Valaris Limited (NYSE: VAL) (Valaris) announced on Thursday that ARO Drilling (ARO), its joint venture in Saudi Arabia, received a notice of suspension from Aramco for one of its 19 contracted rigs, jackup VALARIS 143 (EXL I).
The rig’s contract was previously scheduled to end in December 2024. The suspension notice is for a period of up to twelve months and ARO is in discussions with Aramco to determine the effective date of the suspension.
During the suspension period, ARO will have the right to terminate the drilling contract with Aramco. Valaris leases VALARIS 143 (EXL I) to ARO under a bareboat charter agreement.
Source: Valaris