Offshore drilling contractor Valaris has added an estimated $220m in contract backlog since its August 2026 fleet status update, spanning new awards, extensions, and contract modifications across the Suriname–Guyana basin, the southern and central North Sea, and the Australian offshore.

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

How is the backlog split by segment?

The contract package splits between the deepwater drillship segment and the jack-up fleet. Geographically, it spans offshore Suriname, the southern and central North Sea, and the Australian offshore, with optional periods pushing day-rate visibility into 2030 on some units.

What does the Suriname drillship award add?

The largest single piece is a two-well exploration contract with Petronas Suriname Exploration & Production for the VALARIS DS-18 drillship. Operations are scheduled to begin in the fourth quarter of 2026 and could run for up to seven months. It supports the operator's two-well exploration programme offshore Suriname.

The company stated that the headline value excludes additional services that may be billed separately, as well as mobilisation and demobilisation compensation.

The Suriname work ties back to a strategic collaboration agreement signed in April 2026 between Valaris, Halliburton, and Petronas Suriname Exploration & Production to develop Suriname's offshore assets.

What did the jack-up fleet secure?

In the jack-up segment, the VALARIS 107 has been booked for a new assignment offshore Australia. Operations are scheduled to begin once the rig completes its current commitments, with an expected duration of approximately 300 days. The contract contributes around $50m to the backlog and includes options for further work.

What is the North Sea plug and abandonment scope?

A multi-well plug and abandonment programme in the southern North Sea has been awarded on a fleet basis, allowing any suitable and available unit from Valaris's southern North Sea fleet to perform the work.

The contract carries a start window extending to December 2030, an expected duration of 341 days, and an estimated backlog contribution of $41.5m. It includes an annual cost escalation mechanism and a one-well option for an additional 19 days.

Which existing contracts moved?

The VALARIS 122 jack-up is the focus of a contract extension with INEOS in the Danish North Sea. The extension, scheduled to begin in February 2027, runs for 126 days at a day rate of $115,000. Optional work on the contract totals a further 699 days across the UK and Danish sectors.

A modification to a previously announced Eni contract will shift approximately eight and a half months of work in the east Irish Sea from the VALARIS 72 to the VALARIS 121. The adjustment increases backlog by approximately $17m, with the VALARIS 72 now scheduled to complete in March 2027.

In the UK North Sea, the VALARIS 248 secured a 31-day extension with Seatrium to provide accommodation support services for an offshore wind project, adding roughly $2.5m to revenue backlog.

What fleet changes did Valaris announce?

Valaris confirmed the semi-submersible VALARIS MS-1 drilling rig and the jack-up vessel VALARIS 111 were sold for recycling in September 2026.

What is the watch item?

The package anchors North Sea backlog visibility through 2030 and broadens Valaris's exposure to the Suriname–Guyana frontier. The deal flow continues a busy 2026 for the contractor.

Watch item: the Q4 2026 spud date for the VALARIS DS-18 in Suriname, the February 2027 start of the VALARIS 122 with INEOS at $115,000 per day, and the December 2030 outer window for the southern North Sea plug and abandonment fleet contract.