New Valaris (NYSE: VAL) rig contracts push offshore backlog to $4.9B
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Valaris Limited furnished an updated Fleet Status Report as of May 4, 2026, highlighting new offshore drilling contracts and a larger forward workload. Contract backlog increased to approximately $4.9 billion, up from about $4.7 billion in the prior report, reflecting additional rig commitments.
Key awards include a 1,064‑day extension for drillship VALARIS DS-4 with Petrobras in Brazil, adding roughly $447 million of backlog while reducing earlier backlog by about $21 million due to a day‑rate adjustment. Several jackup rigs secured extensions or new work, such as VALARIS 115 with Brunei Shell Petroleum adding about $78 million, and VALARIS 106 with Medco Energi in Indonesia with an estimated contract value of $5.4 million.
The report notes ongoing strength in Middle East operations, with all Valaris and ARO rigs there remaining under contract, though shipyard projects for VALARIS 116 and VALARIS 250 are delayed and operations for VALARIS 110 have been suspended since early March 2026. Semisubmersible VALARIS DPS-1 was sold for recycling, and detailed tables outline contracted days, average day rates and expected out‑of‑service time for maintenance across the fleet.
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Insights
Valaris grows backlog to $4.9B with new long-term rig contracts while managing regional disruptions.
Valaris reports contract backlog of about $4.9 billion as of May 4, 2026, modestly above the roughly $4.7 billion disclosed in February. The largest driver is a 1,064-day extension for drillship VALARIS DS-4 with Petrobras, adding around $447 million of backlog despite a $21 million reduction from a day-rate adjustment on the existing term.
Additional jackup work with Brunei Shell, Medco Energi, Adura, INEOS, TAQA and GE Vernova broadens customer and geographic exposure. Segment tables show multi-year visibility across floaters and jackups, with average floater day rates above $400,000 and jackups above $100,000 per day, based on contracted days and backlog.
Risks include operational delays and regional instability. Several rigs in Saudi Arabia and the Middle East, including VALARIS 116, 250 and ARO joint-venture units, are scheduled for significant planned maintenance and shipyard time. Operations for VALARIS 110 in Qatar are suspended, and the company sold semisubmersible VALARIS DPS-1 for recycling, reducing future exposure but also capacity. Future disclosures in company filings may further detail how these factors influence utilization and cash flows.
8-K Event Classification
2 items: 7.01, 9.01
2 items
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Total contract backlog: $4.9 billion
New and extended contracts backlog: $560 million
VALARIS DS-4 Petrobras extension value: $447 million
+5 more
8 metrics
Total contract backlog
$4.9 billion
As of May 4, 2026; up from about $4.7 billion on February 17, 2026
New and extended contracts backlog
$560 million
Approximate contract backlog from new contracts and extensions since February 17, 2026
VALARIS DS-4 Petrobras extension value
$447 million
Approximate contracted revenue backlog added by 1,064-day extension starting November 2027
VALARIS DS-4 backlog adjustment
$21 million
Approximate reduction in backlog from April 1, 2026 to November 2027 due to day-rate change
VALARIS 115 extension backlog
$78 million
Approximate contracted revenue backlog from two-year extension with Brunei Shell Petroleum starting April 2027
VALARIS 106 Medco Energi contract
$5.4 million
Estimated total contract value for a minimum 45-day one-well jackup contract in Indonesia
Floaters contract backlog
$3,319.8 million
Drillship and floater backlog across 2026–2028+ as of May 4, 2026
Average jackup day rate 2026
$125,000
Average jackup day rate for 2026 based on contracted days and backlog, excluding non-recurring revenues
Key Terms
contract backlog, total contract value, bareboat charter, special periodic survey, +2 more
6 terms
contract backlog financial
"contract backlog increased to approximately $4.9 billion from approximately $4.7 billion"
A contract backlog is the total value of work or orders that a company has committed to complete but has not yet finished. It acts like a pending to-do list of projects or jobs, indicating future revenue potential. For investors, a large or growing backlog suggests steady future income, while a shrinking backlog might signal slowing business activity.
total contract value financial
"Total contract value is the estimated total compensation expected to be received for a contract"
Total contract value is the full dollar amount a company expects to receive from a customer under a contract over its entire life, including recurring charges, one-time fees and any guaranteed add‑ons. Investors use it like a deal’s headline price to gauge the size of future revenue tied to sales, but it can overstate near‑term cash because it bundles multi‑year payments into one number—think of it as the sticker price on a multi‑year subscription.
bareboat charter financial
"rig expected to resume bareboat charter in 3Q26"
A bareboat charter is a leasing arrangement where one person or company rents a vessel without crew, equipment, or supplies, essentially taking full control of it as if they own it. It matters to investors because it can be used to generate income from the vessel’s use or to reduce ownership costs, influencing a company's revenue and asset management strategies.
special periodic survey technical
"while the rig completes another customer's program and a special periodic survey"
forward-looking statements regulatory
"Statements contained in this Fleet Status Report that are not historical facts are forward-looking statements"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
ARO Drilling financial
"ARO Drilling contract backlog as of May 4, 2026"
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities and Exchange Act of 1934
Date of Report (Date of earliest event reported): May 4, 2026
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||||||||
Registrant’s telephone number, including area code: 44 (0) 20 7659 4660
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Ticker Symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
| Emerging Growth Company | |||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ☐ | ||||
TABLE OF CONTENTS
INFORMATION TO BE INCLUDED IN THE REPORT | 2 | ||||
Item 7.01 Regulation FD Disclosure | 2 | ||||
Item 9.01 Financial Statements and Exhibits | 3 | ||||
SIGNATURE | 4 | ||||
INFORMATION TO BE INCLUDED IN THE REPORT
Item 7.01 Regulation FD Disclosure
The Fleet Status Report of the Company as of May 4, 2026 is furnished as Exhibit 99.1 to this report.
