Valaris Limited (VAL): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico da perfuração offshore, a Valaris Limited (VAL) surge como uma potência, navegando estrategicamente no complexo cenário de energia marítima com seu inovador modelo de negócios. Ao integrar perfeitamente recursos tecnológicos avançados, gerenciamento robusto de frotas e soluções abrangentes de perfuração, a Valaris se posicionou como um participante crítico na entrega de serviços de perfuração offshore de alto desempenho às principais empresas internacionais de energia. Esta tela de modelo de negócios revela a estrutura intrincada que impulsiona a excelência operacional, vantagem competitiva e abordagem estratégica de Valaris para atender às demandas em evolução da exploração e produção globais de energia.

Valaris Limited (VAL) - Modelo de Negócios: Principais Parcerias

Principais empreiteiros de perfuração offshore e empresas de energia

Valaris mantém parcerias estratégicas com as principais empresas de energia:

Parceiro	Detalhes da parceria
ExxonMobil	Contrato de perfuração offshore de longo prazo, avaliado em US $ 1,2 bilhão
Chevron	Múltiplos contratos de plataforma no Golfo do México e águas internacionais
Concha	Colaboração de perfuração em águas profundas no Brasil e na África Ocidental

Fornecedores de equipamentos e tecnologia

As parcerias críticas de tecnologia e equipamentos incluem:

• Nacional Oilwell Varco (NOV) - Fornecimento de equipamentos de perfuração
• Schlumberger - Tecnologias avançadas de perfuração
• Baker Hughes - Equipamentos e inovações submarinos

Provedores de serviço marítimo e logística

Provedor	Escopo de serviço
Logística Transoceana	Suporte marinho e gerenciamento da cadeia de suprimentos offshore
Halliburton Logistics	Logística de transporte e equipamento offshore global

Empresas de seguro e gerenciamento de riscos

Principais parcerias de mitigação de risco:

• Pântano & McLennan - Cobertura de seguro de perfuração offshore
• AIG - seguro de risco marítimo e operacional abrangente
• Lloyd's of London - Subscrição de risco marítimo especializado

Agências governamentais e regulatórias

Agência	Foco de colaboração
Departamento de Segurança e Aplicação Ambiental (BSEE)	Padrões de conformidade regulatória e segurança offshore
Organização Marítima Internacional	Regulamentos Globais de Segurança e Ambiental Marítima

Valaris Limited (VAL) - Modelo de negócios: Atividades -chave

Operações de perfuração offshore

Valaris opera uma frota de 33 plataformas de perfuração offshore a partir de 2023, incluindo:

Tipo de equipamento	Número de plataformas
Exercícios Ultra-Deepwater	8
SemiSubmersibles de ambiente severo	5
Ratações de jack-up	20

Manutenção de plataformas e serviços técnicos

Despesas anuais de manutenção para a Frota de Valaris: US $ 287 milhões em 2022.

• Força de trabalho técnica: 4.200 pessoal especializado
• Tempo de atividade média da plataforma: 95,6%
• Ciclos de manutenção preventiva: inspeções abrangentes trimestrais

Gerenciamento e modernização da frota

Despesas de capital para modernização da frota: US $ 124 milhões em 2022.

Foco de modernização	Valor do investimento
Atualizações de tecnologia	US $ 62 milhões
Substituição do equipamento	US $ 45 milhões
Infraestrutura digital	US $ 17 milhões

Gerenciamento de segurança e conformidade

Investimento de segurança: US $ 43 milhões em 2022.

• Taxa total de incidentes recordáveis: 0,89 por 200.000 horas de trabalho
• Taxa de passagem de auditoria de conformidade: 98,5%
• Certificações de segurança internacional: ISO 45001, OHSAS 18001

Suporte de exploração e produção

Backlog de contrato para suporte à exploração: US $ 1,7 bilhão a partir do quarto trimestre 2022.

