Valaris reports $480M in new contracts, backlog rises to $4.0B, but two rig contracts suspended

Valaris Ltd

New contract awards and extensions add ~$480M to backlog; total backlog $4.0B (up from $3.9B in Feb).
Three-year extension with BP for Mad Dog and Thunder Horse rigs valued at ~$259M total.
ARO Drilling suspends contract for jackup VALARIS 143; termination expected, rig returns to Valaris.
VALARIS 92 receives suspension notice from Feb 2025, reducing backlog by ~$35M.
Two new drillships (DS-14, DS-13) arrive in Las Palmas, Spain for stacking until contracted.

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