Valaris has netted new contracts and extensions to existing deals with a combined value of about $715 million, the company said in its latest fleet status report.
The overall backlog now stands at about $4.3 billion.
In the drillship segment, Equinor offshore Brazil booked the VALARIS DS-17 for an 852-day campaign that is set to start in third-quarter 2025, in direct continuation of the vessel’s current work. It includes a 672-day drilling program that should begin during the first half of 2026. Estimated value of the contract is about $498 million, including managed pressure drilling, additional services and fees for mobilization/minor rig upgrades.
All the other new awards are for jackups. Shell has reserved the VALARIS 249 to work for 365 days offshore Trinidad, starting in the first half 2026 (estimated value $66 million).
VALARIS 144 has a one-well contract for a 45-day program offshore Angola, and it is set to start in the first quarter of 2025 ahead of a previously disclosed 13-well contract with the same operator. The total value is $8.5 million.
North Oil Co. has exercised a one-year priced option ($26 million) offshore Qatar for the jackup VALARIS 110, taking effect in October 2024 in direct continuation of the rig’s current program.
In the UK North Sea, VALARIS 92 is due to start a two-year, 26-well P&A program ($75 million) early in 2025, upon completion of its current work for another operator.
ENI Energy E&P UK has taken the VALARIS Norway on a 292-day basis, with work also starting in first-quarter 2025.
In addition, Anasuria Hibiscus UK has contracted VALARIS 248 for a 93-day job in the North Sea, and it should begin next spring, following a shipyard visit for planned maintenance ($14.2 million).
In the Dutch sector, TAQA has exercised a one-well option on behalf of the Porthos CCS project co-venturers for the VALARIS 123 with a minimum duration of 15 days. The option should take effect next summer, in continuation of the rig’s current program, at a day rate of $152,500.
Elsewhere, ARO recently received suspension notices for the drilling contracts for the leased jackups VALARIS 147 and VALARIS 148 offshore Saudi Arabia. Discussions continue with Saudi Aramco on whether other Valaris-leased rigs or ARO-owned rigs could be subject to the suspensions instead of these two jackups, and also the timing of the suspensions. Both rigs account for $35 million of Valaris' contract backlog.
