Valaris New Contracts Touch $285Mln

November 26, 2019

Image: Valaris
Image: Valaris

Valaris, the provider of offshore drilling services across all water depths and geographies,  announced new contracts and contract extensions, with associated revenue backlog of approximately $285 million.

The United Kingdom-based offshore drilling contractor, formerly EnscoRowan, said that the Valaris DS-18 (Relentless) contract extended due to the exercise of a one-well priced option with EnVen in the U.S. Gulf of Mexico, with an estimated duration of 45 days from February 2020 to March 2020.

The the rig has also been awarded a two-well contract with an undisclosed operator in the U.S. Gulf of Mexico that is expected to commence in June 2020, with an estimated duration of 180 days

Valaris DS-15 (Renaissance) awarded a one-well contract with Eni in the U.S. Gulf of Mexico that is expected to commence in November 2019, with an estimated duration of 30 days. The rig has also been awarded a two-well contract with CNOOC offshore Mexico that is expected to commence in April 2020, with an estimated duration of 160 days.

Meanwhile, Valaris JU-292 (Norway) contract extended due to the exercise of a six-well priced option with ConocoPhillips offshore Norway, with an estimated duration of 300 days from early May 2020 to late February 2021.

Valaris JU-290 (Viking) contract to provide accommodation services with Repsol offshore Norway extended by approximately 50 days from early February 2020 to late March 2020.  Valari JU-249 (Gorilla VII) contract with Chrysaor in the North Sea extended by one year from November 2019 to November 2020. Valari JU-144 (EXL II) awarded a 12-well contract with Eni offshore Mexico that is expected to commence in April 2020, with an estimated duration of two years.



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