Offshore drilling services provider Valaris Limited has secured more work for two of its units. The company said in a media release it has secured a 940-day contract extension for drillship Valaris DS-16, starting in June 2026. It has also secured a new 914-day contract for drillship Valaris DS-18, expected to start in the mid-fourth quarter 2026, with Anadarko Petroleum Corp., a wholly-owned subsidiary of Occidental, in the Gulf of America.
The combined addition to the contracted revenue backlog is approximately $760 million, Valaris said.
“We’ve secured approximately $1.9 billion in new contract backlog so far this year, reflecting solid execution of our commercial strategy and our ability to deliver safe and efficient operations for our customers. We remain focused on securing additional attractive, long-term contracts for our high-specification assets that will further support our earnings and cash flow”, Anton Dibowitz, President and Chief Executive Officer, said.
Earlier the company agreed to sell its jackup Valaris 247 to BW Energy for cash proceeds of approximately $108 million. This sale is expected to close in the second half of 2025, subject to customary closing conditions. As part of the sales agreement, BWE will be restricted from using the rig outside of BWE-owned or affiliated properties for the rig’s expected remaining useful life, Valaris said.
At the time of the sale, Dibowitz said that the 27-year-old vessel was working offshore Australia.
Valaris had also secured a five-well contract offshore West Africa for Valaris DS-15. That contract, according to the company, is expected to start in the third quarter of 2025 and run for 250 days. The contract is valued $130 million.
To contact the author, email andreson.n.paul@gmail.com
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