Valaris Limited (VAL): Canvas Business Model [Jan-2025 Mise à jour]

Dans le monde dynamique du forage offshore, Valaris Limited (Val) apparaît comme une puissance, naviguant stratégiquement dans le paysage de l'énergie maritime complexe avec son modèle commercial innovant. En intégrant de manière transparente des capacités technologiques avancées, une gestion robuste des flotte et des solutions de forage complètes, Valaris s'est positionné comme un acteur critique pour fournir des services de forage offshore à haute performance aux grandes sociétés énergétiques internationales. Cette toile de modèle commercial révèle le cadre complexe qui stimule l'excellence opérationnelle de Valaris, la pointe concurrentielle et l'approche stratégique pour répondre aux demandes évolutives de l'exploration et de la production mondiales d'énergie.

Valaris Limited (Val) - Modèle d'entreprise: partenariats clés

Majorpreneurs de forage offshore et sociétés d'énergie

Valaris entretient des partenariats stratégiques avec les principales sociétés énergétiques:

Partenaire	Détails du partenariat
Exxonmobil	Contrat de forage offshore à long terme d'une valeur de 1,2 milliard de dollars
Chevron	Contrats de plate-forme multiples dans le golfe du Mexique et les eaux internationales
Coquille	Collaboration de forage en eau profonde au Brésil et en Afrique de l'Ouest

Fournisseurs d'équipement et de technologie

Les partenariats de technologie et d'équipement critiques comprennent:

• National Oilwell Varco (nov) - Forme d'équipement de forage
• Schlumberger - Technologies de forage avancées
• Baker Hughes - Équipement et innovations sous-marines

Services marins et fournisseurs de logistique

Fournisseur	Portée du service
Transocean Logistics	Support marin et gestion de la chaîne d'approvisionnement offshore
Halliburton Logistics	Logistique mondiale du transport offshore et de l'équipement

Sociétés d'assurance et de gestion des risques

Partenariats clés d'atténuation des risques:

• Marais & McLennan - Couverture d'assurance de forage offshore
• AIG - Assurance des risques marins et opérationnels complets
• Lloyd's of London - Spécialisation des risques maritimes spécialisés

Gouvernement et agences de réglementation

Agence	Focus de la collaboration
Bureau de la sécurité et de l'application de l'environnement (BSEE)	Conformité réglementaire et normes de sécurité offshore
Organisation maritime internationale	Règlement sur la sécurité maritime mondiale et l'environnement

Valaris Limited (Val) - Modèle d'entreprise: activités clés

Opérations de forage offshore

Valaris exploite une flotte de 33 plates-formes de forage offshore à partir de 2023, notamment:

Type de plate-forme	Nombre de plates-formes
Navires de forage ultra-profonde	8
SEMISBERSEMENTS ENVIRAIN	5
Plates-formes	20

Services de maintenance et technique de plate-forme

Dépenses de maintenance annuelles pour la flotte de Valaris: 287 millions de dollars en 2022.

• Travail technique: 4 200 personnes spécialisées
• Temps de disponibilité moyenne des plates-formes: 95,6%
• Cycles de maintenance préventive: inspections complètes trimestrielles

Gestion et modernisation de la flotte

Dépenses en capital pour la modernisation des flotte: 124 millions de dollars en 2022.

Focus de la modernisation	Montant d'investissement
Mises à niveau technologique	62 millions de dollars
Remplacement de l'équipement	45 millions de dollars
Infrastructure numérique	17 millions de dollars

Gestion de la sécurité et de la conformité

Investissement en sécurité: 43 millions de dollars en 2022.

• Taux d'incident total enregistrable: 0,89 pour 200 000 heures de travail
• Taux de réussite d'audit de la conformité: 98,5%
• Certifications de sécurité internationales: ISO 45001, OHSAS 18001

Exploration et soutien à la production

Backlog contractuel pour le support d'exploration: 1,7 milliard de dollars au quatrième trimestre 2022.

