Valaris has issued a Fleet Status Report that provides the current status of the Company’s fleet of offshore drilling rigs along with certain contract information for these assets. The Fleet Status Report can be found on the 'Investors' section of the Company’s website.
New Contracts, Extensions and Other Updates Since Last Fleet Status Report Contract
Backlog
• Valaris has been awarded the following new contracts and contract extensions, with associated contract backlog of more than $1.0 billion, subsequent to issuing its previous fleet status report on April 30, 2025. Contract backlog excludes lump sum payments such as mobilization fees and capital reimbursements.
• Contract backlog increased to approximately $4.7 billion from approximately $4.2 billion as of April 30, 2025.
Floater Contract Awards
• 940-day contract extension for drillship VALARIS DS-16, starting in June 2026, and a new 914-day contract for drillship VALARIS DS-18, that is expected to start in mid-fourth quarter 2026, with Anadarko Petroleum Corporation, a wholly-owned subsidiary of Occidental, in the Gulf of America. The combined addition to contracted revenue backlog is approximately $760 million.
• Five-well contract offshore West Africa for drillship VALARIS DS-15. The contract is expected to commence in the third quarter 2026. The total contract value, based on an estimated duration of 250 days, is approximately $135 million, including upfront payments for rig upgrades and mobilization. The total contract value does not include the provision of additional services. The contract includes priced options for up to five wells with an estimated total duration of 80 to 100 days.
Jackup Contract Awards
• Four-year contract extension for jackup VALARIS 110 offshore Qatar. The contract extension is expected to commence in October 2025 in direct continuation of the existing contract. The contracted revenue backlog for the four-year extension is approximately $117 million.
• 150-day contract extension for jackup VALARIS Norway with Ithaca Energy in the UK North Sea. The contract extension is expected to commence in February 2026 in direct continuation of the existing contract. The contracted revenue backlog for the 150-day extension is approximately $18 million.
• 31-day contract extension for jackup VALARIS 122 with Shell in the UK North Sea. The contract extension is expected to commence in December 2025 in direct continuation of the existing contract. The contracted revenue backlog for the 31-day extension is over $3.5 million. The contract extension is for accommodation support and includes two 28-day priced options.
Other Fleet Status Updates
• Contract suspension notice received from Harbour Energy for jackup VALARIS 120. The contract suspension is effective on completion of Harbour Energy's current well, estimated to be during September 2025. Contract backlog includes amounts for this rig following the suspension effective date.
• Amendment to a previously disclosed contract for jackup VALARIS 248 with Eni in the East Irish Sea (UK). VALARIS 120 will substitute for VALARIS 248 from September 2025 to April 2026, while VALARIS 248 completes another customer's program and a special periodic survey.
• A previously disclosed contract with Anasuria Hibiscus UK Limited in the UK North Sea for jackup VALARIS 248 has been terminated by mutual agreement.
• Valaris has agreed to sell jackup VALARIS 247 for cash proceeds of approximately $108 million. This sale is expected to close in the second half of 2025, subject to customary closing conditions.
Click here for Fleet Status Report July 2025
Source: Valaris
