Valaris Limited announced fleet rationalization actions and a Fleet Status Report, detailing rig retirements, a sale, and new contracts.
Valaris is retiring three semisubmersibles: VALARIS DPS-5, VALARIS DPS-3, and VALARIS DPS-6. These rigs will be removed from the global drilling supply and repurposed or scrapped.
Jackup VALARIS 75, a 25-year-old rig stacked in the U.S. Gulf, has been sold for $24 million, with future operations restricted to the U.S. Gulf as part of the agreement.
The Fleet Status Report details approximately $120 million in new contracts and extensions: A 600-day priced contract extension with TotalEnergies in the UK North Sea for jackup VALARIS Stavanger, commencing in Q3 2025, valued at over $75 million. A 100-day contract for jackup VALARIS 249 with BP offshore Trinidad, starting in Q1 2026, valued at approximately $16.8 million.
A one-well contract with Jadestone Energy offshore Australia for jackup VALARIS 247, commencing in March 2025.
Two-well priced option exercised by BP Indonesia for jackup VALARIS 106, estimated at 80 days starting in May 2025, at a day rate of $95,000. Short-term bareboat charter agreement extensions through February 28, 2025, for jackups VALARIS 116, VALARIS 146, and VALARIS 250, leased to ARO Drilling. Discussions with Saudi Aramco regarding longer-term extensions are ongoing.
Valaris Limited is an offshore drilling services provider operating a fleet of drillships, semisubmersibles, and jackups.