Valaris Rigs Find More Work in North Sea, Australia, and Suriname

October 7, 2026 · 8 hours ago

Valaris has revealed a total of $220 million secured in new offshore assignments and contract extensions.

Bermuda-incorporated offshore drilling contractor Valaris has won a wave of new offshore drilling contracts and extensions spanning the North Sea, Australia, and Suriname, while divesting two aging semi-submersible rigs for recycling.

Valaris has been awarded new contracts and extensions, with an associated contract backlog of approximately $220 million, subsequent to issuing its previous fleet status report on August 5, 2026. This contract backlog excludes lump sum payments such as mobilization fees and capital reimbursements. The drilling player also sold the Valaris MS-1 and Valaris 111 rigs for recycling in September 2026.

The company’s floater segment has added a new two-well exploration contract to its list of assignments. This deal with Petronas Suriname Exploration & Production, a subsidiary of Malaysia’s Petronas, for the Valaris DS-18 drillship follows a previously announced letter of award (LoA).

The deal is expected to begin in the fourth quarter of 2026 with a duration of up to seven months. The contract backlog excludes additional services that may be provided and billed separately, as well as compensation for mobilization and demobilization.