Valaris Added $220 Million to Drilling Backlog
The offshore driller secured multiple new contracts and extensions for its fleet across global operations.
Updated on Oct. 7, 2026 in Oil and Gas
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Valaris has added $220 million to its offshore drilling backlog through a series of new contracts and extensions. The agreements span projects from Suriname to the North Sea and involve multiple drillships and rigs.
Why it matters
These contract wins strengthen the revenue visibility for Valaris as it continues to manage its global fleet. The additions reflect ongoing demand for drilling assets in key international energy markets.
Valaris secured $220 million in new backlog value, including a $50 million contract for VALARIS 107 and a $41.5 million deal in the Southern North Sea. The fleet update also highlights a $115,000 daily rate for a 126-day extension on the VALARIS 122.
The players
Valaris
Valaris is a leading offshore drilling services provider that operates a fleet of high-specification drillships and jack-up rigs.
PETRONAS
PETRONAS is a Malaysian state-owned oil and gas company with significant international exploration and production operations.
INEOS
INEOS is a global chemical and energy company that maintains extensive operations in the oil and gas sector.
Eni
Eni is an Italian multinational energy company involved in global oil and gas exploration and production projects.
Seatrium
Seatrium is a global marine and offshore engineering company providing services to the offshore energy industry.
The details
The new agreements include a campaign with PETRONAS for the VALARIS DS-18 drillship and a plug and abandonment project in the Southern North Sea. Additionally, the company sold the VALARIS MS-1 semisubmersible and VALARIS 111 jack-up for recycling in September 2026.
Timeline
September 2026: Two drilling rigs were sold for recycling.
Q4 2026: The PETRONAS campaign is scheduled to begin.
November 2026: VALARIS 121 begins its assigned project work.
February 2027: The extension for VALARIS 122 commences.
March 2027: The contract portion for VALARIS 72 is slated to finish.
Market Landscape
This announcement follows the pattern set by the company's established 2026 fleet update strategy. It signals a continued effort by Valaris to optimize its asset portfolio while capitalizing on high-demand international drilling campaigns.
These contract additions suggest stable operational activity for the company, which may influence investor confidence and long-term service availability for energy partners. Customers and stakeholders should watch for upcoming quarterly earnings reports to see how these backlog gains impact bottom-line profitability.
The takeaway
The addition of $220 million to the backlog demonstrates Valaris' ability to sustain revenue through strategic fleet management and international partnerships. Investors should track these long-term contracts as key indicators of the company's future operational health.
Further reading
For more on the current state of energy exploration, visit the Oil and Gas section.
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