Valaris Limited (NYSE: VAL) (Valaris) announced that it has been awarded a 940-day contract extension for drillship VALARIS DS-16, starting in June 2026, and a new 914-day contract for drillship VALARIS DS-18, that is expected to start in mid-fourth quarter 2026, with Anadarko Petroleum Corporation, a wholly-owned subsidiary of Occidental, in the Gulf of America. The combined addition to contracted revenue backlog is approximately $760 million.

President and Chief Executive Officer Anton Dibowitz said, “We’ve secured approximately $1.9 billion in new contract backlog so far this year, reflecting solid execution of our commercial strategy and our ability to deliver safe and efficient operations for our customers. We remain focused on securing additional attractive, long-term contracts for our high-specification assets that will further support our earnings and cash flow.”

About Valaris Limited

Valaris Limited (NYSE: VAL) is the industry leader in offshore drilling services across all water depths and geographies. Operating a high-quality rig fleet of ultra-deepwater drillships, versatile semisubmersibles and modern shallow-water jackups, Valaris has experience operating in nearly every major offshore basin. Valaris maintains an unwavering commitment to safety, operational excellence, and customer satisfaction, with a focus on technology and innovation. Valaris Limited is a Bermuda exempted company (Bermuda No. 56245).

About Occidental

Occidental (NYSE: OXY) is an international energy company with assets primarily in the United States, the Middle East and North Africa. We are one of the largest oil and gas producers in the U.S., including a leading producer in the Permian and DJ basins, and offshore Gulf of Mexico. Our midstream and marketing segment provides flow assurance and maximizes the value of our oil and gas. Our chemical subsidiary OxyChem manufactures the building blocks for life-enhancing products. Our Oxy Low Carbon Ventures subsidiary is advancing leading-edge technologies and business solutions that economically grow our business while reducing emissions. We are committed to using our global leadership in carbon management to advance a lower-carbon world.