Valaris Limited has announced a series of new contract awards and extensions carrying an associated contract backlog of approximately USD 220 million, all secured after the company issued its previous fleet status report on August 5, 2026.

The announcement, dated October 7, 2026, from the Hamilton, Bermuda-based offshore drilling contractor, covers work spanning Suriname, Australia, the North Sea, the East Irish Sea, and the UK offshore wind sector. Contract backlog figures exclude lump sum payments such as mobilization fees and capital reimbursements.

Drillship Award in Suriname

The company's floater segment gained a two-well exploration contract with PETRONAS Suriname Exploration & Production B.V. for the drillship VALARIS DS-18. The award, which follows a previously announced Letter of Award, is expected to commence in the fourth quarter of 2026 and has a duration of up to seven months.

Valaris noted that the contract backlog excludes additional services that may be provided and billed separately, as well as compensation for mobilization and demobilization.

Jackup Awards and Extensions

The jackup segment accounted for the bulk of the new work. VALARIS 107 has won a new contract offshore Australia, expected to commence following its current commitments, with an estimated duration of 300 days.

The contract backlog for this award is approximately USD 50 million, excluding compensation for mobilization and demobilization, and the contract includes priced options.

A multi-well plug and abandonment contract in the Southern North Sea has also been secured. This is a fleet award under which operations may be performed by any suitable and available rig within the Valaris North Sea fleet. The contract carries a commencement window up to December 2030 and an estimated duration of 341 days.

The contracted revenue backlog is estimated at USD 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.

Separately, Valaris has agreed to a contract extension with INEOS for VALARIS 122 on a project in the Danish North Sea. The extension is expected to commence in February 2027 in direct continuation of the existing program and has an estimated duration of 126 days, with an operating day rate of USD 115,000.

The contract includes additional options with an estimated total duration of 699 days for work in the UK and Danish North Sea.

Program Amendment Shuffles East Irish Sea Work

A previously announced contract for VALARIS 72 with Eni in the East Irish Sea (UK) has been amended.

Under the revised arrangement, 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.

As a result, VALARIS 72 is now expected to complete its program in March 2027 rather than September 2027. The amendment increases contract backlog by approximately USD 17 million.

Offshore Wind Support Work

VALARIS 248 received a 31-day contract extension with Seatrium in the UK North Sea to provide accommodation support services for an offshore wind project. The extension commenced in October 2026 in direct continuation of the existing program and added approximately USD 2.5 million to the contracted revenue backlog.

Fleet Status Update

In fleet developments outside contract activity, Valaris confirmed that the semisubmersible VALARIS MS-1 and the jackup VALARIS 111 were sold for recycling in September 2026.

Company Profile

Valaris Limited, listed on the New York Stock Exchange under the ticker VAL, describes itself as an industry leader in offshore drilling services across all water depths and geographies.

The company operates a fleet of ultra-deepwater drillships, versatile semisubmersibles, and modern shallow-water jackups and has experience operating in nearly every major offshore basin. Valaris is a Bermuda exempted company limited by shares.

The company cautioned in its release that statements not constituting historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and noted that such statements include matters concerning expected utilization, day rates, revenues, contract status, and backlog, as well as general market and industry conditions.

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