Valaris Announces Floater Contract Award

Rhea-AI Summary

Valaris Limited (NYSE: VAL) has secured a contract with Petrobras for the drillship VALARIS DS-4, with a minimum duration of 548 days. Currently preserved in the UK, the rig will be reactivated in the Canary Islands and mobilized to Brazil, with operations expected to start by early Q2 2022. Valaris is recognized as a leader in offshore drilling services, offering a high-quality fleet across various offshore locations.

Positive

• Secured a contract with Petrobras for VALARIS DS-4 for a minimum of 548 days.
• Drillship will be reactivated in the Canary Islands before mobilizing to Brazil.

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• None.

HAMILTON, Bermuda--(BUSINESS WIRE)-- Valaris Limited (NYSE: VAL) announced today that it has been awarded a contract with Petrobras offshore Brazil for drillship, VALARIS DS-4. The contract is for a minimum term of 548 days. The rig is currently preservation stacked in the UK and will transit to the Canary Islands, where it will be reactivated and then mobilized to Brazil. The contract is anticipated to commence by early second quarter 2022.

About Valaris

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.

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Investor & Media Contact:

Tim Richardson

Director - Investor Relations

+1-713-979-4619

Source: Valaris Limited

FAQ

What is the contract duration for Valaris Limited's drillship VALARIS DS-4 with Petrobras?

The contract duration is a minimum of 548 days.

Where is the VALARIS DS-4 currently located?

The VALARIS DS-4 is currently preservation stacked in the UK.

When is the contract for VALARIS DS-4 expected to commence?

The contract is anticipated to commence by early Q2 2022.

What company has awarded the contract to Valaris Limited?

The contract has been awarded by Petrobras.

What does Valaris Limited specialize in?

Valaris Limited specializes in offshore drilling services across all water depths and geographies.