Business UpdateAug 5, 2026, 05:07 PM
Valaris Secures Over $160M in New Contracts; Backlog Reaches $4.6B
AI Summary
Valaris Ltd. announced significant fleet updates, including new contracts and extensions totaling over $160 million, pushing its contract backlog to approximately $4.6 billion as of August 5, 2026. Key awards include a substantial plug and abandonment contract for VALARIS 248 worth $140 million and a new contract for VALARIS 123 offshore Poland. The company also divested two stacked jackup rigs, VALARIS 104 and 109, for $74 million and resumed operations for VALARIS 110 in Qatar.
Key Highlights
- Valaris secured over $160 million in new contracts and extensions since May 4, 2026.
- Total contract backlog reached approximately $4.6 billion as of August 5, 2026.
- VALARIS 248 received a 101-day extension for $7.5 million and a 1,080-day contract for $140 million.
- VALARIS 123 secured a 110-day contract at a $135,000 day rate offshore Poland.
- Jackups VALARIS 104 and 109 were sold for total cash proceeds of $74 million.
- VALARIS 110 resumed operations offshore Qatar after being suspended since early March 2026.
Price Impact
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