Valaris Announces Contract Awards and Fleet Status Updates
- New contracts and contract extensions with a backlog of $65 million
- Valaris DS-15 contract with BP valued at approximately $33 million
- Exercised option with TotalEnergies offshore Brazil
- Five-well priced option exercised by BP Indonesia
- None.
-
One-well contract with BP offshore
Brazil for drillship VALARIS DS-15. The contract is expected to commence in late first quarter or early second quarter 2024 in direct continuation of the rig’s current program, with TotalEnergies, and has an estimated duration of 80 days. The estimated contract value is approximately and excludes payments we will receive for mobilization and any additional services.$33 million
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A previously disclosed exercised priced option with TotalEnergies offshore
Brazil for drillship VALARIS DS-15 is now expected to be undertaken in direct continuation of the aforementioned BP contract. The option period is expected to commence in late second quarter or early third quarter 2024 and has an estimated duration of 100 days. The operating day rate for the option period is approximately . The contract backlog for this previously disclosed contract is not included in the$254,000 of additional backlog mentioned above.$65 million
VALARIS DS-15 – Estimated Schedule:
Customer |
Location |
Contract Start Date |
Contract End Date(1) |
Day Rate(2) |
Total Energies |
|
Jun 21 |
Feb 24 |
|
BP |
|
Mar 24 |
May 24 |
|
TotalEnergies |
|
Jun 24 |
Sep 24 |
|
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Five-well priced option exercised by BP Indonesia for heavy duty modern jackup VALARIS 106. The option period is expected to commence in January 2024, in direct continuation of the existing firm program and has an estimated duration of 365 days. The operating day rate is
effective from January 6, 2024, increasing to$85,000 from January 6, 2025. As previously disclosed, the rig is expected to be out of service for approximately 90 days for planned maintenance across second quarter and third quarter 2024.$95,000
(1) |
Contract duration does not include any unexercised optional extensions. Contract end dates can vary based on how long it takes to complete the wells subject to the contract. |
(2) |
Day rates are reported to the nearest thousand and reflect the operating day rates charged to customers, excluding certain types of non-recurring revenues such as lump sum mobilization payments. Day rates are provided unless such disclosures are restricted by confidentiality provisions |
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
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," "likely," "plan," "project," "could," "may," "might," "should," "will" and similar words and specifically include statements regarding expected financial performance; expected utilization, day rates, revenues, operating expenses, cash flows, contract status, terms and duration, contract backlog, capital expenditures, insurance, financing and funding; the offshore drilling market, including supply and demand, customer drilling programs, stacking of rigs, effects of new rigs on the market and effect of the volatility of commodity prices; expected work commitments, awards, contracts and letters of intent; scheduled delivery dates for rigs; performance of our joint ventures, including our joint venture with Saudi Aramco; timing of the delivery of the Saudi Aramco Rowan Offshore Drilling Company ("ARO") newbuild rigs and the timing of additional ARO newbuild orders; the availability, delivery, mobilization, contract commencement, availability, relocation or other movement of rigs and the timing thereof; rig reactivations; suitability of rigs for future contracts; divestitures of assets; general economic, market, business and industry conditions, including inflation and recessions, trends and outlook; general political conditions, including political tensions, conflicts and war (such as the ongoing conflict in
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+1-713-979-4619
Source: Valaris Limited