Valaris Q4 net inc $717M includes $680M tax benefit; adj EBITDA $97M; $900M backlog; Transocean merger

Valaris Ltd

2025-FY EPS reported $13.86 revenue$2,369,000,000

Net income $717M (incl $680M tax benefit on deferred tax asset allowance changes); adj EBITDA $97M vs $163M Q3.
Total op rev $537M (ex-reimbursable $502M), down 10% QoQ; revenue efficiency 98%.
Secured $900M new backlog since Q3; total backlog ~$4.7B; all 10 active drillships expected working by 2027.
FY2026 guidance: rev $2,125-2,205M, adj EBITDA $485-565M (excl merger costs), capex $425-475M.
CEO highlights pending all-stock transaction with Transocean announced Feb 9, 2026.

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