Wedoany.com Report-Oct. 14, New York-listed offshore driller Valaris announced on Monday that it has secured a contract for one of its drillships from a subsidiary of supermajor BP. The deal involves the 2014-built Valaris DS-12 and covers five wells with BP Exploration Delta Limited in Egypt.

The contract is scheduled to begin in the second quarter of 2026 and is expected to last approximately 350 days. It also includes three option wells, providing flexibility for additional work depending on operational requirements. The total estimated contract value, including a mobilisation fee, is around $140 million.

Anton Dibowitz, president and CEO of Valaris, 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.”

The award reflects Valaris’ focus on utilising its high-specification fleet to serve global offshore exploration and production needs. The company has emphasised that securing near-term contracts is part of a broader strategy to maintain fleet utilisation and expand operational coverage across multiple regions.

The Valaris DS-12 drillship, built in 2014, is designed for deepwater drilling and is capable of operating in complex offshore environments. The vessel’s deployment in Egypt underscores the ongoing investment by international oil companies in offshore resources in the region, particularly in the Mediterranean and Red Sea offshore basins.

Valaris has highlighted that the contract with BP aligns with its goal of offering technically advanced drilling solutions while maximising uptime and efficiency. The inclusion of option wells in the agreement provides the potential for extending the scope of operations, supporting longer-term planning and revenue visibility for both parties.

This latest contract follows a series of recent awards for Valaris’ fleet, with the company maintaining a focus on high-spec drillships that can operate in demanding offshore conditions. The drillship’s deployment in Egypt is part of BP’s exploration and development activities aimed at meeting regional energy demand while leveraging modern offshore technology.

Valaris continues to explore additional commercial opportunities for its available drillships, with management noting that securing follow-on contracts remains a key objective to ensure sustained fleet utilisation and financial performance. The company’s strategy emphasizes matching its advanced drilling capabilities with the evolving needs of major oil and gas operators worldwide.

Overall, the Valaris DS-12 contract with BP in Egypt represents a significant step in the company’s ongoing commercial efforts, combining operational expertise with strategic fleet management to support offshore development projects in key global regions.