Valaris gains more work for North Sea jackups

Shell and Ithaca Energy have extended the contracts of three of Valaris’ jackups currently working in the UK North Sea. Another jackup will support GE Vernova on an offshore wind project.

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Valaris

Oct. 24, 2025

Valaris has won new contracts or extensions for three of its jackup rigs for oil and gas activity in the UK North Sea, according to the company's latest fleet status report.

Shell has confirmed a 194-day extension to the contract for VALARIS 121, which will take effect in February 2026. The estimated additional revenue is more than $25 million, and Shell retains one further unpriced option.

The same operator has awarded two 28-day contract extensions for VALARIS 122 (over $6 million in total), which will likely start in January. They cover provision of accommodation support.

Ithaca Energy has extended VALARIS Norway’s contract by 150 days ($28 million).

In addition, VALARIS 248 will perform accommodation support for an offshore wind project, under a 120-day contract awarded by GE Vernova, valued at more than $8 million. The contract, due to start next month, includes six further priced options with a total duration of 104 days.

In August, Valaris sold the jackup VALARIS 247 for about $108 million.