Item 2. Properties
Item 2. Properties
Contract Drilling Fleet
The following table provides certain information about the rigs in our drilling fleet as of February 18, 2025:
Rig Name
Rig Type
Year Delivered
Design
Maximum
Water Depth/
Drilling Depth
Location
Status
Floaters
VALARIS DS-4 Drillship 2010 Dynamically Positioned 12,000'/40,000' Brazil Under contract
VALARIS DS-7 Drillship 2013 Dynamically Positioned 10,000'/40,000' Angola
Under contract
VALARIS DS-8 Drillship 2015 Dynamically Positioned 12,000'/40,000' Brazil
Under contract
VALARIS DS-9 Drillship 2015 Dynamically Positioned 12,000'/40,000' Cyprus
Under contract
VALARIS DS-10 Drillship 2017
Dynamically Positioned 12,000'/40,000' Spain
Available
VALARIS DS-11 Drillship 2013 Dynamically Positioned 12,000'/40,000' Spain Preservation stacked (1)
VALARIS DS-12 Drillship 2013 Dynamically Positioned 12,000'/40,000' Egypt
Under contract
VALARIS DS-13 Drillship 2023
Dynamically Positioned 12,000'/40,000' Spain Preservation stacked (1)
VALARIS DS-14 Drillship 2023 Dynamically Positioned 12,000'/40,000' Spain Preservation stacked (1)
VALARIS DS-15 Drillship 2014 Dynamically Positioned 12,000'/40,000' Brazil Under contract
VALARIS DS-16 Drillship 2014 Dynamically Positioned 12,000'/40,000' Gulf of Mexico Under contract
VALARIS DS-17 Drillship 2014 Dynamically Positioned 12,000'/40,000' Brazil
Under contract
VALARIS DS-18 Drillship 2015 Dynamically Positioned 12,000'/40,000' Gulf of Mexico
Under contract
VALARIS DPS-1 Semisubmersible 2012 Dynamically Positioned 10,000'/35,000' Australia
Under contract
VALARIS DPS-3 Semisubmersible 2010 Dynamically Positioned 8,500'/37,500' Gulf of Mexico Preservation stacked (1)(2)
VALARIS DPS-5 Semisubmersible 2012 Dynamically Positioned 8,500'/35,000' Gulf of Mexico Available (2)
VALARIS DPS-6 Semisubmersible 2012 Dynamically Positioned 8,500'/35,000' Gulf of Mexico Preservation stacked (1)(2)
VALARIS MS-1 Semisubmersible 2011 F&G ExD Millennium, Moored
8,200'/40,000 Australia Under contract
Jackups
VALARIS 72 Jackup 1981
Hitachi K1025N 225'/25,000' United Kingdom Under contract
VALARIS 76 Jackup 2000 MLT Super 116-C 350'/30,000' Saudi Arabia Leased to ARO drilling
VALARIS 92 Jackup 1982
MLT 116-C 210'/25,000' United Kingdom Under contract
VALARIS 102 Jackup 2002 KFELS MOD V-A 400'/30,000' Gulf of Mexico Preservation stacked (1)
VALARIS 104 Jackup 2002
KFELS MOD V-B 400'/30,000' UAE Preservation stacked (1)
VALARIS 106 Jackup 2005 KFELS MOD V-B 400'/30,000' Indonesia Under contract
VALARIS 107 Jackup 2006 KFELS MOD V-B 400'/30,000' Australia Under contract
VALARIS 108 Jackup 2007
KFELS MOD V-B 400'/30,000' Saudi Arabia Leased to ARO drilling
VALARIS 109 Jackup 2008 KFELS MOD V-Super B 350'/35,000' Namibia Preservation stacked (1)
VALARIS 110 Jackup 2015 KFELS MOD V-B 400'/35,000' Qatar Under contract
VALARIS 111 Jackup 2003 KFELS MOD V Enhanced B-Class 400'/36,000' Croatia Preservation stacked (1)
VALARIS 115 Jackup 2013 Baker Marine Pacific Class 400 400'/30,000' Brunei Under contract
VALARIS 116 Jackup 2008
LT 240- C 375'/35,000' Saudi Arabia Leased to ARO drilling
VALARIS 117 Jackup 2009 LT 240- C 350'/35,000' Mexico Under contract
VALARIS 118 Jackup 2012 LT 240- C 350'/35,000 Trinidad Under contract
VALARIS 120 Jackup 2013 KFELS Super A 400'/40,000' United Kingdom Under contract
VALARIS 121 Jackup 2013 KFELS Super A 400'/40,000' United Kingdom Under contract
VALARIS 122 Jackup 2013 KFELS Super A 400'/40,000' United Kingdom Under contract
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Rig Name Rig Type Year Delivered
Design Maximum
Water Depth/
Drilling Depth Location Status
Jackups
(Continued)
VALARIS 123 Jackup 2019
KFELS Super A 400'/40,000' Netherlands
Under contract
VALARIS 140 Jackup 2016 LT Super 116E 340'/30,000' Saudi Arabia Leased to ARO drilling
VALARIS 141 Jackup 2016 LT Super 116E 340'/30,000' Saudi Arabia Leased to ARO drilling
VALARIS 143 Jackup 2010
LT EXL Super 116-E 350'/35,000' UAE Preservation stacked (1)
VALARIS 144 Jackup 2010 LT Super 116-E 350'/35,000' Angola
Under contract
VALARIS 145 Jackup 2010 LT Super 116-E 350'/35,000' Gulf of Mexico Preservation stacked (1)
VALARIS 146 Jackup 2011
LT EXL Super 116-E 320'/35,000' Saudi Arabia Leased to ARO drilling
VALARIS 147 Jackup 2013
LT Super 116-E 350'/30,000' UAE Preservation stacked (1)
VALARIS 148 Jackup 2013
LT Super 116-E 350'/30,000' UAE Preservation stacked (1)
VALARIS 247 Jackup 1998 LT Super Gorilla 400'/35,000' Australia
Under contract
VALARIS 248 Jackup 2000
LT Super Gorilla 400'/35,000' United Kingdom Under contract
VALARIS 249 Jackup 2001 LT Super Gorilla 400'/35,000' Trinidad
Under contract
VALARIS 250 Jackup 2003 LT Super Gorilla XL 550'/35,000' Saudi Arabia Leased to ARO drilling
VALARIS Viking Jackup 2010
