Valaris has secured new contracts and extensions representing more than $160 million of additional contracted revenue backlog, excluding lump-sum payments such as mobilization fees and capital reimbursements. The company’s total backlog stood at approximately $4.6 billion as of 5 August 2026.
The new work covers drillship VALARIS DS-18 and jackups VALARIS 248 and VALARIS 123, while Valaris has also completed the sale of two stacked jackups.
VALARIS DS-18 received a letter of award from an undisclosed customer for a two-well exploration programme. The work is expected to begin in the fourth quarter of 2026 and has a maximum estimated duration of seven months.
Following the award, VALARIS DS-18 is scheduled to begin its previously announced contract with Occidental in May 2027, after completion of the exploration programme. The 914-day contract is expected to continue through December 2029 in the Gulf of America.
In the UK North Sea, VALARIS 248 received a 101-day extension from GE Vernova to provide accommodation support services for an offshore wind project. The extension began in June 2026 in direct continuation of the rig’s existing programme and added approximately $7.5 million to contracted revenue backlog.
VALARIS 248 also secured a 1,080-day contract with an undisclosed customer for the plug and abandonment of 41 wells in the UK North Sea. The programme is expected to begin in mid-2027 and represents approximately $140 million of contracted revenue backlog for the firm term.
The contract includes annual cost escalation and two unpriced one-year extension options.
Following the latest award, the existing Eni contract assigned to VALARIS 248 will transfer to VALARIS 120. That programme covers operations in the East Irish Sea and is expected to continue through January 2028.
In the Baltic Sea, VALARIS 123 secured a one-well contract with Central European Petroleum offshore Poland. The programme is expected to begin in September 2026 and has an estimated duration of 110 days at an operating day rate of $135,000.
The VALARIS 123 contract also includes a priced option for a second well with an estimated duration of 30 days.
Separately, Valaris completed the sale of jackups VALARIS 104 and VALARIS 109 for combined cash proceeds of $74 million. Both rigs had been stacked for approximately six years before the transactions. VALARIS 104 was sold for non-drilling use.
