Fossil Energy – Drilling
Valaris has been awarded multi-year contracts for two drillships in the US Gulf by Occidental (Oxy) subsidiary Anadarko Petroleum Corporation.
The contracts for Valaris DS-16 and Valaris DS-18 add a combined $760 million to the company’s backlog.
The 12,000-ft Valaris DS-16 has been awarded a 940-day contract extension, starting in June 2026 directly following its current contract with Oxy. Valaris DS-16 has been with Oxy in the US Gulf since June 2022 and received a two-year contract extension in 2024.
The 12,000-ft Valaris DS-18 has been awarded a new 914-day contract, to begin in mid-fourth quarter 2026. Valaris DS-18 is currently working for Chevron at the Tahiti field on Green Canyon Block 596 in the US Gulf but is expected to be released by Chevron around August 2025.
The unit has been with Chevron since late 2019. As the rig’s newly awarded contract begins in late 2026, this indicates a potential gap of over a year for Valaris DS-18, further suggesting the rig will likely bid into additional work.
