- Valaris ( NYSE: VAL ) announced new contracts and contract extensions, with associated contract backlog of $466M which excludes lump sum payments such as mobilization fees and capital reimbursements.
- It has a 540-day contract with Equinor offshore Brazil for drillship VALARIS DS-17; rig will be reactivated for this contract (~$327M), which is expected to commence in mid-2023.
- It also announced contract extension with TotalEnergies EP Brasil offshore Brazil for drillship VALARIS DS-15.
- It has two-well contract extension with Woodside offshore Australia for semisubmersible VALARIS DPS-1 and also one-well contract extension with the same.
- It has a 4-year contract with Brunei Shell Petroleum Sdn. Bhd. offshore Brunei for heavy duty modern jackup VALARIS 115; contract (~$159M) is expected to commence in April 2023.
- One-well contract extension with Shell in the U.K. North Sea for heavy duty harsh environment jackup VALARIS 122.
- "We continue to see a constructive outlook for the offshore drilling industry as evidenced by these recent contract awards for both floaters and jackups across several geographies. We expect Brazil to be a significant growth market for high-specification floaters over the next several years and we are well-positioned to benefit by now adding a third rig to this strategic basin," president & CEO Anton Dibowitz commented.
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Valaris reports $466M in associated contract backlog, updates fleet status