Companies Valaris Ltd
Valaris (VAL): executive pay, fiscal 2025
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CEO pay, last three years
- $6,287,972FY2023
- $7,754,921FY2024
- $6,054,415FY2025
CEO total pay was $6,054,415 in fiscal 2025, down from $7,754,921 in fiscal 2024.
FY2025: salary $950,000 · bonus $0 · stock awards $3,861,425 · option awards $0
Executives and directors
Frequently asked questions
Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.
Full detail
Every table from the filing. Open any section.
Summary compensation table
| Named executive officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension / NQDC | All other | Total |
|---|---|---|---|---|---|---|---|---|
| Anton Dibowitz | $950,000 | $0 | $3,861,425 | $0 | $1,223,600 | $0 | $19,390 | $6,054,415 |
| President and Chief Executive Officer | ||||||||
| Matthew Lyne | 588,903 | 0 | 1,373,164 | 0 | 593,615 | 0 | 15,549 | 2,571,231 |
| Senior Vice President, Chief Commercial Officer | ||||||||
| Gilles Luca | 550,000 | 0 | 1,373,164 | 0 | 554,400 | 68,633 | 18,886 | 2,565,083 |
| Senior Vice President, Chief Operating Officer | ||||||||
| Christopher Weber | 550,000 | — | 1,373,164 | 0 | 554,400 | 0 | 22,387 | 2,499,951 |
| Senior Vice President, Chief Financial Officer | ||||||||
| Davor Vukadin | 400,000 | 150,000 | 798,943 | 0 | 403,200 | 0 | 19,609 | 1,771,752 |
| 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 officer | FY2025 total | FY2024 total | FY2023 total | Δ FY2024→2025 |
|---|---|---|---|---|
| Anton Dibowitz | $6,054,415 | $7,754,921 | $6,287,972 | ↓ −1,700,506 |
| Matthew Lyne | 2,571,231 | 3,135,547 | 2,443,130 | ↓ −564,316 |
| Gilles Luca | 2,565,083 | 3,219,916 | 3,440,854 | ↓ −654,833 |
| Christopher Weber | 2,499,951 | 3,095,662 | 2,436,249 | ↓ −595,711 |
| Davor Vukadin | 1,771,752 | 1,954,741 | 1,420,508 | ↓ −182,989 |
Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.
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 policy | true |
| Anti-hedging | — |
| Anti-pledging | — |
Equity grants and outstanding awards
Grants of plan-based awards — fiscal year 2025
| Executive | Award | Grant date | Threshold | Target | Granted | Maximum | Grant-date fair value |
|---|---|---|---|---|---|---|---|
| Anton Dibowitz | PSU | 2025-03-03 | — | 103,990 | — | 207,980 | $3,007,391 |
| Anton Dibowitz | RSU | 2025-03-03 | — | — | 25,998 | — | 854,034 |
| Gilles Luca | RSU | 2025-03-03 | — | — | 9,246 | — | 303,731 |
| Matthew Lyne | RSU | 2025-03-03 | — | — | 9,246 | — | 303,731 |
| Matthew Lyne | PSU | 2025-03-03 | — | 36,979 | — | 73,958 | 1,069,433 |
| Davor Vukadin | PSU | 2025-03-03 | — | 21,516 | — | 43,032 | 622,243 |
| Christopher Weber | PSU | 2025-03-03 | — | 36,979 | — | 73,958 | 1,069,433 |
| Davor Vukadin | RSU | 2025-03-03 | — | — | 5,379 | — | 176,700 |
| Christopher Weber | RSU | 2025-03-03 | — | — | 9,246 | — | 303,731 |
| Gilles Luca | PSU | 2025-03-03 | — | 36,979 | — | 73,958 | 1,069,433 |
Vehicle mix — grant-date fair value by award type
| Named executive officer | Time-vested (RSU) | Performance-vested (PSU) | Options / SARs | % performance-vested |
|---|---|---|---|---|
| Anton Dibowitz | $854,034 | $3,007,391 | $0 | 77.9% |
| Gilles Luca | 303,731 | 1,069,433 | 0 | 77.9% |
| Matthew Lyne | 303,731 | 1,069,433 | 0 | 77.9% |
| Davor Vukadin | 176,700 | 622,243 | 0 | 77.9% |
| Christopher Weber | 303,731 | 1,069,433 | 0 | 77.9% |
% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.
