Valaris Limited (NYSE:VAL) has secured new offshore drilling contracts and extensions representing approximately $220 million in additional backlog since its previous fleet status report on August 5, 2026.
Among its floater awards, Valaris secured a two-well exploration contract with PETRONAS Suriname Exploration & Production B.V. for the drillship Valaris DS-18. The programme is expected to begin in the fourth quarter of 2026 and run for up to seven months.
New Jackup Contracts and Extensions
Valaris also secured a contract for Valaris 107 offshore Australia. The contract has an estimated duration of 300 days and represents approximately $50 million of backlog.
The company was awarded a multi-well plug and abandonment contract in the Southern North Sea with an estimated duration of 341 days and contracted revenue backlog of $41.5 million, subject to annual cost escalation. The contract has a commencement window extending through December 2030.
Valaris 122 received a contract extension with INEOS for operations in the Danish North Sea. The extension is expected to begin in February 2027 and run for 126 days at an operating day rate of $115,000.
The agreement also includes additional options representing an estimated 699 days of potential work.
Valaris Amends Eni Contract and Extends UK North Sea Work
A previously announced contract for Valaris 72 with Eni in the East Irish Sea has been amended, transferring approximately eight and a half months of the programme to Valaris 121. The change added approximately $17 million to Valaris’ contract backlog.
Valaris 248 also received a 31-day extension from Seatrium to provide accommodation support for an offshore wind project in the UK North Sea. The extension added approximately $2.5 million to backlog.
In a separate fleet update, Valaris said semisubmersible Valaris MS-1 and jackup Valaris 111 were sold for recycling in September 2026.
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