Valaris wins about $600M in contracts and extensions
A three-year bp services contract is expected to add approximately $290 million to contracted revenue backlog.
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Form Type
8-K
Rhea-AI Filing Summary
Valaris Ltd (VAL) reported new contract awards and extensions associated with approximately $600 million in contract backlog since its prior fleet status report on August 5, 2026. Total contract backlog was $4,750.1 million as of November 2, 2026; the company describes it as approximately $4.8 billion, up from approximately $4.6 billion as of August 5, 2026. A three-year service contract with bp for drilling operations on the Mad Dog and Thunder Horse platforms is expected to begin in January 2027 and adds approximately $290 million to contracted revenue backlog.
Priced extensions add approximately $25 million for VALARIS DS-12, with an estimated 60-day duration, and approximately $10 million for VALARIS 106, with an estimated 90-day duration. A new Australia contract for VALARIS 107 has an estimated 300-day duration and approximately $50 million in backlog, following its current commitments. Three-year Saudi Aramco extensions for five ARO-owned rigs commenced in October 2026. Valaris also reports that VALARIS MS-1 was sold for recycling and VALARIS 111 was sold for conversion to a mobile offshore production unit; all Valaris and ARO rigs operating in the Middle East remain under contract.
Filing Explained
The reported contract backlog represents commitments under signed drilling contracts, but it may include contracts still subject to a final investment decision, with customer termination rights if that decision is not received; thus, some reported backlog is not unconditional.
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, or exhibit attachments filed with this report.
Key Figures
Total contract backlog: $4,750.1 million
Backlog associated with new contracts and extensions: Approximately $600 million
bp services contract backlog: Approximately $290 million
+4 more
7 metrics
Total contract backlog
$4,750.1 million
As of November 2, 2026
Backlog associated with new contracts and extensions
Approximately $600 million
Awards and extensions subsequent to the August 5, 2026 fleet status report
bp services contract backlog
Approximately $290 million
Three-year service contract for Mad Dog and Thunder Horse; expected to commence in January 2027
VALARIS DS-12 extension backlog
Approximately $25 million
Priced 60-day extension
VALARIS 107 contract backlog
Approximately $50 million
Estimated 300-day contract following current commitments
VALARIS 106 extension backlog
Approximately $10 million
Priced extension with an estimated duration of 90 days
ARO-owned rigs with Saudi Aramco extensions
5 rigs; 3 years
Extensions commenced in October 2026
Key Terms
contract backlog, contracted days, Total contract value, annual cost escalation mechanism, +1 more
5 terms
contract backlog financial
"Contract backlog reflects commitments represented by signed drilling contracts"
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.
contracted days financial
"Contract backlog, contracted days and average day rates as of November 2, 2026"
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.
annual cost escalation mechanism financial
"subject to an annual cost escalation mechanism effective from the contract execution date"
bareboat charter agreements financial
"Rigs leased to ARO Drilling via bareboat charter agreements"
A bareboat charter agreement is a contract in which the owner leases a ship to a charterer who takes full possession and control of the vessel for a set period, providing the crew, handling operations, maintenance, and paying running costs. For investors, it matters because a bareboat charter is like a long-term equipment lease: it shifts operating risk, cash-flow obligations, and potential balance-sheet implications to the charterer while the owner retains legal title to the ship.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What was VAL's contract backlog?
Valaris reported total contract backlog of $4,750.1 million as of November 2, 2026. The company described the total as approximately $4.8 billion, compared with approximately $4.6 billion as of August 5, 2026.
How much backlog did VAL's new contracts and extensions represent?
Valaris reported approximately $600 million in associated contract backlog from new contracts and extensions awarded after its previous fleet status report on August 5, 2026.
What changed in VALARIS 72's Eni program?
Approximately eight and a half months of the program are now expected to be undertaken by VALARIS 121, which is expected to commence operations in November 2026. VALARIS 72 is expected to complete its program in March 2027 rather than September 2027, and the amendment increases contract backlog by approximately $17 million.
What are the terms of VAL's Southern North Sea plug-and-abandonment award?
