Valaris has secured a backlog of contracts worth approximately $220 million by securing a series of new contracts and extensions. These contracts include projects in Suriname, Australia, and the North Sea off Denmark.
Contract with Petronas in Suriname
Valaris has obtained a contract with Petronas for the Valaris DS-18 drilling rig in Suriname. This contract, signed following a prior announcement, is expected to commence in the fourth quarter of 2026 and last for up to seven months. The backlog does not include additional services that may be provided and billed separately.
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Other Valaris Projects
After the conclusion of this contract, the drilling rig will be transferred to a 914-day contract with Occidental in the Gulf of Mexico, United States. This contract also has two one-year options. Additionally, a new contract has been awarded in Australian waters to the Valaris 107 rig with an undisclosed client, expected to commence after its current commitments, with an estimated duration of 300 days. The backlog for this contract is approximately $50 million, excluding relocation cost reimbursements, and pricing options are also included.
Other Contracts in the North Sea and Irish Sea
Valaris has also secured a contract extension for Valaris 122 from Eni in a project in the North Sea off Denmark. This extension is expected to commence in February 2027 and last for 126 days. The day rate is $115,000. This contract includes additional options with an estimated duration of 699 days for work in the North Sea off England and Denmark.
Another contract for Valaris 72 with Eni in the Eastern Irish Sea has been updated, where Valaris 121 will perform for eight and a half months, with operations expected to commence in November 2026. Additionally, Valaris 72 is now expected to complete its program in March 2027.
Final Contracts and Equipment Sales
The final contract is a 31-day extension with Seatrium in the North Sea off England, where Valaris 248 will provide accommodation support services for an offshore wind project. This extension commenced in October 2026 and has added approximately $2.5 million to the contract revenue backlog. Finally, Valaris announced that the semi-submersible rig Valaris MS-1 and the Valaris 111 rig have been sold for recycling in September 2026.
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