Valaris Secures Rig Contract Extensions Worth $95M

OE Staff
Tuesday, October 4, 2022

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.

Categories: Energy Middle East Activity South America Drillships Drilling Rigs

Related Stories

Israel's Leviathan Gas Field to Resume Production in Next Few Hours

Israel's Leviathan Gas Field to Resume Production in Next Few Hours

Iran’s Top Security Body to Weigh In on Strait of Hormuz Closure

Iran’s Top Security Body to Weigh In on Strait of Hormuz Closure

Petronas Expands Suriname Portfolio with Deepwater Block Acquisition

Petronas Expands Suriname Portfolio with Deepwater Block Acquisition

Current News

Brazil Greenlights Additional Pre-Salt Oil Auction to Lift Revenue

Shell Rules Out BP Acquisition, Bound by UK Regulations

BOEM Looks to Open 80 million Acres for Oil and Gas Lease Sale

Libya, Turkey Sign MoU To Conduct Offshore Geophysical Study

Subscribe for OE Digital E‑News

Offshore Engineer Magazine