Offshore drilling contractor Valaris has secured a series of new contracts and extensions worth approximately $220 million, adding work across Suriname, Australia and the North Sea.

The largest new award is a contract with Petronas for the VALARIS DS-18 drillship offshore Suriname. The campaign is expected to begin in the fourth quarter of 2026 and could last up to seven months.

The award builds on a strategic collaboration agreement signed by Valaris, Petronas and Halliburton in April to support development of Petronas’ offshore Suriname portfolio. The Guyana-Suriname Basin has emerged as one of the industry’s most active deepwater exploration regions.

Following the Petronas campaign, DS-18 is scheduled to begin a 914-day contract with Occidental in the U.S. Gulf. That contract was announced in 2025 and includes two additional one-year options

Elsewhere, the VALARIS 107 jackup secured a roughly 300-day contract offshore Australia worth around $50 million, while another Valaris jackup received a 341-day plug-and-abandonment contract in the Southern North Sea worth approximately $41.5 million.

INEOS also extended its contract for VALARIS 122 in the Danish North Sea for 126 days at a day rate of $115,000. Other awards include additional work for VALARIS 121, VALARIS 72 and VALARIS 248.

The latest awards reinforce Valaris’ positive outlook for offshore drilling. In August, the company said the pipeline of deepwater opportunities remained robust and reported adding more than $160 million of backlog for its North Sea jackup fleet during the second quarter.

Valaris also sold the VALARIS MS-1 and VALARIS 111 for recycling in September.

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