Outstanding equity awards at fiscal year-end 2025
| Executive | Award | Shares unvested | Exercise price | Market value unvested |
|---|---|---|---|---|
| Davor Vukadin | RSU | 2,452 | — | $123,581 |
| Christopher Weber | RSU | 4,214 | — | 212,386 |
| Gilles Luca | RSU | 4,214 | — | 212,386 |
| Matthew Lyne | RSU | 4,214 | — | 212,386 |
| Davor Vukadin | RSU | 5,379 | — | 271,102 |
| Christopher Weber | RSU | 9,246 | — | 465,998 |
| Gilles Luca | RSU | 9,246 | — | 465,998 |
| Matthew Lyne | RSU | 9,246 | — | 465,998 |
| Anton Dibowitz | RSU | 11,850 | — | 597,240 |
| Davor Vukadin | RSU | 14,709 | — | 741,334 |
| Christopher Weber | RSU | 25,280 | — | 1,274,112 |
| Gilles Luca | RSU | 25,280 | — | 1,274,112 |
| Matthew Lyne | RSU | 25,280 | — | 1,274,112 |
| Anton Dibowitz | RSU | 25,998 | — | 1,310,299 |
| Davor Vukadin | RSU | 43,032 | — | 2,168,813 |
| Anton Dibowitz | RSU | 71,090 | — | 3,582,936 |
| Christopher Weber | RSU | 73,958 | — | 3,727,483 |
| Gilles Luca | RSU | 73,958 | — | 3,727,483 |
| Matthew Lyne | RSU | 73,958 | — | 3,727,483 |
| Anton Dibowitz | RSU | 207,980 | — | 10,482,192 |
Director compensation
| Director | Cash fees | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|
| 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) · Audit | 100,000 | 283,990 | 0 | — | 0 | 383,990 |
| Dick FagerstalIndependent · Safety and Sustainability · Audit | 100,000 | 272,363 | 0 | — | 0 | 372,363 |
| Joseph GoldschmidIndependent · Compensation (Chair) · Nominating and Governance · Nomination and Governance | 100,000 | 249,201 | 0 | — | 0 | 349,201 |
| Kristian JohansenIndependent · Compensation · Safety and Sustainability | 100,000 | 226,039 | 0 | — | 0 | 326,039 |
| Anton DibowitzEmployee director | — | — | — | — | — | 0 |
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 | $5 |
Total cost of the board
| Component | FY2025 |
|---|---|
| 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.
Peer group, and who names Valaris as a peer
Companies that benchmark against VAL
4 companies name VAL as a compensation peer
- NABORS INDUSTRIES LTDNBRFY2025
- Noble Corp plcNEFY2025
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.
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.
Peer reciprocity
The companies Valaris Ltd names as compensation peers that name it back in their own disclosed peer groups.
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.
