Bermuda-incorporated offshore drilling contractor Valaris has divested one mobile offshore drilling unit (MODU) from its fleet and found multimillion-dollar assignments for five rigs within the oil and gas and offshore wind realms in the North Sea and Middle East regions.
While shedding light on new contracts and contract extensions, with an associated contract backlog of approximately $190 million , after issuing its previous fleet status report in July 2025, Valaris underlines that contract backlog excludes lump sum payments such as mobilization fees and capital reimbursements. Thanks to the new work, the firm’s contract backlog is approximately $4.5 billion as of October 23, 2025.
Within its floater segment, the rig owner secured a five-well contract with BP Exploration Delta, a subsidiary of the UK-based energy giant BP, for the Valaris DS-12 drillship in Egypt . This deal, with an estimated duration of 350 days, is expected to begin in the second quarter of 2026. The estimated total contract value, inclusive of a mobilization fee, is about $140 million. However, the deal also entails three option wells.
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The company also picked up several assignments in the jack-up sphere, including a 194-day contract extension for the Valaris 121 jack-up rig with Shell in the UK North Sea , which is expected to start in February 2026 in direct continuation of the existing contract. While the contracted revenue backlog for the extension is over $25 million, one further unpriced option remains.
The rig owner won a 150-day contract extension, worth around $18 million, for the Valaris Norway jack-up rig with Ithaca Energy in the UK sector North Sea, which is anticipated to commence in August 2026 in direct continuation of the existing contract.
Valaris obtained a 120-day contract for the Valaris 248 jack-up with GE Vernova in the UK North Sea to provide accommodation support services for an offshore wind project from November 2025, adding over $8 million to its contracted revenue backlog. This deal encompasses an additional six priced options with a total duration of 104 days.
The drilling giant expects around 30 days out of service for planned maintenance in 4Q 2025 and another 30 days for the same reason in 2Q26. The Valaris 120 rig will substitute for the Valaris 248 jack-up from November 2025 to June 2026, while the rig completes another customer’s program and a special periodic survey (SPS). The jack-up is due to begin its job with Eni in June 2026 and wrap it up in November 2027.
The offshore drilling player landed two 28-day contract extensions for the Valaris 122 jack-up rig with Shell in the UK North Sea, slated to kick off in January 2026 in direct continuation of the existing contract. Bringing over $6 million to the firm’s backlog, these contract extensions are for accommodation support, with one priced option still available.
Valaris has also sold the Valaris 247 jack-up rig for cash proceeds of approximately $108 million in August 2025.