Two Valaris drillships awarded long-term contracts in the US Gulf of Mexico
Valaris has secured new contracts or extensions for its rig fleet with a total value of more than $1 billion since the start of May.
These include a 940-day contract extension for the VALARIS DS-16 drillship, starting in June 2026, and a new 914-day contract for the VALARIS DS-18 drillship, likely getting underway in late 2026. Both were awarded by Occidental subsidiary Anadarko Petroleum for operations in the US Gulf of Mexico.
Another drillship, VALARIS DS-15, is penciled in for a new 250-day assignment offshore West Africa, due to get underway in the third quarter next year. The $135 million award includes upfront payments for rig upgrades and mobilization, with priced options for up to five wells with an estimated total duration of 80 to 100 days.
In the jackup segment, VALARIS 110 has a four-year contract extension offshore Qatar that is set to take effect in October.
In the UK North Sea, Valaris secured contract extensions for the jackups VALARIS Norway and VALARIS 122 from respectively Ithaca Energy (150 days, starting next February) and Shell (31 days, starting this December).
There have also been changes to some existing arrangements. Harbour Energy issued a suspension notice for the VALARIS 120 jackup, effective on completion of Harbour’s current well, expected in September.
Eni has amended a previously agreed rig contract in the East Irish Sea in UK waters. The VALARIS 120 jackup will now take the place of VALARIS 248 from September 2025 to April 2026, while the latter completes a program for another client and undergoes a special periodic survey.
The contract for the VALARIS 248 jackup in the UK North Sea with Anasuria Hibiscus UK has been terminated by mutual agreement.
Finally, Valaris has agreed to sell the VALARIS 247 jackup for about $108 million, with the transaction expected to close later this year.