| Stage | VAL | % of rev | RIG | % of rev | Gap · A − B |
|---|---|---|---|---|---|
| Revenue | $594M | 100.00% | $966M | 100.00% | RIG ×1.63 |
| Gross profit | $176M | 29.70% | $358M | 37.06% | RIG +7.4pp |
| Operating income | $81M | 13.70% | $152M | 15.73% | RIG +2.0pp |
| Pre-tax income | $101M | 17.08% | $184M | 19.05% | RIG +2.0pp |
| Net income | $47M | 7.87% | $170M | 17.60% | RIG +9.7pp |
| Stage | VAL | RIG | Gap · A − B |
|---|---|---|---|
| Revenue | $594M100.00% | $966M100.00% | RIG ×1.63 |
| Gross profit | 29.70%$176M | 37.06%$358M | RIG +7.4pp |
| Operating income | 13.70%$81M | 15.73%$152M | RIG +2.0pp |
| Pre-tax income | 17.08%$101M | 19.05%$184M | RIG +2.0pp |
| Net income | 7.87%$47M | 17.60%$170M | RIG +9.7pp |
VAL 10-KFeb 20 '26
“Petróleo Brasileiro S.A. ("Petrobras"), BP plc ("BP") and Azule Energy ("Azule"), our customers who account for 10% or more of consolidated revenues, accounted for 35% of consolidated revenues.”
RIG 10-KFeb 23 '26
“As of February 19, 2026, the customers with the most significant aggregate amount of contract backlog associated with our drilling contracts were Petrobras, Equinor, BP p.l.c., Shell, Chevron Corporation and Woodside Energy Group Ltd., representing 20 percent, 16 percent, 16 percent, 12 percent, 11 percent and 10 percent, respectively, of our total contract backlog.”
VAL 10-KFeb 20 '26
“Petróleo Brasileiro S.A. ("Petrobras"), BP plc ("BP") and Azule Energy ("Azule"), our customers who account for 10% or more of consolidated revenues, accounted for 35% of consolidated revenues.”
RIG 10-KFeb 18 '25
“For the year ended December 31, 2022, Shell, Equinor and Petrobras represented 33 percent, 25 percent and 11 percent, respectively, of our consolidated operating revenues.”