Valaris is an offshore contract drilling company that owns and operates a fleet of 46 drilling rigs — 13 drillships, 2 semisubmersibles, and 31 jackups — deployed for oil and gas companies to drill and complete offshore wells. Valaris also holds a 50% interest in ARO Drilling, a joint venture with Saudi Aramco that operates jackup rigs exclusively in Saudi Arabia. Valaris operates across major offshore markets globally, including the Gulf of America, Brazil, the North Sea, the Middle East, Africa, and Asia Pacific, with roughly 86% of revenues from non-U.S. operations. Customers are primarily IOCs, NOCs, and independent operators, with key customers including Petrobras, BP, and Oxy. Valaris earns revenue exclusively on a day rate basis, where customers pay a fixed daily fee and bear the cost and risk of the well itself. Revenue and profitability are driven by utilization and day rates, with the highest day rates commanded by premium seventh-generation drillships. The cost structure is largely fixed in the near term, making profitability highly sensitive to utilization. Valaris also earns lump-sum mobilization and demobilization fees. Valaris organizes operations into four segments: Floaters (drillships and semisubmersibles), Jackups, ARO (the Saudi Aramco JV), and Other (management services). Valaris actively manages its fleet by retiring older, lower-specification rigs, and returns capital to shareholders through share repurchases.