Business UpdateMay 4, 2026, 04:24 PM
Valaris Secures $560M in New Contracts; Backlog Rises to $4.9B
AI Summary
Valaris Ltd announced new contracts and extensions totaling approximately $560 million, increasing its contract backlog to $4.9 billion. Key awards include a $447 million extension for the VALARIS DS-4 drillship with Petrobras and a $78 million extension for the VALARIS 115 jackup with Brunei Shell Petroleum. However, the company also reported delays in shipyard projects for two ARO rigs and the suspension of operations for VALARIS 110 in Qatar due to regional conflicts, alongside the sale of the VALARIS DPS-1 semisubmersible for recycling.
Key Highlights
- Valaris secured approximately $560 million in new contracts and extensions since February 17, 2026.
- Contract backlog increased to approximately $4.9 billion from $4.7 billion as of February 17, 2026.
- Drillship VALARIS DS-4 received a 1,064-day extension with Petrobras, adding $447 million to backlog.
- Jackup VALARIS 115 secured a two-year extension with Brunei Shell Petroleum, adding $78 million.
- Jackup VALARIS 106 was awarded a one-well contract with Medco Energi for approximately $5.4 million.
- Jackup VALARIS 122 received a 123-day extension with Adura for accommodation support, adding $14 million.
- Semisubmersible VALARIS DPS-1 was sold for recycling in April 2026.
- Shipyard projects for ARO rigs VALARIS 116 and 250 are delayed, expected to resume in Q3 2026.