The information furnished in this Item 7.01 and the information attached to this Form 8-K as Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
2
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
| Exhibit No. | Description | |||||||
| 99.1 | Fleet Status Report of Valaris Limited as of May 04, 2026 | |||||||
| 101 | Interactive data files pursuant to Rule 405 of Regulation S-T formatted in inline Extensible Business Reporting Language | |||||||
| 104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) | |||||||
3
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Valaris Limited | ||||||||
| May 4, 2026 | /s/ CHRISTOPHER T. WEBER | |||||||
Christopher T. Weber Senior Vice President and Chief Financial Officer | ||||||||
4
 | Valaris Limited Fleet Status Report May 4, 2026 | |||||||||||||
| New Contracts, Extensions and Other Updates Since Last Fleet Status Report | ||||||||
Contract Backlog •Valaris has been awarded the following new contracts and contract extensions, with associated contract backlog of approximately $560 million, subsequent to issuing its previous fleet status report on February 17, 2026. Contract backlog excludes lump sum payments such as mobilization fees and capital reimbursements. •Contract backlog increased to approximately $4.9 billion from approximately $4.7 billion as of February 17, 2026. Floater Contract Awards •1,064-day contract extension for drillship VALARIS DS-4 with Petrobras offshore Brazil. The extension is expected to commence in November 2027 in direct continuation of the existing program and will add approximately $447 million to contract backlog. In conjunction with the extension, the day rate for the remainder of the existing contract has been adjusted, reducing contract backlog from April 1, 2026 to November 2027 by approximately $21 million. Jackup Contract Awards •Two-year contract extension for jackup VALARIS 115 with Brunei Shell Petroleum. The contract extension is expected to commence in April 2027 in direct continuation of the existing program and will add approximately $78 million to contracted revenue backlog. •One-well contract for jackup VALARIS 106 with Medco Energi offshore Indonesia. The contract commenced in April 2026 and has a minimum duration of 45 days. The estimated total contract value is approximately $5.4 million. •123-day contract extension for jackup VALARIS 122 with Adura in the UK North Sea to provide accommodation support services. The contract extension commenced in May 2026 in direct continuation of the existing program and will add approximately $14 million to contracted revenue backlog. •Two-well contract for jackup VALARIS 122 with INEOS in the UK North Sea. The contract is expected to commence in September 2026 and has an estimated duration of 162 days. The operating day rate is $115,000. The contract also includes options with an estimated total duration of 825 days for work in the UK and Danish North Sea. •123-day contract extension for jackup VALARIS 123 with TAQA in the Dutch North Sea to provide accommodation support services. The contract extension commenced in May 2026 in direct continuation of the existing program. The day rate is $80,000. | Jackup Contract Awards (continued) •74-day contract extension for jackup VALARIS 248 with GE Vernova in the UK North Sea to provide accommodation support services for an offshore wind project. The contract extension commenced in April 2026 in direct continuation of the existing program and will add over $5 million to contracted revenue backlog. Middle East Operations Update •All Valaris and ARO rigs operating in the Middle East remain under contract. •Completion of planned shipyard projects for VALARIS 116 and 250 have been delayed, with bareboat charters for the rigs now expected to resume in the third quarter 2026. •Operations for VALARIS 110 have been suspended since early March 2026; the rig remains contracted to NOC offshore Qatar. Other Fleet Status Updates •Semisubmersible VALARIS DPS-1 sold for recycling in April 2026. | |||||||
1
| Valaris Limited Fleet Status Report May 4, 2026 | |||||||||||||
Contract Backlog(1) (2) ($ millions) | 2026 | 2027 | 2028+ | Total | Contracted Days(1) (2) | 2026 | 2027 | 2028+ | |||||||||||||||||||||
| Drillships | $ | 863.8 | $ | 1,279.6 | $ | 1,176.4 | $ | 3,319.8 | Drillships | 2,051 | 2,953 | 2,819 | |||||||||||||||||
| Semisubmersibles | — | — | — | — | Semisubmersibles | — | — | — | |||||||||||||||||||||
| Floaters | $ | 863.8 | $ | 1,279.6 | $ | 1,176.4 | $ | 3,319.8 | Floaters | 2,051 | 2,953 | 2,819 | |||||||||||||||||
| Harsh Environment | $ | 181.1 | $ | 131.8 | $ | 37.2 | $ | 350.1 | Harsh Environment | 1,491 | 974 | 316 | |||||||||||||||||
| Benign Environment | 209.2 | 286.0 | 192.0 | 687.2 | Benign Environment | 1,540 | 2,217 | 1,812 | |||||||||||||||||||||
