Valaris Announces Floater Contract Awards

Rhea-AI Summary

Valaris Limited (NYSE: VAL) has secured two one-well contracts with Murphy Oil Corporation for its semisubmersible VALARIS DPS-5. The first contract in the U.S. Gulf of Mexico is set to start in Q3 2022, lasting a minimum of 30 days with a 90-day option. The second contract, located offshore Mexico, will follow immediately and is estimated to last for 60 days. These contracts signify Valaris' operational capabilities and commitment to offshore drilling services.

Positive

• Secured two contracts with Murphy Oil Corporation for semisubmersible VALARIS DPS-5.
• First contract in U.S. Gulf of Mexico, expected to commence in Q3 2022, with a minimum duration of 30 days and a 90-day option.
• Second contract offshore Mexico to commence immediately after the first, estimated at 60 days.

Negative

• None.

HAMILTON, Bermuda--(BUSINESS WIRE)-- Valaris Limited (NYSE: VAL) announced today that it has been awarded two one-well contracts with subsidiaries of Murphy Oil Corporation for semisubmersible VALARIS DPS-5.

The first contract is in the U.S. Gulf of Mexico and is expected to commence in the third quarter 2022 with a minimum duration of 30 days. This contract has a one-well option with an estimated duration of 90 days. The second contract, offshore Mexico, will commence in direct continuation of the first contract and has an estimated duration of 60 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/20220118006200/en/

Investor & Media Contact:

Tim Richardson

Director - Investor Relations

+1-713-979-4619

Source: Valaris Limited

FAQ

What contracts did Valaris Limited secure recently?

Valaris Limited announced two one-well contracts with Murphy Oil Corporation for its semisubmersible VALARIS DPS-5.

When is the start date for Valaris' contract in the Gulf of Mexico?

The contract in the Gulf of Mexico is expected to commence in the third quarter of 2022.

What is the duration of the contracts awarded to Valaris Limited?

The first contract has a minimum duration of 30 days with a 90-day option, while the second contract is estimated to last for 60 days.

Which company awarded contracts to Valaris Limited?

Murphy Oil Corporation awarded the contracts to Valaris Limited.

What is the stock symbol for Valaris Limited?

The stock symbol for Valaris Limited is VAL.