Valaris secures $220 million offshore contract backlog

• Valaris secured approximately $220 million in new offshore drilling contracts and fleet extensions.
• Following the offshore contract update, the company's share price traded higher at $82.27.
• The company expects the updated fleet operations to maintain long-term production commitments through 2030.

Valaris (NYSE:VAL) secured new contracts and extensions that added approximately $220 million to its associated contract backlog.

The newly announced backlog additions expanded the operational commitments previously outlined in the August fleet status report.

The updated contract backlog valuation strictly excludes lump sum payments such as mobilization fees and capital reimbursements.

Additionally, the operational agreements feature a two-well exploration contract in Suriname alongside a $50 million jackup contract in Australia.

The company also secured a $41.5 million North Sea contract with a commencement window stretching to December 2030.

To optimize its active capacity, the drilling contractor recently sold two maritime vessels for recycling in September 2026.