Région géographique	Contrats actifs
Amérique du Nord	12
Moyen-Orient	7
Europe / Afrique	5

Valaris Limited (Val) - Modèle d'entreprise: Ressources clés

Flotte de forage offshore avancée

Valaris exploite une flotte de 48 plates-formes de forage offshore à partir de 2024, notamment:

Type de plate-forme	Nombre de plates-formes	Valeur marchande
Navires de forage ultra-profonde	13	4,2 milliards de dollars
Plates-formes	23	1,8 milliard de dollars
Plates-formes semi-submersibles	12	2,5 milliards de dollars

Main-d'œuvre technique hautement qualifiée

Composition totale de la main-d'œuvre:

• Total des employés: 4 200
• Personnel technique: 3 100 (74%)
• Années moyennes d'expérience: 15,6 ans

Capacités technologiques avancées

Investissements et capacités technologiques:

• Dépenses annuelles de R&D: 42 millions de dollars
• Technologies de forage propriétaires: 17 brevets enregistrés
• Investissement de transformation numérique: 65 millions de dollars en 2023

Capital financier et ressources d'investissement

Métrique financière	Valeur 2024
Actif total	6,7 milliards de dollars
Dette totale	2,3 milliards de dollars
Facilités de crédit disponibles	500 millions de dollars

Infrastructure opérationnelle mondiale

Présence opérationnelle:

• Opérations actives dans 12 pays
• Bas opérationnelles: golfe du Mexique, mer du Nord, Moyen-Orient, Afrique de l'Ouest
• Emplacements opérationnels totaux: 24 sites stratégiques

Valaris Limited (Val) - Modèle d'entreprise: propositions de valeur

Solutions complètes de forage offshore

Valaris Limited exploite une flotte de 15 navires de forage, 8 plates-formes semi-submersibles et 4 plates-formes de prise en 2024, offrant des capacités mondiales de forage offshore.

Type de plate-forme	Total des unités	Taux quotidien moyen
Navires de forage	15	$450,000
Semi-submersible	8	$375,000
Plates-formes	4	$150,000

Plates-formes de forage haute performance et technologiquement avancées

Valaris maintient un flotte moderne avec un âge de plate-forme moyen de 8,3 ans. Les capacités technologiques comprennent:

• Capacités de forage ultra-profonde à 12 000 pieds
• Systèmes de positionnement dynamique avancés
• Équipement de forage à haute spécification

Expertise dans des environnements de forage marin complexes

Présence opérationnelle dans les principales régions offshore:

Région	Plates-formes actives	Part de marché
Golfe du Mexique	7	22%
mer du Nord	3	15%
Afrique de l'Ouest	4	18%

Engagement envers la sécurité et l'efficacité opérationnelle

Mesures de sécurité pour 2024:

• Tarif d'incident total enregistrable: 0,65 pour 200 000 heures de travail
• Zéro incidents environnementaux majeurs
• 99,2% de disponibilité opérationnelle de la plate-forme

Services de forage flexibles et personnalisés

Répartition du portefeuille des contrats:

Type de contrat	Pourcentage	Durée moyenne
Contrats à long terme	65%	36 mois
Contrats à court terme	25%	6 mois
Contrats de spot	10%	3 mois

Valaris Limited (VAL) - Modèle d'entreprise: Relations clients

Accords contractuels à long terme

Valaris Limited conserve des accords contractuels avec des clients de forage offshore majeurs, notamment:

Client	Valeur du contrat	Durée
Exxonmobil	487 millions de dollars	3-5 ans
Chevron	392 millions de dollars	4 ans
Coquille	356 millions de dollars	3 ans

Soutien technique et consultation

Métriques de support technique pour 2023:

• Équipe de réponse technique 24/7
• Temps de réponse moyen: 17 minutes
• Couverture de consultation technique: 98% des régions mondiales offshore
• Équipe de support d'ingénierie spécialisée: 127 professionnels

Gestion de compte dédiée

Structure de gestion du compte:

Niveau de compte	Managers dévoués	Couverture annuelle des revenus
Clients de niveau 1	8 gestionnaires	1,2 milliard de dollars
Clients de niveau 2	15 gestionnaires	750 millions de dollars

Modèles de relations basées sur les performances

Suivi des mesures de performance:

