Valaris secures US$140M, five-well deal with BP for drilling campaign in Egypt starting in Q2 2026
Valaris has been awarded a five-well contract with BP Exploration Delta Ltd for the ultra-deepwater drillship Valaris DS-12 in Egypt.
Set to commence in Q2 2026, the contract has an estimated duration of 350 days and total value, inclusive of a mobilisation fee, of about US$140M. BP Exploration Delta holds options for three additional wells.
Valaris president and chief executive Anton Dibowitz said, “With this award, we continue to execute our commercial strategy, having now contracted all four drillships that have near-term availability. Looking ahead, we expect to secure additional attractive work for our high-specification drillships.”
In its most recent fleet status report, the New York-listed driller contractor reported a backlog of US$4.7Bn, including a five-well contract offshore West Africa for drillshipValaris DS-15. The contract is expected to commence in Q3 2026. The total contract value, based on an estimated duration of 250 days, is approximately US$135M, including upfront payments for rig upgrades and mobilisation. The contract includes priced options for up to five wells with an estimated total duration of 80 to 100 days.
Valaris DS-15 was at the centre of BP’s biggest oil discovery in 25 years. It drilled the 1-BP-13-SPS exploration well in Brazil, confirming a hydrocarbon find in the Bumerangue block, located in the Santos Basin, 404 km off the coast of Rio de Janeiro.
Day rates for the firm’s drillship fleet are trending upward.Under its current backlog, Valaris reported average day rates for its drillships of US$388,00 in 2025, US$422,000 in 2026 and US$458,00 in 2027.
