Valaris Expands Offshore Contract Backlog and Streamlines Fleet

The latest announcement is out from Valaris ( (VAL) ).

Valaris reported a fleet status update as of February 17, 2026, highlighting that new contracts and extensions since October 23, 2025 have added nearly $900 million of backlog and lifted its total contracted revenue backlog to about $4.7 billion. The new work is anchored by multi-well and multi-year floater contracts for drillships VALARIS DS-7, DS-8 and DS-9 offshore Angola and Brazil, alongside a series of jackup awards and extensions with BP Indonesia, Eni Mexico, Esso Australia, GB Energy, Spirit Energy, TAQA, Adura and GE Vernova across Asia-Pacific, the North Sea and an offshore wind project in the UK.

These awards extend rig visibility into 2028 and beyond, with notable contracts such as an 800-day Brazil campaign for Shell valued at about $300 million and a two-year Indonesian jackup program worth roughly $74 million, reinforcing Valaris’s leverage to strong day rates in key basins. At the same time, Valaris is pruning its fleet by classifying semisubmersible VALARIS DPS-1 as held for sale for recycling and confirming the December 2025 recycling sales of jackups VALARIS 102 and 145, signaling a continued focus on high-spec assets and disciplined capacity management in the offshore drilling cycle.

The most recent analyst rating on (VAL) stock is a Buy with a $64.00 price target. To see the full list of analyst forecasts on Valaris stock, see the VAL Stock Forecast page.

Spark’s Take on VAL Stock

According to Spark, TipRanks’ AI Analyst, VAL is a Outperform.

Valaris demonstrates strong financial performance and technical indicators, supported by a positive earnings call. The company’s strategic contract awards and operational efficiency contribute to its robust position in the industry. Valuation metrics suggest potential undervaluation, enhancing its attractiveness to investors.

To see Spark’s full report on VAL stock, click here.

More about Valaris

Valaris Limited is an offshore drilling contractor that operates a global fleet of drillships, semisubmersibles and jackup rigs, serving major oil and gas companies in regions such as Angola, Brazil, the North Sea, Australia and Southeast Asia. The company focuses on both harsh-environment and benign-environment offshore projects, including traditional hydrocarbon drilling and accommodation support for energy infrastructure and offshore wind work.

Average Trading Volume: 1,474,972

Technical Sentiment Signal: Buy

Current Market Cap: $6.64B

For detailed information about VAL stock, go to TipRanks’ Stock Analysis page.