Valaris Provides Fleet Status Report

Source Company Press Release
Company Valaris Limited, BP Plc.
Tags Country: Egypt, United Kingdom, Segment: OFS News, Upstream: Upstream News
Date January 16, 2023

Valaris has issued a Fleet Status Report that provides the current status of the Company’s fleet of offshore drilling rigs along with certain contract information for these assets.

New Contracts and Extensions, Rig Sales and Other Updates Since Last Fleet Status Report:

Floaters

  • Four-well contract with BP offshore Egypt for drillship VALARIS DS-12. The contract is expected to commence late in third quarter or early in fourth quarter 2023 and has an estimated duration of 320 days. The estimated total contract value, inclusive of a mobilization fee, is $136 million.
  • Option exercised by TotalEnergies EP Brasil offshore Brazil for drillship VALARIS DS-15. Following the exercise of this option, the rig is expected to be under contract through December 2023. There is one priced option remaining with an estimated duration of 100 days.

Jackups

  • Two one-year options exercised by Harbour Energy in the UK North Sea for heavy duty harsh environment jackup VALARIS 120. The first option period is expected to commence in July 2023 in direct continuation of the existing contract.
  • One-well contract with Petrofac in the UK North Sea for heavy duty harsh environment jackup VALARIS 121. The contract is expected to commence early in third quarter 2023 and has an estimated duration of 70-100 days.
  • 210-day contract with Shell in the UK North Sea for heavy duty harsh environment jackup VALARIS 121. The contract is expected to commence early in fourth quarter 2023. The expected total contract value is over $25 million. The contract has four priced options.
  • 90-day contract with Kistos in the Dutch North Sea for heavy duty harsh environment jackup VALARIS 123. The contract commenced in November 2022. VALARIS 123 will use its selective reduction (SCR) system during the contract with Kistos to significantly reduce NOx emissions from the rig.
  • 195-day contract with ONE-Dyas in the Dutch North Sea for heavy duty harsh environment jackup VALARIS 123. The contract is expected to commence in first quarter 2023 in direct continuation of the rig's current contract. VALARIS 123 will utilize its selective catalytic reduction (SCR) system during the contract with ONE-Dyas to significantly reduce NOx emissions from the rig.
  • 180-day contract with Perenco in the UK North Sea for heavy duty ultra-harsh environment jackup VALARIS 247. The contract is expected to commence in first quarter 2023. The contract has one 60-day priced option.
  • 90-day option exercised by Cantium in the U.S. Gulf of Mexico for standard duty modern jackup VALARIS 144. The option period is expected to commence in March 2023 in direct continuation of the existing contract. The operating day rate for the option period is $85,000.
  • One-well option exercised by Talos in the U.S. Gulf of Mexico for standard duty modern jackup VALARIS 144. The option is in direct continuation of the existing program and has an estimated duration of 30 days. The operating day rate is $86,900.
  • One-well contract with North Sea Natural Resources in the UK North Sea for heavy duty ultra-harsh environment jackup VALARIS Norway. The operating day rate is $105,000.

ARO Drilling

  • Three-year contract extension offshore Saudi Arabia for standard duty modern jackup VALARIS 147. The extension period commenced in December 2022 in direct continuation of the existing contract. In accordance with the terms of our shareholder agreement, Valaris will bareboat charter VALARIS 147 to ARO.
  • Three-year contract extension offshore Saudi Arabia for standard duty modern jackup VALARIS 148. The extension period is expected to commence in February 2023 in direct continuation of the existing contract. In accordance with the terms of our shareholder agreement, Valaris will bareboat charter VALARIS 148 to ARO.
Source: EvaluateEnergy® ©2024 EvaluateEnergy Ltd