Offshore drilling contractor Valaris has reported new contract awards and extensions amounting to an estimated $220m in contract backlog since its previous fleet status update in August 2026.
The backlog calculation does not include lump sum payments such as mobilisation fees or capital reimbursements.
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Among the latest awards, Valaris confirmed a two-well exploration contract with Petronas Suriname Exploration & Production for the VALARIS DS-18 drill-ship.
The work is expected to begin in the fourth quarter of 2026 and could run for up to seven months.
The company stated that associated contract value excludes additional services that may be billed separately, as well as mobilisation and demobilisation compensation.
In the jack-up segment, the VALARIS 107 has been booked for a new assignment offshore Australia. This work is expected to begin once the rig completes its current commitments.
The contract is expected to last for approximately 300 days, contributing around $50m to the revenue backlog, with options for further work included.
Separately, a multi-well plug and abandonment programme in the southern North Sea has been awarded on a fleet basis, allowing any suitable and available unit from the company’s southern North Sea fleet to perform the work.
This contract, with a start window extending to December 2030, has an expected duration of 341 days and an estimated revenue backlog of $41.5m. It includes an annual cost escalation mechanism and a one-well option for an additional 19 days.
For existing projects, the VALARIS 122 jack-up rig was the focus of a contract extension with INEOS in the Danish North Sea.
The extension, expected to begin in February 2027, is set for 126 days at a day rate of $115,000, and provides optional work totalling a further 699 days in the UK and Danish sectors.
A modification to a previously announced contract with Eni will see approximately eight and a half months of work in the east Irish Sea shifted from the VALARIS 72 to the VALARIS 121.
This adjustment increases the contract backlog by approximately $17m, with the VALARIS 72 now scheduled to complete in March 2027.
In the UK North Sea, the VALARIS 248 secured a 31-day extension with Seatrium to provide accommodation support services for an offshore wind project, adding roughly $2.5m to revenue backlog.
The company also confirmed that the semi-submersible VALARIS MS-1 drilling rig and jack-up vessel the VALARIS 111 were sold for recycling in September 2026.
In April this year, Valaris, along with Halliburton, and Petronas Suriname Exploration & Production signed a strategic collaboration agreement to develop Suriname’s offshore assets.
