Valaris Wins Contracts, Extensions With $220 Million Backlog
MT newswire2026/10/07 11:4207:42 AM EDT, 10/07/2026 (MT Newswires) -- Valaris (VAL) said it won new contracts and contract extensions with an associated contract backlog of about $220 million since its previous fleet status report on Aug. 5. The backlog excludes lump-sum payments such as mobilization fees and capital reimbursements, the company said. The contracts include a two-well exploration contract with Petronas Suriname Exploration & Production for drillship Valaris DS-18 expected to begin in Q4 and last for up to seven months, the company said. They also include a new $50 million contract in offshore Australia for Valaris 107 with an estimated duration of 300 days, it said. Another contract is a $41.5 million multi-well plug and abandonment contract in the southern North Sea that has a commencement window up to 2030 and an estimated duration of 341 days, the company said. The new batch of contracts included extensions and amendments to deals in the Danish and UK North Sea, as well as the East Irish Sea in the UK, the company said.
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