Valaris Limited (NYSE: VAL) (Valaris) announced today new contracts and contract extensions, with associated contract backlog of $181 million, awarded subsequent to issuing the Company’s most recent fleet status report on February 21, 2022.
Two-year contract extensions with BP in the U.S. Gulf of Mexico for managed rigs Mad Dog and Thunder Horse. The contract extensions were effective on January 27, 2022.
- One-well contract extension with TotalEnergies EP Brazil, offshore Brazil for drillship VALARIS DS-15. The option well is in direct continuation of the current firm program and has an estimated duration of 100 days.
- ARO Drilling awarded a three-year contract with Saudi Aramco for standard duty modern jackup VALARIS 140. This contract relates to the previously disclosed three-year bareboat charter agreement between Valaris and ARO Drilling. Contract backlog associated with the bareboat charter agreement is included in the total contract backlog of $181 million awarded subsequent to issuing the Company’s most recent fleet status report on February 21, 2022.
- The previously disclosed contract awarded to VALARIS DS-11 for an eight-well contract for a deepwater project in the U.S. Gulf of Mexico has been novated from TotalEnergies to Equinor.
- No material changes to the contract resulted from the novation, including with respect to the termination provisions in the event the project does not receive final investment decision (FID).
- VALARIS 67 has been sold and retired from the offshore drilling fleet.