| Rank | Company | FY | Chief executive | Salary | Stock awards | Option awards | Non-equity incentive | Total |
|---|---|---|---|---|---|---|---|---|
| 1 | Nabors Industries Ltd. | 2025 | Anthony Petrello | $1,750,000 | $5,352,354 | $0 | $2,049,275 | $29,636,103 |
| 2 | Baker Hughes Company | 2025 | Lorenzo Simonelli | 1,710,000 | 13,310,819 | 0 | 3,557,706 | 21,363,825 |
| 3 | Halliburton Company | 2025 | Jeffrey Miller | 1,700,000 | 7,992,782 | 0 | 5,944,836 | 16,525,407 |
| 4 | NOV Inc. | 2025 | Clay Williams | 1,000,000 | 9,576,940 | 899,208 | 1,129,492 | 12,713,187 |
| 5 | Patterson-UTI Energy, Inc. | 2025 | William Hendricks | 1,300,000 | 8,497,991 | 0 | 2,264,330 | 12,077,321 |
| 6 | Helmerich Payne, Inc. | 2025 | John Lindsay | 1,179,909 | 5,749,957 | 0 | 1,559,016 | 9,010,799 |
| 7 | Transocean Ltd. | 2025 | Keelan Adamson | 933,333 | 5,771,957 | 0 | 1,820,000 | 8,793,715 |
| 8 | Oceaneering International, Inc. | 2025 | Roderick Larson | 910,000 | 2,027,796 | 0 | 4,282,425 | 7,735,670 |
| 9 | Valaris Ltd | 2025 | Anton Dibowitz | 950,000 | 3,861,425 | 0 | 1,223,600 | 6,054,415 |
| 10 | Tidewater, Inc. | 2025 | Quintin Kneen | 750,000 | 3,892,458 | 0 | 1,078,125 | 5,732,208 |
| 11 | Oil States International, Inc. | 2025 | Cindy Taylor | 925,000 | 2,400,003 | 0 | 1,654,244 | 5,079,386 |
| 12 | Helix Energy Solutions Group, Inc. | 2025 | Owen Kratz | 800,000 | 3,838,519 | 0 | 420,000 | 5,067,269 |
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.
Incentive design against the same peers
| Company | Annual incentive payout | Long-term vehicle mix | PSU measures include TSR | Compensation consultant |
|---|---|---|---|---|
| Valaris Ltd | not disclosed | not disclosed | not disclosed | not disclosed |
| Baker Hughes Company | 113.5% | PSU 50 · RSU 50 | Yes — Relative TSR | Frederic W. Cook & Co., Inc. |
| Halliburton Company | not disclosed | not disclosed | Yes — Total Shareholder Return (TSR) | not disclosed |
| Helix Energy Solutions Group, Inc. | 35% | PSU 50 · RSU 50 | Yes — TSR relative to performance peer group | WTW (Willis Towers Watson) |
| Helmerich Payne, Inc. | 109.09% | PSU 50 · RSU 50 | Yes — Total Stockholder Return (TSR) | Willis Towers Watson |
| Nabors Industries Ltd. | not disclosed | not disclosed | Yes — Relative Total Shareholder Return (TSR) | Pay Governance |
| NOV Inc. | 87% | PSU 50 · RSU 40 · Options 10 | Yes — TSR (total shareholder return) goal | Meridian Compensation Partners |
| Oceaneering International, Inc. | 124% | not disclosed | Yes — Relative TSR | Meridian Compensation Partners, LLC |
| Oil States International, Inc. | not disclosed | RSU 50 · PRSU 25 · Cash Performance Award 25 | not disclosed | Meridian Compensation Partners |
| Patterson-UTI Energy, Inc. | not disclosed | PSU 50 · RSU 50 | Yes — Total Stockholder Return (TSR) | Pay Governance LLC |
| Tidewater, Inc. | not disclosed | not disclosed | not disclosed | Meridian Compensation Partners, LLC |
| Transocean Ltd. | not disclosed | PSU 50 · RSU 50 | No | Pay 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.
Say-on-pay history and pay ratio
| Meeting year | Meeting date | For | Against | Abstain | Support | Outcome |
|---|---|---|---|---|---|---|
| 2026 | 2026-06-10 | 55,748,798 | 928,586 | 447,037 | 98.36% | Passed |
| 2025 | 2025-06-12 | 45,268,307 | 2,256,640 | 768,634 | 95.25% | Passed |
| 2024 | 2024-06-12 | 56,320,074 | 1,747,224 | 39,688 | 96.99% | Passed |
| 2023 | 2023-06-07 | 56,537,285 | 1,027,491 | 548,315 | 98.22% | Passed |
| 2022 | 2022-06-08 | 45,773,915 | 2,242,142 | 326,909 | 95.33% | Passed |
| 2020 | 2020-06-15 | 89,428,294 | 6,054,534 | 3,510,194 | 90.34% | 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 year | Meeting date | Approval — company’s computation |
|---|---|---|
| 2026 | 2026-06-10 | 98.36%a |
| 2025 | 2025-06-12 | 95.25%b |
| 2024 | 2024-06-12 | 96.99%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.
