Bermuda-incorporated Valaris Secures New Rig Assignments and Extensions
Valaris, an offshore drilling contractor, has recently announced a series of new rig assignments and extensions, solidifying its presence in various geographies. The company has secured contracts for three drillships and three jack-ups, showcasing its commitment to providing quality services in the oil and gas industry.
The latest fleet status report from Valaris reveals that these new contracts and extensions have a combined contract backlog of over $1 billion, excluding additional payments such as mobilization fees and capital reimbursements. This significant increase has boosted the firm’s total contract backlog to approximately $4.7 billion, up from $4.2 billion as of April 30, 2025.
Drillship Contracts
Among the notable contract awards is a 940-day extension for the Valaris DS-16 drillship, set to commence in June 2026, and a new 914-day contract for the Valaris DS-18 drillship, expected to start in the fourth quarter of 2026. These contracts, secured with Anadarko Petroleum Corporation in the Gulf of America, represent a combined addition to contracted revenue backlog of approximately $760 million.
Additionally, Valaris has secured a five-well contract offshore West Africa for the Valaris DS-15 drillship, with an estimated total value of $135 million. This contract includes priced options for up to five additional wells, further enhancing the company’s revenue potential in the region.
Jack-Up Contracts
On the jack-up front, Valaris has extended its contract for the Valaris 110 jack-up offshore Qatar for an additional four years, with a contracted revenue backlog of around $117 million. The company has also secured contract extensions for the Valaris Norway jack-up and the Valaris 122 jack-up in the UK North Sea, further strengthening its position in these key markets.
Furthermore, Valaris has announced the sale of the Valaris 247 jack-up for approximately $108 million, demonstrating its strategic focus on optimizing its fleet and operations.
Contract Updates
Amidst the new contracts and extensions, Valaris also disclosed a contract suspension notice for the Valaris 120 jack-up from Harbour Energy, effective upon completion of the current well in September 2025. The company has also made adjustments to a contract for the Valaris 248 jack-up with Eni in the East Irish Sea, with the Valaris 120 jack-up stepping in as a substitute for a specified period.
Additionally, Valaris has terminated its contract with Anasuria Hibiscus UK in the UK North Sea by mutual agreement, reflecting the dynamic nature of the offshore drilling industry.
Overall, Valaris’ recent achievements in securing new contracts, extensions, and optimizing its fleet underscore its commitment to delivering value to its clients and stakeholders in the ever-evolving energy landscape.