No. 1605Independent rewrite deskUpdated September 7, 2026

Financial News
& Market Press Releases

EARNINGSLululemon (LULU) cuts full-year outlook for fourth time as Americas comparable sales drop 12%Sep 7CMCTCMCT logs three preferred-to-common conversions in August and September as VWAP conversion price climbs to $4.55Sep 7SOUNSoundHound AI closes LivePerson acquisition, adding 25 Fortune 100 accounts to SOUN's baseSep 6AAPLPhil Schiller's App Store exit tied to recurring-revenue friction with CEO John TernusSep 6AIRTAir T expands Alerus revolving line to $25 million, extends facility through 2029Sep 6DEALSMinority stake deal puts Constellation Wealth Capital into Confluence Financial's $7.6bn bookSep 6$NEARProtagonist Therapeutics posts $162.8 million Q2 profit as rusfertide awaits FDA rulingSep 6AMZNGuliKit's Switch 2 dock at $29.99 targets travelers after Nintendo breaks third-party compatibilitySep 6DEALSFEAMZX declares USD 12.4706 cash dividend, payment completed September 4Sep 6ENERGYSondland calls on NATO to flip Russia attribution doctrine, presume Kremlin responsible for hybrid attacksSep 6EARNINGSLululemon (LULU) cuts full-year outlook for fourth time as Americas comparable sales drop 12%Sep 7CMCTCMCT logs three preferred-to-common conversions in August and September as VWAP conversion price climbs to $4.55Sep 7SOUNSoundHound AI closes LivePerson acquisition, adding 25 Fortune 100 accounts to SOUN's baseSep 6AAPLPhil Schiller's App Store exit tied to recurring-revenue friction with CEO John TernusSep 6AIRTAir T expands Alerus revolving line to $25 million, extends facility through 2029Sep 6DEALSMinority stake deal puts Constellation Wealth Capital into Confluence Financial's $7.6bn bookSep 6$NEARProtagonist Therapeutics posts $162.8 million Q2 profit as rusfertide awaits FDA rulingSep 6AMZNGuliKit's Switch 2 dock at $29.99 targets travelers after Nintendo breaks third-party compatibilitySep 6DEALSFEAMZX declares USD 12.4706 cash dividend, payment completed September 4Sep 6ENERGYSondland calls on NATO to flip Russia attribution doctrine, presume Kremlin responsible for hybrid attacksSep 6

NewsEarnings

Valaris returns to profit in Q2 as drillship reactivations lift floater revenue, with Transocean close ahead

Two drillship reactivations pushed Valaris (NYSE: VAL) from an $18 million net loss in the first quarter to $47 million in net income for the second, with adjusted EBITDA reaching $97 million on $539 million in revenue. The recovery is real, but Middle East conflict-related costs cut about $30 million from adjusted EBITDA in the quarter, compared with $8 million the period before. What to watch next: two additional drillship contract starts management expects before year-end, and the planned Valaris-Transocean combination targeting a fourth-quarter 2026 close.

By Renata OstrowskiNewsroomSeptember 6, 20262 min read

Valaris swung to $47 million in net income in the second quarter from an $18 million net loss in the first quarter, with adjusted EBITDA of $97 million on $539 million in revenue.
Two drillship reactivations (VALARIS DS-12 and DS-10) plus the DS-17 ramp lifted floater segment revenue to $279 million from $193 million.
Middle East conflict-related costs cut about $30 million from adjusted EBITDA in the quarter, up from $8 million the prior period.
Jackup segment revenue slipped to $183 million from $196 million, though the North Sea fleet added over $160 million in new backlog through 2027.
The planned Valaris-Transocean combination is targeting a fourth-quarter 2026 close.

Floater throughput and the order book

VALARIS DS-12 and DS-10 returned to paying work on schedule and within budget, and DS-17 ramped into a new contract during the quarter. That pushed floater segment revenue to $279 million from $193 million. Two more drillships are set to start new contracts before year-end, which, if the schedule holds, would carry the floater revenue line into 2027.

The North Sea jackup fleet added more than $160 million in new backlog, extending coverage the company describes as industry-leading through 2027. Against that, jackup segment revenue slipped to $183 million from $196 million. VALARIS 117 finished its contract early and moved to a shipyard, and softer day rates hit some North Sea accommodation work.

Valaris also cleared two idle jackups, VALARIS 104 and 109, in a combined sale for $74 million across June and July, cutting idle capacity off the balance sheet while adding to the cash position.

Middle East costs and the setup

The war-zone cost line is where consensus runs thin. Contract drilling expenses rose to $380 million company-wide from $340 million, driven by a full quarter of war-related insurance premiums on Middle East jackups and lower revenue from VALARIS 250 and 116 sitting in shipyards rather than earning day rates. Management expects that drag to ease when those rigs return to work, a conditional the next set of quarterly numbers will either confirm or not.

Cash on hand ended the quarter at $541 million, down from $578 million, as capital spending climbed to $106 million from $101 million and the Transocean deal generated $11 million in merger and integration expenses. Tax expense rose to $34 million from $28 million on a shifting mix of income across jurisdictions.

Short interest sits at 11.10% of the float. Hedge fund ownership slipped to 49 funds from 52 the prior quarter. The stock carries a forward price-to-earnings ratio of 29.07 as of September 4, pricing in a recovery the company has begun to build but has not yet delivered in full.

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Frequently asked

Why did Valaris return to profit in Q2?

Two drillship reactivations (DS-12 and DS-10) returning to paying work and the DS-17 ramp pushed floater segment revenue up to $279 million from $193 million, driving net income of $47 million.

How much did Middle East conflict costs affect results?

Middle East conflict-related costs cut about $30 million from adjusted EBITDA in the quarter, compared with $8 million the prior period, driven partly by war-related insurance premiums and idled rigs VALARIS 250 and 116.

What is happening with the Valaris-Transocean deal?

Valaris and Transocean plan to combine, targeting a fourth-quarter 2026 close, and the deal generated $11 million in merger and integration expenses in the quarter.

What should investors watch next?

Management expects two additional drillship contracts to start before year-end, which if the schedule holds would carry the floater revenue line into 2027.

How did Valaris manage its idle capacity and cash position?

Valaris sold two idle jackups, VALARIS 104 and 109, for a combined $74 million across June and July, while cash on hand ended the quarter at $541 million, down from $578 million.