Região geográfica	Contratos ativos
América do Norte	12
Médio Oriente	7
Europa/África	5

Valaris Limited (VAL) - Modelo de Negócios: Recursos -Principais

Frota avançada de perfuração offshore

Valaris opera uma frota de 48 plataformas de perfuração offshore a partir de 2024, incluindo:

Tipo de equipamento	Número de plataformas	Valor de mercado
Exercícios Ultra-Deepwater	13	US $ 4,2 bilhões
Ratações de jack-up	23	US $ 1,8 bilhão
Rigas semi-submersíveis	12	US $ 2,5 bilhões

Força de trabalho técnica altamente qualificada

Composição total da força de trabalho:

• Total de funcionários: 4.200
• Pessoal Técnico: 3.100 (74%)
• Anos médios de experiência: 15,6 anos

Capacidades tecnológicas avançadas

Investimentos e recursos de tecnologia:

• Gastos anuais de P&D: US $ 42 milhões
• Tecnologias de perfuração proprietárias: 17 patentes registradas
• Investimento de transformação digital: US $ 65 milhões em 2023

Capital financeiro e recursos de investimento

Métrica financeira	2024 Valor
Total de ativos	US $ 6,7 bilhões
Dívida total	US $ 2,3 bilhões
Linhas de crédito disponíveis	US $ 500 milhões

Infraestrutura operacional global

Presença operacional:

• Operações ativas em 12 países
• Bases operacionais: Golfo do México, Mar do Norte, Oriente Médio, África Ocidental
• Locais operacionais totais: 24 sites estratégicos

Valaris Limited (VAL) - Modelo de Negócios: Proposições de Valor

Soluções abrangentes de perfuração offshore

A Valaris Limited opera uma frota de 15 navios de perfuração, 8 plataformas semi-submersíveis e 4 plataformas de jack-up a partir de 2024, fornecendo recursos globais de perfuração offshore.

Tipo de equipamento	Unidades totais	Taxa média diária
Navios de perfuração	15	$450,000
Semi-submersível	8	$375,000
Ratações de jack-up	4	$150,000

Platas de perfuração de alto desempenho e de perfuração tecnologicamente avançadas

Valaris mantém um Frota moderna com idade média da plataforma de 8,3 anos. Os recursos tecnológicos incluem:

• Capacidades de perfuração de águas ultra-profundas a 12.000 pés
• Sistemas avançados de posicionamento dinâmico
• Equipamento de perfuração de alta especificação

Experiência em ambientes complexos de perfuração marinha

Presença operacional nas principais regiões offshore:

Região	Rigas ativas	Quota de mercado
Golfo do México	7	22%
Mar do Norte	3	15%
África Ocidental	4	18%

Compromisso com a segurança e a eficiência operacional

Métricas de segurança para 2024:

• Taxa total de incidentes recordáveis: 0,65 por 200.000 horas de trabalho
• Zero grandes incidentes ambientais
• 99,2% de tempo de atividade operacional da plataforma

Serviços de perfuração flexíveis e personalizados

Breakdown do portfólio de contratos:

Tipo de contrato	Percentagem	Duração média
Contratos de longo prazo	65%	36 meses
Contratos de curto prazo	25%	6 meses
Contratos spot	10%	3 meses

Valaris Limited (VAL) - Modelo de Negócios: Relacionamentos do Cliente

Acordos contratuais de longo prazo

A Valaris Limited mantém acordos contratuais com os principais clientes de perfuração offshore, incluindo:

Cliente	Valor do contrato	Duração
ExxonMobil	US $ 487 milhões	3-5 anos
Chevron	US $ 392 milhões	4 anos
Concha	US $ 356 milhões	3 anos

Suporte técnico e consulta

Métricas de suporte técnico para 2023:

• Equipe de resposta técnica 24/7
• Tempo médio de resposta: 17 minutos
• Cobertura de consulta técnica: 98% de regiões offshore globais
• Equipe especializada de suporte de engenharia: 127 profissionais

Gerenciamento de conta dedicado

Estrutura de gerenciamento de contas:

Nível de conta	Gerentes dedicados	Cobertura anual de receita
Clientes de nível 1	8 gerentes	US $ 1,2 bilhão
Clientes de nível 2	15 gerentes	US $ 750 milhões

Modelos de relacionamento baseados em desempenho

Rastreamento de métricas de desempenho:

