Shell, BP, Ithaca, and GE Vernova Book Valaris’ Five Rigs for Oil, Gas, and Offshore Wind Projects

 Shell, BP, Ithaca, and GE Vernova Book Valaris’ Five Rigs for Oil, Gas, and Offshore Wind Projects

Valaris, the Bermuda-based offshore drilling contractor, has secured multimillion-dollar assignments for five of its rigs across the oil, gas, and offshore wind sectors in the North Sea and Middle East, while divesting one mobile offshore drilling unit (MODU) from its fleet.

The company’s contract backlog now stands at approximately $4.5 billion as of October 23, 2025, excluding lump sum payments such as mobilization fees and capital reimbursements.

Key Contracts

BP Exploration Delta – Egypt

Valaris signed a five-well contract for the Valaris DS-12 drillship with BP Exploration Delta. The contract, estimated at $140 million including mobilization fees, will last around 350 days, starting in Q2 2026. The agreement also includes three option wells.

Shell – UK North Sea

Valaris 121 jack-up rig: 194-day contract extension starting February 2026, continuing from the existing contract, with a backlog contribution of $25 million.

Valaris 122 jack-up rig: Two 28-day contract extensions for accommodation support starting January 2026, contributing over $6 million to the backlog, with one priced option still available.

Ithaca Energy – UK North Sea

Valaris Norway jack-up rig received a 150-day contract extension worth around $18 million, starting August 2026 in continuation of the current contract.

GE Vernova – Offshore Wind, UK North Sea

Valaris 248 jack-up rig: 120-day contract starting November 2025 to provide accommodation support for an offshore wind project, adding $8 million to the backlog. The deal includes six additional priced options totaling 104 days.

Fleet Updates & Maintenance

Planned maintenance: ~30 days in Q4 2025 and another 30 days in Q2 2026.

Valaris 120 rig will substitute for the Valaris 248 jack-up from November 2025 to June 2026 while completing another program and a special periodic survey (SPS).

Valaris 247 jack-up rig was sold in August 2025 for approximately $108 million in cash proceeds.