KEFLS N Class 435'/35,000' United Kingdom Preservation stacked (1)
VALARIS Stavanger Jackup 2011 KEFLS N Class 400'/35,000' United Kingdom Under contract
VALARIS Norway Jackup 2011 KEFLS N Class 400'/35,000' United Kingdom Under contract
(1) Prior to stacking, upfront steps are taken to preserve the rig. This may include a quayside power source to dehumidify key equipment and/or provide electric current to the hull to prevent corrosion. Also, certain equipment may be removed from the rig for storage in a temperature-controlled environment. While stacked, large equipment that remains on the rig is periodically inspected and maintained by Valaris personnel. These steps are designed to reduce time and lower cost to reactivate the rig once returned to the active fleet.
(2) In the first quarter of 2025, management approved a plan to retire VALARIS DPS-3, VALARIS DPS-5 and VALARIS DPS-6 from the fleet. The Company expects that these rigs will be removed from the global drilling supply and repurposed for alternative uses or scrapped.
The equipment on our drilling rigs includes engines, draw works, derricks, pumps to circulate drilling fluid, well control systems, drill string and related equipment. The engines power a top-drive mechanism that turns the drill string and drill bit so that the hole is drilled by grinding subsurface materials, which are then returned to the rig by the drilling fluid. The intended water depth, well depth and geological conditions are the principal factors that determine the size and type of rig most suitable for a particular drilling project.
Floater rigs consist of drillships and semisubmersibles. Drillships are purpose-built maritime vessels outfitted with drilling apparatus. Drillships are self-propelled and can be positioned over a drill site through the use of computer-controlled propellers or "thruster" dynamic positioning systems. Our drillships are capable of drilling in water depths of up to 12,000 feet and are suitable for deepwater drilling in remote locations because of their superior mobility and large load-carrying capacity. Although drillships are most often used for deepwater drilling and exploratory well drilling, drillships can also be used as a platform to carry out well maintenance or completion work such as casing and tubing installation or subsea tree installations.
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Semisubmersibles are drilling rigs with pontoons and columns that are partially submerged at the drilling location to provide added stability during drilling operations. Semisubmersibles are held in a fixed location over the ocean floor either by being anchored to the sea bottom with mooring chains or dynamically positioned by computer-controlled propellers or "thrusters" similar to that used by our drillships. Moored semisubmersibles are most commonly used for drilling in water depths of 4,499 feet or less. However, VALARIS MS-1, which is a moored semisubmersible, is capable of deepwater drilling in water depths greater than 5,000 feet. Dynamically positioned semisubmersibles generally are outfitted for drilling in deeper water depths and are well-suited for deepwater development and exploratory well drilling. Further, we have two hybrid semisubmersibles, VALARIS DPS-3 and VALARIS DPS-5, which leverage both moored and dynamically positioned configurations. This hybrid design provides multi-faceted drilling solutions to customers with both shallow water and deepwater requirements.
Jackup rigs stand on the ocean floor with their hull and drilling equipment elevated above the water on connected leg supports. Jackups are generally preferred over other rig types in shallow water depths of 400 feet or less, primarily because jackups provide a more stable drilling platform with above water well-control equipment. Our jackups are of the independent leg design where each leg can be fixed into the ocean floor at varying depths and equipped with a cantilever that allows the drilling equipment to extend outward from the hull over fixed platforms enabling safer drilling of both exploratory and development wells. The jackup hull supports the drilling equipment, jacking system, crew quarters, storage and loading facilities, helicopter landing pad and related equipment and supplies.
We own all rigs in our fleet and we manage the drilling operations for two platform rigs owned by a third-party.
We lease various office, warehouse and storage facilities worldwide, including our corporate offices in Houston, Texas and other offices and facilities located in various countries in North America, South America, Europe, Africa and the Asia Pacific region. We own offices and other facilities in the U.S. (Louisiana) and Brazil.