Offshore drilling company Valaris has secured new contracts and contract extensions worth $95 million in total.
The contracts were awarded subsequent to the issuing of Valaris' most recent contract awards and fleet status update on September 1, 2022. The contract backlog excludes lump sum payments such as mobilization fees and capital reimbursements.
In Brazil, TotalEnergies exercised an option for Valaris' drillship VALARIS DS-15. The option has an estimated duration of 100 days and will be in direct continuation of the existing firm term.
In Saudi Arabia, Valaris secured contract extensions for three jack-up drilling rigs with Saudi Aramco.
Saudi Aramco awarded a 292-day contract extension with Saudi Aramco for the standard duty modern jackup VALARIS 76; a 204-day contract extension with Saudi Aramco for the standard duty legacy jackup VALARIS 54; and a 142-day contract extension with Saudi Aramco for the heavy duty modern jackup VALARIS 108. All three extensions are in direct continuation of the existing contracts.
Offshore Trinidad, BP exercised a four-well option for the heavy-duty modern jackup VALARIS 118. The four-well option has an estimated duration of 200 days and will be in direct continuation of the existing firm program.
The four-well option has a total contract value of approximately $24 million.