Valaris Limited Reports ~$600 Million in New Contracts, Backlog Reaches ~$4.8 Billion

Valaris Limited reported the award of new contracts and extensions totaling approximately $600 million in contract backlog since its previous fleet status report on August 5, 2026. The company stated that its total contract backlog has increased to approximately $4.8 billion from approximately $4.6 billion as of August 5, 2026.

The awards include a two-well exploration contract with PETRONAS Suriname Exploration & Production B.V. for the VALARIS DS-18, expected to commence in the fourth quarter of 2026 with a duration of up to seven months. The company also secured a one-well contract extension with BP Exploration Delta Limited offshore Egypt for the VALARIS DS-12, expected to commence in late 2027 or early 2028, adding approximately $25 million to backlog.

In the jackup rig segment, Valaris announced a one-well contract for VALARIS 107 with Emperor Energy offshore Australia, with an operating day rate of $165,000, expected to commence in the second quarter of 2027. The company also secured a new contract offshore Australia for VALARIS 107 with an estimated duration of 300 days and a backlog of approximately $50 million.

Other significant awards include a three-year service contract with bp supporting drilling operations on the Mad Dog and Thunder Horse platforms in the Gulf of America, which adds approximately $290 million to contract backlog and is expected to commence in January 2027. Additionally, Valaris extended its contract with Ithaca Energy for VALARIS Norway in the UK North Sea, with a backlog of approximately $27 million and an estimated duration of approximately 200 days.

The company also noted that a previously announced contract for VALARIS 72 with Eni in the East Irish Sea was amended, increasing contract backlog by approximately $17 million. Furthermore, a 61-day contract extension for VALARIS 248 with Seatrium in the UK North Sea to provide accommodation support services commenced in October 2026 and added over $5 million to contracted revenue backlog.

Valaris also updated on its fleet status, indicating that the Semisubmersible VALARIS MS-1 was sold for recycling. The company terminated the previously announced sale of jackup VALARIS 111 for recycling and subsequently sold the rig to another buyer for conversion to a mobile offshore production unit.