The fleet award may be performed by any suitable and available rig in the Valaris North Sea fleet. It has a commencement window up to December 2030, an estimated duration of 341 days and estimated contract backlog of $41.5 million. It also includes a one-well option with an estimated duration of 19 days and an annual cost escalation mechanism effective from contract execution.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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): November 2, 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 November 2, 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 November 2, 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 | ||||||||
| November 2, 2026 | /s/ CHRISTOPHER T. WEBER | |||||||
Christopher T. Weber Senior Vice President and Chief Financial Officer | ||||||||
4
 | Valaris Limited Fleet Status Report November 2, 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 $600 million, subsequent to issuing its previous fleet status report on August 5, 2026. Contract backlog excludes lump sum payments such as mobilization fees and capital reimbursements. •Contract backlog increased to approx. $4.8 billion from approx. $4.6 billion as of August 5, 2026. Floater Contract Awards •Two-well exploration contract with PETRONAS Suriname Exploration & Production B.V. for VALARIS DS-18. The contract, which follows a previously announced Letter of Award, is expected to commence in the fourth quarter of 2026 with a duration of up to seven months. The contract backlog excludes additional services that may be provided and billed separately, as well as compensation for mobilization and demobilization. •One-well contract extension with BP Exploration Delta Limited offshore Egypt for VALARIS DS-12. The contract extension is expected to commence in late 2027 or early 2028 in direct continuation of the existing program and has an estimated duration of 60 days. The priced extension will add approximately $25 million to contracted revenue backlog. Jackup Contract Awards •One-well contract for VALARIS 107 with Emperor Energy offshore Australia. The contract is expected to commence in the second quarter of 2027 in direct continuation of the rig’s existing program with another operator and has a minimum duration of 30 days. The operating day rate is $165,000. •New contract offshore Australia for VALARIS 107. The contract is expected to commence following its current commitments and has an estimated duration of 300 days. The contract backlog of approximately $50 million excludes compensation for mobilization and demobilization. The contract also includes priced options. •One-well contract extension for VALARIS 106 with BP Indonesia. The contract extension is expected to commence in the fourth quarter of 2028 in direct continuation of the existing program and has an estimated duration of 90 days. The priced extension will add approximately $10 million to contracted revenue backlog. The contract has three one-well options remaining. •Multi-well plug and abandonment contract in the Southern North Sea. The contract is a fleet award under which operations may be performed by any suitable and available rig within the Valaris North Sea fleet. The contract has a commencement window up to December 2030 and has an estimated duration of 341 days. The contracted revenue backlog is estimated to be $41.5 million and is subject to an annual cost escalation mechanism effective from the contract execution date. The contract also includes a one-well option with an estimated duration of 19 days. •Contract extension for VALARIS Norway with Ithaca Energy in the UK North Sea. The contract extension is expected to commence in the second quarter of 2027 and has an estimated duration of approximately 200 days. The contracted revenue backlog for the extension is approximately $27 million. The contract also includes priced options with a total estimated duration of 163 days. | Jackup Contract Awards (continued) •Contract extension for VALARIS 122 with INEOS for a project in the Danish North Sea. The contract extension is expected to commence