Valaris Announces Contract Awards

Rhea-AI Summary

Valaris Limited (NYSE: VAL) has announced new contracts for offshore drilling services, including:

• A one-well contract with Kosmos Energy in the U.S. Gulf of Mexico, starting February 2022 for 105 days.
• A one-well contract with Western Gas offshore Australia, commencing Q1 2022 for 25 days.
• A six-well contract with Centrica Storage in the UK North Sea, starting Q3 2022 for 100 days.
• A one-well contract with an undisclosed operator in the U.S. Gulf of Mexico, beginning Q1 2022 for at least 68 days.

These contracts highlight Valaris's operational capabilities across various regions.

Positive

• New contracts boost operational visibility and revenue potential.
• Diverse geographical contract locations enhance business stability.
• Contracts include various durations, securing future workload.

Negative

• None.

HAMILTON, Bermuda--(BUSINESS WIRE)-- Valaris Limited (NYSE: VAL) announced today 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 UK North Sea for VALARIS Norway, a heavy duty ultra-harsh environment jackup. 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 jackup. The contract is expected to commence in the first quarter 2022 with a minimum duration of 68 days.

About Valaris Limited

Valaris Limited (NYSE: VAL) is the industry leader in offshore drilling services across all water depths and geographies. Operating a high-quality rig fleet of ultra-deepwater drillships, versatile semisubmersibles and modern shallow-water jackups, Valaris has experience operating in nearly every major offshore basin. Valaris maintains an unwavering commitment to safety, operational excellence, and customer satisfaction, with a focus on technology and innovation. Valaris Limited is a Bermuda exempted company (Bermuda No. 56245). To learn more, visit our website at www.valaris.com.

Cautionary Statements

Statements contained in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include words or phrases such as "anticipate," "believe," "estimate," "expect," "intend," "plan," "project," "could," "may," "might," “should,” “will” and similar words. Such statements are subject to numerous risks, uncertainties and assumptions that may cause actual results to vary materially from those indicated, including the Company’s liquidity and ability to access financing sources, debt restrictions that may limit our liquidity and flexibility, the COVID-19 outbreak and global pandemic, the related public health measures implemented by governments worldwide, the volatility in oil prices caused in part by the COVID-19 pandemic and the decisions by certain oil producers to reduce export prices and increase oil production, and cancellation, suspension, renegotiation or termination of drilling contracts and programs. In particular, the unprecedented nature of the current economic downturn, pandemic, and industry decline may make it particularly difficult to identify risks or predict the degree to which identified risks will impact the Company’s business and financial condition. In addition to the numerous factors described above, you should also carefully read and consider “Item 1A. Risk Factors” in Part I and “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II of our most recent annual report on Form 10-K, as updated in our subsequent quarterly reports on Form 10- Q, which are available on the Securities and Exchange Commission’s website at www.sec.gov or on the Investor Relations section of our website at www.valaris.com. Each forward-looking statement speaks only as of the date of the particular statement and we undertake no obligation to update or revise any forward-looking statements, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220104005922/en/

Investor & Media Contact:

Tim Richardson

Director - Investor Relations

+1-713-979-4619

Source: Valaris Limited

FAQ

What new contracts has Valaris Limited acquired?

Valaris Limited announced several new contracts, including a one-well contract with Kosmos Energy in the U.S. Gulf of Mexico and a six-well contract with Centrica Storage in the UK North Sea.

When will the new contracts for Valaris commence?

The contracts are expected to commence between February 2022 and Q3 2022, with varying durations from 25 to 105 days.

What regions are covered by Valaris's new contracts?

The new contracts cover the U.S. Gulf of Mexico, offshore Australia, and the UK North Sea.

What is the expected duration of Valaris's contracts?

The contracts have estimated durations ranging from 25 days to 105 days depending on the specific project.