Valaris Increases Contract Backlog to $4.8 Billion

Offshore drilling contractor Valaris Limited increased its total contracted backlog to approximately $4.8 billion after securing $600 million in new contracts and extensions since August 2026. The company's November fleet status update detailed new awards for drillships, jack-up rigs, and platform services across several global regions.

Major agreements include a $290 million three-year service contract with BP for the Mad Dog and Thunder Horse platforms in the Gulf of America. Valaris also entered a two-well exploration campaign with Petronas Suriname Exploration & Production and secured a one-well contract with Oil Basins Ltd. in Australia.

Additional extensions were granted by BP in Egypt and Indonesia, as well as by Ithaca Energy and Seatrium in the UK North Sea and INEOS in the Danish and UK sectors. ARO Drilling, a joint venture between Valaris and Aramco, secured three-year extensions for five rigs in the Middle East.

As part of its fleet management, Valaris sold the VALARIS MS-1 for recycling and sold the VALARIS 111 to a buyer for conversion into a mobile offshore production unit.