Susquehanna Keeps a Neutral Rating on Valaris Limited (VAL)

On February 23, 2026, Susquehanna analyst Charles Minervino increased Valaris Limited (NYSE:VAL)’s price target to $96 from $87 while retaining a Neutral rating. The firm modified its projections following a review of fourth-quarter data and management discussion regarding a potential agreement with Transocean. Management anticipates the transaction will be finalized in the second half of the year. Susquehanna stated that the potential deal might establish the joint business as a leader in offshore drilling while aligning with both companies' strategic ambitions as offshore markets show signs of medium-term growth.

On February 19, 2026, Valaris Limited (NYSE:VAL) reported $537 million in fourth-quarter 2025 operating revenue, $97 million in adjusted EBITDA, and $717 million in net income. Revenues, excluding reimbursables, decreased to $502 million from $556 million in the third quarter due to fewer floater operating days, the sale of the jackup VALARIS 247, and lower bareboat charter sales from ARO Drilling. Contract drilling expenses climbed to $380 million from $368 million due to higher maintenance, claims, and mobilization costs.

Valaris Limited (NYSE:VAL) provides offshore contract drilling services to the international oil and gas industry. It functions in the following segments: Floaters, Jackups, ARO, and Other.

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