Valaris Nets Multiple Contracts and Extensions Adding U$ 285 Million in Revenue Backlog

Houston based offshore drilling contractor Valaris plc, secured new contracts and contract extensions, adding revenue backlog of U$ 285 million.

Valaris DS-18 (Relentless), 2015 HHI delivered GustoMSC P10,000 designed, secured a contract extension due to the exercise of a one-well priced option with EnVen in the U.S. Gulf of Mexico. According to company, the duration is estimated to be of 45 days from February 2020 to March 2020.

Drillship 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), 2015 HHI delivered GustoMSC P10,000 designed, has been awarded a one-well contract with oil major ‘Eni’ in the U.S. Gulf of Mexico that is expected to commence in November 2019, with an estimated duration of 30 days.

Drillship 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.

JACK-UP RIGS

Valaris JU-292 (Norway), KFELS N-Class Jackup in service since 2011, bagged a contract extension 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), KFELS N-Class Jackup in service since 2010, is contract extended for approximately 50 days to provide accommodation services with Repsol offshore Norway extended from early February 2020 to late March 2020.

Valaris JU-249 (Gorilla VII), LeTourneau Technologies Super Gorilla Class Jackup in service since 2001, scooped a contract extension by one year with Chrysaor in the North Sea from November 2019 to November 2020.

Valaris JU-144 (EXL II), LeTourneau Technologies EXL (Super 116E) Class Jackup in service since 2010, has been awarded a 12-well contract with Eni offshore Mexico that is expected to commence in April 2020, with an estimated duration of two years.

Valaris JU-122 (ENSCO 122), Keppel FELS, Ultra-Enhanced Super ‘A’ Class Jack up in service since 2013, got the contract extended to exercise a one-well priced option with Shell in the North Sea, with an estimated duration of 150 days from November 2020 to April 2021.

Valaris JU-117 (Ralph Coffman), LeTourneau Technologies 240-C Class Jackup in service since 2009, managed to secure a contract extension due to the exercise of a two-well priced option with an undisclosed operator offshore Trinidad, with an estimated duration of 60 days from February 2020 to April 2020.

Valaris JU-115 (ENSCO 115), Baker Marine Pacific Independent Leg Jackup in service since 2013, inks a contract extension due to the exercise of a four-month priced option with Mubadala Petroleum offshore Thailand from March 2020 to July 2020.

Valaris JU-87 (ENSCO 87), MLT 116-C Jackup in service since 1982, bagged a 21-well contract award with Exxon in the U.S. Gulf of Mexico that is expected to commence in November 2019, with an estimated duration of 295 days.

Day rates are not disclosed by the company at this time.

Valaris, previously known as EnscoRowan, bagged U$ 245 million New Contracts and Extensions, as we reported in October.