Valaris Ltd has secured approximately US$220 million in new contract backlog through a slate of awards and extensions spanning drillship and jackup work, the offshore drilling contractor disclosed in a fleet update following its 5 August 2026 fleet status report.

The backlog figure excludes lump-sum payments such as mobilisation fees and capital reimbursements, the company said.

What does the Suriname award cover?

A two-well exploration contract with PETRONAS Suriname Exploration & Production B.V. sends drillship VALARIS DS-18 to the Guyana-Suriname basin. The contract follows a previously announced Letter of Award and is expected to commence in the fourth quarter of 2026 for up to seven months. Backlog attributable to the program excludes additional services billed separately and compensation for mobilisation and demobilisation, Valaris noted.

What does the Australian contract include?

Jackup VALARIS 107 has won a new contract offshore Australia. Operations are scheduled to begin after the rig completes its current commitments. Estimated duration is 300 days, with associated backlog of approximately US$50 million, excluding mobilisation and demobilisation compensation. The contract also carries priced options that could extend the rig's stay in Australian waters.

How is the North Sea workload distributed?

Four separate actions reshape Valaris's roster across the UK, Danish, and Southern basins:

• A multi-well plug and abandonment contract in the Southern North Sea has been signed as a fleet award, allowing any suitable rig from the Valaris North Sea fleet to execute the work. The commencement window runs to December 2030, with an estimated 341-day duration. Contracted revenue backlog is US$41.5 million, subject to an annual cost escalation mechanism from the contract execution date. A one-well option carries an estimated 19-day duration.
• A contract extension for VALARIS 122 with INEOS covers a project in the Danish North Sea. The extension begins in February 2027 in direct continuation of the existing program and runs an estimated 126 days at an operating day rate of US$115,000. The package includes additional options totalling an estimated 699 days across the UK and Danish North Sea.
• A previously announced contract for VALARIS 72 with Eni in the UK East Irish Sea has been amended. Approximately eight and a half months of the programme will now move to VALARIS 121, which is expected to commence operations in November 2026 in direct continuation of its existing work with another operator. VALARIS 72 will now complete its program in March 2027, six months earlier than the prior September 2027 estimate. The amendment adds approximately US$17 million to contract backlog.
• A 31-day contract extension for VALARIS 248 with Seatrium provides accommodation support services for an offshore wind project in the UK North Sea. The extension began in October 2026 in direct continuation of the existing program and adds approximately US$2.5 million to contracted revenue backlog.

What to watch

The fourth-quarter 2026 commencement of VALARIS DS-18 in Suriname is the next operational catalyst, followed by VALARIS 121's November 2026 transition onto the Eni programme in the East Irish Sea. The Southern North Sea P&A fleet award carries a December 2030 commencement ceiling, giving Valaris scheduling flexibility as the North Sea fleet absorbs the new workload. The INEOS day rate of US$115,000 for VALARIS 122 will set a benchmark as the rig rolls into its February 2027 extension.