Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-06-10

Valaris (VAL)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$6,054,415
Anton Dibowitz total, FY2025
22nd
CEO pay percentile vs peers
55:1
CEO-to-median pay ratio
98.36%
Say-on-pay support, latest vote
Companies that benchmark against VAL
2 companies name VAL as a compensation peer

Each company listed discloses VAL in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named VAL in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Anton Dibowitz$950,000$0$3,861,425$0$1,223,600$0$19,390$6,054,415
President and Chief Executive Officer
Matthew Lyne588,90301,373,1640593,615015,5492,571,231
Senior Vice President, Chief Commercial Officer
Gilles Luca550,00001,373,1640554,40068,63318,8862,565,083
Senior Vice President, Chief Operating Officer
Christopher Weber550,00001,373,1640554,400022,3872,499,951
Senior Vice President, Chief Financial Officer
Davor Vukadin400,000150,000798,9430403,200019,6091,771,752
Senior Vice President, General Counsel and Secretary

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
Anton Dibowitz$6,054,415
Matthew Lyne2,571,231
Gilles Luca2,565,083
Christopher Weber2,499,951
Davor Vukadin1,771,752

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Anton DibowitzPSU2025-03-03103,990207,980$3,007,391
Anton DibowitzRSU2025-03-0325,998854,034
Gilles LucaPSU2025-03-0336,97973,9581,069,433
Gilles LucaRSU2025-03-039,246303,731
Matthew LyneRSU2025-03-039,246303,731
Matthew LynePSU2025-03-0336,97973,9581,069,433
Davor VukadinRSU2025-03-035,379176,700
Davor VukadinPSU2025-03-0321,51643,032622,243
Christopher WeberRSU2025-03-039,246303,731
Christopher WeberPSU2025-03-0336,97973,9581,069,433
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Anton Dibowitz$854,034$3,007,391$077.9%
Gilles Luca303,7311,069,433077.9%
Matthew Lyne303,7311,069,433077.9%
Davor Vukadin176,700622,243077.9%
Christopher Weber303,7311,069,433077.9%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Christopher WeberRSU9,246$465,998
Christopher WeberRSU4,214212,386
Anton DibowitzRSU207,98010,482,192
Christopher WeberRSU73,9583,727,483
Gilles LucaRSU73,9583,727,483
Matthew LyneRSU73,9583,727,483
Anton DibowitzRSU71,0903,582,936
Davor VukadinRSU43,0322,168,813
Anton DibowitzRSU25,9981,310,299
Christopher WeberRSU25,2801,274,112
Gilles LucaRSU25,2801,274,112
Matthew LyneRSU25,2801,274,112
Davor VukadinRSU14,709741,334
Anton DibowitzRSU11,850597,240
Gilles LucaRSU9,246465,998
Matthew LyneRSU9,246465,998
Davor VukadinRSU5,379271,102
Gilles LucaRSU4,214212,386
Matthew LyneRSU4,214212,386
Davor VukadinRSU2,452123,581
05

Incentive-plan design — the Compensation Discussion & Analysis

Our executive compensation philosophy is based on the principles of aligning compensation with the Company’s performance, creating long-term shareholder value and attracting and retaining top talent. We design our compensation programs to place a substantial majority of our NEOs’ pay at risk and subject to the Company’s performance (pay-for-performance) and promote alignment with shareholders through an emphasis on long-term equity-based compensation.

CEO STI target (% of salary)
CEO LTI target (% of salary)
Independent consultant
Clawback policytrue
Anti-hedging
Anti-pledging
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-06-1055,748,798928,586447,03798.36%Passed
20252025-06-1245,268,3072,256,640768,63495.25%Passed
20242024-06-1256,320,0741,747,22439,68896.99%Passed
20232023-06-0756,537,2851,027,491548,31598.22%Passed
20222022-06-0845,773,9152,242,142326,90995.33%Passed
20202020-06-1589,428,2946,054,5343,510,19493.66%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-06-1098.36%a
20252025-06-1295.25%b
20242024-06-1296.99%c

a. Voting standard not stated in the filing.

b. Voting standard not stated in the filing.