• Garantia de tempo de atividade: 99,2%
• Potencial de bônus de desempenho: até 5% do valor do contrato
• Índice de desempenho de segurança: 0,85 (referência da indústria)

Comunicação contínua e colaboração

Canais de comunicação:

• Revisões de negócios trimestrais
• Relatórios mensais de desempenho operacional
• Plataformas de monitoramento digital em tempo real
• Sessões anuais de planejamento estratégico

Valaris Limited (VAL) - Modelo de Negócios: Canais

Equipes de vendas diretas

A Valaris Limited emprega uma equipe de vendas direta especializada focada nos serviços de perfuração offshore. A partir de 2024, a empresa mantém uma força de vendas global de aproximadamente 47 profissionais de desenvolvimento de negócios nas principais regiões marítimas.

Região	Tamanho da equipe de vendas	Foco primário
América do Norte	18 profissionais	Mercados offshore do Golfo do México
Médio Oriente	12 profissionais	Contratos internacionais de perfuração offshore
Europa	8 profissionais	Mercados de vento e energia offshore
Ásia -Pacífico	9 profissionais	Mercados de exploração offshore emergentes

Conferências e exposições do setor

Valaris participa de eventos importantes do setor para mostrar recursos de perfuração e rede com clientes em potencial.

• Conferência de Tecnologia Offshore (OTC) - Participação Anual
• Conferência Internacional de Tecnologia de Petróleo (IPTC)
• Conferência Offshore Europe
• Congresso do Petróleo Mundial

Plataformas de comunicação digital

A empresa utiliza vários canais digitais para envolvimento e comunicação do cliente.

Plataforma	Usuários ativos mensais	Propósito primário
Site corporativo	72.500 visitantes únicos	Disseminação da informação
LinkedIn	45.000 seguidores	Networking profissional
Canal corporativo do YouTube	15.000 assinantes	Compartilhamento de conteúdo técnico

Submissões de propostas técnicas

A Valaris envia propostas técnicas detalhadas a clientes em potencial, com uma média de 37 propostas abrangentes geradas mensalmente nos mercados globais.

Redes estratégicas de desenvolvimento de negócios

A empresa mantém parcerias estratégicas com as principais partes interessadas do setor.

• Grandes empresas de exploração de petróleo e gás
• Provedores de serviços marítimos internacionais
• Desenvolvedores de infraestrutura de energia offshore
• Agências de compras de energia do governo

Valaris Limited (VAL) - Modelo de negócios: segmentos de clientes

Grandes empresas internacionais de petróleo e gás

A Valaris atende corporações de petróleo e gás de primeira linha com contratos anuais de perfuração offshore. Os principais clientes incluem:

Empresa	Valor do contrato	Regiões de perfuração
ExxonMobil	US $ 487 milhões	Golfo do México, Brasil
Chevron	US $ 412 milhões	Mar do Norte, África Ocidental
Concha	US $ 365 milhões	Golfo do México, Austrália

Empresas de exploração e produção independentes

Valaris fornece serviços de perfuração para empresas independentes de energia:

• Anadarko Petroleum: contrato de US $ 276 milhões
• Recursos naturais pioneiros: contrato de US $ 198 milhões
• Recursos EOG: contrato de US $ 224 milhões

Empresas nacionais de petróleo

Valaris apoia as empresas nacionais de energia globalmente:

Companhia Oil Nacional	Valor do contrato	Foco geográfico
Aramco saudita	US $ 612 milhões	Oriente Médio Offshore
Petrobras	US $ 389 milhões	Bacias de pré-sal brasileiro
Equinor	US $ 342 milhões	Regiões do Mar do Norte

Desenvolvedores de infraestrutura de energia offshore

Valaris suporta projetos de infraestrutura offshore:

• Subsea 7: US $ 156 milhões de contrato de perfuração de infraestrutura
• Technipfmc: suporte à plataforma offshore de US $ 184 milhões
• Grupo de Wood: Serviços de Engenharia Offshore de US $ 142 milhões

Desenvolvedores de projetos de energia renovável

Contratos emergentes do segmento de energia renovável offshore:

Desenvolvedor	Tipo de projeto	Valor do contrato
Ørsted	Vento offshore	US $ 98 milhões
Equinor renováveis	Vento flutuante	US $ 76 milhões
Energia eólica da BP	Infraestrutura eólica offshore	US $ 112 milhões

Valaris Limited (VAL) - Modelo de Negócios: Estrutura de Custo

Manutenção da frota e despesas de atualização

Em 2023, a Valaris Limited registrou despesas totais de manutenção de frota de US $ 412,6 milhões. A empresa investiu US $ 287,3 milhões em atualizações de frota e despesas de capital.

