VALARIS reported nearly $900 million in new contracts and extensions in its fleet status report dated 17 February 2026, lifting contract backlog to approximately $4.7 billion from about $4.5 billion as of 23 October 2025. The backlog figure excludes lump-sum items such as mobilization fees and capital reimbursements.
On the floater side, drillship VALARIS DS-7 received a five-well extension from Azule Energy offshore Angola, scheduled to start in October 2026 as a direct continuation of the current program. The extension is valued at about $125 million and is expected to run for 325 days, with a five-well unpriced option estimated at 300–350 days.
Drillship VALARIS DS-9 secured a two-year award from Esso Exploration Angola, an ExxonMobil affiliate, expected to begin in July 2026 in direct continuation of existing operations. The operating day rate is in line with recent market rates, and the contract includes two six-month options.
In Brazil, drillship VALARIS DS-8 won a multi-year contract with Shell, expected to commence in the first quarter of 2027. The program is estimated at 800 days with a total contract value of approximately $300 million, and includes options with a total estimated duration of about one year.
In the jackup segment, VALARIS 106 was awarded an eight-well contract by BP Indonesia, expected to start in the third quarter of 2026 with an estimated duration of two years. The total contract value is approximately $74 million and includes four option wells.
VALARIS 117 received a 75-day extension with Eni Mexico that commenced in January 2026, and a further 185-day extension with an undisclosed operator offshore Trinidad expected to begin in the first quarter of 2028. The operating day rate is in line with recent market rates in the region.
Esso Australia exercised a priced option for VALARIS 107, with the option period commencing in direct continuation of the existing program; the rig is now expected to be under contract through September 2026. The same unit also secured a three-well contract with GB Energy offshore Australia, expected to begin in October 2026 for an estimated 150 days, valued at approximately $27 million.
In the UK sector, VALARIS 123 received a 105-day extension with TAQA in the Dutch North Sea for accommodation support services, expected to commence in January 2026, at a day rate of $80,000, with four one-month options remaining. VALARIS 122 secured a 64-day extension with Adura in the UK North Sea, expected to start in February 2026, adding over $7 million to backlog. VALARIS 248 was awarded a 30-day extension with GE Vernova in the UK North Sea to support an offshore wind project, expected to start in March 2026, adding over $2 million, with five priced options totaling 74 days.
In other updates, semisubmersible VALARIS DPS-1 was classified as held for sale with the intent to recycle, while jackups VALARIS 102 and VALARIS 145 were sold for recycling in December 2025.