| Legacy | 48.2 | 50.1 | — | 98.3 | Legacy | 484 | 505 | — | |||||||||||||||||||||
| Jackups | $ | 438.5 | $ | 467.9 | $ | 229.2 | $ | 1,135.6 | Jackups | 3,515 | 3,696 | 2,128 | |||||||||||||||||
Other(3) | $ | 118.6 | $ | 109.1 | $ | 246.0 | $ | 473.7 | Other(3) | 1,908 | 2,315 | 5,422 | |||||||||||||||||
| Total | $ | 1,420.9 | $ | 1,856.6 | $ | 1,651.6 | $ | 4,929.1 | Total | 7,474 | 8,964 | 10,369 | |||||||||||||||||
ARO Drilling(4) | Average Day Rates(1) (2) | 2026 | 2027 | 2028+ | |||||||||||||||||||||||||
| Owned Rigs | $ | 146.2 | $ | 115.5 | $ | 491.4 | $ | 753.1 | Drillships | $ | 421,000 | $ | 433,000 | $ | 417,000 | ||||||||||||||
| Leased Rigs | 174.2 | 291.8 | 697.6 | 1,163.6 | Semisubmersibles | — | — | — | |||||||||||||||||||||
| Total | $ | 320.4 | $ | 407.3 | $ | 1,189.0 | $ | 1,916.7 | Floaters | $ | 421,000 | $ | 433,000 | $ | 417,000 | ||||||||||||||
| Harsh Environment | $ | 121,000 | $ | 135,000 | $ | 118,000 | |||||||||||||||||||||||
| Benign Environment | 136,000 | 129,000 | 106,000 | ||||||||||||||||||||||||||
| Legacy | 100,000 | 99,000 | — | ||||||||||||||||||||||||||
| Jackups | $ | 125,000 | $ | 127,000 | $ | 108,000 | |||||||||||||||||||||||
(1) Contract backlog, contracted days and average day rates as of May 4, 2026. (2) Contract backlog and average day rates exclude certain types of non-recurring revenues such as lump sum mobilization payments. Contract backlog and contracted days may include backlog and days when a rig is under suspension, except any backlog or days for rigs that are under a separate firm contract where backlog or days are otherwise included. Average day rates are adjusted to exclude suspension backlog and days. (3) Other represents contract backlog and contracted days related to bareboat charter agreements and management services contracts. (4) ARO Drilling contract backlog as of May 4, 2026. | |||||||||||||||||||||||||||||
2
| Valaris Limited Fleet Status Report May 4, 2026 | |||||||||||||
| Asset Category / Rig | Design | Year Delivered | Customer | Location | Contract Start Date | Contract End Date(1) | Day Rate(2) | Comments | ||||||||||||||||||||||||||||||||||||||||||
| Drillships | ||||||||||||||||||||||||||||||||||||||||||||||||||
| VALARIS DS-18 | GustoMSC P10000 | 2015 | Occidental | Gulf of America | Dec 26 | Jun 29 | 914-day contract for DS-18 and 940-day contract extension for DS-16. Combined addition to contracted revenue backlog is approx. $760 million. Two 1-year options | |||||||||||||||||||||||||||||||||||||||||||
| VALARIS DS-17 | GustoMSC P10000 | 2014 | Equinor | Brazil | Mar 26 | Jan 28 | Estimated total contract value ("TCV") of $498 million, inclusive of MPD, additional services and fees for mobilization and minor rig upgrades. Based on initial estimated duration of 852 days comprised of a 180-day standby period and a 672-day drilling program. Two 90-day priced options | |||||||||||||||||||||||||||||||||||||||||||
| VALARIS DS-16 | GustoMSC P10000 | 2014 | Occidental Occidental | Gulf of America Gulf of America | Jun 24 Jun 26 | Jun 26 Dec 28 | Additional rate charged when MPD services provided 940-day contract extension for DS-16 and 914-day contract for DS-18. Combined addition to contracted revenue backlog is approx. $760 million. Two 1-year options. Expect approx. 35 days out of service for planned maintenance in 4Q26 | |||||||||||||||||||||||||||||||||||||||||||
| VALARIS DS-15 | GustoMSC P10000 | 2014 | CNR | Spain Cote d'Ivoire | Sep 26 | May 27 | Rig is warm stacked in Las Palmas, Spain TCV, based on an estimated duration of 250 days, is approx. $135 million, including upfront payments for rig upgrades and mobilization. TCV does not include the provision of additional services. Priced options with a total estimated duration of 80 to 100 days | |||||||||||||||||||||||||||||||||||||||||||
| VALARIS DS-12 | DSME 12000 | 2013 | BP | Egypt | Apr 26 | Apr 27 | TCV, based on estimated duration of 350 days, is approx. $140 million, inclusive of MPD and mobilization. Three option wells | |||||||||||||||||||||||||||||||||||||||||||
| VALARIS DS-10 | Samsung GF12000 | 2017 | Shell | Spain Nigeria | Jun 26 | Jul 28 | Rig is warm stacked in Las Palmas, Spain TCV of $352 million based on duration of two years. TCV does not include the provision of additional services. Additional rate charged when CML services provided. Two 1-year options. Expect approx. 45 days out of service for rig upgrades in 1Q27 | |||||||||||||||||||||||||||||||||||||||||||
| VALARIS DS-9 | Samsung GF12000 | 2015 | ExxonMobil ExxonMobil | Angola Angola | Jul 22 Jul 26 | Jul 26 Jul 28 | Contract includes MPD services Operating day rate is in line with recent market rates in the region. Two 6-month options | |||||||||||||||||||||||||||||||||||||||||||