Categoria de despesa	Quantidade (USD)
Manutenção anual da frota	$412,600,000
Despesas de capital	$287,300,000
Principais reparos de equipamentos	$124,500,000

Custos de pessoal e treinamento

A Valaris Limited incorreu em US $ 276,4 milhões em despesas relacionadas ao pessoal em 2023.

• Compensação total dos funcionários: US $ 235,7 milhões
• Treinamento e desenvolvimento: US $ 40,7 milhões
• Custo médio de treinamento por funcionário: US $ 6.782

Investimentos de tecnologia e equipamentos

Os investimentos em tecnologia totalizaram US $ 93,2 milhões em 2023.

Categoria de investimento em tecnologia	Quantidade (USD)
Infraestrutura digital	US $ 47,6 milhões
Tecnologia de perfuração offshore	US $ 35,9 milhões
Sistemas de segurança cibernética	US $ 9,7 milhões

Despesas operacionais e logísticas

Os custos operacionais da Valaris Limited atingiram US $ 521,3 milhões em 2023.

• Custos de combustível e energia: US $ 189,6 milhões
• Gerenciamento da cadeia de suprimentos: US $ 124,7 milhões
• Transporte e logística: US $ 207 milhões

Custos de conformidade e aderência regulatória

As despesas com conformidade totalizaram US $ 84,5 milhões em 2023.

Categoria de conformidade regulatória	Quantidade (USD)
Conformidade de segurança	US $ 42,3 milhões
Regulamentos ambientais	US $ 31,2 milhões
Despesas legais e de auditoria	US $ 11 milhões

Valaris Limited (VAL) - Modelo de negócios: fluxos de receita

Contratos de perfuração de longo prazo

A Valaris Limited gerou US $ 2,48 bilhões em receitas totais de contrato para o ano fiscal de 2023. Os contratos de perfuração de longo prazo representaram aproximadamente 65% da receita total, totalizando US $ 1,61 bilhão.

Tipo de contrato	Receita anual	Duração média do contrato
Contratos de águas ultra-profundas	US $ 892 milhões	3-5 anos
Contratos de meio ambiente severos	US $ 541 milhões	2-4 anos

Serviços de perfuração de taxas diurnos

Os serviços de perfuração de taxas diurnos contribuíram com US $ 456 milhões para o fluxo de receita da Valaris em 2023.

• Taxa diurna média para plataformas de águas ultra-profundas: US $ 425.000 por dia
• Taxa diurna média para plataformas de jack-up: US $ 95.000 por dia
• Taxa diurna média para plataformas semi-submersíveis: US $ 285.000 por dia

Taxas de consultoria técnica

Os serviços de consultoria técnica geraram US $ 87,5 milhões em receita para 2023.

Tipo de serviço de consultoria	Receita
Consultoria de otimização de perfuração	US $ 42,3 milhões
Avaliação de risco técnico	US $ 29,6 milhões
Treinamento e transferência de conhecimento	US $ 15,6 milhões

Acordos de arrendamento e fretamento de plataforma

Os acordos de arrendamento e fretamento da plataforma foram responsáveis ​​por US $ 325 milhões em receita durante 2023.

• Cartas de plataforma de curto prazo: US $ 187 milhões
• Arrendamentos de plataforma de longo prazo: US $ 138 milhões

Projetos especializados de perfuração marinha

Os projetos especializados de perfuração marítima contribuíram com US $ 105 milhões para a receita da Valaris em 2023.

Tipo de projeto	Receita
Apoio ao vento offshore	US $ 38,2 milhões
Serviços de descomissionamento	US $ 44,7 milhões
Suporte de pesquisa e exploração	US $ 22,1 milhões

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.