in February 2027 in direct continuation of the existing program and has an estimated duration of 126 days. The operating day rate is $115,000. •Contract extension for VALARIS 122 with INEOS for a project in the UK North Sea. The contract extension is expected to commence in July 2027 in direct continuation of the existing program and has an estimated duration of 158 days. The operating day rate is $125,000. The contract includes additional options with an estimated total duration of 541 days for work in the UK and Danish North Sea. •A previously announced contract for VALARIS 72 with Eni in the East Irish Sea (UK) has been amended. Approximately eight and a half months of the program will now be undertaken by VALARIS 121, which is expected to commence operations in November 2026 in direct continuation of its existing program with another operator. VALARIS 72 is now expected to complete its program in March 2027, rather than September 2027. The amendment increases contract backlog by approximately $17 million. •61-day contract extension for VALARIS 248 with Seatrium in the UK North Sea to provide accommodation support services for an offshore wind project. The contract extension commenced in October 2026 in direct continuation of the existing program and added over $5 million to contracted revenue backlog. Other Contract Awards •Three-year service contract with bp supporting drilling operations on the Mad Dog and Thunder Horse platforms in the Gulf of America. The contract is expected to commence in January 2027 in direct continuation of the existing service contract, and adds approximately $290 million to contracted revenue backlog. Other Fleet Status Updates •Semisubmersible VALARIS MS-1 was sold for recycling. Valaris terminated the previously announced sale of jackup VALARIS 111 for recycling and subsequently sold the rig to another buyer for conversion to a mobile offshore production unit. Middle East Operations Update •All Valaris and ARO rigs operating in the Middle East remain under contract. ARO Drilling Contract Awards •Three-year contract extensions with Saudi Aramco for five ARO-owned rigs. The extensions commenced in October 2026 in direct continuation of the rigs’ respective previous contracts. | |||||||
1
| Valaris Limited Fleet Status Report November 2, 2026 | |||||||||||||
Contract Backlog(1) (2) ($ millions) | 2026 | 2027 | 2028+ | Total | Contracted Days(1) (2) | 2026 | 2027 | 2028+ | |||||||||||||||||||||
| Drillships | $ | 256.4 | $ | 1,360.5 | $ | 1,287.2 | $ | 2,904.1 | Drillships | 598 | 3,152 | 3,085 | |||||||||||||||||
| Floaters | $ | 256.4 | $ | 1,360.5 | $ | 1,287.2 | $ | 2,904.1 | Floaters | 598 | 3,152 | 3,085 | |||||||||||||||||
| Harsh Environment | $ | 51.4 | $ | 272.8 | $ | 183.7 | $ | 507.9 | Harsh Environment | 407 | 2,065 | 1,472 | |||||||||||||||||
| Benign Environment | 56.5 | 308.1 | 242.6 | 607.2 | Benign Environment | 420 | 2,323 | 2,181 | |||||||||||||||||||||
| Legacy | 11.9 | 39.7 | — | 51.6 | Legacy | 120 | 394 | — | |||||||||||||||||||||
| Jackups | $ | 119.8 | $ | 620.6 | $ | 426.3 | $ | 1,166.7 | Jackups | 947 | 4,782 | 3,653 | |||||||||||||||||
Other(3) | $ | 33.6 | $ | 196.4 | $ | 449.3 | $ | 679.3 | Other(3) | 540 | 2,654 | 6,179 | |||||||||||||||||
| Total | $ | 409.8 | $ | 2,177.5 | $ | 2,162.8 | $ | 4,750.1 | Total | 2,085 | 10,588 | 12,917 | |||||||||||||||||
ARO Drilling(4) | Average Day Rates(1) (2) | 2026 | 2027 | 2028+ | |||||||||||||||||||||||||
| Owned Rigs | $ | 59.1 | $ | 294.2 | $ | 804.0 | $ | 1,157.3 | Drillships | $ | 429,000 | $ | 432,000 | $ | 417,000 | ||||||||||||||
| Leased Rigs | 52.1 | 291.8 | 697.4 | 1,041.3 | Floaters | $ | 429,000 | $ | 432,000 | $ | 417,000 | ||||||||||||||||||
| Total | $ | 111.2 | $ | 586.0 | $ | 1,501.4 | $ | 2,198.6 | Harsh Environment | $ | 126,000 | $ | 132,000 | $ | 125,000 | ||||||||||||||
| Benign Environment | 134,000 | 133,000 | 111,000 | ||||||||||||||||||||||||||
| Legacy | 100,000 | 101,000 | — | ||||||||||||||||||||||||||
| Jackups | $ | 127,000 | $ | 130,000 | $ | 117,000 | |||||||||||||||||||||||
