Valaris Bags Four-well Drilling Contract with BP Offshore Egypt

Monday, November 21, 2022

Offshore drilling contractor Valaris announced on Monday that its drillship VALARIS DS-12 has been awarded a contract to drill four wells for BP offshore Egypt.

The contract is expected to commence late in the third quarter or early in the fourth quarter 2023 and has an estimated duration of 320 days, Valaris said. The estimated total contract value, inclusive of a mobilization fee, is $136.4 million, the company added.

Valaris president and CEO Anton Dibowitz said, “We are honored that BP has chosen VALARIS DS-12 for their upcoming development campaign offshore Egypt. The rig has a long and successful track record with the customer, having worked for BP in several locations offshore Africa, including Egypt, over the past three and a half years. We look forward to partnering with BP on another successful campaign.”

VALARIS DS-12 is a DSME 12000 double hull DP drillship delivered from DSME Okpo shipyard in Geoje, South Korea, in 2013.

Dibowitz added, “We retain significant operating leverage to the improving deepwater market through our fleet of 11 drillships, including three uncontracted high-specification rigs VALARIS DS-7, DS-8 and DS- 11, plus attractively priced purchase options for newbuild rigs VALARIS DS-13 and DS-14.”

Categories: Drilling Activity Africa

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