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Valaris ( (VAL) ) has issued an update.
Valaris reported its fleet status as of May 4, 2026, highlighting new contracts and extensions that lifted total contract backlog to about $4.9 billion from $4.7 billion in February. The update reflects strong demand for the company’s offshore drilling services, particularly for drillships and jackups in Brazil, the North Sea and Southeast Asia, and includes the April 2026 sale of semisubmersible VALARIS DPS-1 for recycling.
Key awards include a 1,064-day extension for drillship VALARIS DS-4 with Petrobras offshore Brazil, expected to start in November 2027 and adding roughly $447 million to backlog despite a modest adjustment to the current day rate. Additional jackup deals in Brunei, Indonesia, the UK and Dutch North Sea—some tied to accommodation support and offshore wind—added around $97 million in revenue backlog and underscored Valaris’s growing role across oil, gas and energy transition projects.
In the Middle East, all Valaris and ARO rigs remain under contract, although shipyard delays for VALARIS 116 and 250 have pushed the resumption of bareboat charters to the third quarter of 2026 and operations for VALARIS 110 have been suspended since early March 2026 while it remains under contract in Qatar. The company’s disclosed backlog profile shows heavy drillship exposure with more than $3.3 billion in floater backlog and over 7,400 contracted rig days in 2026 alone, reinforcing medium-term revenue visibility for investors and customers.
The most recent analyst rating on (VAL) stock is a Hold with a $98.00 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.
The score is driven primarily by solid TTM profitability and improving leverage, supported by a strong technical uptrend. A very low P/E boosts the valuation component, while the overall score is tempered by weaker cash conversion and earnings cyclicality/volatility; corporate events are favorable (backlog growth and agreed acquisition) but carry execution/approval risk.
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, jackups and other rigs serving oil and gas producers. The company focuses on both harsh and benign environment markets, with significant exposure to key offshore basins such as Brazil, the North Sea, Southeast Asia and the Middle East, and also participates in joint venture operations through ARO Drilling.
Average Trading Volume: 1,588,275
Technical Sentiment Signal: Buy
Current Market Cap: $7.08B
Find detailed analytics on VAL stock on TipRanks’ Stock Analysis page.