Valaris (NYSE: VAL) lifts offshore drilling backlog to roughly $4.6B
Rhea-AI Filing Summary
Valaris Limited reports updated fleet activity and contract backlog as of August 5, 2026. New contracts and extensions since May 4 added more than $160 million of contract backlog, bringing total backlog to approximately $4.6 billion across floaters, jackups and other services through 2028 and beyond.
Key awards include a 101-day extension and a 41-well plug and abandonment contract for VALARIS 248 in the UK North Sea, adding approximately $7.5 million and $140 million, respectively, plus a one-well Baltic Sea contract for VALARIS 123 at an operating day rate of $135,000. Middle East operations remain under contract, with several rigs resuming or recommencing work.
The company sold jackups VALARIS 104 and 109, which had been stacked for about six years, for total cash proceeds of $74 million. Average 2026 day rates are $426,000 for drillships and $126,000 for jackups. Disclosures also outline expected out-of-service days for planned maintenance and extensive forward-looking risk factors, including a pending transaction with Transocean Ltd.
Positive
- None.
Negative
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Filing Explained
The filing changes contracted fleet work, while the DS-18 opportunity remains conditional and outside backlog until its status advances.
This Form 8-K furnishes Valaris’s fleet-status report as of
The LOA for VALARIS DS-18 covers up to seven months of work expected to begin in the fourth quarter of
A previously disclosed one-well contract for VALARIS 106 was terminated by mutual agreement, removing that stated work commitment from the fleet update without a disclosed value for the contract.
Contract backlog is not the same as total contract value: the reported measure excludes certain non-recurring lump-sum revenues, and backlog or contracted days may include rigs under suspension.
The filing identifies cancellation of letters of award or failure to execute definitive contracts as risks; for DS-18, execution of a definitive contract is the specific milestone that would move the opportunity beyond its current LOA state.
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: approximately $4.6 billion
Backlog 2026: $924.3 million
Backlog 2027: $1,832.0 million
+5 more
8 metrics
Total contract backlog
approximately $4.6 billion
Contract backlog is approximately $4.6 billion as of August 5, 2026.
Backlog 2026
$924.3 million
Total contract backlog for 2026 across all asset categories.
Backlog 2027
$1,832.0 million
Total contract backlog for 2027 across all asset categories.
Backlog 2028 and beyond
$1,828.9 million
Total contract backlog for 2028+ across all asset categories.
New backlog from recent awards
more than $160 million
New contracts and extensions since May 4, 2026 added more than $160 million of backlog.
VALARIS 248 P&A contract backlog
approximately $140 million
41-well plug and abandonment contract for VALARIS 248 is expected to add about $140 million.
Proceeds from rig sales
$74 million
Jackups VALARIS 104 and 109 were sold in June and July 2026 for total cash proceeds of $74 million.
Average 2026 drillship day rate
$426,000
Average day rate for drillships in 2026 based on contracted backlog.
Key Terms
contract backlog, plug and abandonment, bareboat charter, total contract value, +2 more
6 terms
contract backlog financial
"Contract backlog is approximately $4.6 billion as of August 5, 2026."
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.
plug and abandonment technical
"41-well plug and abandonment contract for VALARIS 248 in the UK North Sea."
Plug and abandonment is the permanent closure of an oil or gas well: workers place barriers down the well, remove surface equipment, and restore the site so the well cannot leak or be used again. For investors it matters because it is a legally required, often costly cleanup process that converts future production into a one‑time expense and ongoing liability risk—similar to tearing down and safely sealing an old factory, with implications for cash flow and balance‑sheet reserves.
bareboat charter financial
"recommenced its bareboat charter with ARO in mid-July 2026."
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.
total contract value financial
"Estimated total contract value ("TCV") of $498 million, inclusive of MPD."
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.
warm stacked technical
"Rig is warm stacked in Las Palmas, Spain."
special periodic surveys technical
"planned maintenance or repairs, e.g. special periodic surveys and rig upgrades."
Special periodic surveys are targeted data-collection efforts carried out at regular intervals to gather specific information—such as customer behavior, product performance, safety incidents, or compliance metrics—relevant to a company’s operations or regulatory duties. Investors use the results like scheduled health checks to spot trends, emerging risks or opportunities, and whether management is meeting legal, quality or market expectations, which can influence valuation and risk assessments.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What is Valaris (VAL) total contract backlog as of August 5, 2026?
