Valaris, a Bermuda-based offshore drilling contractor, has increased its workload in the North Sea, Australia, and Suriname by signing several new contracts and contract extensions. The company has also sold two old semi-submersible drilling rigs for recycling.
Contract Details and Work Volume
Following the issuance of the previous fleet status report on August 5, 2026, Valaris has secured new contracts and extensions with an approximate work volume of $220 million. This work volume does not include key payments such as relocation costs and capital reimbursements.
In the floating drilling sector, Valaris has signed a new exploratory drilling contract with Petronas Suriname Exploration & Production. This contract includes drilling two wells using the Valaris DS-18 drilling rig and is expected to commence in the fourth quarter of 2026, lasting for up to seven months.
New Contracts in Australia and the North Sea
In the jack-up rig sector, Valaris has signed a new contract off the coast of Australia for the Valaris 107 rig, which is expected to begin after the completion of current commitments, with an estimated duration of about 300 days. Additionally, the company has announced a multi-well contract for plugging and abandonment (P&A) in the southern North Sea, which can be executed by any suitable and available rig in the company's North Sea fleet.
This contract adds to the workload with a start window until December 2030 and an estimated duration of 341 days, valued at approximately $41.5 million, and is subject to an annual cost escalation mechanism from the contract's effective date.
Valaris has also signed an extension contract for the Valaris 122 rig with INEOS for a project in the North Sea off Denmark, expected to start in February 2027, with an estimated duration of about 126 days. The daily operating rate will be $115,000, and this contract includes additional options with an estimated duration of 699 days for work in the North Sea off the UK and Denmark.
Finally, Valaris has announced a 31-day extension for the Valaris 248 rig with Seatrium in the North Sea off the UK to provide accommodation support services for a wind energy project, which commenced in October 2026, adding approximately $2.5 million to the contractual workload.