(1) Contract backlog, contracted days and average day rates as of November 2, 2026. (2) Contract backlog reflects commitments represented by signed drilling contracts and is calculated by multiplying the contracted operating day rate by the contract period. Contract backlog may include drilling contracts subject to final investment decision ("FID") and drilling contracts which grant the customer termination rights if FID is not received with respect to projects for which the drilling rig is contracted. 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 November 2, 2026. | |||||||||||||||||||||||||||||
2
| Valaris Limited Fleet Status Report November 2, 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 | Petronas Occidental | Suriname Gulf of America | Nov 26 Jun 27 | May 27 Dec 29 | Two-well exploration program with a duration of up to seven months. Contract backlog excludes additional services that may be provided and billed separately, as well as compensation for mobilization and demobilization 914-day contract for DS-18 and 940-day contract extension for DS-16. Combined addition to contract 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. Three priced options with a total duration of 228 days | |||||||||||||||||||||||||||||||||||||||||||
| VALARIS DS-16 | GustoMSC P10000 | 2014 | Occidental | Gulf of America | Jun 26 | Dec 28 | 940-day contract extension for DS-16 and 914-day contract for DS-18. Combined addition to contract 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 | Cote d'Ivoire | Sep 26 | May 27 | 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 BP | Egypt Egypt | Apr 26 Jan 28 | Dec 27 Feb 28 | TCV, based on initial estimated duration of 350 days, is approx. $140 million, inclusive of MPD and mobilization. Contract backlog of approx. $25 million based on priced extension of 60 days. Two option wells remaining | |||||||||||||||||||||||||||||||||||||||||||
| VALARIS DS-10 | Samsung GF12000 | 2017 | Shell | Nigeria | Jun 26 | Jul 28 | 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 | Angola | Jul 26 | Jul 28 | Operating day rate is in line with recent market rates in the region. Two 6-month options. Expect approx. 15 days out of service for planned maintenance in 3Q27 | |||||||||||||||||||||||||||||||||||||||||||
| 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 Jul 27 | TCV estimated to be $364 million based on initial estimated duration of 850 days Contract backlog of approx. $125 million based on initial estimated duration of 325 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 & additional services Contract 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 | |||||||||||||||||||||||||||||||||||||||||||||||
| Sold | ||||||||||||||||||||||||||||||||||||||||||||||||||
| VALARIS MS-1 | F&G ExD Millennium, Moored | 2011 | Malaysia | Rig sold for recycling | ||||||||||||||||||||||||||||||||||||||||||||||
3
| Valaris Limited Fleet Status Report November 2, 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 | May 26 Jun 27 | Apr 27 Dec 27 | Contract backlog of approx. $36 million based on duration of 300 days. Expect approx. 30 days out of service for planned maintenance in 2Q27. Contract backlog of approx. $27 million based on estimated duration of 200 days. Priced options with a total estimated duration of 163 days | |||||||||||||||||||||||||||||||||||||||||||
| VALARIS Stavanger | KFELS N Class | 2011 | NEO NEXT+ | 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 | BP Shell | Trinidad Trinidad | Apr 26 Nov 26 | Jul 26 Nov 27 | TCV of $16.8 million based on duration of 100 days. Expect approx. 100 days out of service for planned maintenance in 3Q/4Q26 Contract 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 | Seatrium Undisclosed | UK UK | Nov 25 Apr 27 | Nov 26 Mar 30 | Contract backlog of approx. $28 million for 386-day contract to provide accommodation support Contract backlog of approx. $140 million, subject to an annual cost escalation mechanism effective from the contract commencement date, based on estimated duration of 1,080 days. Two 1-year unpriced options | |||||||||||||||||||||||||||||||||||||||||||
