Valaris Limited is a global offshore contract drilling company. It provides drilling services for oil and natural gas wells using a fleet of drillships semisubmersible rigs and jackup rigs. The company operates in almost every major offshore market across six continents.
The company earns revenue primarily by charging day rates for the use of its drilling rigs and crews under contracts with oil and gas companies. It also receives lump sum fees for mobilization…
Valaris Limited is a global offshore contract drilling company. It provides drilling services for oil and natural gas wells using a fleet of drillships semisubmersible rigs and jackup rigs. The company operates in almost every major offshore market across six continents.
The company earns revenue primarily by charging day rates for the use of its drilling rigs and crews under contracts with oil and gas companies. It also receives lump sum fees for mobilization demobilization and capital upgrades of rigs. Customers bear most costs related to well construction and assume the economic risk of well success.
The company operates through the following segments: Floaters, Jackups, ARO and Other.
- The Floaters segment comprises drillships and semisubmersible rigs that perform drilling operations in deep water and very deep water environments. These rigs are high specification units capable of complex well construction. The segment serves customers seeking offshore drilling for exploration development and production.
- The Jackups segment includes 31 jackup rigs that conduct drilling activities in shallow water and moderate depth locations. These rigs are used for well drilling workover and decommissioning tasks.
- The ARO segment represents the company's 50 percent equity interest in a joint venture with Saudi Aramco that owns nine additional rigs. It provides drilling services through the joint venture to support customer projects in various regions.
- The Other segment includes management services for rigs owned by third parties and the activities related to lease arrangements with the ARO joint venture. It also provides ancillary support such as equipment maintenance and operational oversight.
Valaris Limited is among the largest offshore drilling contractors globally with a fleet that ranks highly in terms of size and capability. The company competes with other major players such as Transocean Seadrill and Ensco Rowan. Its competitive advantages include a diversified rig portfolio strong customer relationships and extensive geographic reach. The firm benefits from operational expertise and a focus on safety and reliability.
The company serves a mix of international national and independent oil and gas companies. Its largest customers include Petrobras BP and Azule Energy which together contributed a significant portion of revenue.