Valaris announces multiple offshore contracts

Valaris DPS-5 has been awarded one-well U.S. GoM contract.

Posted on January 11, 2022

Offshore drilling contractor Valaris Limited (NYSE: VAL) has kicked off the New Year by announcing a flurry of contracts.

Today it reported that it has been awarded the following new contracts:

  • One-well contract with Kosmos Energy in the U.S. Gulf of Mexico for semisubmersible Valaris DPS-5. The contract is expected to commence in February 2022 with an estimated duration of 105 days.
  • One-well contract with Western Gas offshore Australia for semisubmersible Valaris MS-1. The contract is expected to commence in the first quarter 2022 with an estimated duration of 25 days.
  • Six-well plug and abandonment contract with Centrica Storage in the U.K. North Sea for Valaris Norway, a heavy duty ultra-harsh environment jack-up. The contract is expected to commence in the third quarter 2022 with an estimated duration of 100 days.
  • One-well contract with an undisclosed operator in the U.S. Gulf of Mexico for Valaris 144, a standard-duty modern jack-up. The contract is expected to commence in the first quarter 2022 with a minimum duration of 68 days.

BAREBOAT CHARTERS

Today’s announcement came hard on the heels of an announcement yesterday from the company that it has been awarded new bareboat charter agreements with ARO Drilling for several jackups.

  • ARO Drilling (Saudi Aramco Rowan Offshore Drilling Company), which is a joint venture between Saudi Aramco and Valaris, has signed contracts with Aramco for the same periods as the bareboat charter agreements.
  • Heavy-duty harsh environment jackup Valaris 250, heavy-duty modern jack-up Valaris 116 and standard-duty modern jackups Valaris 143 and 146 will each commence three-year extensions to their bareboat charter agreements upon completion of their existing agreements with ARO Drilling in December 2021.
  • Also, ARO Drilling owned rigs ARO 3003 and ARO 3004 have each been awarded five-year contract extensions with Aramco that will commence upon completion of their existing contracts in December 2021.

“We are very pleased to have secured additional work for four of our high-quality modern jackups, extending our long-standing relationship with Aramco, one of the largest customers for offshore drilling rigs in the world,” said Valaris’ President and CEO Anton Dibowitz. “ARO Drilling is a strategic asset for Valaris, providing a continued presence in an important offshore basin and long-term growth prospects via ARO’s twenty-rig newbuild program, with the first two newbuild jackups expected to be delivered in the second half of 2022. We look forward to continuing to work with our joint venture partner, Aramco, on growing and delivering value from ARO Drilling.”

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