| VALARIS DS-8 | Samsung GF12000 | 2015 | Petrobras Shell | Brazil Brazil | Dec 23 Mar 27 | Dec 26 May 29 | $428,000 | Plus mobilization fee of approx. $30 million. Contract includes additional services. Expect approx. 60 days out of service for rig upgrades in 1Q27 TCV of approx. $300 million, excluding additional services, based on estimated duration of 800 days. Options with a total estimated duration of approx. one year | ||||||||||||||||||||||||||||||||||||||||||
| VALARIS DS-7 | Samsung 96K | 2013 | Azule Energy Azule Energy | Angola Angola | Jun 24 Oct 26 | Oct 26 Sep 27 | TCV estimated to be $364 million based on initial estimated duration of 850 days Contract backlog of approx. $125 million based on estimated duration of 325 days. Five-well unpriced option with an estimated duration of 300 to 350 days | |||||||||||||||||||||||||||||||||||||||||||
| VALARIS DS-4 | Samsung 96K | 2010 | Petrobras Petrobras | Brazil Brazil | Dec 24 Nov 27 | Nov 27 Oct 30 | Previous day rate of $450,000 has been adjusted, reducing contract backlog from Apr 2026 to Nov 2027 by approx. $21 million. Plus mobilization fee of approx. $41 million. Contract includes MPD and additional services. Contracted revenue backlog of approx. $447 million for 1,064-day extension | |||||||||||||||||||||||||||||||||||||||||||
| Stacked | ||||||||||||||||||||||||||||||||||||||||||||||||||
| VALARIS DS-14 | DSME 12000 | 2023 | Spain | |||||||||||||||||||||||||||||||||||||||||||||||
| VALARIS DS-13 | DSME 12000 | 2023 | Spain | |||||||||||||||||||||||||||||||||||||||||||||||
| VALARIS DS-11 | DSME 12000 | 2013 | Spain | |||||||||||||||||||||||||||||||||||||||||||||||
3
| Valaris Limited Fleet Status Report May 4, 2026 | |||||||||||||
| Asset Category / Rig | Design | Year Delivered | Customer | Location | Contract Start Date | Contract End Date(1) | Day Rate(2) | Comments | ||||||||||||||||||||||||||||||||||||||||||
| Semisubmersibles | ||||||||||||||||||||||||||||||||||||||||||||||||||
| VALARIS MS-1 | F&G ExD Millennium, Moored | 2011 | Malaysia | Warm stacked | ||||||||||||||||||||||||||||||||||||||||||||||
| Sold | ||||||||||||||||||||||||||||||||||||||||||||||||||
| VALARIS DPS-1 | F&G ExD Millennium, DP | 2012 | Malaysia | Rig sold for recycling in April 2026 | ||||||||||||||||||||||||||||||||||||||||||||||
4
| Valaris Limited Fleet Status Report May 4, 2026 | |||||||||||||
| Asset Category / Rig | Design | Year Delivered | Customer | Location | Contract Start Date | Contract End Date(1) | Day Rate(2) | Comments | ||||||||||||||||||||||||||||||||||||||||||
| Harsh Environment Jackups | ||||||||||||||||||||||||||||||||||||||||||||||||||
| VALARIS Norway | KFELS N Class | 2011 | Ithaca Energy Ithaca Energy | UK UK | Apr 25 May 26 | May 26 Feb 27 | TCV of approx. $39 million based on estimated duration of 292 days Contracted revenue backlog of approx. $36 million based on duration of 300 days | |||||||||||||||||||||||||||||||||||||||||||
| VALARIS Stavanger | KFELS N Class | 2011 | TotalEnergies | UK | Jan 26 | Aug 27 | TCV of over $75 million based on 600-day priced extension. Two 200-day priced options | |||||||||||||||||||||||||||||||||||||||||||
| VALARIS 249 | LT Super Gorilla | 2001 | Undisclosed BP Shell | Trinidad Trinidad Trinidad | Apr 25 Apr 26 Oct 26 | Mar 26 Aug 26 Oct 27 | $163,000 | TCV of $16.8 million based on duration of 100 days. Expect approx. 60 days out of service for planned maintenance in 3Q26 Contracted revenue backlog of approx. $66 million based on estimated duration of 365 days. Three priced options with an estimated duration of 50 days each | ||||||||||||||||||||||||||||||||||||||||||
| VALARIS 248 | LT Super Gorilla | 2000 | GE Vernova Eni | UK UK | Nov 25 Aug 26 | Jun 26 Jan 28 | Contracted revenue backlog of approx. $16 million for 224-day contract to provide accommodation support services. Expect approx 15 days out of service for planned maintenance in 2Q26 TCV of approx. $84 million for 730-day contract to perform P&A and CCS work. Two 3-month options. VALARIS 120 will substitute for VALARIS 248 while the rig completes another customer's program and a special periodic survey | |||||||||||||||||||||||||||||||||||||||||||
| VALARIS 123 | KFELS Super A | 2019 | TAQA TAQA | Netherlands Netherlands | Jan 26 Jan 26 | Jan 26 Aug 26 | $163,000 $80,000 | Accommodation support | ||||||||||||||||||||||||||||||||||||||||||
| VALARIS 122 | KFELS Super A | 2014 | Adura INEOS | UK UK | Jan 26 Sep 26 | Aug 26 Feb 27 | $115,000 | Contracted revenue backlog of approx. $28 million for extensions totaling 243 days. The extensions are for accommodation support Options with an estimated total duration of 825 days for work in the UK and Danish North Sea | ||||||||||||||||||||||||||||||||||||||||||