c. Voting standard not stated in the filing.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)55 : 1
CEO total compensation
Median employee compensation
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Elizabeth D. LeykumIndependent · Board Chair · Compensation · Nominating and Governance · Audit$180,000$324,547$0$0$504,547
Catherine J. HughesIndependent · Nominating and Governance (Chair) · Safety and Sustainability (Chair) · Audit100,000283,99000383,990
Dick FagerstalIndependent · Safety and Sustainability · Audit100,000272,36300372,363
Joseph GoldschmidIndependent · Compensation (Chair) · Nominating and Governance · Nomination and Governance100,000249,20100349,201
Kristian JohansenIndependent · Compensation · Safety and Sustainability100,000226,03900326,039
Anton DibowitzEmployee director0
09

Board fee structure and ownership guideline

Annual cash retainer$100,000
Annual equity retainer$175,000
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)50,000 / 30,000 / 30,000
Stock ownership guideline$500,000
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$580,000
Equity awards (grant-date value)$1,356,140
All other compensation$0
Total cost of the board$1,936,140

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Valaris names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Valaris.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Nabors Industries Ltd.2025Anthony Petrello$1,750,000$5,352,354$0$2,049,275$29,636,103
2Baker Hughes Company2025Lorenzo Simonelli13,310,81903,557,70621,363,825
3Halliburton Company2025Jeffrey Miller1,700,0007,992,78205,944,83616,525,407
4NOV Inc.2025Clay Williams1,000,0009,576,940899,2081,129,49212,713,187
5Patterson-UTI Energy, Inc.2025William Hendricks1,300,0008,497,99102,264,33012,077,321
6Helmerich Payne, Inc.2025John Lindsay1,179,9095,749,95701,559,0169,010,799
7Oceaneering International, Inc.2025Roderick Larson910,0002,027,79604,282,4257,735,670
8Valaris2025Anton Dibowitz950,0003,861,42501,223,6006,054,415
9Tidewater, Inc.2025Quintin Kneen750,0003,892,45801,078,1255,732,208
10Helix Energy Solutions Group, Inc.2025Owen Kratz800,0003,838,5190420,0005,067,269
Transocean Ltd.not in coverage universe
Oil States International, Inc.not in coverage universe

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Valarisnot disclosednot disclosednot disclosednot disclosed
Baker Hughes Company113.5%PSU 60 · RSU 40Yes — Relative TSRFrederic W. Cook & Co., Inc. (FW Cook)
Halliburton Companynot disclosedPSU 50 · Cash LTI 50Yes — Total Shareholder Return (TSR)not disclosed
Helix Energy Solutions Group, Inc.35%PSU 50 · RSU 50Yes — TSR relative to performance peer groupWTW (Willis Towers Watson)
Helmerich Payne, Inc.109.09%PSU 50 · RSU 50Yes — Total Stockholder Return (TSR)Willis Towers Watson
Nabors Industries Ltd.not disclosednot disclosedYes — Relative Total Shareholder Return (TSR)Pay Governance
NOV Inc.87%PSU 50 · RSU 40 · Options 10Yes — TSR (total shareholder return) goalMeridian Compensation Partners
Oceaneering International, Inc.124%PSU 50 · RSU 50Yes — Relative TSRMeridian
Oil States International, Inc.not disclosednot disclosednot disclosednot disclosed
Patterson-UTI Energy, Inc.not disclosedPSU 50 · RSU 50Yes — Total Stockholder Return (TSR)Pay Governance LLC
Tidewater, Inc.not disclosednot disclosednot disclosedMeridian Compensation Partners, LLC
Transocean Ltd.150%PSU 50 · RSU 50NoPay Governance LLC

