Global and Regional MarketsNewsThe Offshore Frontier

Valaris secures $480 million in new contracts, extensions

Valaris recorded new contracts and multiple extensions for two floaters and two jackups in its latest fleet status report, released 30 April. These with other contract announcements have added roughly $480 million in value, increasing the company’s total backlog to approximately $4 billion.

ExxonMobil exercised a six-month priced option for the VALARIS DS-9 drillship, slated to begin in January 2025 in direct continuation of the existing firm program.

Meanwhile, Equinor exercised a 60-day priced option offshore Brazil for the VALARIS D-17 drillship. Work is expected to begin in May 2025 in direct continuation of the existing firm contract. The dayrate, including MPD and additional services, is about $497,000.

Offshore Angola, a 13-well contract for the VALARIS 144 jackup is expected to start in Q2 2025, with an estimated duration between 730 and 770 days. The total contract value for the jackup is estimated to be between $149 million and $156 million and includes a mobilization fee from the US Gulf of Mexico (GOM).

Moving to the UK North Sea, TotalEnergies exercised a one-well priced option for the heavy-duty harsh-environment VALARIS Stavanger jackup.

Valaris also secured three-year extensions with BP in the US GOM for its Mad Dog platform drilling rig as well as its Thunder Horse semisubmersible. Those extensions went into effect on 27 January 2024 with an estimated total contract value of $259 million.

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