VAL Valaris

Offshore Β· Drillship / Semisub / Jackup Β· 62 documents

Valaris pays no dividend, in its own words, so our forecast is $0.00 a share.

2026Q3 Β· our model
$0.00
$125,450/d modelled
STATED
EPS $0.45 Β· the company's stated decision to pay none
2026Q4 Β· our model
$0.00
0.0% annualised
$125,450/d modelled
EPS $0.45 Β· the company's stated decision to pay none

Yields annualise each quarter Γ—4 at the last close, $85.32 (2026-10-16). Our model is not company guidance.

What will Valaris pay for 2026Q3?

Company said
Valaris has published no booked rates for 2026Q3. It pays no dividend, in its own words: β€œWe have not paid or declared any dividends on our Common Shares.” (2026-02-20, source).
β€”
$0.00
no dividend
Our model
Every day at the company's own last realized rate; dividend by the company's stated decision to pay none.
$125,450/d
modelled
$0.00
modelled Β· STATED

Rates in, dividend out 2026Q3

Model Your scenario

Set a rate per vessel class and the statement below re-prices: our model’s figures in one column, yours beside them. These are your numbers, not our forecast and not company guidance; nothing you set is saved.

Latest rates

ClassCompany earnedBooked 2026Q3Market now8 weeks
Drillship Β· 13 $125,4502026Q2 Β· fleet avg β€”none printed β€”no open $/day series
Semisub Β· 1 $125,4502026Q2 Β· fleet avg β€”none printed β€”no open $/day series
Jackup Β· 29 $125,4502026Q2 Β· fleet avg β€”none printed β€”no open $/day series

Company earned: the issuer’s own reported TCE (linked). Booked: cover the issuer printed for 2026Q3. Market now: the median across the broker route prints we hold for the class β€” a derived blend, not a vendor index; the trend is rebased to 100 eight weeks ago.

Your rates every day is at your rate

Drillship 1,196 open days
Semisub 92 open days
Jackup 2,668 open days

2026Q3 P&L and cash

LineModelYour scenarioΞ”
Vessel-days, days modelled

Ships on the fleet list Γ— the quarter's calendar days for drillship, jackup, semisub: no off-hire or drydock days are deducted there.

 3,956 3,956
By class
ClassDaysModel $/dayYours $/day
Drillship1,196125,450125,450
Semisub92125,450125,450
Jackup2,668125,450125,450
Fleet TCE, $/day assumed 125,450 125,450
Revenue (TCE basis), $m assumed

Vessel-days Γ— fleet TCE.

 496.3 496.3
Vessel opex, $m assumed

2026Q2: $380.4m over 4,048 vessel-days, held per day. Source (2026Q2)

 (371.8) (371.8)
G&A, $m assumed

2026Q2: $27.2m over 4,048 vessel-days, held per day. Source (2026Q2)

 (26.6) (26.6)
EBITDA, $m assumed 97.9 97.9
Hire for chartered-in ships, $m

Not on file for any quarter (not extracted, or not disclosed).

 β€” β€”
Interest expense, $m assumed

2026Q2: $24.0m over 4,048 vessel-days, held per day. Source (2026Q2)

 (23.5) (23.5)
Scheduled debt amortisation, $m stated

2026Q2: $0.0m over 4,048 vessel-days, held per day (the issuer’s scheduled principal). Source (2026Q2)

 0.0 0.0
Drydock cost, $m

No separate drydock cash line on file.

 β€” β€”
Cash break-even, $/day assumed

Ξ£ cash costs above Γ· vessel-days.

 106,621 106,621
Cushion vs fleet TCE, $/day 18,829 18,829
Free cash flow to equity, $m assumed

Revenue βˆ’ cash costs: the cash available for distribution.

 74.5 74.5
Capex (memo), $m

As reported for 2026Q2. Not deducted: the model’s cash is opex, G&A, interest and scheduled principal. Source (2026Q2)

 (105.5)

Dividend policy stated

No stated payout policy on file.

The company’s own word sets this dividend; it does not move with the rate.

OutputModelYour scenarioΞ”
Estimated DPS, $/share stated $0.00
Forward yield, run-rate % 0.0%

Yield annualises the quarter’s DPS Γ— 4 (a run-rate, not a forecast of the year) against the $85.32 close on 2026-10-16.

This dividend is set by the company's stated decision to pay none, not by the rate β€” your scenario moves the cash line, not the DPS.

Showing the model’s own figures. Setting your own rates needs JavaScript.

Market context β€” rates, the dividend, and the price

Rates and dividend β€” realized rate and declared

Realized fleet TCEDeclared DPS
$0k
$100k
$200k
2026Q3
2026Q4
Declared DPS, USD/share — solid: declared · dashed: model
$0.00
$0.00

Bars are the fleet TCE this issuer reported. Dashed-outline bars are the model estimate β€” see Dividend forecast.

