New rig deals boost Valaris backlog to $4.2bn

New York-listed offshore driller Valaris has been awarded new deals for its rigs, increasing the company’s backlog to approximately $4.2bn.

US supermajor ExxonMobil exercised a six-month price option for the 2015-built Valaris DS-9 drillship. The option will begin in January 2026 in direct continuation of the existing firm program. The rig has been under hire by ExxonMobil since 2022.

The rig is currently operating off Cyprus but is expected to return to its original working destination off Angola in the third quarter of 2025.

The 2009-built jackup Valaris 117 won a 545-day contract with an undisclosed operator offshore Trinidad. The contract is set to begin in the third quarter of 2026. According to the company’s fleet status report, the operating day rate is in line with recent market rates in the region. The contract includes a 185-day priced option. The rig is currently working for Eni off Mexico and is expected to remain there until January next year.

Another jackup won a deal with an undisclosed client. This time, it was the Valaris 248, which will operate in the North Sea. The contract is for 730 days and is expected to begin in November 2025.

Five jackups leased to ARO Drilling, Valaris 116, 140, 141, 146, and 250 – won five-year bareboat charter agreements extensions for drilling operations off Saudi Arabia.

The extensions for the Valaris 116, 140, 146, and 250 are effective from May 2025, and the Valaris 141 will start from August 2025, in direct continuation of their existing charters.

The Valaris 116 and 250 are expected to be out of service at zero rate for approximately six months each from October 2025 to March 2026 to complete special periodic surveys and major equipment recertifications. These out-of-service periods are included within each rig’s charter duration.

The company previously announced that the semisubs Valaris DPS-3, DPS-5, and DPS-6 would either be repurposed for alternative uses outside the drilling sector or scrapped. The driller has revealed that it sold the trio for recycling and retired them from service. Total sales proceeds were approximately $10m.

Along with several contracts Splash already reported on between the previous fleet status report issued in February and now, the new contracts and contract extensions amount to a backlog of approximately $1bn.

As a result, the contract backlog increased to approximately $4.2bn from approximately $3.6bn as of February 18, 2025. The contract backlog excludes lump sum payments such as mobilisation fees and capital reimbursements.