Valaris has announced plans to warm-stack its semi-submersible rigs MS-1 and DPS-1 in Malaysia after completing offshore drilling contracts in Australia by the end of 2025.

The rigs currently have no confirmed work for 2026, but Valaris intends to maintain them in Malaysia while exploring new long-term opportunities from 2027 onward. The relocation reflects Malaysia’s growing position as a maintenance and logistics hub for the offshore industry.

By positioning the rigs in Malaysia, Valaris aims to leverage the country’s shipyards, marine logistics, and service providers for months of storage, maintenance, and technical support.

According to Valaris’ third-quarter 2025 report, the company recorded a contract backlog of $4.45 billion, a quarterly profit of $187 million (up 200% year on year), and operating revenues of $596 million. The company is also tracking over 30 long-term floater projects planned for 2026–2027.

Despite lower oil prices, Valaris expects the offshore market to tighten later in the decade, driven by under-investment and rising energy demand across Asia.