In offshore contracting news, Valaris added about $220 million to its backlog through new work and extensions in Suriname, Australia and the North Sea.[1] The total covers awards since its 5 August fleet update and excludes lump sum payments such as mobilization fees and capital reimbursements.[2]
PETRONAS Suriname Exploration & Production contracted drillship VALARIS DS-18 for two exploration wells, following an earlier Letter of Award.[2] The campaign is expected to start in the fourth quarter of 2026 and run for up to seven months.[2] The company did not disclose a separate value for that contract, so the $220 million should not be read as a Suriname award value.[2]
In Australia, VALARIS 107 secured about 300 days of work after its current commitments, adding approximately $50 million to backlog before mobilization and demobilization compensation.[1] A separate Southern North Sea plugging and abandonment contract covers an estimated 341 days and $41.5 million of backlog, subject to annual cost escalation.[1] That work can use any suitable available rig in the regional fleet, with a start window extending through December 2030.[2]
The update also changes existing rig assignments rather than simply adding drilling days.[1] About eight and a half months of Eni's East Irish Sea programme will move from VALARIS 72 to VALARIS 121, which is expected to begin that work in November 2026.[2] The amendment adds approximately $17 million to backlog, while VALARIS 72 is now expected to finish its share in March 2027 instead of September.[2]
Sources: [1] https://www.oedigital.com/news/543524-valaris-adds-220m-to-offshore-drilling-backlog [2] https://finance.yahoo.com/energy/articles/valaris-announces-contract-awards-fleet-110000698.html