Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities
Market Information
On April 30, 2021, the Company issued an aggregate of approximately 75.0 million Common Shares and Warrants are traded on the NYSE under the symbols “VAL” and “VAL WS”, respectively.
Many of our shareholders hold shares electronically, all of which are owned by a nominee of the Depository Trust Company. We had 63 shareholders of record on February 1, 2026.
Dividends
We have not paid or declared any dividends on our Common Shares. Our Indenture and the 2028 Credit Agreement include provisions that limit our ability to pay dividends. Further, in connection with certain provisions within the Business Combination Agreement, we are restricted in our ability to declare dividends until the transaction is completed or the agreement is terminated.
Bermuda Tax
We have been designated by the Bermuda Monetary Authority as a non-resident for Bermuda exchange control purposes. This designation allows us to engage in transactions in currencies other than the Bermudian dollar, and there are no restrictions on our ability to transfer funds (other than funds denominated in Bermudian dollars) in and out of Bermuda or to pay dividends to U.S. residents who are holders of our Common Shares.
On December 27, 2023, Bermuda enacted the Corporate Income Tax Act 2023 (the “CIT Act”), which became effective on January 1, 2025. The CIT Act imposes a tax on 15% of the net income of certain Bermuda constituent entities (as determined in accordance with the CIT Act, including after adjusting for any relevant foreign tax credits applicable to the Bermuda constituent entities). For years ended December 31, 2024 and prior, there was no Bermuda income or profits tax, withholding tax, capital gains tax, capital transfer tax, estate duty or inheritance tax payable by us or by our shareholders in respect of our shares.
Equity Compensation Plans
For information on shares issued or to be issued in connection with our equity compensation plans, see "Part III, Item 12 . Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters. "
Issuer Repurchases of Equity Securities
Our board of directors has authorized a share repurchase program (the "Share Repurchase Program") under which we may purchase up to $600.0 million of our outstanding Common Shares, subject to certain additional restrictions provided within the Business Combination Agreement. The Share Repurchase Program does not have a fixed expiration, may be modified, suspended or discontinued at any time and any repurchases made pursuant to the Share Repurchase Program are subject to compliance with applicable covenants and restrictions under our financing agreements.
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The following table provides a summary of our repurchases of our equity securities during the quarter ended December 31, 2025 (in millions, except average price per share):
Issuer Purchases of Equity Securities
Period
Total Number of Securities Purchased Average Price Paid per Security Total Number of Securities Purchased as Part of Publicly Announced Plans or Programs Approximate Dollar Value of Securities that May Yet Be Purchased Under Plans or Programs
October 1 - October 31
0.2 $ 51.61 0.2 $ 190.7
November 1 - November 30
0.1 $ 55.58 0.1 $ 183.3
December 1 - December 31
0.2 $ 51.47 0.2 $ 175.0
Total 0.5 $ 52.68 0.5 $ 175.0
Cumulative Total Shareholder Return
The chart below presents a comparison of the cumulative total shareholder return, assuming $100 invested on May 3, 2021 (first trading date after our emergence from bankruptcy) for Valaris Limited, the Standard & Poor's MidCap 400 Index and Dow Jones US Select Oil Equipment & Services Index (the "Industry Index").
COMPARISON OF CUMULATIVE TOTAL RETURN (1)
Among Valaris Limited, the S&P MidCap 400 Index and Industry Index
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May 3, 2021 Fiscal Years Ended December 31,
Relisting
2021 2022 2023 2024 2025
Valaris Limited $ 100.0 $ 151.9 $ 285.3 $ 289.3 $ 186.7 $ 212.7
S&P MidCap 400 $ 100.0 $ 104.6 $ 91.0 $ 105.9 $ 120.7 $ 129.7
Industry Index
$ 100.0 $ 96.5 $ 160.7 $ 168.4 $ 155.1 $ 167.3
(1) Total return assuming reinvestment of dividends. Assumes $100 invested on May 3, 2021, which represents the first trading date after our emergence from bankruptcy.
Item 6. Reserved
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Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.