Valaris Limited Announces Jackup Contract Award
Valaris Limited (NYSE: VAL) has secured a two-well contract extension with Equinor Energy AS for its VALARIS JU-291 jackup rig in Norway. This extension, lasting approximately 120 days, will extend the contract through February 2022. Valaris operates a diverse fleet of offshore drilling rigs and emphasizes safety and operational excellence. The company acknowledges potential risks affecting its business, including market volatility and the pandemic's impact on the oil industry.
- Secured a two-well contract extension with Equinor Energy AS.
- Contract extension lasts approximately 120 days, now expected to run through February 2022.
- Business is subject to numerous risks, including market volatility and potential impacts from the COVID-19 pandemic.
- Challenges related to liquidity and financing sources may limit operational flexibility.
HAMILTON, Bermuda, June 2, 2021 /PRNewswire/ -- Valaris Limited (NYSE: VAL) announced today that it has been awarded a two-well contract extension with Equinor Energy AS offshore Norway for VALARIS JU-291 (Stavanger), a heavy-duty ultra-harsh environment jackup. The extension is for an estimated 120 days in direct continuation of the existing contract and, as a result, the VALARIS JU-291 is now expected to be under contract through February 2022.
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.
Investor & Media Contact:
Darin Gibbins
Vice President - Investor Relations and Treasurer
+1-713-979-4623
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SOURCE Valaris Limited
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