Valaris ( NYSE: VAL ) unveiled new contracts and extensions on Thursday with associated contract backlog of $149M; shares -2.8% as energy related stocks show broad declines.
The latest awards followed the company's fleet status report in July that disclosed four jack-up rigs had secured more work.
The offshore driller said it secured a three-well contract with Eni offshore Mexico for the Valaris DPS-5 to begin in Q4, with an estimated duration of 240 days and operating dayrate of $313.5K.
Shell extended a four-well contract with a duration in the region of 500 days in the U.K. North Sea for the Valaris 122 heavyduty harsh environment jack-up.
Also in the U.K. North Sea, a one-well option was exercised by DNO for the Valaris 247 jack-up with an estimated duration of 45 days.
Valaris ( VAL ) also secured a one-well contract with an undisclosed operator offshore Australia for the Valaris 107 heavy-duty jackup for 60 days at a $120K dayrate.
Transocean is better valued than Valaris ( VAL ) in an undervalued industry, Anna Sokolidou writes in a bullish analysis published earlier this summer on Seeking Alpha .
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Valaris awarded $149M in new contracts, extensions