Valaris Ltd. announced several contract awards and extensions, including in Suriname, Australia and the North Sea, that together add about $220 million to its contract backlog. PETRONAS Suriname Exploration & Production awarded an exploration contract for the VALARIS DS-18 drillship covering two exploration wells in Suriname, following an earlier Letter of Award, with work expected to start in the fourth quarter of this year and last up to seven months. The jack-up rig VALARIS 107 secured a contract offshore Australia with an estimated term of 300 days that adds approximately $50 million to the backlog, excluding mobilization and demobilization fees, and includes priced options. A plug and abandonment contract in the Southern North Sea, a fleet award that can be undertaken by any suitable rig in Valaris' North Sea fleet, is expected to last 341 days with a commencement window through December 2030 and add $41.5 million to the backlog, with an annual cost escalation provision and an option for an additional well. Among extensions, INEOS extended its agreement for the VALARIS 122 rig in the North Sea starting February 2027 at a day rate of $115,000 for approximately 126 days, with options for a combined 699 more days, while a Seatrium extension for the VALARIS 248 rig in the U.K. North Sea adds approximately $2.5 million and an amended Eni contract reassigns about eight and a half months of East Irish Sea work from the VALARIS 72 to the VALARIS 121, adding approximately $17 million.
Valaris LtdValaris won multiple contract awards and extensions in Suriname, Australia and the North Sea adding about $220M to its backlog.
Eni S.p.A.
PBF Energy Inc
Valero Energy Corporation
