Drilling contractor Valaris has secured two lucrative multi-year drillship contracts, along with additional jack-up contracts spanning the North Sea, Trinidad & Tobago and Australia — propelling the company’s contract backlog to $1.14 billion.

Valaris chief executive Anton Dibowitz sees encouraging signs of a rebound in the North Sea jack-up market from 2025, underscored by several awards featuring improved dayrates.

The drillships Valaris DS-4 and Valaris DS-16 are currently under contract, with dayrates transitioning from legacy rates in the low $200,000s to prevailing market rates.