Valaris Secures Contract Extensions for Three Jackups

New York-listed offshore driller Valaris has recently announced contract extensions for three of its jackup rigs, solidifying its position in the industry.

Valaris 110

The company has secured a four-year contract extension for the 2015-built Valaris 110 jackup, which will be operating offshore Qatar. The extension is set to commence in October 2025, with a contracted revenue backlog of approximately $117 million. While the client remains undisclosed in Valaris’s fleet status report, industry insiders suggest that the rig has been serving the North Oil Company in Qatar since October 2021.

Valaris Norway

Another jackup, the 2011-built Valaris Norway, has been awarded a 150-day contract extension by Ithaca Energy for operations in the UK North Sea. The extension is expected to start in February 2026, with a revenue backlog of around $18 million, keeping the rig busy until July 2026.

Valaris 122

Lastly, the 2014-built Valaris 122 jackup has received a 31-day contract extension from Shell in the UK North Sea for accommodation support. The extension, scheduled to begin in December 2025, comes with a revenue backlog exceeding $3.5 million and includes two 28-day priced options that could extend the rig’s utilization until February 2026.

In addition to these contract extensions, Valaris has made strategic decisions regarding its fleet. The Valaris 120 deal with Harbour Energy has been suspended, while the Valaris 248 will be temporarily replaced by Valaris 120 for a specific period before returning to Eni’s project in the East Irish Sea.

Furthermore, Valaris has opted to sell the 1998-built Valaris 247 jackup, expecting cash proceeds of $108 million from the transaction, which is slated to close in the latter half of 2025.

Overall, with a recent increase in associated contract backlog, Valaris’s total backlog now stands at approximately $4.7 billion, showcasing the company’s continued success and stability in the offshore drilling market.