| VALARIS 121 | KFELS Super A | 2014 | Adura Adura | UK UK | Jan 25 Feb 26 | Jan 26 Oct 26 | TCV of approx. $55 million based on estimated duration of 406 days Contracted revenue backlog of over $25 million based on estimated duration of 194 days. Option with an estimated duration of 150 to 200 days | |||||||||||||||||||||||||||||||||||||||||||
| VALARIS 120 | KFELS Super A | 2013 | Eni | UK | Jan 26 | Aug 26 | VALARIS 120 will substitute for VALARIS 248 from Jan 2026 to Aug 2026, while VALARIS 248 completes another customer's program and a special periodic survey | |||||||||||||||||||||||||||||||||||||||||||
| FLEET AWARD | Spirit Energy | UK | Commencement window up to Dec 2030; estimated duration of 294 days. Contracted revenue backlog of $35 million, subject to an annual cost escalation mechanism effective from the contract execution date. Three options with a total estimated duration of 426 days. Fleet award under which operations may be performed by any suitable and available rig within the Valaris North Sea Fleet | |||||||||||||||||||||||||||||||||||||||||||||||
| Stacked | ||||||||||||||||||||||||||||||||||||||||||||||||||
| VALARIS Viking | KFELS N Class | 2010 | UK | |||||||||||||||||||||||||||||||||||||||||||||||
5
| Valaris Limited Fleet Status Report May 4, 2026 | |||||||||||||
| Asset Category / Rig | Design | Year Delivered | Customer | Location | Contract Start Date | Contract End Date(1) | Day Rate(2) | Comments | ||||||||||||||||||||||||||||||||||||||||||
| Benign Environment Jackups | ||||||||||||||||||||||||||||||||||||||||||||||||||
| VALARIS 144 | LT Super 116-E | 2010 | Azule Energy | Angola | Sep 25 | Oct 27 | TCV estimated to be between $149 million and $156 million based on contract duration of 730 to 770 days, including a mobilization fee from the Gulf of America. Three-well option | |||||||||||||||||||||||||||||||||||||||||||
| VALARIS 118 | LT 240-C | 2012 | BP | Trinidad | Nov 25 | Aug 28 | TCV of approx. $168 million based on duration of three years. Two 1-year options | |||||||||||||||||||||||||||||||||||||||||||
| VALARIS 117 | LT 240-C | 2009 | Eni Undisclosed | Mexico Trinidad | Apr 25 Aug 26 | Apr 26 Aug 28 | TCV of approx. $36 million based on duration of 300 days. Expect approx. 60 days out of service for planned maintenance in 2Q26 Day rate in line with market rates in the region | |||||||||||||||||||||||||||||||||||||||||||
| VALARIS 115 | BM Pacific Class 400 | 2013 | Shell Shell | Brunei Brunei | Apr 23 Apr 27 | Apr 27 Apr 29 | TCV of approx. $159 million based on duration of four years Contracted revenue backlog of approx. $78 million for two-year extension | |||||||||||||||||||||||||||||||||||||||||||
| VALARIS 110 | KFELS MOD V-B | 2015 | NOC | Qatar | Oct 25 | Oct 29 | Contracted revenue backlog for the four-year extension is approx. $117 million. 1-year priced option. Expect approx. 60 days out of service for planned maintenance in 3Q/4Q26. Operations suspended since early March 2026 due to conflicts in the Middle East | |||||||||||||||||||||||||||||||||||||||||||
| VALARIS 107 | KFELS MOD V-B | 2006 | ExxonMobil GB Energy | Australia Australia | Nov 25 Nov 26 | Oct 26 Mar 27 | $163,000 | TCV of approx. $27 million based on estimated duration of 150 days | ||||||||||||||||||||||||||||||||||||||||||
| VALARIS 106 | KFELS MOD V-B | 2005 | BP Medco Energi BP | Indonesia Indonesia Indonesia | Jun 25 Apr 26 Jul 26 | Jan 26 Jun 26 Jun 28 | $95,000 | TCV of $5.4 million based on minimum duration of 45 days Expect out of service time for leg repairs in 2Q26; duration to be determined upon rig's arrival at shipyard in Singapore TCV of approx. $74 million based on estimated duration of two years. Four 1-well options | ||||||||||||||||||||||||||||||||||||||||||
| Stacked | ||||||||||||||||||||||||||||||||||||||||||||||||||
| VALARIS 148 | LT Super 116-E | 2013 | UAE | |||||||||||||||||||||||||||||||||||||||||||||||
| VALARIS 147 | LT Super 116-E | 2013 | UAE | |||||||||||||||||||||||||||||||||||||||||||||||
| VALARIS 143 | LT Super 116-E | 2010 | UAE | |||||||||||||||||||||||||||||||||||||||||||||||
| VALARIS 111 | KFELS MOD V-B | 2003 | Croatia | |||||||||||||||||||||||||||||||||||||||||||||||
| VALARIS 109 | KFELS MOD V-Super B | 2008 | Namibia | |||||||||||||||||||||||||||||||||||||||||||||||
| VALARIS 104 | KFELS MOD V-B | 2002 | UAE | |||||||||||||||||||||||||||||||||||||||||||||||
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| Valaris Limited Fleet Status Report May 4, 2026 | |||||||||||||
| Asset Category / Rig | Design | Year Delivered | Customer | Location | Contract Start Date | Contract End Date(1) | Day Rate(2) | Comments | ||||||||||||||||||||||||||||||||||||||||||
| Legacy Jackups | ||||||||||||||||||||||||||||||||||||||||||||||||||
