Valaris Announce New Contracts, Extensions and Other Updates

19 Feb Valaris Announce New Contracts, Extensions and Other Updates

(Oilandgaspress) – Valaris has secured new contracts and extensions totaling nearly $900 million in additional backlog since its last fleet update in October 2025, driven by continued demand for offshore drilling and support services across multiple regions. Total contract backlog has increased to approximately $4.7 billion.

The contract momentum comes shortly after Transocean announced plans to acquire Valaris in a $5.8-billion all-stock transaction that will create one of the world’s largest offshore drilling contractors. The combined company is expected to have a fleet of 70+ offshore rigs and roughly $10 billion in backlog, positioning it to capitalize on strengthening global offshore activity. Valaris’ recent contract wins highlight continued demand across key deepwater and jackup markets ahead of the proposed merger’s completion.

Floater Contract Awards

• Five-well contract extension for drillship VALARIS DS-7 with Azule Energy offshore Angola.
  The contract extension is expected to commence in October 2026 in direct continuation of the existing program. The contract has an estimated duration of 325 days and will add approximately $125 million to contracted revenue backlog. The contract also includes a fivewell unpriced option with an estimated duration of 300 to 350 days.
• Two-year contract extension for drillship VALARIS DS-9 with Esso Exploration Angola, an affiliate of ExxonMobil. The contract extension is expected to commence in July 2026 in direct continuation of the existing program. The operating day rate is in line with recent market rates in the region. The contract also includes two six-month options.• Multi-year contract for drillship VALARIS DS-8 with Shell offshore Brazil. The contract is expected to commence in the first quarter of 2027, with an estimated duration of approximately 800 days and a total contract value of approximately $300 million. The contract also includes options with a total estimated duration of approximately one year.

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