Valaris Limited announced has secured a two-year contract for its drillship, VALARIS DS-10, to operate offshore West Africa, according to the company's release.
The contract is anticipated to commence in late Q2 or early Q3 of 2026 and carries a firm term value of $352 million, excluding additional services.
Additionally, the agreement includes two unpriced one-year options.
President and CEO Anton Dibowitz stated, "This contract award is a testament to the safety and operational performance of VALARIS DS-10 and its crews, which have an excellent track record of successfully executing clients’ well programs offshore West Africa. This contract increases our backlog by approximately $350 million and supports our future earnings and cash flow, and we remain focused on securing additional attractive long-term contracts for our high-specification assets."
Valaris Limited, headquartered in Houston, Texas, and incorporated in Bermuda, is a provider of offshore drilling services across all water depths and geographies. The company operates a high-quality rig fleet, including ultra-deepwater drillships, versatile semisubmersibles, and modern shallow-water jackups. With operations spanning six continents and experience in virtually every major offshore basin, Valaris maintains major offices in Angola, Australia, Brazil, Scotland, UAE, and the USA. The company is publicly traded on the New York Stock Exchange under the ticker symbol VAL.