Valaris Adds $190M in New Offshore Drilling and Wind Contracts
October 28, 2025
Offshore drilling contractor Valaris has secured a series of new contracts and extensions worth about $190 million in the North Sea and Middle East regions, lifting its total contract backlog to $4.5 billion.
The latest awards include a mix of deepwater drilling and jack-up projects across Egypt and the UK North Sea, underscoring continued demand from both oil and gas and offshore wind clients.
Valaris’s drillship VALARIS DS-12 was awarded a five-well contract by BP Exploration Delta Limited in Egypt, scheduled to begin in the second quarter of 2026. The work is expected to last around 350 days, with a total estimated value of $140 million, including a mobilization fee. The contract also provides three optional wells.
In the UK North Sea, the company secured a series of jack-up rig extensions and new assignments. VALARIS 121 received a 194-day extension from Shell, beginning in February 2026 in direct continuation of its current work, adding over $25 million to the backlog.
VALARIS Norway was granted a 150-day extension by Ithaca Energy, commencing in August 2026, with an estimated value of around $18 million.
The company also expanded into the offshore wind segment, with VALARIS 248 contracted by GE Vernova to provide accommodation support services for a North Sea offshore wind project.
The 120-day contract, starting November 2025, is valued at over $8 million and includes six priced options totaling 104 additional days.
Separately, VALARIS 122 obtained two 28-day extensions from Shell for accommodation support, starting January 2026, with a combined value exceeding $6 million and one priced option remaining.
Valaris said it also sold the jackup VALARIS 247 in August 2025 for cash proceeds of approximately $108 million.
