Valaris added $220 million in new contract backlog since its last fleet status report on August 5, 2026. The bookings span a Suriname exploration well, an Australian jackup contract, Southern North Sea plug-and-abandonment work and a string of extensions and amendments across the North Sea and East Irish Sea.

PETRONAS books a Suriname exploration well

The largest single booking is a two-well exploration contract with PETRONAS Suriname Exploration & Production B.V. for the drillship VALARIS DS-18. The contract follows a previously announced letter of award and is expected to start in the fourth quarter of 2026, running up to seven months. The backlog figure excludes mobilization, demobilization and other services billed separately.

Jackup work in Australia and the Southern North Sea

VALARIS 107 picked up a new contract offshore Australia, due to start once the rig finishes its current work. The job is estimated to run 300 days and carries a backlog of about $50 million, excluding mobilization and demobilization costs; it also includes priced options.

A separate fleet award covers multi-well plug-and-abandonment work in the Southern North Sea, which can be carried out by any suitable and available rig in Valaris's North Sea fleet. It has a commencement window running to December 2030, an estimated duration of 341 days, and a contracted revenue backlog of $41.5 million, subject to an annual cost escalation mechanism starting on the contract's execution date. It also carries a one-well option estimated at 19 days.

North Sea extensions and an amendment

VALARIS 122 extended its contract with INEOS for a project in the Danish North Sea. The extension is expected to start in February 2027, in direct continuation of the rig's existing program, and run an estimated 126 days at an operating day rate of $115,000. The deal includes additional options covering an estimated 699 days of further work in the UK and Danish North Sea.

Valaris also amended VALARIS 72's contract with Eni in the East Irish Sea (UK). About eight and a half months of that program will now be carried out by VALARIS 121 instead, which is expected to begin the work in November 2026, in direct continuation of its current contract with another operator. VALARIS 72 is now due to complete its program in March 2027, rather than September 2027. The amendment adds about $17 million to contract backlog.

A 31-day extension for VALARIS 248 with Seatrium, providing accommodation support for an offshore wind project in the UK North Sea, started in October 2026 and added about $2.5 million to contracted revenue backlog.

Fleet updates

Valaris sold the semisubmersible VALARIS MS-1 and the jackup VALARIS 111 for recycling in September 2026.

We reported last month that Valaris booked an exploration well and North Sea plug-and-abandonment work.