Valaris awarded multiple semisubmersible and jackup contracts
Sept. 2, 2022
Valaris Ltd. announced new contracts and contract extensions, with an associated contract backlog of $149 million.
Courtesy Valaris LinkedIn
Valaris' one-well contract with an undisclosed operator offshore Australia is for the VALARIS 107 heavy-duty modern jackup.
Offshore staff
HAMILTON, Bermuda —Valaris Ltd. announced new contracts and contract extensions, with associated contract backlog of $149 million, awarded subsequent to issuing the company’s most recent fleet status report on July 28.
Contract backlog excludes lump sum payments such as mobilization fees and capital reimbursements.
The three-well contract with Eni Mexico S. de R.L. de C.V. offshore Mexico is for semisubmersible VALARIS DPS-5. The contract is expected to commence in fourth-quarter 2022 and has an estimated duration of 240 days. The operating day rate is $313,500, plus a mobilization fee of about $1.2 million.
Courtesy Valaris
Valaris 122 jackup
The four-well contract extension with a duration in the region of 500 days with Shell in the UK North Sea is for heavy-duty harsh environment jackup VALARIS 122. The contract extension will be in direct continuation of the existing firm program and has a contract value of more than $60 million.
The one-well contract with an undisclosed operator offshore Australia is for heavy-duty modern jackup VALARIS 107. The contract is expected to commence either late in the first quarter or early in the second quarter of 2023 with an estimated duration of 60 days. The operating rate is $120,000 per day.
Courtesy Valaris
Valaris 247 jackup
The one-well option exercised by DNO in the UK North Sea is for heavy-duty ultra-harsh environment jackup VALARIS 247. The one-well option has an estimated duration of 45 days and will be in direct continuation of the existing firm program.
In late July, the company announced it successfully reactivated four deepwater floaters just over a year after emerging from Chapter 11. The reactivations started in fourth-quarter 2021 and included semisubmersible VALARIS DPS-1 for Woodside Energy in Australia, drillships VALARIS DS-4 for Petrobras in Brazil, VALARIS DS-9 for Exxon Mobil in Angola, and VALARIS DS-16 for Occidental in the US Gulf of Mexico.
