Valaris releases quarterly Fleet Status Report

Source: press release, 3 May 2022

‘VALARIS DS-12’, a DSME 12000 double-hull DP drillship
‘VALARIS DS-12’, a DSME 12000 double-hull DP drillship (photo: Valaris Limited)

Valaris Limited has issued its quarterly Fleet Status Report that provides the current status of the company’s fleet of offshore drilling rigs along with certain contract information for its assets.

  • Two-well contract with a major operator offshore Angola and the Republic of Congo for drillship VALARIS DS-12. The contract is expected to take place during the first quarter 2023 and has a total contract value of USD 26.2 million.
  • One-well contract with an undisclosed operator offshore Australia for heavy duty modern jackup VALARIS 107. The contract is expected to commence in July 2022 with an estimated duration of 37 days. The operating rate is USD 112,000 per day.
  • Two-year contract extensions with bp in the US Gulf of Mexico for managed rigs Mad Dog and Thunder Horse. The contract extensions were effective on January 27, 2022.
  • The previously disclosed contract awarded to VALARIS DS-11 for an eight-well contract for a deepwater project in the US Gulf of Mexico has been novated from TotalEnergies to Equinor. No material changes to the contract resulted from the novation, including with respect to the termination provisions in the event the project does not receive final investment decision (FID). Total contract backlog includes approximately USD 428 million related to this contract.

The full Fleet Status Report can be found on the “Investors” section of the company’s website