Valaris Limited (NYSE:VAL) announced on October 13 it has secured a five-well contract with bp Exploration Delta Limited for its drillship VALARIS DS-12, which will operate offshore Egypt.
The contract is expected to begin in first-quarter 2026 after the rig completes its current programme in the Eastern Mediterranean. The campaign will cover appraisal and development wells in bp’s offshore concessions.
Valaris said the award adds to its growing backlog in the region and reflects continued demand for ultra-deepwater rigs. The VALARIS DS-12, a Samsung 12000-design drillship, is capable of operating in water depths up to 12,000 feet and drilling wells to 40,000 feet.
“We are pleased that DS-12 will return to Egypt with bp, building on our successful exploration campaign together,” said Anton Dibowitz, Valaris President and Chief Executive Officer. “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.”
While financial terms were not disclosed, comparable Valaris ultra-deepwater contracts in the Eastern Med and West Africa have recently been priced between $450,000 and $500,000 per day, according to IHS Petrodata benchmarks.
The deal strengthens bp’s exploration presence in the Nile Delta and Mediterranean zones, following earlier campaigns involving Eni (Italy), Shell (UK), and Chevron (US). Egypt continues to attract investment in offshore gas exploration amid rising regional demand and export opportunities through its Idku and Damietta LNG terminals.
Valaris said the contract underscores its long-standing relationship with bp and builds on its operational track record in the Mediterranean basin, where it has managed multiple wells safely and on schedule since 2021.
© 2025 bne IntelliNews, source Magazine