Valaris announces contract awards

Source: press release, 1 September 2022

photo: Valaris Limited
photo: Valaris Limited

Valaris Limited has announced contracts and contract extensions, with associated contract backlog of USD 149 million, awarded subsequent to issuing the company’s most recent fleet status report on July 28, 2022.

Contract backlog excludes lump sum payments such as mobilisation fees and capital reimbursements.

  • Three-well contract with Eni Mexico S. de R.L. de C.V. offshore Mexico for semisubmersible VALARIS DPS-5. The contract is expected to commence in the fourth quarter 2022 and has an estimated duration of 240 days. The operating day rate is USD 313,500, plus a mobilisation fee of approximately USD 1.2 million.
  • Four-well contract extension with a duration in the region of 500 days with Shell in the UK North Sea for heavy duty harsh environment jackup VALARIS 122. The contract extension will be in direct continuation of the existing firm program and has a contract value of over USD 60 million.
  • One-well contract with an undisclosed operator offshore Australia for heavy duty modern jackup VALARIS 107. The contract is expected to commence either late in the first quarter or early in the second quarter 2023 with an estimated duration of 60 days. The operating rate is USD 120,000 per day.
  • One-well option exercised by DNO in the UK North Sea for heavy duty ultra-harsh environment jackup VALARIS 247. The one-well option has an estimated duration of 45 days and will be in direct continuation of the existing firm program.