Valaris releases quarterly Fleet Status Report

Source: press release, 28 July 2022

The ‘Valaris DS-17’ drillship
The ‘Valaris DS-17’ 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.

  • 540-day contract with Equinor offshore Brazil for drillship VALARIS DS-17. The rig will be reactivated for this contract, which is expected to commence in mid-2023. The total contract value is approximately USD 327 million, including an upfront payment totaling approximately USD 86 million for mobilisation costs, capital upgrades and a contribution towards reactivation costs. The remaining contract value relates to the operating day rate and additional services, including managed pressure drilling (MPD), remote operating vehicle (ROV), casing running, slop treatment and cuttings handling.
  • Contract extension with TotalEnergies EP Brasil offshore Brazil for drillship VALARIS DS-15. The option is in direct continuation of the current firm program.
  • 6-month option exercised by Shell Nigeria Exploration and Production Company (SNEPCo) offshore Nigeria for drillship VALARIS DS-10. The option will be in direct continuation of the existing firm program.
  • One-well contract extension with Shell in the UK North Sea for heavy duty harsh environment jackup VALARIS 122. The one-well contract extension has an estimated duration of 150 days and will be in direct continuation of the existing firm program.
  • VALARIS 36 was sold to another drilling contractor with restricted use provisions for USD 9 million.

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