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NYSE: VAL Valaris Ltd 8-K

Valaris adds $160M+ to backlog with UK North Sea P&A contract, sells two stacked rigs

Filed August 5, 2026 · Period ending August 5, 2026 · ~1 min read

5 key changes 2 high relevance

Key Changes

  • high

    Secured 41-well plug & abandonment contract for VALARIS 248 in UK North Sea adding ~$140M to backlog; 1,080-day program starts mid-2027 with annual cost escalation and two one-year options.

    Exhibit 99.1 view on EDGAR →
  • high

    Total contract backlog reaches $4.6B as of August 5, 2026, up over $160M since May fleet status report; excludes mobilization fees and capital reimbursements.

    Exhibit 99.1 view on EDGAR →
  • medium

    Received letter of award for two-well exploration program on VALARIS DS-18 starting Q4 2026 (up to 7 months); Gulf of America contract amended to commence immediately after, ensuring continuous utilization.

    Exhibit 99.1 view on EDGAR →
  • medium

    Sold stacked jackups VALARIS 104 and 109 for $74M total cash proceeds in June-July 2026; both rigs had been idle for ~6 years.

    Exhibit 99.1 view on EDGAR →
  • medium

    VALARIS 110 resumed operations offshore Qatar in late May 2026 after suspension since early March due to Middle East conflicts; all Middle East rigs remain under contract.

    Exhibit 99.1 view on EDGAR →

Summary

Valaris disclosed a fleet status update showing continued commercial momentum and portfolio optimization. The company added over $160 million to its contract backlog since May, bringing total backlog to $4.6 billion as of August 5, 2026. The headline addition is a 41-well plug and abandonment contract for VALARIS 248 in the UK North Sea, worth approximately $140 million with a mid-2027 start and 1,080-day duration.

The contract includes annual cost escalation and two one-year options, providing both revenue visibility and inflation protection in a multi-year program. Valaris also secured a letter of award for a two-well exploration program on drillship VALARIS DS-18 starting in Q4 2026, with the previously disclosed Gulf of America contract amended to commence immediately after—ensuring continuous utilization of the asset.

The company monetized two long-stacked jackups (VALARIS 104 and 109) for $74 million in total proceeds, improving capital efficiency by exiting idle capacity. Operations in the Middle East have normalized, with VALARIS 110 resuming work offshore Qatar in late May after a conflict-related suspension. The update reflects steady contract capture, backlog growth, and active fleet management.

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View original filing on SEC.gov Press release (Ex 99.1) on EDGAR ↗

Figures/quotes linked to EDGAR · Narrative written by AI · Aug 6, 2026 · How we verify