The line is the declared dividend per share β€” dashed where it is the model's estimate. Model estimate β€” not issuer guidance.

How we got the number

How to read this page

Every figure here is built the same way: the fleet's vessel-days are priced at the rate its classes earned, costs and debt service come off, and what is left is measured against the dividend the company actually declared. Nothing is estimated where it can be sourced, and a number that cannot be sourced is withheld rather than filled in. The full method, and the rates behind it β†’

Where VAL departs from that

  • The company has said it pays no dividend, so the page publishes $0.00 with its own words rather than a model figure.
  • No market index covers this fleet's vessel types, so each is priced at the company's own last realized rate per calendar vessel-day (revenue divided by vessel-days), held flat β€” the revenue track record shows how that has done.

What drives it β€” fleet TCE, 2026Q3

Expected fleet TCE
$125,450/d
ASSUMED
How we got to the DPS
The company's stated decision to pay none STATED $0.00
Stated payout policy declined β€” the company publishes no payout policy this model can read

Earnings bridge β€” 2026Q2 β†’ 2026Q3

Expected DPS (2026Q3) $0.00

Financials & fleet

Latest quarter 2026Q2 2 qtrs old

Fleet
43
Realized TCE
$125,450/d 2026Q2
Declared DPS
β€”
TTM DPS
β€”
Coverage
β€”
Revenue
$539.2M
Opex
$380.4M
Net income
$50.4M

13Γ— drillship Β· 29Γ— jackup Β· 1Γ— semisub current

Fleet model β€” 2026Q3

Fleet model estimate β€” not issuer guidance.

ClassShipsTCSpot% FixedGuided $/dSpot $/dBlended $/dQTD rev $MModeled Q rev $M
Drillship13β€”β€” β€” β€” β€” 125,450 β€” 150.0
Semisub1β€”β€” β€” β€” β€” 125,450 β€” 11.5
Jackup29β€”β€” β€” β€” β€” 125,450 β€” 334.7
Total43 125,450 β€” 496.3

Guided rates are issuer-booked cover for 2026Q3 blended with the company's own realized rates for the open days.

Revenue if rates hold
$496.3M

Bear uses booked coverage only; Base prices open vessels at the company's own last realized fleet rate β€” no market index covers this fleet, so there is no peak-index Bull case.

Model gaps & assumptions

drillship: no index and no guidance β€” priced at the issuer's own last realized fleet rate $125,450/day (2026Q2, derived: revenue per vessel-day β€” revenues exclusive of reimbursables 502.3m / (44 x 91)), held flat (owner ruling 2026-09-26) Β· semisub: no index and no guidance β€” priced at the issuer's own last realized fleet rate $125,450/day (2026Q2, derived: revenue per vessel-day β€” revenues exclusive of reimbursables 502.3m / (44 x 91)), held flat (owner ruling 2026-09-26) Β· jackup: no index and no guidance β€” priced at the issuer's own last realized fleet rate $125,450/day (2026Q2, derived: revenue per vessel-day β€” revenues exclusive of reimbursables 502.3m / (44 x 91)), held flat (owner ruling 2026-09-26) Β· no dividend, in the company's words: β€œWe have not paid or declared any dividends on our Common Shares.” (2026-02-20)

Profit statement highlights

Line2026Q22026Q1YoY Ξ”
Revenue $539.2M $465.4M -12.4%
Opex $380.4M β€” β€”
Net income $50.4M βˆ’$16.4M -56.2%
Full P&L grid β€” 6 quarters
Line item2026Q22026Q12025Q42025Q32025Q22025Q1
Revenue $M539.2465.4537.4595.7615.2620.7
Voyage expenses $Mβ€”β€”β€”β€”β€”β€”
Vessel opex $M380.4β€”β€”β€”β€”β€”
G&A $M27.2β€”β€”β€”β€”β€”
Depreciation $M44.6β€”β€”β€”β€”β€”
Interest expense, gross $M24.024.3β€”24.924.824.3
Net income $M50.4βˆ’16.4717.5188.1115.1βˆ’37.9
Declared DPSβ€”β€”β€”β€”β€”β€”

Realized vs benchmark

Realized fleet TCE versus benchmark: 1 points, 2026-04-01 to 2026-04-01; Realized fleet TCE latest 125,450.00; Market benchmark latest 189,000.00.

image/svg+xml 2025 2026 2027 2028 130,000 140,000 150,000 160,000 170,000 180,000 190,000 125,450 189,000 Realized fleet TCE Market benchmark USD/day

Benchmark index β€” monthly average

Benchmark index monthly average: 5 points, 2025-08-01 to 2026-04-01; HE semi dayrate (fixtures) latest 450,000.00; 7th-gen drillship (fixtures) latest 357,250.00; 6th-gen drillship (fixtures) latest 300,000.00; Jackup dayrate (fixtures) latest 150,000.00.

