Why These Energy Stocks are Gaining This Week

5. Valaris Limited (NYSE:VAL)

Share Price Gains Between Oct. 17 and Oct. 24: 17.28%

Valaris Limited (NYSE:VAL), together with its subsidiaries, provides offshore contract drilling services in Brazil, the United Kingdom, the US Gulf of Mexico, Australia, Angola, and internationally.

Valaris Limited (NYSE:VAL) released its latest fleet status report on October 23, in which the company reported new contracts and extensions, adding $190 million to its backlog. This includes a five-well contract with BP in Egypt worth $140 million, a 194-day contract extension with Shell for VALARIS 121, two 28-day contract extensions for jackup VALARIS 122 with Shell in the UK North Sea, and a 120-day contract for VALARIS 248 with GE Vernova in the UK North Sea. As a result, the energy services provider’s total contract backlog stands at approximately $4.5 billion as of October 23, 2025.

Moreover, Valaris Limited (NYSE:VAL) has benefited strongly from global crude oil prices recently bouncing back following the freshly imposed sanctions by the White House on Russia’s two largest oil companies.