New York-listed offshore driller Valaris has been awarded contract extensions for three of its jackups.
The company won a four-year contract extension for the 2015-built Valaris 110 jackup offshore Qatar. The contract extension is expected to begin in October 2025 in direct continuation of the existing contract. The contracted revenue backlog for the four-year extension is approximately $117m.
Even though the company’s fleet status report stated that the contract was awarded by an undisclosed customer, it is well known that the rig has been working for the North Oil Company in Qatar since October 2021
The second jackup to get an extension was the 2011-built Valaris Norway. The 150-day contract was awarded by Ithaca Energy for work in the UK North Sea.
The extension is expected to begin in February 2026 in direct continuation of the existing contract. The contracted revenue backlog for the extension is approximately $18 million. This will keep the rig busy until July 2026.
The final deal was a 31-day contract extension for the 2014-built Valaris 122 jackup with Shell in the UK North Sea. The contract extension is expected to commence in December 2025 in direct continuation of the existing contract.
The contracted revenue backlog for the extension is over $3.5m. The rig will be used for accommodation support and includes two 28-day priced options, which could keep the rig busy until the end of February next year.
There were also several other developments announced in the company’s fleet status report. Namely, the Valaris 120 deal with Harbour Energy has been suspended. The suspension is effective on completion of the current well, estimated to be during September 2025.
It was also decided that the Valaris 248, currently working for Eni in the East Irish Sea, would be replaced by Valaris 120 from September 2025 until April 2026. The Valaris 248 will then complete another customer’s program and a special periodic survey. It will return to work for Eni in May 2026. Its deal is supposed to last until September 2027. Also, its Anasuria Hibiscus deal was terminated by mutual agreement.
Valaris’s fleet is one rig smaller. The company agreed to sell the 1998-built Valaris 247 jackup for cash proceeds of $108m. This sale is expected to close in the second half of 2025.
During the second quarter, the offshore driller has won an associated contract backlog of more than $1bn. The backlog increased to approximately $4.7bn from approximately $4.2bn as of April 30, 2025.