CEO pay ratio
| Ratio (CEO : median employee) | 55 : 1 |
|---|---|
| CEO total compensation | $6,054,415 |
| Median employee compensation | $110,026 |
Insider trades since the proxy
No insider equity transactions reported since the proxy statement.
Sources (43 citations)
Each figure is listed with the filing it comes from, where it appears in that filing, and the value as printed. Any figure can be independently confirmed against the source.
- Section 01, Anton Dibowitz. DEF 14A, filed 2026-04-16. Section “Summary Compensation Table” · page 48. As printed: 6,054,415. View filing ↗
- Section 01, Matthew Lyne. DEF 14A, filed 2026-04-16. Section “Summary Compensation Table” · page 48. As printed: 2,571,231. View filing ↗
- Section 01, Gilles Luca. DEF 14A, filed 2026-04-16. Section “Summary Compensation Table” · page 48. As printed: 2,565,083. View filing ↗
- Section 01, Christopher Weber. DEF 14A, filed 2026-04-16. Section “Summary Compensation Table” · page 48. As printed: 2,499,951. View filing ↗
- Section 01, Davor Vukadin. DEF 14A, filed 2026-04-16. Section “Summary Compensation Table” · page 48. As printed: 1,771,752. View filing ↗
- Section 03, Anton Dibowitz PSU. DEF 14A, filed 2026-04-16. Section “Grants of Plan-Based Awards Table” · grants of plan-based awards table. View filing ↗
- Section 03, Anton Dibowitz RSU. DEF 14A, filed 2026-04-16. Section “Grants of Plan-Based Awards Table” · grants of plan-based awards table. View filing ↗
- Section 03, Gilles Luca RSU. DEF 14A, filed 2026-04-16. Section “Grants of Plan-Based Awards Table” · grants of plan-based awards table. View filing ↗
- Section 03, Matthew Lyne RSU. DEF 14A, filed 2026-04-16. Section “Grants of Plan-Based Awards Table” · grants of plan-based awards table. View filing ↗
- Section 03, Matthew Lyne PSU. DEF 14A, filed 2026-04-16. Section “Grants of Plan-Based Awards Table” · grants of plan-based awards table. View filing ↗
- Section 03, Davor Vukadin PSU. DEF 14A, filed 2026-04-16. Section “Grants of Plan-Based Awards Table” · grants of plan-based awards table. View filing ↗
- Section 03, Christopher Weber PSU. DEF 14A, filed 2026-04-16. Section “Grants of Plan-Based Awards Table” · grants of plan-based awards table. View filing ↗
- Section 03, Davor Vukadin RSU. DEF 14A, filed 2026-04-16. Section “Grants of Plan-Based Awards Table” · grants of plan-based awards table. View filing ↗
- Section 03, Christopher Weber RSU. DEF 14A, filed 2026-04-16. Section “Grants of Plan-Based Awards Table” · grants of plan-based awards table. View filing ↗
- Section 03, Gilles Luca PSU. DEF 14A, filed 2026-04-16. Section “Grants of Plan-Based Awards Table” · grants of plan-based awards table. View filing ↗
- Section 07, pay ratio. DEF 14A, filed 2026-04-16. Section “CEO Pay Ratio”. As printed: 55 : 1. View filing ↗
- Section 08, Elizabeth D. Leykum. DEF 14A, filed 2026-04-16. Section “Director Compensation”. As printed: 504,547. View filing ↗
- Section 08, Catherine J. Hughes. DEF 14A, filed 2026-04-16. Section “Director Compensation”. As printed: 383,990. View filing ↗
- Section 08, Dick Fagerstal. DEF 14A, filed 2026-04-16. Section “Director Compensation”. As printed: 372,363. View filing ↗
- Section 08, Joseph Goldschmid. DEF 14A, filed 2026-04-16. Section “Director Compensation”. As printed: 349,201. View filing ↗
- Section 08, Kristian Johansen. DEF 14A, filed 2026-04-16. Section “Director Compensation”. As printed: 326,039. View filing ↗
- Section 08, Anton Dibowitz. DEF 14A, filed 2026-04-16. Section “Director Compensation”. As printed: 0. View filing ↗
- Section 06, 2026 vote. Form 8-K, filed 2026-06-10. Item 5.07 · say-on-pay result. As reported: 98.36% (votes for as printed: 55,748,798). View filing ↗
- Section 06, 2025 vote. Form 8-K, filed 2025-06-13. Item 5.07 · say-on-pay result. As reported: 95.25% (votes for as printed: 45,268,307). View filing ↗
- Section 06, 2024 vote. Form 8-K, filed 2024-06-17. Item 5.07 · say-on-pay result. As reported: 96.99% (votes for as printed: 56,320,074). View filing ↗
- Section 01 trend, Δ column (computed). Computed. Δ = current-FY total − prior-FY total per named officer.
