Valaris nets drilling contract extensions, trims offshore rig fleet
Valaris has declared new contracts and extensions for seven jackups in a fleet status update. The estimated overall value is about $120 million.
TotalEnergies has extended a fixture in the North Sea for the VALARIS Stavanger jackup rig by 600 days, likely to take effect this summer.
bp has agreed to take the VALARIS 249 jackup for a 100-day program offshore Trinidad starting in first-quarter 2026, in continuation of the rig’s prior assignment with another operator.
bp Indonesia has taken up a two-well option for the VALARIS 106 jackup, with the 80-day program set to start in May at $95,000/d.
In addition, Valaris has negotiated short-term bareboat charter agreement extensions through the end of February for the jackups VALARIS 116, VALARIS 146 and VALARIS 250, all leased to ARO Drilling. Talks continue between the two parties and Saudi Aramco on longer-term contract extensions for the rigs.
Valaris has decided to retire three semisubmersible units from its fleet. VALARIS DPS-5 has been idle since third-quarter 2024, while VALARIS DPS-3 and VALARIS DPS-6 have both been stacked for years. The company expects all three semisubs to be repurposed for alternative use or scrapped.
Lastly, VALARIS 75 is a 25-year-old jackup that has been stacked in the Gulf of Mexico for five years, and it has been sold for $24 million. Under the agreement with the purchaser, the rig’s future operations will be restricted to the US Gulf region.
In other news, Prosafe has also entered an agreement to sell Safe Concordia, a 2005-built accommodation, safety and support semisub, for $5 million before commissions and expenses. It should be delivered to the new owner upon completion of its current charter and subject to routine closing conditions and requirements.
What is competitor Noble up to?
Noble Corp. has issued an update on its recent drilling contract awards, which total about $525 million in value, excluding extension options. Read the latest drilling fleet updates below.
About the Author
Jeremy Beckman
Editor, Europe
Jeremy Beckman has been Editor Europe, Offshore since 1992. Prior to joining Offshore he was a freelance journalist for eight years, working for a variety of electronics, computing and scientific journals in the UK. He regularly writes news columns on trends and events both in the NW Europe offshore region and globally. He also writes features on developments and technology in exploration and production.