| VALARIS 92 | LT 116-C | 1982 | Shell | UK | Aug 25 | Aug 27 | Options with total duration of up to one year | |||||||||||||||||||||||||||||||||||||||||||
| VALARIS 72 | Hitachi 300C | 1981 | Eni | UK | Oct 25 | Sep 27 | ||||||||||||||||||||||||||||||||||||||||||||
Other - Jackups Leased to ARO Drilling(3) | ||||||||||||||||||||||||||||||||||||||||||||||||||
| VALARIS 250 | LT Super Gorilla XL | 2003 | ARO Drilling | Saudi Arabia | May 25 | Apr 30 | Expect approx. 120 days out of service for planned maintenance in 2Q/3Q26. Completion of planned shipyard projects delayed due to disruptions related to conflicts in the Middle East; rig expected to resume bareboat charter in 3Q26 | |||||||||||||||||||||||||||||||||||||||||||
| VALARIS 146 | LT Super 116-E | 2011 | ARO Drilling | Saudi Arabia | May 25 | Apr 30 | Expect approx. 90 days out of service for planned maintenance in 3Q/4Q26 | |||||||||||||||||||||||||||||||||||||||||||
| VALARIS 141 | LT Super 116-E | 2016 | ARO Drilling | Saudi Arabia | Aug 25 | Aug 30 | Expect approx. 10 days out of service for planned maintenance in 2Q26 | |||||||||||||||||||||||||||||||||||||||||||
| VALARIS 140 | LT Super 116-E | 2016 | ARO Drilling | Saudi Arabia | May 25 | Apr 30 | Expect approx. 30 days out of service for planned maintenance in 2Q26 | |||||||||||||||||||||||||||||||||||||||||||
| VALARIS 116 | LT 240-C | 2008 | ARO Drilling | Saudi Arabia | May 25 | Apr 30 | Expect approx. 120 days out of service for planned maintenance in 2Q/3Q26. Completion of planned shipyard projects delayed due to disruptions related to conflicts in the Middle East; rig expected to resume bareboat charter in 3Q26 | |||||||||||||||||||||||||||||||||||||||||||
| VALARIS 108 | KFELS MOD V-B | 2007 | ARO Drilling | Saudi Arabia | Mar 24 | Mar 27 | Expect approx. 15 days out of service for planned maintenance in 2Q26. 1-year priced option | |||||||||||||||||||||||||||||||||||||||||||
| VALARIS 76 | LT Super 116-C | 2000 | ARO Drilling | Saudi Arabia | Dec 25 | Dec 30 | Priced options of up to two years | |||||||||||||||||||||||||||||||||||||||||||
| Other - Managed Rigs | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Thunder Horse | Deepwater Semisubmersible | BP | Gulf of America | Jan 24 | Jan 27 | TCV of approx. $153 million | ||||||||||||||||||||||||||||||||||||||||||||
| Mad Dog | Deepwater Spar Drilling Rig | BP | Gulf of America | Jan 24 | Jan 27 | TCV of approx. $106 million | ||||||||||||||||||||||||||||||||||||||||||||
Changes: bolded rig names and underlined text signify changes in rig status from previous fleet status report
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| Valaris Limited Fleet Status Report May 4, 2026 | |||||||||||||
| Asset Category / Rig | Design | Customer | Location | Contract Start Date | Contract End Date(1) | Day Rate(2) | Comments | |||||||||||||||||||||||||||||||||||||
| ARO Drilling | ||||||||||||||||||||||||||||||||||||||||||||
| Jackup Rigs Owned by ARO Drilling | ||||||||||||||||||||||||||||||||||||||||||||
| Gilbert Rowe | LT 116-C | Saudi Aramco | Saudi Arabia | Oct 17 | Jun 26 | Expect approx. 30 days out of service for planned maintenance in 3Q26 | ||||||||||||||||||||||||||||||||||||||
| SAR 201 | BM 200-H | Saudi Aramco | Saudi Arabia | Feb 18 | Jun 26 | Expect approx. 30 days out of service for planned maintenance in 3Q26 | ||||||||||||||||||||||||||||||||||||||
| Bob Keller | LT Tarzan 225-C | Saudi Aramco | Saudi Arabia | Oct 17 | Jun 26 | Expect approx. 30 days out of service for planned maintenance in 3Q26 | ||||||||||||||||||||||||||||||||||||||
| J.P. Bussell | LT Tarzan 225-C | Saudi Aramco | Saudi Arabia | Oct 17 | Jun 26 | |||||||||||||||||||||||||||||||||||||||
| Scooter Yeargain | LT Tarzan 225-C | Saudi Aramco | Saudi Arabia | Oct 18 | Dec 26 | Expect approx. 85 days out of service for planned maintenance in 2Q26 | ||||||||||||||||||||||||||||||||||||||
| Hank Boswell | LT Tarzan 225-C | Saudi Aramco | Saudi Arabia | Oct 18 | Dec 26 | |||||||||||||||||||||||||||||||||||||||
| SAR 202 | KFELS Super B | Saudi Aramco | Saudi Arabia | Oct 17 | Jun 26 | Expect approx. 15 days out of service for planned maintenance in 3Q26 | ||||||||||||||||||||||||||||||||||||||
| Kingdom 1 | LT 116-C | Saudi Aramco | Saudi Arabia | Nov 23 | Nov 31 | Expect approx. 30 days out of service for planned maintenance in 3Q26 | ||||||||||||||||||||||||||||||||||||||
| Kingdom 2 | LT 116-C | Saudi Aramco | Saudi Arabia | Aug 24 | Aug 32 | Expect approx. 25 days out of service for planned maintenance in 4Q26 | ||||||||||||||||||||||||||||||||||||||
Changes: bolded rig names and underlined text signify changes in rig status from previous fleet status report
(1) Contract duration does not include any unexercised optional extensions. Contract end dates can vary based on how long it takes to complete the wells subject to the contract.
