Valaris secures two drillship contracts worth combined $760m

Offshore drilling contractor Valaris has been awarded a contract extension and a new contract for two of its drillships for work in the Gulf of Mexico. The deals are with American hydrocarbon exploration company Anadarko Petroleum, a subsidiary of Occidental Petroleum.

The combined addition to Valaris's contracted revenue backlog from the two contracts is approximately $760 million.

The drillship Valaris DS-16 received a 940-day contract extension that will start in June 2026. The drillship Valaris DS-18 was awarded a new 914-day contract, which is expected to start in the mid-fourth quarter of 2026.

Anton Dibowitz, President and Chief Executive Officer of Valaris, stated that the company has secured approximately $1.9 billion in new contract backlog so far this year. He noted that the company remains focused on securing additional long-term contracts for its high-specification assets.

According to information from Valaris, it currently operates a fleet of 13 drillships, five semi-submersibles, 35 jackups and two deepwater managed units.