Benchmark index monthly average

Contracted backlog revenue model reconciliation

Forward revenue from issuer's unit-by-unit fleet status contracts. Backlog $4,585M as of 2026Q2 Β· implied dayrate $245,974/day.

QuarterContracted rig-daysRevenue $M
2026Q32,759$678.6M
2026Q42,974$731.5M
2027Q12,818$693.2M
2027Q22,457$604.4M
2027Q32,362$581.0M
2027Q41,933$475.5M
2028Q11,700$418.2M
2028Q21,638$402.9M

34 contracted Β· 9 stacked (excluded)

Rig fleet status

Backlog $4,585M Β· economic utilization 61.0%

RigClassDayrate $/dayContracted toSource
VALARIS DS-18drillship β€” 2029-12 print
VALARIS DS-17drillship β€” 2028-01 print
VALARIS DS-16drillship β€” 2028-12 print
VALARIS DS-15drillship β€” 2027-05 print
VALARIS DS-12drillship β€” 2027-04 print
VALARIS DS-10drillship β€” 2028-07 print
VALARIS DS-9drillship β€” 2028-07 print
VALARIS DS-8drillship 428,000 2029-05 print
VALARIS DS-7drillship β€” 2027-09 print
VALARIS DS-4drillship β€” 2030-10 print
VALARIS DS-14drillship β€” β€” print
VALARIS DS-13drillship β€” β€” print
VALARIS DS-11drillship β€” β€” print
VALARIS MS-1semisub β€” β€” print
VALARIS Norwayjackup β€” 2027-02 print
VALARIS Stavangerjackup β€” 2027-08 print
VALARIS 249jackup β€” 2027-10 print
VALARIS 248jackup β€” 2030-03 print
VALARIS 123jackup 80,000 2026-09 print
VALARIS 122jackup β€” 2027-02 print
VALARIS 121jackup β€” 2026-11 print
VALARIS 120jackup β€” 2028-01 print
VALARIS Vikingjackup β€” β€” print
VALARIS 92jackup β€” 2027-10 print
VALARIS 72jackup β€” 2027-09 print
VALARIS 144jackup β€” 2027-10 print
VALARIS 118jackup β€” 2028-08 print
VALARIS 117jackup β€” 2028-08 print
VALARIS 115jackup β€” 2029-04 print
VALARIS 110jackup β€” 2029-10 print
VALARIS 107jackup 163,000 2027-03 print
VALARIS 106jackup β€” 2028-09 print
VALARIS 148jackup β€” β€” print
VALARIS 147jackup β€” β€” print
VALARIS 143jackup β€” β€” print
VALARIS 111jackup β€” β€” print
VALARIS 250jackup β€” 2030-04 print
VALARIS 146jackup β€” 2030-04 print
VALARIS 141jackup β€” 2030-08 print
VALARIS 140jackup β€” 2030-04 print
VALARIS 116jackup β€” 2030-04 print
VALARIS 108jackup β€” 2027-03 print
VALARIS 76jackup β€” 2030-12 print

Guidance & sources
Sources β€” press, filings & documents

Interim updates since 2026Q3

  • other low 2026-10-14 On February 9, 2026, Valaris Limited and Transocean Ltd. entered into a Business Combination Agreement. The Agreement provides that Transoce… source
  • other low 2026-10-14 On October 13, 2026, the Brazilian competition authorities (β€œCADE”) issued a decision determining that the Business Combination may be put i… source

Market:

Press & filings by quarter

QuarterReportPresentationDividendOther
2026Q4 β€” β€” β€” 8-K
2026Q3 β€” β€” β€” 8-K, 10-Q, 8-K, 8-K, 8-K exhibit, 8-K exhibit, 8-K
2026Q2 β€” β€” β€” 8-K, 10-Q, 8-K, 8-K, 8-K, 8-K exhibit, 8-K exhibit
2026Q1 β€” β€” β€” 10-K, 8-K, 8-K exhibit, 8-K, 8-K exhibit, 8-K, 8-K, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit, 8-K exhibit
2025Q4 β€” β€” β€” 10-Q, 8-K, 8-K exhibit, 8-K, 8-K exhibit
2025Q3 β€” β€” β€” 10-Q, 8-K, 8-K exhibit, 8-K, 8-K exhibit
2025Q2 β€” β€” β€” 8-K, 10-Q, 8-K, 8-K, 8-K exhibit, 8-K exhibit
2025Q1 β€” β€” β€” 10-K, 8-K, 8-K exhibit, 8-K, 8-K exhibit

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