(2) Day rates are reported to the nearest thousand and reflect the operating day rates charged to customers, excluding certain types of non-recurring revenues such as lump sum mobilization payments. Day rates are provided unless such disclosures are restricted by confidentiality provisions.
(3) Rigs leased to ARO Drilling via bareboat charter agreements to fulfill contracts between ARO Drilling and Saudi Aramco.
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| Valaris Limited Fleet Status Report May 4, 2026 | |||||||||||||
Out of Service Days (1) | ||||||||||||||||||||||||||||||||
| Rig | Segment / Asset Category | Q2 2026 | Q3 2026 | Q4 2026 | Q1 2027 | |||||||||||||||||||||||||||
| VALARIS DS-16 | Floater - Drillship | 35 | ||||||||||||||||||||||||||||||
| VALARIS DS-10 | Floater - Drillship | 45 | ||||||||||||||||||||||||||||||
| VALARIS DS-8 | Floater - Drillship | 60 | ||||||||||||||||||||||||||||||
| VALARIS 249 | Jackup - Harsh Environment | 60 | ||||||||||||||||||||||||||||||
| VALARIS 248 | Jackup - Harsh Environment | 15 | ||||||||||||||||||||||||||||||
| VALARIS 117 | Jackup - Benign Environment | 60 | ||||||||||||||||||||||||||||||
| VALARIS 110 | Jackup - Benign Environment | 30 | 30 | |||||||||||||||||||||||||||||
| VALARIS 250 | Other - Jackups Leased to ARO Drilling | 90 | 30 | |||||||||||||||||||||||||||||
| VALARIS 146 | Other - Jackups Leased to ARO Drilling | 60 | 30 | |||||||||||||||||||||||||||||
| VALARIS 141 | Other - Jackups Leased to ARO Drilling | 10 | ||||||||||||||||||||||||||||||
| VALARIS 140 | Other - Jackups Leased to ARO Drilling | 30 | ||||||||||||||||||||||||||||||
| VALARIS 116 | Other - Jackups Leased to ARO Drilling | 90 | 30 | |||||||||||||||||||||||||||||
| VALARIS 108 | Other - Jackups Leased to ARO Drilling | 15 | ||||||||||||||||||||||||||||||
(1) Table shows expected out of service days for planned maintenance, e.g. special periodic surveys and rig upgrades, excluding rigs undergoing reactivation projects. Excludes ARO owned rigs.
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| Valaris Limited Fleet Status Report May 4, 2026 | |||||||||||||
Additional Information Regarding this Fleet Status Report
Day Rate and Terms. The day rates reflected in this Fleet Status Report are stated in U.S. dollars and include the operating day rates charged to customers, which may include estimated contractual adjustments for changes in operating costs and/or reimbursable cost adjustments for ongoing expenses such as crew, catering, insurance and taxes. The day rates, however, do not include certain types of non-recurring revenues such as lump sum mobilization payments, revenues earned during mobilizations, revenues associated with contract preparation and other non-recurring reimbursable items such as mobilizations and capital enhancements, and the impact of the fair market value adjustments to previously acquired drilling contracts that are recognized during the contract term. Routine and non-routine downtime may reduce the actual revenues recognized during the contract term. Additionally, we sometimes negotiate special rates and/or day rate adjustments with customers that may reduce revenues recognized.
Total Contract Value. Total contract value is the estimated total compensation expected to be received for a contract, including the operating day rate over the estimated firm term of the contract and any non-recurring lump sum payments for items such as mobilization, reactivation and capital upgrades.