Valaris reports contract backlog of approximately $4.6 billion as of August 5, 2026. This includes $924.3 million for 2026, $1,832.0 million for 2027 and $1,828.9 million for 2028 and beyond across floaters, jackups and other contracts.
How much new contract backlog has Valaris (VAL) added since May 4, 2026?
Since May 4, 2026, Valaris has secured new contracts and extensions adding more than $160 million to contract backlog. This excludes lump-sum items such as mobilization fees and capital reimbursements and reflects only recurring operating revenues from these awards.
What are the key contract updates for VALARIS 248 disclosed by Valaris (VAL)?
VALARIS 248 received a 101-day extension with GE Vernova adding approximately $7.5 million to backlog and a 41-well plug and abandonment contract adding approximately $140 million. The latter spans an estimated 1,080 days and includes two unpriced one-year options.
What new work did Valaris (VAL) secure for jackup VALARIS 123?
VALARIS 123 won a one-well contract with Central European Petroleum in the Baltic Sea, starting September 2026 for about 110 days. The operating day rate is $135,000 and the deal includes a priced option for a second well of roughly 30 days.
What rig sales and proceeds does Valaris (VAL) report in this fleet update?
Valaris sold jackups VALARIS 104 and VALARIS 109 in June and July 2026 for total cash proceeds of $74 million. Both rigs had been stacked for around six years, with VALARIS 104 sold specifically for non-drilling use, simplifying the fleet.
What average day rates does Valaris (VAL) report for its main rig types?
For 2026, Valaris reports average day rates of $426,000 for drillships and $126,000 for jackups. Harsh-environment jackups average $123,000, while benign-environment jackups average $138,000, excluding non-recurring revenues such as mobilization payments.
What operational and maintenance downtime does Valaris (VAL) expect for key rigs?
Valaris lists expected out-of-service days for planned maintenance, including 35 days for VALARIS DS-16 in Q4 2026, 60 days for VALARIS DS-8 in Q1 2027, and 90 days for VALARIS 106 in Q3 2026, excluding reactivation projects.
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): August 5, 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 August 5, 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.
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Item 9.01 Financial Statements and Exhibits
(d) Exhibits
| Exhibit No. | Description | |||||||
| 99.1 | Fleet Status Report of Valaris Limited as of August 5, 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) | |||||||
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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 | ||||||||
| August 5, 2026 | /s/ CHRISTOPHER T. WEBER | |||||||
Christopher T. Weber Senior Vice President and Chief Financial Officer | ||||||||
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 | Valaris Limited Fleet Status Report August 5, 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 more than $160 million, subsequent to issuing its previous fleet status report on May 4, 2026. Contract backlog excludes lump sum payments such as mobilization fees and capital reimbursements. •Contract backlog is approximately $4.6 billion as of August 5, 2026. Floater Letter of Award (excluded from contract backlog as of August 5, 2026) •Letter of Award (LOA) for a two-well exploration program for VALARIS DS-18. The program is expected to commence in the fourth quarter of 2026 with a duration of up to seven months. •In conjunction with the LOA, Valaris and the operator of the previously disclosed contract for VALARIS DS-18 in the Gulf of America have amended the commencement date to be in direct continuation of the program related to the LOA. Jackup Contract Awards •101-day contract extension for 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 June 2026 in direct continuation of the existing program and added approximately $7.5 million to contracted revenue backlog. •41-well plug and abandonment contract for VALARIS 248 in the UK North Sea. The contract is expected to commence in mid-2027 and has an estimated duration of 1,080 days. The firm term is expected to add approximately $140 million to contracted revenue backlog and is subject to an annual cost escalation mechanism effective from the commencement date. The contract also includes two unpriced one-year options. •A previously disclosed contract for VALARIS 248 with Eni in the