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Valaris contract backlog rises to approx $4.8 billion on new awards and extensions
VALValaris Ltd
Valaris Limited reports its contract backlog increased to approximately $4.8 billion from $4.6 billion as of August 5, 2026, driven by new contracts and extensions adding roughly $600 million in value. Key additions include a three-year service contract with BP for the Mad Dog and Thunder Horse platforms valued at approximately $290 million, a two-well exploration program with Petronas Suriname, and multiple jackup extensions in the North Sea and Australia. The company also sold rig VALARIS MS-1 for recycling and converted VALARIS 111 to a mobile offshore production unit. Valaris Limited is an offshore drilling contractor providing floating and jackup rigs.