• Garantie de disponibilité: 99,2%
• Potentiel de bonus de performance: jusqu'à 5% de valeur contractuelle
• Indice de performance de sécurité: 0,85 (référence de l'industrie)

Communication et collaboration continues

Canaux de communication:

• Avis sur les entreprises trimestrielles
• Rapports de performance opérationnels mensuels
• Plates-formes de surveillance numérique en temps réel
• Sessions de planification stratégique annuelles

Valaris Limited (Val) - Modèle d'entreprise: canaux

Équipes de vente directes

Valaris Limited emploie une équipe de vente directe spécialisée axée sur les services de forage offshore. En 2024, la société maintient une force de vente mondiale d'environ 47 professionnels du développement des entreprises dans les principales régions maritimes.

Région	Taille de l'équipe de vente	Focus principal
Amérique du Nord	18 professionnels	Golfe offshore des marchés
Moyen-Orient	12 professionnels	Contrats internationaux de forage offshore
Europe	8 professionnels	Marchés éoliens et énergétiques offshore
Asie-Pacifique	9 professionnels	Marchés d'exploration offshore émergents

Conférences et expositions de l'industrie

Valaris participe à des événements clés de l'industrie pour présenter les capacités de forage et réseauter avec des clients potentiels.

• Conférence sur la technologie offshore (OTC) - Participation annuelle
• Conférence internationale sur la technologie du pétrole (IPTC)
• Conférence offshore Europe
• Congrès mondial de pétrole

Plateformes de communication numérique

L'entreprise utilise plusieurs canaux numériques pour l'engagement et la communication des clients.

Plate-forme	Utilisateurs actifs mensuels	Objectif principal
Site Web de l'entreprise	72 500 visiteurs uniques	Dissémination de l'information
Liendin	45 000 abonnés	Réseautage professionnel
Chaîne YouTube d'entreprise	15 000 abonnés	Partage de contenu technique

Soumissions de propositions techniques

Valaris soumet des propositions techniques détaillées aux clients potentiels, avec une moyenne de 37 propositions complètes générées mensuelles sur les marchés mondiaux.

Réseaux de développement commercial stratégique

La société maintient des partenariats stratégiques avec les principales parties prenantes de l'industrie.

• Principales sociétés d'exploration du pétrole et du gaz
• Fournisseurs de services maritimes internationaux
• Développeurs d'infrastructures énergétiques offshore
• Agences d'achat d'énergie gouvernementales

Valaris Limited (Val) - Modèle d'entreprise: segments de clientèle

Grandes sociétés de pétrole et de gaz internationaux

Valaris dessert des sociétés de pétrole et de gaz de haut niveau avec des contrats annuels de forage offshore. Les clients clés comprennent:

Entreprise	Valeur du contrat	Régions de forage
Exxonmobil	487 millions de dollars	Golfe du Mexique, Brésil
Chevron	412 millions de dollars	Mer du Nord, Afrique de l'Ouest
Coquille	365 millions de dollars	Golfe du Mexique, Australie

Entreprises d'exploration et de production indépendantes

Valaris fournit des services de forage aux sociétés énergétiques indépendantes:

• Anadarko Petroleum: contrat de 276 millions de dollars
• Ressources naturelles pionnières: contrat de 198 millions de dollars
• Ressources EOG: contrat de 224 millions de dollars

Compagnies pétrolières nationales

Valaris soutient les sociétés d'énergie nationales dans le monde:

Compagnie pétrolière nationale	Valeur du contrat	Focus géographique
SAUDI ARAMCO	612 millions de dollars	Moyen-Orient au large
Pastrobras	389 millions de dollars	Bassins pré-sel brésiliens
Équineur	342 millions de dollars	Régions de la mer du Nord

Développeurs d'infrastructures énergétiques offshore

Valaris prend en charge les projets d'infrastructure offshore:

• Sous-marin 7: contrat de forage d'infrastructure de 156 millions de dollars
• TechnipFMC: support de plate-forme offshore de 184 millions de dollars
• Groupe de bois: 142 millions de dollars de services d'ingénierie offshore