East Irish Sea (UK) has been assigned to VALARIS 120. •One-well contract for VALARIS 123 with Central European Petroleum offshore Poland in the Baltic Sea. The contract is expected to commence in September 2026 for an estimated duration of 110 days and includes a priced option for a second well with an estimated duration of 30 days. The operating day rate is $135,000. | Middle East Operations Update •All Valaris and ARO rigs operating in the Middle East remain under contract. •VALARIS 250 completed its planned shipyard project and recommenced its bareboat charter with ARO in mid-July 2026. VALARIS 116 is expected to recommence its bareboat charter with ARO in the third quarter of 2026. •VALARIS 110 resumed operations with NOC offshore Qatar in late May 2026. Operations had been suspended since early March 2026 due to the conflicts in the Middle East. Other Fleet Status Updates •Jackups VALARIS 104 and 109 were sold in June and July 2026, respectively, for total cash proceeds of $74 million. Both rigs had been stacked for approximately six years. VALARIS 104 was sold for non-drilling use. •A previously disclosed one-well contract for jackup VALARIS 106 with Medco Energi offshore Indonesia was terminated by mutual agreement. | |||||||
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| Valaris Limited Fleet Status Report August 5, 2026 | |||||||||||||
Contract Backlog(1) (2) ($ millions) | 2026 | 2027 | 2028+ | Total | Contracted Days(1) (2) | 2026 | 2027 | 2028+ | |||||||||||||||||||||
| Drillships | $ | 559.2 | $ | 1,209.4 | $ | 1,247.7 | $ | 3,016.3 | Drillships | 1,312 | 2,788 | 3,015 | |||||||||||||||||
| Semisubmersibles | — | — | — | — | Semisubmersibles | — | — | — | |||||||||||||||||||||
| Floaters | $ | 559.2 | $ | 1,209.4 | $ | 1,247.7 | $ | 3,016.3 | Floaters | 1,312 | 2,788 | 3,015 | |||||||||||||||||
| Harsh Environment | $ | 119.4 | $ | 170.2 | $ | 140.9 | $ | 430.5 | Harsh Environment | 970 | 1,271 | 1,121 | |||||||||||||||||
| Benign Environment | 135.9 | 285.5 | 194.3 | 615.7 | Benign Environment | 986 | 2,216 | 1,842 | |||||||||||||||||||||
| Legacy | 29.7 | 57.5 | — | 87.2 | Legacy | 298 | 577 | — | |||||||||||||||||||||
| Jackups | $ | 285.0 | $ | 513.2 | $ | 335.2 | $ | 1,133.4 | Jackups | 2,254 | 4,064 | 2,963 | |||||||||||||||||
Other(3) | $ | 80.1 | $ | 109.4 | $ | 246.0 | $ | 435.5 | Other(3) | 1,255 | 2,315 | 5,422 | |||||||||||||||||
| Total | $ | 924.3 | $ | 1,832.0 | $ | 1,828.9 | $ | 4,585.2 | Total | 4,821 | 9,167 | 11,400 | |||||||||||||||||
ARO Drilling(4) | Average Day Rates(1) (2) | 2026 | 2027 | 2028+ | |||||||||||||||||||||||||
| Owned Rigs | $ | 107.0 | $ | 115.5 | $ | 491.4 | $ | 713.9 | Drillships | $ | 426,000 | $ | 434,000 | $ | 414,000 | ||||||||||||||
| Leased Rigs | 130.7 | 291.8 | 697.7 | 1,120.2 | Semisubmersibles | — | — | — | |||||||||||||||||||||
| Total | $ | 237.7 | $ | 407.3 | $ | 1,189.1 | $ | 1,834.1 | Floaters | $ | 426,000 | $ | 434,000 | $ | 414,000 | ||||||||||||||
| Harsh Environment | $ | 123,000 | $ | 134,000 | $ | 126,000 | |||||||||||||||||||||||
| Benign Environment | 138,000 | 129,000 | 106,000 | ||||||||||||||||||||||||||
| Legacy | 100,000 | 100,000 | — | ||||||||||||||||||||||||||
| Jackups | $ | 126,000 | $ | 126,000 | $ | 113,000 | |||||||||||||||||||||||
(1) Contract backlog, contracted days and average day rates as of August 5, 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 August 5, 2026. | |||||||||||||||||||||||||||||
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| Valaris Limited Fleet Status Report August 5, 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 | Undisclosed Occidental | Undisclosed Gulf of America | Nov 26 Jun 27 | May 27 Dec 29 | LOA for a two-well exploration program with a duration of up to seven months 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. Three priced options with a total duration of 228 days | |||||||||||||||||||||||||||||||||||||||||||
| 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 | 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 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. Expect approx. 15 days out of service for planned maintenance in 2Q27 | |||||||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||||||
| 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 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 | |||||||||||||||||||||||||||||||||||||||||||||||
| Semisubmersible | ||||||||||||||||||||||||||||||||||||||||||||||||||
