Valaris secures $220 million in new drilling and P&A contracts across Suriname, Australia and North Sea

Valaris has secured new contract awards and extensions, including an exploration drilling campaign offshore Suriname, a major P&A program in the southern North Sea and additional jackup work in Australia and the UK sector.
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Oct. 7, 2026
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Why this news matters:

  • New exploration drilling offshore Suriname underscores continued operator interest in one of the world's most active emerging offshore basins.

  • The North Sea P&A award highlights growing offshore decommissioning and well-abandonment activity alongside new drilling programs.

  • The awards and extensions add roughly $220 million to Valaris' contracted backlog and support fleet utilization across multiple regions.

Courtesy Valaris Limited LinkedIn
Valaris offshore jackup rig

A jackup drilling rig operates offshore during a previous campaign. Valaris recently secured about $220 million in new contract awards and extensions for rigs working in Suriname, Australia and the North Sea.

At a glance:

  • Contract value: About $220 million

  • Operators: PETRONAS Suriname E&P, Eni, INEOS, Seatrium and others

  • Regions: Suriname, Australia, UK North Sea, Danish North Sea, East Irish Sea

  • Key assets: VALARIS DS-18, VALARIS 107, VALARIS 121, VALARIS 122, VALARIS 248

  • Scope: Exploration drilling, jackup drilling, P&A operations, accommodation support services

Valaris has secured new fixtures and contract extensions for its rig fleet with a total value of about $220 million, according to the company’s latest fleet status update.

PETRONAS Suriname Exploration & Production has taken the drillship VALARIS DS-18 on a two-well exploration contract, due to take effect in the current quarter.

All the other awards are for jackups. They include a 300-day program offshore Australia for VALARIS 107, which is set to start after the rig completes its current commitments.

Courtesy Valaris Limited LinkedIn
Valaris offshore drilling rigs

Valaris has been awarded new contracts and contract extensions, with associated contract backlog of about $220 million.

For a newly awarded multi-well P&A contract in the southern North Sea, operations will be performed by any suitable/available rig in Valaris’ North Sea fleet. The contract has a commencement window up to December 2030, with an estimated duration of 341 days.

In addition, there is a one-well option, estimated at 19 days.

INEOS has extended its contract for VALARIS 122 for a project in the Danish North Sea, with the extension (up to 126 days) likely starting in February 2027, in direct continuation of the existing program, at a rate of $115,000/d. 

There are options to extend with an estimated total duration of 699 days for work in the UK and Danish North Sea.

A contract for VALARIS 72 with Eni in the East Irish Sea (UK) has been amended.  VALARIS 121 will now take on eight and a half months of the program, starting next month after the rig has finished a program with another operator.

VALARIS 72 is now expected to complete its program in March 2027, nine months earlier than originally planned.

And Seatrium has extended VALARIS 248’s contract in the UK North Sea, to provide accommodation support for an offshore wind project, by 31 days.

Valaris also revealed that it sold the semisub VALARIS MS-1 and the jackup VALARIS 111 last month for recycling.

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About the Author

Jeremy Beckman
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Jeremy Beckman

Staff Writer / 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.

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