Valaris adds USD 220 million backlog. Susquehanna targets Valaris stock at USD 86

Published on 10/16/2026 at 02:09 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Valaris adds USD 220 million to backlog on October 7, 2026. Valaris stock faces a USD 86 target, raised from USD 80, and November 2 results.

Contracts and transaction milestones

Valaris added USD 220 million to contract backlog on October 7, 2026.
Susquehanna raised its target from USD 80 to USD 86 on October 5, 2026.
Valaris will issue third-quarter results on November 2, 2026.

VAL, BMG9460G1015, Illustration mit AI erstellt.

Valaris (ISIN BMG9460G1015) secured USD 220 million in offshore contract backlog on October 7, 2026, while Susquehanna raised its price target from USD 80 to USD 86. The contracts improve work visibility across several rigs, but the planned transaction with Transocean remains an important part of the investment case.

Backlog spans several regions

According to Valaris on October 7, 2026, the new awards and extensions cover Suriname, Australia and the North Sea. The largest group includes a two-well PETRONAS exploration contract for the VALARIS DS-18 drillship, expected to start in the fourth quarter of 2026 and run for up to seven months.

The same update assigned USD 50.0 million of backlog to a 300-day Australian jackup contract and USD 41.5 million to a 341-day plug and abandonment program in the Southern North Sea. An INEOS extension for VALARIS 122 adds 126 days at a USD 115,000 daily rate, with options covering another 699 days.

Three dated milestones for Valaris

On September 30, 2026, Valaris and Transocean advanced their planned USD 5.8 billion combination after the U.S. Department of Justice closed its antitrust review, according to TradingView. On October 5, 2026, Susquehanna raised its target from USD 80 to USD 86 while keeping a Neutral rating, as reported by Markets Insider. On October 7, 2026, Valaris announced the USD 220 million backlog package.

What does the backlog mean for coverage?

The contract mix provides several measurable coverage points: 300 days in Australia, 341 days in the Southern North Sea and 126 days for VALARIS 122. The USD 115,000 daily rate for the Danish North Sea extension also gives the market a concrete operating benchmark, although options do not equal contracted revenue.

When are the next results?

The next disclosed date is November 2, 2026, when Valaris will issue its third-quarter 2026 earnings release after the NYSE close, according to Futunn on October 14, 2026. The company said the pending Transocean combination means it does not intend to hold future earnings conference calls or provide updates to forward-looking guidance.

Contract visibility meets deal execution

Valaris is an offshore drilling services provider with drillships, semisubmersibles and jackups operating across major offshore basins. For investors, the key comparison is between the USD 220 million backlog addition and the execution demands of contracts starting in the fourth quarter of 2026 and later.