Valaris has secured approximately $220 million in additional contract backlog from new offshore drilling awards and extensions covering operations in Suriname, Australia and the North Sea, along with changes to existing rig assignments.
The contracts were announced on 7 October 2026 and represent new commitments secured since the company’s previous fleet status report on 5 August 2026.
In Suriname, Valaris has finalized a two-well exploration contract with PETRONAS Suriname Exploration & Production B.V. for drillship VALARIS DS-18.
The agreement follows a previously announced letter of award, with drilling expected to begin in the fourth quarter of 2026. The program could run for up to seven months, while additional services and mobilization and demobilization payments are excluded from the reported backlog.
In Australia, jack-up rig VALARIS 107 has been awarded a contract worth approximately $50 million for an estimated 300 days of offshore operations. Work is expected to begin after the rig completes its current commitments.
The agreement includes priced options, with mobilization and demobilization payments excluded from the contract backlog.
Valaris has also secured a multi-well plug and abandonment (P&A) contract in the Southern North Sea, which can be performed by any suitable and available rig within its regional fleet.
The contract represents approximately $41.5 million in backlog for an estimated 341 days of operations. Work may begin within a commencement window extending to December 2030, while the contract value is subject to an annual cost escalation mechanism effective from the execution date. An option for one additional well, estimated at 19 days, is also included.
In the Danish North Sea, VALARIS 122 has received a 126-day contract extension from INEOS, scheduled to begin in February 2027 immediately after its current program.
The extension carries an operating day rate of $115,000 and includes additional options totaling an estimated 699 days of potential work in the UK and Danish North Sea.
Meanwhile, Valaris has amended an existing contract with Eni in the East Irish Sea, transferring approximately eight and a half months of work originally assigned to VALARIS 72 to VALARIS 121.
The latter rig is expected to begin the reassigned program in November 2026 following its existing commitment to another operator.
As a result, VALARIS 72 is now expected to complete its program in March 2027 instead of September 2027. The contract amendment adds approximately $17 million to the company’s backlog.
Elsewhere in the UK North Sea, VALARIS 248 has started a 31-day extension with Seatrium to continue providing accommodation support services for an offshore wind project.
The extension began in October 2026 immediately after the previous program and added approximately $2.5 million in contracted revenue backlog.
In a separate fleet update, Valaris reported that semisubmersible drilling rig VALARIS MS-1 and jack-up rig VALARIS 111 were sold for recycling in September 2026.
According to the company’s official contract announcement, the approximately $220 million in additional backlog excludes lump-sum payments such as mobilization fees and capital reimbursements.