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Anton DibowitzDEF 14A2026-04-160000314808-26-000085Section “Summary Compensation Table” · page 48. As printed: 6,054,415. Filing ↗machine: r2 · c45 · span 742720–742729
2Section 01, Matthew LyneDEF 14A2026-04-160000314808-26-000085Section “Summary Compensation Table” · page 48. As printed: 2,571,231. Filing ↗machine: r11 · c45 · span 773482–773491
3Section 01, Gilles LucaDEF 14A2026-04-160000314808-26-000085Section “Summary Compensation Table” · page 48. As printed: 2,565,083. Filing ↗machine: r8 · c45 · span 763033–763042
4Section 01, Christopher WeberDEF 14A2026-04-160000314808-26-000085Section “Summary Compensation Table” · page 48. As printed: 2,499,951. Filing ↗machine: r5 · c45 · span 752737–752746
5Section 01, Davor VukadinDEF 14A2026-04-160000314808-26-000085Section “Summary Compensation Table” · page 48. As printed: 1,771,752. Filing ↗machine: r14 · c45 · span 783942–783951
6Section 03, Anton Dibowitz PSUDEF 14A2026-04-160000314808-26-000085Section “Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: span 835239–835248
7Section 03, Anton Dibowitz RSUDEF 14A2026-04-160000314808-26-000085Section “Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: span 838325–838332
8Section 03, Gilles Luca PSUDEF 14A2026-04-160000314808-26-000085Section “Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: span 854246–854255
9Section 03, Gilles Luca RSUDEF 14A2026-04-160000314808-26-000085Section “Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: span 857331–857338
10Section 03, Matthew Lyne RSUDEF 14A2026-04-160000314808-26-000085Section “Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: span 866834–866841
11Section 03, Matthew Lyne PSUDEF 14A2026-04-160000314808-26-000085Section “Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: span 863749–863758
12Section 03, Davor Vukadin RSUDEF 14A2026-04-160000314808-26-000085Section “Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: span 876878–876885
13Section 03, Davor Vukadin PSUDEF 14A2026-04-160000314808-26-000085Section “Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: span 873283–873290
14Section 03, Christopher Weber RSUDEF 14A2026-04-160000314808-26-000085Section “Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: span 847831–847838
15Section 03, Christopher Weber PSUDEF 14A2026-04-160000314808-26-000085Section “Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: span 844746–844755
16Section 07, pay ratioDEF 14A2026-04-160000314808-26-000085Section “CEO Pay Ratio”. As printed: 55 : 1. Filing ↗
17Section 08, Elizabeth D. LeykumDEF 14A2026-04-160000314808-26-000085Section “Director Compensation”. As printed: 504,547. Filing ↗machine: span 477405–477412
18Section 08, Catherine J. HughesDEF 14A2026-04-160000314808-26-000085Section “Director Compensation”. As printed: 383,990. Filing ↗machine: span 481881–481888
19Section 08, Dick FagerstalDEF 14A2026-04-160000314808-26-000085Section “Director Compensation”. As printed: 372,363. Filing ↗machine: span 478893–478900
20Section 08, Joseph GoldschmidDEF 14A2026-04-160000314808-26-000085Section “Director Compensation”. As printed: 349,201. Filing ↗machine: span 480386–480393
21Section 08, Kristian JohansenDEF 14A2026-04-160000314808-26-000085Section “Director Compensation”. As printed: 326,039. Filing ↗machine: span 483646–483653
22Section 08, Anton DibowitzDEF 14A2026-04-160000314808-26-000085Section “Director Compensation”. As printed: 0. Filing ↗
23Section 06, 2026 voteForm 8-K2026-06-100000314808-26-000107Item 5.07 · say-on-pay result. As reported: 98.36% (votes for as printed: 55,748,798). Filing ↗
24Section 06, 2025 voteForm 8-K2025-06-130000314808-25-000090Item 5.07 · say-on-pay result. As reported: 95.25% (votes for as printed: 45,268,307). Filing ↗
25Section 06, 2024 voteForm 8-K2024-06-170000314808-24-000089Item 5.07 · say-on-pay result. As reported: 96.99% (votes for as printed: 56,320,074). Filing ↗
26Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
27Section 09b board cost (computed)ComputedcomputedCash 580,000 + equity 1,356,140 + all other 0 = 1,936,140, summed across the director compensation table rows.machine: formula: Σ = 1,936,140
