Earnings ·
Valaris Reports Q3 Net Income of $47M and Updates Pending Transocean Merger to Close Around Dec 1
VALValaris Ltd
Valaris Limited reported third quarter 2026 net income of $47 million, consistent with the second quarter, while adjusted EBITDA rose 56% year-over-year to $151 million. Total operating revenues reached $594 million, driven by increased floater utilization and higher day rates, despite a $24 million negative impact from Middle East conflicts on adjusted EBITDA. The company also highlighted the addition of approximately $600 million in new contract backlog, bringing total backlog to roughly $4.8 billion. Additionally, Valaris confirmed that its pending business combination with Transocean has received all required regulatory approvals and is now expected to close around December 1, 2026. Valaris Limited operates a fleet of offshore drilling rigs providing contract drilling services globally.