Valaris Ltd 2026年季度报告

FORM 10-Q (Mark One) ☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2026OR☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period from __________ to__________ Commission File Number 1-8097Valaris Limited (Exact name of registrant as specified in its charter) HM 11(Zip Code) Registrant's telephone number, including area code:+44 (0) 20 7659 4660 Securities registered pursuant to Section12(b)of the Act: Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d)of the Securities Exchange Act of 1934 during the preceding12months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject to such filing requirements for the past 90days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financialaccounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act).Yes☐No☒ Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequentto the distribution of securities under a plan confirmed by a court. Yes☒No☐ As of April 30, 2026, there were 69,251,780 Common Shares of the registrant outstanding. VALARIS LIMITEDINDEX TO FORM 10-QFOR THE QUARTER ENDED MARCH31, 2026 PART IFINANCIAL INFORMATIONITEM 1.FINANCIAL STATEMENTSCondensed Consolidated Statements of OperationsFor the Three Months Ended March 31, 2026 and 20255Condensed Consolidated Statements of Comprehensive LossFor the Three Months Ended March 31, 2026 and 20256Condensed Consolidated Balance SheetsAs of March 31, 2026and December 31, 20257Condensed Consolidated Statements of Cash FlowsFor the Three Months Ended March 31, 2026 and 20258Notes to Condensed Consolidated Financial Statements9ITEM 2.MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OFOPERATIONS27ITEM 3.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK46ITEM 4.CONTROLS AND PROCEDURES47PART IIOTHER INFORMATION48ITEM 1.LEGAL PROCEEDINGS48ITEM 1A.RISK FACTORS48ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USEOF PROCEEDS48ITEM 5. OTHER INFORMATION48ITEM 6.EXHIBITS49SIGNATURES50 FORWARD-LOOKING STATEMENTS Statements contained in this report that are not historical facts are forward-looking statements within the meaning of Section 27A of theSecurities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-lookingstatements 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 financial performance; expectedutilization, day rates, revenues, operating expenses, cash flows, contract status, terms and duration, contract backlog, capital expenditures,insurance, financing and funding; our expectations regarding the timing, completion and anticipated benefits of the pending business combination(the "Business Combination") with Transocean Ltd.;the offshore drilling market, including supply and demand, customer drilling programs,stacking of rigs, effects of new rigs on the market and effect of the volatility of commodity prices; expected work commitments, awards, contractsand letters of intent; the availability, delivery, mobilization, contract commencement or relocation or other movement of rigs and the timingthereof; rig reactivations, enhancement, upgrade or repair and timing and cost thereof; the suitability of rigs for future contracts; performance andexpected benefits of our joint ventures, including our joint venture with Saudi Arabian Oil Company ("Saudi Aramco"); timing of the delivery ofthe Saudi Aramco Rowan Offshore Drilling Company ("ARO") newbuild rigs and the timing of additional ARO newbuild orders; divestitures ofassets; general market, business and