| VALARIS 123 | KFELS Super A | 2019 | TAQA CEP | Netherlands Poland | Jan 26 Sep 26 | Sep 26 Jan 27 | $80,000 $135,000 | Accommodation support Priced option with an estimated duration of 30 days | ||||||||||||||||||||||||||||||||||||||||||
| VALARIS 122 | KFELS Super A | 2014 | Adura INEOS INEOS | UK UK / Denmark UK | Jan 26 Sep 26 Jul 27 | Sep 26 Jul 27 Jan 28 | $115,000 $125,000 | Contract backlog of approx. $28 million for extensions totaling 243 days for accommodation support Options with an estimated total duration of 541 days for work in the UK and Danish North Sea | ||||||||||||||||||||||||||||||||||||||||||
| VALARIS 121 | KFELS Super A | 2014 | Adura Eni | UK UK | Feb 26 Nov 26 | Nov 26 Aug 27 | Contract backlog of over $25 million based on estimated duration of 194 days Contract amended to assign some of the program to VALARIS 121 from VALARIS 72 | |||||||||||||||||||||||||||||||||||||||||||
| VALARIS 120 | KFELS Super A | 2013 | Eni | UK | Jan 26 | Jan 28 | Contract assigned to VALARIS 120 from VALARIS 248. Two 3-month options | |||||||||||||||||||||||||||||||||||||||||||
| FLEET AWARD | Spirit Energy | UK | Fleet award under which operations may be performed by any suitable and available rig within the Valaris North Sea Fleet. Commencement window up to Dec 2030; estimated duration of 294 days. Contract 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 | Undisclosed | UK | Fleet award under which operations may be performed by any suitable and available rig within the Valaris North Sea Fleet. Commencement window up to Dec 2030; estimated duration of 341 days. Contract backlog of $41.5 million, subject to an annual cost escalation mechanism effective from the contract execution date. One-well option with an estimated duration of 19 days | |||||||||||||||||||||||||||||||||||||||||||||||
| Stacked | ||||||||||||||||||||||||||||||||||||||||||||||||||
| VALARIS Viking | KFELS N Class | 2010 | UK | |||||||||||||||||||||||||||||||||||||||||||||||
| Legacy Jackups | ||||||||||||||||||||||||||||||||||||||||||||||||||
| VALARIS 92 | LT 116-C | 1982 | Shell | UK | Aug 25 | Oct 27 | ||||||||||||||||||||||||||||||||||||||||||||
| VALARIS 72 | Hitachi 300C | 1981 | Eni | UK | Oct 25 | Mar 27 | Contract amended to assign some of the program to VALARIS 121. VALARIS 72 is now expected to complete its program in March 2027, rather than September 2027 | |||||||||||||||||||||||||||||||||||||||||||
4
| Valaris Limited Fleet Status Report November 2, 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. Expect approx. 20 days out of service for planned maintenance in 2Q27 | |||||||||||||||||||||||||||||||||||||||||||
| VALARIS 117 | LT 240-C | 2009 | Undisclosed | Trinidad | Aug 26 | Aug 28 | 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 Contract backlog of approx. $78 million for two-year extension | |||||||||||||||||||||||||||||||||||||||||||
| VALARIS 110 | KFELS MOD V-B | 2015 | NOC | Qatar | Oct 25 | Oct 29 | Contract 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 1Q27 | |||||||||||||||||||||||||||||||||||||||||||
| VALARIS 107 | KFELS MOD V-B | 2006 | Woodside GB Energy Emperor Energy Undisclosed | Australia Australia Australia Australia | Nov 25 Nov 26 Apr 27 Sep 27 | Nov 26 Apr 27 May 27 Jul 28 | $163,000 $165,000 | TCV of approx. $27 million based on estimated duration of 150 days Expect approx. 110 days out of service for planned maintenance (including mobilizations) in 2Q/3Q27 Contract backlog of approx. $50 million based on estimated duration of 300 days. Contract also includes priced options | ||||||||||||||||||||||||||||||||||||||||||
| VALARIS 106 | KFELS MOD V-B | 2005 | BP BP | Indonesia Indonesia | Nov 26 Nov 28 | Oct 28 Jan 29 | TCV of approx. $74 million based on estimated duration of two years Contract backlog of approx. $10 million based on estimated duration of 90 days. Three 1-well options remaining | |||||||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||||||||||
| Sold | ||||||||||||||||||||||||||||||||||||||||||||||||||
| VALARIS 111 | KFELS MOD V-B | 2003 | Croatia | Rig sold for conversion to a mobile offshore production unit | ||||||||||||||||||||||||||||||||||||||||||||||
