Valaris, the Bermuda-listed offshore drilling company, has secured new rig appointments and contract extensions in the Brazil, Brunei, Indonesia and UK and Netherlands sectors of the North Sea.
Valaris has won new contracts and extensions, with an associated backlog of approximately $560 million, following its issuance Previous fleet status report on February 17, 2026. The contract backlog does not include lump sum payments such as mobilization fees and capital repayments. The rig owner claims that its contract backlog has risen to about $4.9 billion from about $4.7 billion as of February 17, 2026.
Among the latest floating contracts acquired by the company, the company revealed a 1,064-day extension to the floating contract Valaris DS-4 drilling with Petrobras outside Brazil. This extension is expected to begin in November 2027 in direct continuation of the existing program and will add approximately $447 million to the contract backlog. Today’s rate has been adjusted for the remainder of the current decade, reducing the contract backlog from April 1, 2026 to November 2027, by approximately $21 million.
Anton DebowitzValaris President and CEO commented: “We have delivered safe and reliable operations for our customers, achieving 98% revenue efficiency in the first quarter. We expect meaningful improvement in our financial results through 2026, supported by strong project delivery and operational execution, with DS-12 successfully returning to operations ahead of schedule and three additional drillships from our active fleet on track to restart later this year.”
“We are continuing to execute on our commercial strategy, adding more than $500 million in new contract backlog since announcing our fourth quarter results, including a multi-year extension for Valaris DS-4 offshore Brazil that ensures continuous operation of the rig through 2030. As a result, our total backlog now stands at approximately $4.9 billion, our highest level in nearly a decade, supporting future earnings and cash flow.”
The award of Valaris lifting contracts entails a two-year contract extension for Valaris 115 Lifting device with Brunei Shell Petroleumwhich is expected to begin in April 2027 in a direct continuation of the existing program, adding approximately $78 million to the contracted backlog.
Company contract for one well Phalaris 106 Jack up with Medco Energy outside Indonesia Started in April 2026 and for a minimum period of 45 days. The total estimated value of the contract is approximately $5.4 million.
Extension of the company’s contract by 123 days for Phalaris 122 Jack up with the prayer in United Kingdom North Sea The provision of residential support services began in May 2026, in direct continuation of the existing program, bringing in approximately $14 million in cumulative contracted revenue.
The rig owner’s contract for the two wells of the Valaris 122 drilling rig is with Enos The cyclone is expected to begin in the UK North Sea in September 2026 and last for an estimated duration of 162 days. With a day-of-operation price of $115,000, the contract also includes options for a total duration of 825 days of operation. United Kingdom and the Danish North Sea.
Valaris contract extended by 123 days for Phalaris 123 Jack up with He falls Accommodation support services in the Dutch North Sea began in May 2026 in direct continuation of the existing programme. Today’s price is $80,000.
Extension of the company’s contract by 74 days for Phalaris 248 Lifting device with J Vernova In the UK North Sea to provide accommodation support services for an offshore wind project that commenced in April 2026, in direct continuation of the existing programme, and will add more than $5 million to the contracted backlog.
All phalaris and Arrow to drillwhich is a 50/50 joint venture between the owner of the drilling rig and Aramco in the Kingdom of Saudi Arabia, which are units operating in The Middle East Remain under contract. Completion of planned shipyard projects Phalaris 116 and Phalaris 250 The rigs were delayed, and rig rentals are now expected to resume in the third quarter of 2026.
DeBowitz continued: “We remain optimistic about the outlook for offshore drilling, supported by improving market fundamentals. While the ongoing conflicts in the Middle East have created near-term uncertainty, they reinforce the strategic importance of energy security and the need for sustained investment in exploration and production to help ensure reliable and affordable energy supplies.”
Operations for Valaris 110 It has been suspended since early March 2026, and the platform remains under contract with Qatar’s National Oil Corporation. On the other hand, the Phalaris DPS-1 The semi-submersible was sold for recycling in April 2026. Valaris continues All-stock deal With Transocean expected to deliver meaningful value to its shareholders.
DeBowitz concluded: “During this quarter, we are pleased to announce an all-stock transaction with Transocean that will benefit our shareholders, customers and employees.
“The transaction is expected to deliver meaningful value to Valaris shareholders through anticipated synergies and the opportunity to share in the future upside potential of a combined company capable of operating any platform at any water depth in any marine environment around the world.”
The company too Entered into a strategic cooperation agreement With Petronas and Halliburton to support the development of offshore assets in Suriname.
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