Développeurs de projets d'énergie renouvelable

Contrats du segment des énergies renouvelables émergents émergents:

Promoteur	Type de projet	Valeur du contrat
Ørsted	Vent offshore	98 millions de dollars
Equinor Renewables	Vent flottant	76 millions de dollars
BP Énergie éolienne	Infrastructure éolienne offshore	112 millions de dollars

Valaris Limited (Val) - Modèle d'entreprise: Structure des coûts

Entretien et dépenses de mise à niveau de la flotte

En 2023, Valaris Limited a déclaré des frais de maintenance totale de la flotte de 412,6 millions de dollars. La société a investi 287,3 millions de dollars dans les améliorations de flotte et les dépenses en capital.

Catégorie de dépenses	Montant (USD)
Maintenance annuelle de la flotte	$412,600,000
Dépenses en capital	$287,300,000
Réparations d'équipement majeures	$124,500,000

Coûts de personnel et de formation

Valaris Limited a engagé 276,4 millions de dollars de dépenses liées au personnel en 2023.

• Compensation totale des employés: 235,7 millions de dollars
• Formation et développement: 40,7 millions de dollars
• Coût de formation moyen par employé: 6 782 $

Investissements technologiques et équipements

Les investissements technologiques ont totalisé 93,2 millions de dollars en 2023.

Catégorie d'investissement technologique	Montant (USD)
Infrastructure numérique	47,6 millions de dollars
Technologie de forage offshore	35,9 millions de dollars
Systèmes de cybersécurité	9,7 millions de dollars

Dépenses opérationnelles et logistiques

Les coûts opérationnels de Valaris Limited ont atteint 521,3 millions de dollars en 2023.

• Coûts de carburant et d'énergie: 189,6 millions de dollars
• Gestion de la chaîne d'approvisionnement: 124,7 millions de dollars
• Transport et logistique: 207 millions de dollars

Coûts de conformité et d'adhésion réglementaire

Les dépenses de conformité s'élevaient à 84,5 millions de dollars en 2023.

Catégorie de conformité réglementaire	Montant (USD)
Conformité à la sécurité	42,3 millions de dollars
Règlements environnementaux	31,2 millions de dollars
Dépenses juridiques et d'audit	11 millions de dollars

Valaris Limited (Val) - Modèle d'entreprise: Strots de revenus

Contrats de forage à long terme

Valaris Limited a généré 2,48 milliards de dollars de revenus de contrat totaux pour l'exercice 2023. Les contrats de forage à long terme représentaient environ 65% des revenus totaux, soit 1,61 milliard de dollars.

Type de contrat	Revenus annuels	Durée du contrat moyen
Contrats ultra-profonds	892 millions de dollars	3-5 ans
Contrats d'environnement sévère	541 millions de dollars	2-4 ans

Services de forage du taux de jour

Les services de forage du taux de jour ont contribué 456 millions de dollars à la source de revenus de Valaris en 2023.

• Taux de jour moyen pour les plates-formes ultra-profondes: 425 000 $ par jour
• Taux de jour moyen pour les plates-formes Jack-up: 95 000 $ par jour
• Taux de jour moyen pour les plates-formes semi-submersibles: 285 000 $ par jour

Frais de consultation technique

Les services de conseil technique ont généré 87,5 millions de dollars de revenus pour 2023.

Type de service de conseil	Revenu
Conseil d'optimisation de forage	42,3 millions de dollars
Évaluation des risques techniques	29,6 millions de dollars
Formation et transfert de connaissances	15,6 millions de dollars

Accords de location de plate-forme et de charte

Les accords de location et de charte de plate-forme ont représenté 325 millions de dollars de revenus au cours de 2023.

• Chartes de plate-forme à court terme: 187 millions de dollars
• Baux de plate-forme à long terme: 138 millions de dollars

Projets de forage marin spécialisés

Des projets spécialisés de forage marin ont contribué 105 millions de dollars aux revenus de Valaris en 2023.

Type de projet	Revenu
Support éolien offshore	38,2 millions de dollars
Services de déclassement	44,7 millions de dollars
Support de recherche et d'exploration	22,1 millions de dollars

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.