Valaris Limited secured several new and extended contracts in the UK North Sea, following the award of multiple jack-up rig contract extensions and a new offshore wind project. Additionally, the company completed a rig sale as part of its ongoing asset optimization plan.
According to its 23 October 2025 Fleet Status Report, the offshore driller added about $190 million in new contracts and extensions, bringing its total contract backlog to $4.5 billion.
Shell extended its use of VALARIS 121 by 194 days starting February 2026, adding over $25 million to the backlog, with one option remaining. It also renewed two 28-day accommodation support deals for VALARIS 122, worth $6 million. Ithaca Energy extended VALARIS Norway for 150 days from August 2026, adding $18 million.
In addition, GE Vernova awarded VALARIS 248 a 120-day contract for an offshore wind project starting November 2025, valued at $8 million, with six priced options totaling 104 additional days.
Valaris also sold the VALARIS 247, a 1998-built Super Gorilla jack-up rig, for $108 million in August 2025, as part of its ongoing asset optimization plan.
Chief executive Anton Dibowitz said Valaris continues to see “a pipeline of over 20 contract opportunities” across the UK, Netherlands, and Danish sectors, reflecting continued contract activity in the North Sea.
