Valaris, the world’s largest offshore drilling rig owner, announced that its three jack-up drilling rigs have been awarded contract extensions.
The 2015-built jack-up drilling rig “Valaris 110” received a four-year contract extension worth approximately $117 million. The vessel has been serving Qatar’s North Oil Company since October 2021 and is currently operating offshore Qatar. The extension is expected to begin in October 2025 and is a direct continuation of the existing contract.
The 2011-built jack-up drilling rig, Valaris Norway, has signed a 150-day contract extension with Ithaca Energy for operations in the UK North Sea. The contract extension, valued at approximately $18 million, is expected to commence in February 2026 and directly extends the existing contract until July 2026.
In addition, the jack-up drilling rig “Valaris 122” built in 2014 signed a 31-day extension contract with Shell in the UK North Sea. The extension, valued at $3.5 million and expected to commence in December 2025, is a direct continuation of the existing contract. The rig will be used for accommodation support and includes two 28-day pricing options, potentially allowing it to operate until the end of February next year.
Valaris also announced several other developments in its fleet status report. The contract for the Valaris 120 drilling rig with Harbour Energy has been suspended, effective upon completion of operations on the current well, expected in September 2025. The contract with Anasuria Hibiscus has also been terminated by mutual agreement.
Valaris is also selling the 1998-built jack-up drilling rig, Valaris 247, for $108 million. The transaction is expected to close in the second half of 2025.
Furthermore, the rig Valaris 248, currently operating for Eni in the eastern Irish Sea, will be replaced by the rig Valaris 120 from September 2025 to April 2026. Valaris 248 will then complete a project for another client and a special periodic inspection before returning to Eni operations in May 2026 until September 2027.
In the second quarter of 2025, Valaris won more than $1 billion in contracts, and its backlog increased from approximately $4.2 billion on April 30, 2025 to approximately $4.7 billion.