The global offshore drilling industry continues to heat up in August 2025, with major rig contract awards, drilling mobilizations, and significant oil discoveries across Europe, the Middle East, and North Africa. Here’s your quick yet comprehensive roundup of the latest offshore rig activity shaping the future of exploration and production.
Rig Contract Highlights & Renewals
Noble Drillship Secures Bulgarian Black Sea Campaign
Noble Corporation has clinched a new drillship contract in the Bulgarian sector of the Black Sea, signaling a renewed push into Eastern European offshore frontiers. This high-impact move reflects growing operator confidence in underexplored deepwater basins in the region.
Saipem 10000 Lands Petrobel Extension
The Saipem 10000 drillship has secured an extended contract with Petrobel for operations in the Eastern Mediterranean, bolstering Egypt’s aggressive offshore exploration plans. Saipem’s continued presence supports Cairo’s push toward energy security and export capacity.
Valaris 110 Wins 4-Year Deal with QatarEnergy
A major highlight this month, Valaris 110 has been awarded a 4-year drilling contract by QatarEnergy, locking in substantial long-term work. This move aligns with Qatar’s strategic upstream expansion to support its LNG megaprojects.
Valaris Norway Gets 150-Day Extension in the UK North Sea
Valaris Norway has received a 150-day contract extension for ongoing operations in the UK Continental Shelf (UKCS). The campaign is expected to focus on development drilling and possible sidetrack activity, reaffirming Valaris’ growing footprint in the North Sea.
Shell Grants Short-Term Extension to Valaris 122
Valaris 122 has been granted a short extension by Shell, likely aimed at completing ongoing well operations or decommissioning activities. The rig remains active in the mature UK offshore sector.
Harbour Energy Suspends Valaris 120
In a strategic shift, Harbour Energy has suspended operations with Valaris 120, citing operational reassessment. The rig will demobilize and may enter warm stack status until further assignment.
Valaris & Anasuria Hibiscus End Jackup Contract
Valaris and Anasuria Hibiscus have mutually agreed to terminate their jackup rig contract. The termination could indicate shifting development timelines or a drilling program redesign in the UK North Sea.
Mobilizations, Discoveries & Project Milestones
Paul B Loyd Jr Mobilizing to Olen, Norway
The Paul B Loyd Jr semi-submersible is currently mobilizing inshore to Olen, Norway, likely for maintenance and pre-deployment preparation for its next North Sea assignment. Its upcoming campaign may play a role in regional redevelopment projects.
Final Investment Decision for Mina West Project
A Positive FID (Final Investment Decision) has been declared for the Mina West field in the Mediterranean Sea, a strong indicator of near-term development drilling. Operator details and rig allocation are expected soon as the project enters the execution phase.
Oil Discovery Confirmed by Central European Petroleum (CEP)
CEP (Central European Petroleum) has confirmed a major offshore oil discovery in Poland’s Baltic Sea, via the Wolin East-1 (WE-1) well. The well encountered a 62-meter hydrocarbon column in the Main Dolomite formation, with recoverable potential estimated at 200+ MMboe—a transformative discovery for Poland’s offshore energy profile.
Key Takeaways & Industry Insights
Valaris dominates August with multiple extensions and a landmark 4-year Qatar deal, despite a few operational setbacks in the North Sea.
The Eastern Mediterranean and Black Sea are seeing an uptick in offshore activity, signaling rising regional stability and investment interest.
The Qatari contract win aligns with the country’s LNG expansion goals, ensuring steady rig demand through 2029.
CEP’s breakthrough in Poland could reshape offshore Central Europe, potentially triggering new licensing and exploration interest.
