Valaris wins ~$220M in new offshore drilling contracts

Valaris Limited (NYSE: VAL) has announced a series of new contracts and contract extensions totaling approximately $220 million in backlog since its previous fleet status report on August 5, 2026, according to a company statement.

Among the floater awards, Valaris secured a two-well exploration contract with PETRONAS Suriname Exploration & Production B.V. for drillship Valaris DS-18, expected to commence in the fourth quarter of 2026 with a duration of up to seven months.

On the jackup side, Valaris was awarded a new contract offshore Australia for Valaris 107, with an estimated 300-day duration and a backlog of approximately $50 million. A multi-well plug and abandonment contract in the Southern North Sea was also awarded, with an estimated 341-day duration and $41.5 million in contracted revenue backlog, subject to annual cost escalation. The contract includes a commencement window up to December 2030.

Valaris 122 received a contract extension with INEOS for work in the Danish North Sea, expected to begin in February 2027 for 126 days at an operating day rate of $115,000, with additional options totaling an estimated 699 days.

A previously announced contract for Valaris 72 with Eni in the East Irish Sea was amended, with approximately eight and a half months of the program transferred to Valaris 121. The amendment added approximately $17 million to contract backlog. Valaris 248 received a 31-day extension with Seatrium for accommodation support on an offshore wind project in the UK North Sea, adding approximately $2.5 million to backlog.

In fleet status updates, semisubmersible Valaris MS-1 and jackup Valaris 111 were sold for recycling in September 2026.

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