secwatch.observer — SEC 8-K summary
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Issuer:     Valaris Ltd (VAL)
CIK:        0000314808
Form:       8-K
Filed at:   2026-02-19T23:59:59+00:00
Accession:  0000314808-26-000025
Event type: earnings
Sentiment:  positive
Materiality: 0.85
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/314808/000031480826000025/0000314808-26-000025-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/314808/000031480826000025/val-20260219.htm
  HTML page:      https://secwatch.observer/filing/0000314808-26-000025

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer