Valaris Secures Contract Extensions and New Deals with Anadarko

New York-listed offshore driller Valaris has announced exciting news with the award of contract extensions and a new deal from oil and gas giant Anadarko. These agreements will see two of Valaris’ drillships continue their operations in the Gulf of Mexico.

Contract Extension for Valaris DS-16

Valaris has secured a 940-day contract extension for its 2014-built drillship, Valaris DS-16. The extension, set to begin in June 2026, will see the rig continue its work with Anadarko in the US Gulf of Mexico until the first quarter of 2029. This extension comes on the heels of the drillship’s current contract with Occidental’s subsidiary.

New Contract for Valaris DS-18

In addition to the extension, Anadarko has also awarded a new contract to Valaris’ 2015-built drillship, Valaris DS-18. This contract, spanning 914 days, will see the rig operating in the Gulf of Mexico starting in the mid-fourth quarter of 2026. The drillship is currently working with Chevron and will undergo planned maintenance before commencing its new contract.

Positive Impact on Revenue

Valaris estimates that the combined addition to its contracted revenue backlog from these contracts is approximately $760 million. This boost in revenue comes as part of the company’s efforts to secure long-term contracts for its high-specification assets, supporting its earnings and cash flow.

Anton Dibowitz, CEO of Valaris, commented on the recent developments, stating, “We’ve secured approximately $1.9 billion in new contract backlog so far this year. We remain focused on securing additional attractive, long-term contracts for our high-specification assets that will further support our earnings and cash flow.”