As contract backlog tops $3.9 billion, Valaris upbeat about future rig opportunities

The Bermuda-headquartered offshore drilling contractor Valaris has managed to boost its contract backlog by almost 60% compared to the sum from twelve months ago, thanks to the higher day rates and fleet utilization. The rig owner’s operational and financial performance during the fourth quarter of 2023 enabled it to post strong results. The offshore drilling player’s outlook for a further rise in rig demand remains buoyant in light of the current drilling upcycle.