Valaris Announces New Contract Awards

October 1, 2019

VALARIS JU-291 (Photo: Equinor)
VALARIS JU-291 (Photo: Equinor)

Offshore drilling contractor Valaris on Tuesday announced a group of new global contracts and contract extensions, with associated revenue backlog of approximately $245 million. 

The latest batch of contracts, which includes work in several continents, have been secured subsequent to the precious round of contracts announced by Valaris toward the end of August.

The VALARIS DS-16 (Resolute) contract with Fieldwood in the U.S. Gulf of Mexico was extended by approximately 180 days from March 2020 to September 2020 due to the exercise of a 90-day option, which will begin following the end of the contract term upon the completion of the well in progress.

The VALARIS DS-7 contract with Burullus offshore Egypt has been extended by approximately 165 days from October 2019 to mid-March 2020 due to the exercise of three one-well options.

VALARIS DS-4 has been awarded a one-well contract with Amni offshore Ghana that is expected to commence in early March 2020, with an estimated duration of 50 days.

The VALARIS DPS-1 contract with Woodside offshore Australia has been extended by seven wells, with an estimated duration of 420 days from July 2020 to September 2021.

The VALARIS JU-291 (Stavanger) contract with Equinor offshore Norway has been extended by two wells, with an estimated duration of 208 days from January 2020 to August 2020.

VALARIS JU-248 (Gorilla VI) was awarded a four-well contract with Neptune Energy in the North Sea that is expected to commence in third quarter 2020, with an estimated duration of 492 days. Additionally, a previously disclosed contract with Premier Oil in the North Sea has been transferred to VALARIS JU-248 from VALARIS JU-121.

The VALARIS JU-115 contract with Mubadala Petroleum offshore Thailand has been extended by two months from January 2020 to March 2020.



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