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| Valaris Limited Fleet Status Report November 2, 2026 | |||||||||||||
| Asset Category / Rig | Design | Year Delivered | Customer | Location | Contract Start Date | Contract End Date(1) | Day Rate(2) | Comments | ||||||||||||||||||||||||||||||||||||||||||
Other - Jackups Leased to ARO Drilling(3) | ||||||||||||||||||||||||||||||||||||||||||||||||||
| VALARIS 250 | LT Super Gorilla XL | 2003 | ARO Drilling | Saudi Arabia | May 25 | Apr 30 | Recommenced bareboat charter in July 2026 following shipyard project | |||||||||||||||||||||||||||||||||||||||||||
| VALARIS 146 | LT Super 116-E | 2011 | ARO Drilling | Saudi Arabia | May 25 | Apr 30 | ||||||||||||||||||||||||||||||||||||||||||||
| VALARIS 141 | LT Super 116-E | 2016 | ARO Drilling | Saudi Arabia | Aug 25 | Aug 30 | ||||||||||||||||||||||||||||||||||||||||||||
| VALARIS 140 | LT Super 116-E | 2016 | ARO Drilling | Saudi Arabia | May 25 | Apr 30 | ||||||||||||||||||||||||||||||||||||||||||||
| VALARIS 116 | LT 240-C | 2008 | ARO Drilling | Saudi Arabia | May 25 | Apr 30 | Recommenced bareboat charter in September 2026 following shipyard project | |||||||||||||||||||||||||||||||||||||||||||
| VALARIS 108 | KFELS MOD V-B | 2007 | ARO Drilling | Saudi Arabia | Mar 24 | Mar 27 | 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 BP | Gulf of America Gulf of America | Jan 24 Jan 27 | Jan 27 Jan 30 | TCV of approx. $153 million Three-year contract for Mad Dog and Thunder Horse; total combined contract backlog of approx. $290 million | ||||||||||||||||||||||||||||||||||||||||||||
| Mad Dog | Deepwater Spar Drilling Rig | BP BP | Gulf of America Gulf of America | Jan 24 Jan 27 | Jan 27 Jan 30 | TCV of approx. $106 million Three-year contract for Mad Dog and Thunder Horse; total combined contract backlog of approx. $290 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 November 2, 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 | Sep 29 | |||||||||||||||||||||||||||||||||||||||
| SAR 201 | BM 200-H | Saudi Aramco | Saudi Arabia | Feb 18 | Sep 29 | |||||||||||||||||||||||||||||||||||||||
| Bob Keller | LT Tarzan 225-C | Saudi Aramco | Saudi Arabia | Oct 17 | Sep 29 | |||||||||||||||||||||||||||||||||||||||
| J.P. Bussell | LT Tarzan 225-C | Saudi Aramco | Saudi Arabia | Oct 17 | Sep 29 | |||||||||||||||||||||||||||||||||||||||
| Scooter Yeargain | LT Tarzan 225-C | Saudi Aramco | Saudi Arabia | Oct 18 | Dec 26 | |||||||||||||||||||||||||||||||||||||||
| 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 | Sep 29 | |||||||||||||||||||||||||||||||||||||||
| Kingdom 1 | LT 116-C | Saudi Aramco | Saudi Arabia | Nov 23 | Nov 31 | |||||||||||||||||||||||||||||||||||||||
| Kingdom 2 | LT 116-C | Saudi Aramco | Saudi Arabia | Aug 24 | Aug 32 | |||||||||||||||||||||||||||||||||||||||
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 November 2, 2026 | |||||||||||||
Out of Service Days (1) | ||||||||||||||||||||||||||||||||
| Rig | Segment / Asset Category | Q4 2026 | Q1 2027 | Q2 2027 | Q3 2027 | |||||||||||||||||||||||||||
| VALARIS DS-16 | Floater - Drillship | 35 | ||||||||||||||||||||||||||||||
| VALARIS DS-10 | Floater - Drillship | 45 | ||||||||||||||||||||||||||||||
| VALARIS DS-9 | Floater - Drillship | 15 | ||||||||||||||||||||||||||||||
| VALARIS DS-8 | Floater - Drillship | 60 | ||||||||||||||||||||||||||||||
| VALARIS Norway | Jackup - Harsh Environment | 30 | ||||||||||||||||||||||||||||||
| VALARIS 249 | Jackup - Harsh Environment | 45 | ||||||||||||||||||||||||||||||
| VALARIS 118 | Jackup - Benign Environment | 20 | ||||||||||||||||||||||||||||||
| VALARIS 110 | Jackup - Benign Environment | 60 | ||||||||||||||||||||||||||||||
| VALARIS 107 | Jackup - Benign Environment | 60 | 50 | |||||||||||||||||||||||||||||
(1) Table shows expected out of service days for planned maintenance or repairs, 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 November 2, 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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