Valaris has been awarded new contracts and contract extensions, with associated contract backlog of approx. $220 million, subsequent to issuing the Company’s previous fleet status report on August 5, 2026. Contract backlog excludes lump sum payments such as mobilization fees and capital reimbursements.
Floater Contract Award
- Two-well exploration contract with PETRONAS Suriname Exploration & Production B.V. for drillship VALARIS DS-18. The contract, which follows a previously announced Letter of Award, is expected to commence in the fourth quarter of 2026 with a duration of up to seven months. The contract backlog excludes additional services that may be provided and billed separately, as well as compensation for mobilization and demobilization.
Jackup Contract Awards
- New contract offshore Australia for VALARIS 107. The contract is expected to commence following its current commitments and has an estimated duration of 300 days. The contract backlog of approximately $50 million excludes compensation for mobilization and demobilization. The contract also includes priced options.
- Multi-well plug and abandonment contract in the Southern North Sea. The contract is a fleet award under which operations may be performed by any suitable and available rig within the Valaris North Sea fleet. The contract has a commencement window up to December 2030 and has an estimated duration of 341 days. The contracted revenue backlog is estimated to be $41.5 million and is subject to an annual cost escalation mechanism effective from the contract execution date. The contract also includes a one-well option with an estimated duration of 19 days.
- Contract extension for VALARIS 122 with INEOS for a project in the Danish North Sea. The contract extension is expected to commence in February 2027 in direct continuation of the existing program and has an estimated duration of 126 days. The operating day rate is $115,000. The contract includes additional options with an estimated total duration of 699 days for work in the UK and Danish North Sea.
- A previously announced contract for VALARIS 72 with Eni in the East Irish Sea (UK) has been amended. Approximately eight and a half months of the program will now be undertaken by VALARIS 121, which is expected to commence operations in November 2026 in direct continuation of its existing program with another operator. VALARIS 72 is now expected to complete its program in March 2027, rather than September 2027. The amendment increases contract backlog by approximately $17 million.
- 31-day contract extension for VALARIS 248 with Seatrium in the UK North Sea to provide accommodation support services for an offshore wind project. The contract extension commenced in October 2026 in direct continuation of the existing program and added approximately $2.5 million to contracted revenue backlog.
Fleet Status Updates
- Semisubmersible VALARIS MS-1 and jackup VALARIS 111 were sold for recycling in September 2026.
Source: Valaris
