Valaris has secured new contracts and extensions, adding about $560 million to its backlog since its previous fleet status report on 17 February 2026.
The latest awards increased total contract backlog to around $4.9 billion, compared with about $4.7 billion as of 17 February 2026. The backlog figure does not include lump-sum payments such as mobilization fees or capital reimbursements.
The largest addition came from a 1,064-day extension for Valaris DS-4 with Petrobras offshore Brazil. The extension is expected to begin in November 2027, directly after the current program, and will add about $447 million to the backlog. A day rate adjustment on the remaining existing term will reduce backlog by about $21 million from 1 April 2026 to November 2027.
Chief Executive Officer Anton Dibowitz said Valaris achieved 98% revenue efficiency in the first quarter. He also said the company expects stronger financial results through 2026, supported by project delivery and operations. Valaris DS-12 has returned to work ahead of schedule, while three more active-fleet drillships remain on track to restart later this year.
In the jack-up segment, Valaris 115 won a two-year extension with Brunei Shell Petroleum. The work is expected to start in April 2027 as a direct continuation of the current program and adds about $78 million to the backlog.
Valaris 106 began a one-well contract with Medco Energi offshore Indonesia in April 2026. The contract has a minimum term of 45 days and an estimated value of about $5.4 million.
In the UK North Sea, Valaris 122 started a 123-day extension with Adura in May 2026 for accommodation support services, adding about $14 million to the backlog.
Valaris 122 is also scheduled to start a two-well contract with Ineos in September 2026. The work is expected to last 162 days at an operating day rate of $115,000. The contract includes options with an estimated total duration of 825 days for work in the UK and Danish North Sea.