| VALARIS MS-1 | F&G ExD Millennium, Moored | 2011 | Malaysia | Warm stacked | ||||||||||||||||||||||||||||||||||||||||||||||
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| Valaris Limited Fleet Status Report August 5, 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 | 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 Oct 26 | Jul 26 Oct 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 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 Undisclosed | UK UK | Nov 25 Apr 27 | Sep 26 Mar 30 | Contracted revenue backlog of approx. $23 million for 325-day contract to provide accommodation support services Contracted revenue 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 | UK UK | Jan 26 Sep 26 | Sep 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 | UK | Feb 26 | Nov 26 | Contracted revenue backlog of over $25 million based on estimated duration of 194 days | |||||||||||||||||||||||||||||||||||||||||||
| VALARIS 120 | KFELS Super A | 2013 | Eni | UK | Jan 26 | Jan 28 | Contract assigned to VALARIS 120 from VALARIS 248 | |||||||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||||||||||
| Legacy Jackups | ||||||||||||||||||||||||||||||||||||||||||||||||||
| VALARIS 92 | LT 116-C | 1982 | Shell | UK | Aug 25 | Oct 27 | Options with total duration of up to one year | |||||||||||||||||||||||||||||||||||||||||||
| VALARIS 72 | Hitachi 300C | 1981 | Eni | UK | Oct 25 | Sep 27 | ||||||||||||||||||||||||||||||||||||||||||||
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| Valaris Limited Fleet Status Report August 5, 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 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 1Q27 | |||||||||||||||||||||||||||||||||||||||||||
| VALARIS 107 | KFELS MOD V-B | 2006 | Woodside 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. Expect approx. 115 days out of service for planned maintenance (including mobilizations) in 2Q/3Q27 | ||||||||||||||||||||||||||||||||||||||||||
| VALARIS 106 | KFELS MOD V-B | 2005 | BP | Indonesia | Oct 26 | Sep 28 | TCV of approx. $74 million based on estimated duration of two years. Four 1-well options. Expect approx. 90 days out of service for leg repairs in 3Q26 | |||||||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||||||||||
| Sold | ||||||||||||||||||||||||||||||||||||||||||||||||||
| VALARIS 109 | KFELS MOD V-Super B | 2008 | Namibia | Rig sold in July 2026 | ||||||||||||||||||||||||||||||||||||||||||||||
| VALARIS 104 | KFELS MOD V-B | 2002 | UAE | Rig sold in June 2026 for non-drilling use | ||||||||||||||||||||||||||||||||||||||||||||||
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| Valaris Limited Fleet Status Report August 5, 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 | Approx. 15 days out of service for planned maintenance in 3Q26. 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 | Approx. 40 days out of service for planned maintenance in 3Q26. Expected to recommence bareboat charter in 3Q26 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 | 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 August 5, 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 26 | |||||||||||||||||||||||||||||||||||||||
| SAR 201 | BM 200-H | Saudi Aramco | Saudi Arabia | Feb 18 | Sep 26 | |||||||||||||||||||||||||||||||||||||||
| Bob Keller | LT Tarzan 225-C | Saudi Aramco | Saudi Arabia | Oct 17 | Sep 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 | Sep 26 | |||||||||||||||||||||||||||||||||||||||
| 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 26 | |||||||||||||||||||||||||||||||||||||||
| 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 August 5, 2026 | |||||||||||||
Out of Service Days (1) | ||||||||||||||||||||||||||||||||
| Rig | Segment / Asset Category | Q3 2026 | Q4 2026 | Q1 2027 | Q2 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 249 | Jackup - Harsh Environment | 75 | 25 | |||||||||||||||||||||||||||||
| VALARIS 110 | Jackup - Benign Environment | 60 | ||||||||||||||||||||||||||||||
| VALARIS 107 | Jackup - Benign Environment | 90 | ||||||||||||||||||||||||||||||
| VALARIS 106 | Jackup - Benign Environment | 90 | ||||||||||||||||||||||||||||||
| VALARIS 250 | Other - Jackups Leased to ARO Drilling | 15 | ||||||||||||||||||||||||||||||
| VALARIS 116 | Other - Jackups Leased to ARO Drilling | 40 | ||||||||||||||||||||||||||||||
(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 August 5, 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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