Valaris has secured approximately $600 million in new offshore drilling contracts and extensions since August 2026, bringing its total contracted revenue backlog to around $4.8 billion. The latest Valaris drilling contracts include a $290 million agreement with bp in the US Gulf of Mexico, alongside additional work across its global fleet.
According to the company’s Fleet Status Report dated 2 November 2026, total backlog increased from approximately $4.6 billion in August. The $600 million figure includes contracts previously announced in October rather than representing a separate increase in total backlog.
The largest award is a three-year service agreement with bp supporting drilling operations on the Mad Dog and Thunder Horse platforms. Scheduled to begin in January 2027, the contract will add approximately $290 million to backlog.
In the drillship segment, VALARIS DS-18 secured a two-well exploration programme with PETRONAS offshore Suriname, expected to commence in the fourth quarter of 2026. Meanwhile, bp extended VALARIS DS-12 for an additional well offshore Egypt, adding approximately $25 million for work expected in late 2027 or early 2028.
In Australia, VALARIS 107 received a one-well contract from Emperor Energy, starting in the second quarter of 2027 at an operating day rate of $165,000. The jackup also secured a separate 300-day Australian contract worth approximately $50 million.
bp also extended VALARIS 106 offshore Indonesia for approximately 90 days, adding $10 million to backlog. The additional work is scheduled for the fourth quarter of 2028. In September, HMT News reported that BOKA Vanguard was transporting the rig from Singapore to Indonesia for its existing drilling programme.
In the UK North Sea, Ithaca Energy extended VALARIS Norway by 200 days, worth approximately $27 million. INEOS also secured additional work for VALARIS 122 in the UK and Danish North Sea, while a separate multi-well abandonment contract added approximately $41.5 million.
Other developments include a $17 million backlog increase following the reassignment of part of Eni‘s drilling programme from VALARIS 72 to VALARIS 121. VALARIS 248 received an extension worth more than $5 million for offshore wind accommodation support with Seatrium.
In the Middle East, ARO Drilling secured three-year extensions with Saudi Aramco for five rigs. Separately, VALARIS MS-1 was sold for recycling, while VALARIS 111 was sold for conversion into a mobile offshore production unit.
The latest update builds on approximately $220 million in awards announced by Valaris in October. The company excludes certain lump-sum payments, including mobilisation fees and capital reimbursements, from its reported contract backlog.