Forward-Looking Statements. Statements contained in this Fleet Status Report that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include words or phrases such as "anticipate," "believe," "estimate," "expect," "intend," "likely," "outlook," "plan," "project," "could," "may," "might," "should," "will" and similar words and specifically include statements regarding expected financial performance; expected utilization, day rates, revenues, operating expenses, cash flows, contract status, terms and duration, contract backlog, capital expenditures, insurance, financing and funding; the offshore drilling market, including supply and demand, customer drilling programs and the attainment of requisite permits for such programs, stacking of rigs, effects of new rigs on the market and effect of the volatility of commodity prices; expected work commitments, awards, contracts and letters of intent; scheduled delivery dates for rigs; performance and expected benefits of our joint ventures, including our joint venture with Saudi Aramco; timing of the delivery of the Saudi Aramco Rowan Offshore Drilling Company ("ARO") newbuild rigs and the timing of additional ARO newbuild orders; the availability, delivery, mobilization, contract commencement, availability, relocation or other movement of rigs and the timing thereof; rig reactivations; suitability of rigs for future contracts; divestitures of assets; general economic, market, business and industry conditions, trends and outlook; general political conditions, including political tensions, conflicts and war; cybersecurity attacks and threats; uncertainty around the use and impacts of artificial intelligence applications; impacts and effects of public health crises, pandemics and epidemics; future operations; ability to renew expiring contracts or obtain new contracts; increasing regulatory complexity; targets, progress, plans and goals related to sustainability matters; the outcome of tax disputes; assessments and settlements; and expense management. The forward-looking statements contained in this Fleet Status Report are subject to numerous risks, uncertainties and assumptions that may cause actual results to vary materially from those indicated, including risks associated with the pending transaction with Transocean Ltd., including, among others, the completion of the pending transaction on the anticipated terms and timing, or at all, the risk that disruptions from the transaction will harm our business, including current plans and operations, the diversion of management's time and attention from ordinary course operations to completion of the pending transaction and certain restrictions during the pendency of the transaction that may impact our business; cancellation, suspension, renegotiation or termination of drilling contracts and programs; our ability to obtain financing, service our debt, fund capital expenditures and pursue other business opportunities; adequacy of sources of liquidity for us and our customers; future share repurchases; actions by regulatory authorities, or other third parties; actions by our security holders; internal control risk; commodity price fluctuations and volatility, customer demand, loss of a significant customer or customer contract, downtime and other risks associated with offshore rig operations; adverse weather, including hurricanes; changes in worldwide rig supply; and demand, competition and technology; supply chain and logistics challenges; consumer preferences for alternative fuels and forecasts or expectations regarding the global energy transition; increased scrutiny of our sustainability targets, initiatives and reporting and our ability to achieve such targets or initiatives; changes in customer strategy; future levels of offshore drilling activity; governmental action, civil unrest and political and economic uncertainties, including recessions, inflation, volatility affecting financial markets and the banking system, changing tariff policies, trade disputes, and adverse changes in the level of international trade activity; terrorism, piracy and military action (including conflicts in the Middle East and potential disruptions to key shipping lanes such as the Strait of Hormuz); risks inherent to shipyard upgrade, repair, maintenance, enhancement or rig reactivation; our ability to enter into, and the terms of, future drilling contracts; suitability of rigs for future contracts; the cancellation of letters of intent or letters of award or any failure to execute definitive contracts following announcements of letters of intent, letters of award or other expected work commitments; the outcome of litigation, legal proceedings, investigations or other claims or contract disputes; governmental regulatory, legislative and permitting requirements affecting drilling operations; our ability to attract and retain skilled personnel on commercially reasonable terms; the use of artificial intelligence by us, third-party service providers or our competitors; environmental or other liabilities, risks or losses; compliance with our debt agreements and debt restrictions that may limit our liquidity and flexibility, including in any return of capital plans; cybersecurity risks and threats; and changes in foreign currency exchange rates. In addition to the numerous factors described above, you should also carefully read and consider "Item 1A. Risk Factors" in Part I and "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" in Part II of our most recent annual report on Form 10-K, which is available on the Securities and Exchange Commission's website at www.sec.gov or on the Investor Relations section of our website at www.valaris.com. Each forward-looking statement speaks only as of the date of the particular statement, and we undertake no obligation to update or revise any forward-looking statements, except as required by law.
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FAQ
How much contract backlog does Valaris (VAL) report in the latest fleet update?
Valaris reports contract backlog of approximately $4.9 billion as of May 4, 2026, up from about $4.7 billion in February 2026. This reflects new and extended contracts across its drillship and jackup fleet, improving future revenue visibility over multiple years.
What is the significance of the new Petrobras contract extension for VALARIS DS-4?
The VALARIS DS-4 drillship received a 1,064‑day contract extension with Petrobras offshore Brazil, expected to start in November 2027. The deal adds about $447 million to contract backlog, partly offset by a roughly $21 million backlog reduction from an adjusted day rate on the existing term.
Which new jackup contracts and extensions did Valaris secure in this 8-K?
Valaris added several jackup awards, including a two‑year extension for VALARIS 115 with Brunei Shell worth about $78 million, a one‑well VALARIS 106 contract with Medco Energi valued around $5.4 million, and VALARIS 122/123 extensions and new work in the UK and Dutch North Sea.
What operational challenges in the Middle East does Valaris highlight?
Valaris notes all Valaris and ARO rigs in the Middle East remain under contract, but shipyard projects for VALARIS 116 and VALARIS 250 are delayed, with bareboat charters expected to resume in third quarter 2026. Operations for VALARIS 110 offshore Qatar have been suspended since early March 2026.
How does Valaris describe expected out-of-service days for its rigs?
The company provides a table of expected out-of-service days by rig and quarter through first quarter 2027 for planned maintenance, surveys and upgrades. Examples include 60 days for VALARIS 117 in second quarter 2026 and 90 days for VALARIS 116 in second quarter 2026, excluding reactivation projects.
What happened to the semisubmersible rig VALARIS DPS-1?
Valaris states that semisubmersible VALARIS DPS-1 was sold for recycling in April 2026. This removes an older moored rig from the fleet, aligning capacity with market needs while eliminating future maintenance and reactivation requirements associated with that specific unit.