Valaris Ltd 2025年度报告

ShareholderInformation Table of Contents Forward-Looking Statements2Contract Drilling Fleet6Market for Registrant’s Common Equity,Related Shareholder Matters and IssuerPurchases of Equity Securities8Management’s Discussion and Analysis ofFinancial Condition and Results of Operations11Business Environment15Results of Operations16Liquidity and Capital Resources25Critical Accounting Policies and Estimates32New Accounting Pronouncements35Financial Statements and Supplementary Data36Management’s Report on Internal Control OverFinancial Reporting36Reports of Independent Registered PublicAccounting Firm37Consolidated Statements of Operations41Consolidated Statements ofComprehensive Income42Consolidated Balance Sheets43Consolidated Statements of Cash Flows44Notes to Consolidated Financial Statements45Board of Directors and Executive ManagementCommittee Members92 Annual General MeetingThe annual general meeting of shareholders will be held in the Heron's Nest Room, Hamilton Princess, 76Pitts Bay Road, Pembroke, Hamilton, HM 08,Bermuda, at 8:00 a.m., Bermuda time and 6:00 a.m.Houston time, on June 10, 2026. Transfer Agent Registered holders of our shares may direct theirquestions to: Computershare Trust Company, N.A.150 Royall St., Ste 101Canton, MA 020211-800-736-3001 Email: web.queries@computershare.comHours: Monday through Friday, 8:30 a.m. to 6 p.m.(ET) Corporate Governance, Board and BoardCommitteesOur website, www.valaris.com, containsinformation regarding (i) the composition of ourBoard of Directors and board committees, (ii)corporate governance in general, (iii) shareholdercommunications with the Board, (iv) the ValarisCode of Business Conduct, (v) the Valaris CorporateGovernance Policy, (vi) Ethics Hotline reportingprovisions, and (vii) the charters of the boardcommittees. A direct link to the company’s SECfilings, including reports required under Section 16 ofthe Securities Exchange Act of 1934, is located in theInvestors section of our website. Copies of thesedocuments may be obtained without charge bycontacting Valaris Investor Relations. Reasonableexpenses will be charged for copies of exhibits listedin the back of SEC Forms 10-K and 10-Q. Please listthe exhibits you would like to receive and submityour request in writing to Valaris Investor Relationsat the address below. We will notify you of the costand furnish the requested exhibits upon receiptof payment. Valaris Investor Relations5847 San Felipe, Suite 3300Houston, Texas 77057-3008(713) 789-1400www.valaris.com FORWARD-LOOKING STATEMENTS Statements contained in this report that are not historical facts are forward-looking statements within themeaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Actof 1934, as amended (the "Exchange Act"). Forward-looking statements include words or phrases such as"anticipate," "believe," "estimate," "expect," "intend," "likely," "outlook," "plan," "project," "could," "may,""might," "should," "will" and similar words and specifically include statements regarding expected financialperformance; expected utilization, day rates, revenues, operating expenses, cash flows, contract status, terms andduration, contract backlog, capital expenditures, insurance, financing and funding; our expectations regarding thetiming, completion and anticipated benefits of the pending business combination (the "Business Combination") withTransocean Ltd.; the offshore drilling market, including supply and demand, customer drilling programs, stacking ofrigs, effects of new rigs on the market and effect of the volatility of commodity prices; expected work commitments,awards, contracts and letters of intent; the availability, delivery, mobilization, contract commencement or relocationor other movement of rigs and the timing thereof; rig reactivations, enhancement, upgrade or repair and timing andcost thereof; the suitability of rigs for future contracts; performance and expected benefits of our joint ventures,including our joint venture with Saudi Arabian Oil Company ("Saudi Aramco"); timing of the delivery of the SaudiAramco Rowan Offshore Drilling Company ("ARO") newbuild rigs and the timing of additional ARO newbuildorders; divestitures of assets; general market, business and industry conditions, trends and outlook; general politicalconditions, including political tensions, conflicts and war; the impacts and effects of public health crises, pandemicsand epidemics; future operations; the effectiveness of our cybersecurity programs; uncertainty around the use andimpacts of artificial intelligence ("AI") applications; expectations regarding our sustainability targets and strategy;the impact of increasing regulatory complexity; the outcome of tax disputes, assessments and settlements; expensemanagement; and the likely outcome of litigation, legal proceedings, investigations or insurance or other claims orcontract disputes and the timing thereof. Such statements are subject to num