28Nabors Industries Ltd., Section 10b CEO totalDEF 14A2026-04-220001140361-26-016154CEO total compensation as printed in Nabors Industries Ltd.'s own proxy. As printed: 29,636,103. Filing ↗machine: r2 · c25 · span 1447823–1447833
29Baker Hughes Company, Section 10b CEO totalDEF 14A2026-03-300001193125-26-130309CEO total compensation as printed in Baker Hughes Company's own proxy. As printed: 21,363,825. Filing ↗machine: r4 · c31 · span 1166652–1166662
30Halliburton Company, Section 10b CEO totalDEF 14A2026-03-310000045012-26-000033CEO total compensation as printed in Halliburton Company's own proxy. As printed: 16,525,407. Filing ↗machine: t159 · r2 · c18 · span 2610544–2610554
31NOV Inc., Section 10b CEO totalDEF 14A2026-04-090001193125-26-148884CEO total compensation as printed in NOV Inc.'s own proxy. As printed: 12,713,187. Filing ↗machine: t130 · r2 · c35 · span 574372–574382
32Patterson-UTI Energy, Inc., Section 10b CEO totalDEF 14A2026-04-130000889900-26-000020CEO total compensation as printed in Patterson-UTI Energy, Inc.'s own proxy. As printed: 12,077,321. Filing ↗machine: span 571078–571088
33Helmerich Payne, Inc., Section 10b CEO totalDEF 14A2026-01-220001104659-26-005786CEO total compensation as printed in Helmerich Payne, Inc.'s own proxy. As printed: 9,010,799. Filing ↗machine: r1 · c42 · span 1420313–1420322
34Oceaneering International, Inc., Section 10b CEO totalDEF 14A2026-04-020000073756-26-000073CEO total compensation as printed in Oceaneering International, Inc.'s own proxy. As printed: 7,735,670. Filing ↗machine: r2 · c14 · span 1452178–1452187
35Valaris (subject), Section 10b CEO totalDEF 14A2026-04-160000314808-26-000085CEO total compensation as printed in Valaris's own proxy. As printed: 6,054,415. Filing ↗machine: r2 · c45 · span 742720–742729
36Tidewater, Inc., Section 10b CEO totalDEF 14A2026-04-280001104659-26-050441CEO total compensation as printed in Tidewater, Inc.'s own proxy. As printed: 5,732,208. Filing ↗machine: r1 · c53 · span 956319–956328
37Helix Energy Solutions Group, Inc., Section 10b CEO totalDEF 14A2026-04-010001140361-26-012501CEO total compensation as printed in Helix Energy Solutions Group, Inc.'s own proxy. As printed: 5,067,269. Filing ↗machine: r2 · c22 · span 1194229–1194239
38Section 10a, Baker Hughes Company reciprocityDEF 14A0001193125-26-130309Baker Hughes Company's most recent proxy was read; its disclosed peer group does not include Valaris. Filing ↗
39Section 10a, Oceaneering International, Inc. reciprocityDEF 14A0000073756-26-000073Oceaneering International, Inc.'s most recent proxy was read; its disclosed peer group does not include Valaris. Filing ↗
40Section 10a, Helix Energy Solutions Group, Inc. reciprocityDEF 14A0001140361-26-012501Helix Energy Solutions Group, Inc.'s most recent proxy was read; its disclosed peer group does not include Valaris. Filing ↗
41Section 10a, Transocean Ltd. reciprocityDEF 14A0001104659-26-037805Transocean Ltd. names Valaris in its own disclosed peer group (read from its most recent proxy). Filing ↗
42Section 10a, Tidewater, Inc. reciprocityDEF 14A0001104659-26-050441Tidewater, Inc.'s most recent proxy was read; its disclosed peer group does not include Valaris. Filing ↗
43Section 10a, NOV Inc. reciprocityDEF 14A0001193125-26-148884NOV Inc.'s most recent proxy was read; its disclosed peer group does not include Valaris. Filing ↗
44Section 10a, Patterson-UTI Energy, Inc. reciprocityDEF 14A0001628280-25-017335Patterson-UTI Energy, Inc.'s most recent proxy was read; its disclosed peer group does not include Valaris. Filing ↗
45Section 10a, Nabors Industries Ltd. reciprocityDEF 14A0001140361-26-016154Nabors Industries Ltd. names Valaris in its own disclosed peer group (read from its most recent proxy). Filing ↗
46Section 10a, Helmerich Payne, Inc. reciprocityDEF 14A0001104659-26-005786Helmerich Payne, Inc.'s most recent proxy was read; its disclosed peer group does not include Valaris. Filing ↗
47Section 10a, Halliburton Company reciprocityDEF 14A0000045012-26-000033Halliburton Company's most recent proxy was read; its disclosed peer group does not include Valaris. Filing ↗