

• Tasa de día promedio para plataformas ultra profundas: $ 425,000 por día
• Tasa de día promedio para plataformas de arranque: $ 95,000 por día
• Tasa de día promedio para plataformas semi-sumergibles: $ 285,000 por día

Tarifas de consultoría técnica

Los servicios de consultoría técnica generaron $ 87.5 millones en ingresos para 2023.

Tipo de servicio de consultoría	Ganancia
Consultoría de optimización de perforación	$ 42.3 millones
Evaluación de riesgos técnicos	$ 29.6 millones
Capacitación y transferencia de conocimiento	$ 15.6 millones

Arrendamiento de plataformas y acuerdos charter

Los acuerdos de arrendamiento y charter representaban $ 325 millones en ingresos durante 2023.

• Cartas de plataforma a corto plazo: $ 187 millones
• Arrendamientos a largo plazo: $ 138 millones

Proyectos especializados de perforación marina

Los proyectos especializados de perforación marina contribuyeron con $ 105 millones a los ingresos de Valaris en 2023.

Tipo de proyecto	Ganancia
Soporte eólico en alta mar	$ 38.2 millones
Servicios de desmantelamiento	$ 44.7 millones
Apoyo de investigación y exploración	$ 22.1 millones

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.