sValaris Limited announced that Equinor has delivered a termination notice for the drilling contract awarded to drillship VALARIS DS-11. The termination will take effect at the end of June. The total contract backlog of $2.5 billion as of May 2, 2022 included approximately $428 million related to this contract.

Further details on the VALARIS DS-11 contract can be found in latest Fleet Status Report dated May 2, 2022. As a result of the contract termination, Valaris will receive an early termination fee that is more than sufficient to cover expenses and commitments incurred by Valaris on the project.