Valaris has secured multi-year contract extensions for its drillships VALARIS DS-16 and VALARIS DS-18 with Anadarko Petroleum Corporation, a subsidiary of Occidental, in the Gulf of America.
Valaris Limited, a global leader in offshore drilling services, announced today a substantial boost to its contracted revenue backlog with two significant multi-year contract awards for its high-specification drillships, the VALARIS DS-16 and VALARIS DS-18. These critical agreements, made with Anadarko Petroleum Corporation, a wholly-owned subsidiary of Occidental, are set to significantly enhance Valaris’s financial outlook and operational stability in the demanding Gulf of America region.
The VALARIS DS-16, an ultra-deepwater drillship, has been awarded a 940-day contract extension. This extension is slated to commence in June 2026. Following closely, the VALARIS DS-18, another of Valaris’s advanced drillships, will embark on a new 914-day contract. This new commitment is anticipated to begin in the mid-fourth quarter of 2026, further solidifying Valaris’s presence and operational footprint in the Gulf of America basin.
Collectively, these two contract awards represent an approximate $760 million addition to Valaris’s contracted revenue backlog. This substantial influx underscores the continued demand for high-quality, reliable offshore drilling services and Valaris’s strong competitive position within the industry.
Anton Dibowitz, President and Chief Executive Officer of Valaris, expressed considerable satisfaction with these latest developments. “We’ve secured approximately $1.9 billion in new contract backlog so far this year, reflecting solid execution of our commercial strategy and our ability to deliver safe and efficient operations for our customers,” Dibowitz stated. His comments highlight the company's effective strategic planning and its consistent delivery on operational targets, which are crucial for attracting and retaining high-value contracts.
Dibowitz further emphasized the company's forward-looking strategy: “We remain focused on securing additional attractive, long-term contracts for our high-specification assets that will further support our earnings and cash flow.” This statement reaffirms Valaris’s commitment to sustainable growth and its ongoing efforts to optimize its fleet utilization with profitable, long-duration engagements. The company's focus on high-specification assets positions it favorably in a market increasingly demanding advanced technology and efficiency.
Valaris Limited is renowned as an industry leader in offshore oil drilling, offering services across all water depths and diverse geographical locations. Its fleet comprises ultra-deepwater drillships, versatile semisubmersibles, and modern shallow-water jackups, enabling the company to operate effectively in nearly every major offshore basin worldwide.
