This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Valaris is the world's largest offshore drilling contractor, operating a fleet of 52 rigs including 15 high-specification floaters (drillships and semisubmersibles) and 34 jackups as of early 2025. Approximately 92% of its drillship fleet consists of advanced 7th-generation units capable of ultra-deepwater operations exceeding 10,000 feet. Per Valaris's Q4 2025 earnings release, the company reported full-year total operating revenues exceeding US$2.3 billion and built a contract backlog of US$4.7 billion. The company added approximately US$1.9 billion in new backlog during 2025 alone. 100% of revenue derives from offshore drilling services for oil and gas producers worldwide.
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A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.