Valaris awards $715M in new contracts; backlog rises to $4.3B; Saudi suspensions for 2 rigs

Valaris Ltd

New contracts and extensions since Apr 30 increase backlog to ~$4.3B from ~$4.0B; new contract backlog of ~$715M.
Equinor drillship contract for VALARIS DS-17 valued at ~$498M; estimated duration 852 days starting 3Q25.
Multiple jackup awards: Valaris 92 (~$75M, UK P&A), Valaris 249 (~$66M, Shell Trinidad), Valaris Norway (~$39M, ENI UK), others.
Suspension notices received for Valaris 147 and 148 (leased to ARO) from Saudi Aramco; backlog impact ~$35M for Valaris, $113M for ARO. Discussions ongoing.
North Oil Company exercised one-year option for Valaris 110 at ~$26M; Valaris 123 option exercised at $152.5k day rate.

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