- Section 03b vehicle mix (computed). Computed. RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).
- Section 09b board cost (computed). Computed. Cash 580,000 + equity 1,356,140 + all other 0 = 1,936,140, summed across the director compensation table rows.
- Nabors Industries Ltd., Section 10b CEO total. DEF 14A, filed 2026-04-22. CEO total compensation as printed in Nabors Industries Ltd.'s own proxy. As printed: 29,636,103. View filing ↗
- Baker Hughes Company, Section 10b CEO total. DEF 14A, filed 2026-03-30. CEO total compensation as printed in Baker Hughes Company's own proxy. As printed: 21,363,825. View filing ↗
- Halliburton Company, Section 10b CEO total. DEF 14A, filed 2026-03-31. CEO total compensation as printed in Halliburton Company's own proxy. As printed: 16,525,407. View filing ↗
- NOV Inc., Section 10b CEO total. DEF 14A, filed 2026-04-09. CEO total compensation as printed in NOV Inc.'s own proxy. As printed: 12,713,187. View filing ↗
- Patterson-UTI Energy, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-13. CEO total compensation as printed in Patterson-UTI Energy, Inc.'s own proxy. As printed: 12,077,321. View filing ↗
- Helmerich Payne, Inc., Section 10b CEO total. DEF 14A, filed 2026-01-22. CEO total compensation as printed in Helmerich Payne, Inc.'s own proxy. As printed: 9,010,799. View filing ↗
- Transocean Ltd., Section 10b CEO total. DEF 14A, filed 2026-03-31. CEO total compensation as printed in Transocean Ltd.'s own proxy. As printed: 8,793,715. View filing ↗
- Oceaneering International, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-02. CEO total compensation as printed in Oceaneering International, Inc.'s own proxy. As printed: 7,735,670. View filing ↗
- Valaris Ltd (subject), Section 10b CEO total. DEF 14A, filed 2026-04-16. CEO total compensation as printed in Valaris Ltd's own proxy. As printed: 6,054,415. View filing ↗
- Tidewater, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-28. CEO total compensation as printed in Tidewater, Inc.'s own proxy. As printed: 5,732,208. View filing ↗
- Oil States International, Inc., Section 10b CEO total. DEF 14A, filed 2026-03-27. CEO total compensation as printed in Oil States International, Inc.'s own proxy. As printed: 5,079,386. View filing ↗
- Helix Energy Solutions Group, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-01. CEO total compensation as printed in Helix Energy Solutions Group, Inc.'s own proxy. As printed: 5,067,269. View filing ↗
- Section 10a, Transocean Ltd. reciprocity. DEF 14A. Transocean Ltd. names Valaris Ltd in its own disclosed peer group (read from its most recent proxy). View filing ↗
- Section 10a, Nabors Industries Ltd. reciprocity. DEF 14A. Nabors Industries Ltd. names Valaris Ltd in its own disclosed peer group (read from its most recent proxy). View filing ↗
- Section 10a, Patterson-UTI Energy, Inc. reciprocity. DEF 14A. Patterson-UTI Energy, Inc. names Valaris Ltd in its own disclosed peer group (read from its most recent proxy). View filing ↗