Valaris Wins Offshore Drilling Contract Worth $149 Million

Offshore drilling company Valaris said Thursday it has secured new drilling rig contracts and contract extensions worth a total of $149 million. Valaris said the outstanding contracts do not include lump-sum payments such as mobilization costs or capital refunds.

In Mexico, Valaris won a three-well contract for a semi-submersible drilling rig with Eni. Valaris DPS-5. The contract is expected to start in the fourth quarter of 2022 and has an estimated duration of 240 days.working day rate $313,500, and mobilization costs of about $1.2 million.This makes the value of the contract, excluding mobilization costs, about $75.2 million.

In the UK North Sea, Valaris has secured a contract extension for four wells with Shell. Duration he is around 500 days, a rugged jack-up Valaris 122 that withstands harsh environments. The contract extension will be a direct continuation of the existing company program.contract value is $60 million or more.

In Australia, an undisclosed operator has signed a deal for a large modern jack-up Valaris 107.

The contract is expected to commence in late Q1 or early Q2 2023 and has an estimated term of 60 days.The utilization rate is $120,000 per day.

Also in the UK North Sea, DNO has exercised an option for one well for rugged, ultra-harsh environment jack-ups. Valaris 2471 Well option has an estimated term of 45 days and is a direct continuation of the existing firming programme.