Valaris Issues Statement on Drillship VALARIS DS-16

Rhea-AI Summary

Valaris Limited (NYSE: VAL) reported that its drillship, VALARIS DS-16, broke free from its moorings due to gale force winds on March 12 while undergoing reactivation at a Mississippi shipyard. The vessel was quickly secured with no injuries, environmental damage, or major harm sustained. Valaris maintains that this incident will not affect the commencement of its upcoming contract.

Positive

• Quickly secured drillship with no injuries or environmental impact.
• Minor damage to rig with no expected delays to contract commencement.

Negative

• None.

HAMILTON, Bermuda--(BUSINESS WIRE)-- Valaris Limited (NYSE: VAL) (“Valaris” or the “Company”) today confirmed that drillship VALARIS DS-16, which is currently undergoing reactivation activities at ST Engineering Halter Marine and Offshore shipyard in Pascagoula, Mississippi, in advance of its next contract, broke free from its moorings during gale force winds in the early hours of Saturday, March 12. The rig was promptly secured and safely returned to its mooring location the same day. There were no injuries, no environmental impact and only minor damage to the rig as a result of the event. Valaris continues to work closely with the relevant authorities and its customer and does not expect any delays to the contract commencement as a result of the incident.

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 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 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, which is 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/20220314005591/en/

Tim Richardson

Director - Investor Relations

+1-713-979-4619

Source: Valaris Limited

FAQ

What happened to the VALARIS DS-16 drillship on March 12?

The VALARIS DS-16 broke free from its moorings during gale force winds but was quickly secured with no injuries or significant damage.

Will the incident with VALARIS DS-16 affect Valaris Limited's upcoming contract?

Valaris does not expect any delays to the contract commencement due to the incident involving VALARIS DS-16.

Where is the VALARIS DS-16 drillship undergoing reactivation?

The VALARIS DS-16 is undergoing reactivation at ST Engineering Halter Marine and Offshore shipyard in Pascagoula, Mississippi.