2022January/February

Drilling & Completion News

The VALARIS DPS-5 semisubmersible was awarded a one-well contract with Kosmos Energy to commence in February.

Valaris wins multiple new contracts, extensions

Valaris recently announced several new contracts:

A one-well contract with Kosmos Energy in the US Gulf of Mexico for the VALARIS DPS-5 semi. The contract is expected to commence in February 2022, with an estimated duration of 105 days.

A one-well contract with Western Gas offshore Australia for the VALARIS MS-1 semi. The contract is expected to commence in Q1 2022, with an estimated duration of 25 days.

A six-well plug and abandonment contract with Centrica Storage in the UK North Sea for the VALARIS Norway, a heavy-duty ultra-harsh-environment jackup. The contract is expected to commence in Q3 2022, with an estimated duration of 100 days.

A one-well contract with an undisclosed operator in the US Gulf of Mexico for the VALARIS 144 jackup. The contract is expected to commence in Q1 2022, with a minimum duration of 68 days.

Bareboat charter agreements with ARO Drilling for several jackups. ARO Drilling has signed contracts with Aramco for the same periods as the bareboat charter agreements. The VALARIS 250, VALARIS 116, VALARIS 143 and VALARIS 146 will each commence three-year extensions to their bareboat charter agreements upon completion of their existing agreements with ARO Drilling in December 2021.

Five-year contract extensions with Aramco for ARO Drilling-owned rigs ARO 3003 and ARO 3004, which commenced upon completion of their existing contracts in December 2021.

KCA Deutag recently secured contract extensions for three rigs in Saudi Arabia and two rigs in Oman, with a combined value of nearly $185 million.

Contracts in Saudi, Oman show rising confidence

KCA Deutag has been awarded contracts worth almost $185 million across key markets in the Middle East.

Multiple rig extensions were confirmed in Saudi Arabia, representing 13 years of work across three rigs. In Oman,  one-year contract extensions were awarded for two heavy 2,000-hp rigs.

“These awards are a sign of rising confidence in our core markets as we increase and sustain activity following the COVID-19 pandemic challenges and resulting reduction in oil demand,” said Simon Drew, President of Land.

OMV hires Maersk Intrepid for HPHT exploration well

Maersk Drilling has secured a one-well contract with OMV to employ the Maersk Intrepid, a low-emissions jackup rig, to drill a high-pressure, high-temperature (HPHT) exploration well in the Oswig prospect in Block 30/5C of the Northern North Sea basin offshore Norway. The contract is expected to commence in mid-2022, and Maersk Drilling and OMV are discussing adding additional services to the scope. The contract includes a one-well option to drill the Eirik exploration well.

The Maersk Intrepid is an ultra-harsh environment CJ70 XLE jackup designed for year-round operations in the North Sea. It is currently operating for Equinor offshore Norway.

Seadrill inks deals for 3 drillships to work for Petrobras

In December, Seadrill announced it had secured a contract with Petrobras for work in the Búzios field offshore Brazil for the West Jupiter drillship. The contract is for a firm term of 1,040 days, with commencement expected in December 2022. Total contract value is approximately $264 million, inclusive of mobilization revenue and additional services.

The previous month, Seadrill had announced two other contracts with Petrobras, one for the West Carina and one for the West Tellus. Those drillships are also slated to work on the Búzios field. Both contracts were signed on a three-year fixed-term basis, with commencement expected in September 2022. Total contract value for the two contracts is approximately $549 million, inclusive of mobilization revenue and additional services.

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