Valaris Ltd, the offshore drilling firm, has signed two major contracts worth a combined $760 million with Anadarko Petroleum Corp, a subsidiary of Occidental, for operations in the Gulf of Mexico.

Valaris, a Bermudian-based company listed on the New York Stock Exchange, revealed the deals today. The first is a 940-day contract extension for the drillship Valaris DS-16, set to begin in June 2026. The second is a new 914-day contract for the Valaris DS-18, expected to begin in the fourth quarter of 2026.

“These awards bring our total new contract backlog this year to approximately $1.9 billion,” said Anton Dibowitz, president and chief executive of Valaris. “It reflects our strong execution and our commitment to delivering safe, efficient offshore operations. We continue to focus on locking in long-term contracts for our high-spec assets to support future earnings and cashflow.”

Valaris operates one of the largest offshore rig fleets globally, including ultra-deepwater drillships, semisubmersibles and jack-up rigs. The company maintains a presence in nearly every major offshore basin.