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Valaris announces new contract awards

Valaris has announced new contracts and contract extensions, with associated revenue backlog of approximately $285 million, awarded subsequent to a prior fleet status report dated 25 October 2019.

  • VALARIS DS-18 (Relentless) contract extended due to the exercise of a one-well priced option with EnVen in the US Gulf of Mexico, with an estimated duration of 45 days from February 2020 to March 2020; the rig has also been awarded a two-well contract with an undisclosed operator in the US Gulf of Mexico that is expected to commence in June 2020, with an estimated duration of 180 days.
  • VALARIS DS-15 (Renaissance) awarded a one-well contract with Eni in the US Gulf of Mexico that is expected to commence in November 2019, with an estimated duration of 30 days; the rig 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.
  • VALARIS JU-292 (Norway) contract extended 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) contract to provide accommodation services with Repsol offshore Norway extended by approximately 50 days from early February 2020 to late March 2020.
  • VALARIS JU-249 (Gorilla VII) contract with Chrysaor in the North Sea extended by one year from November 2019 to November 2020.
  • VALARIS JU-144 (EXL II) 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 contract extended due to the exercise of 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) contract extended 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 contract extended due to the exercise of a four-month priced option with Mubadala Petroleum offshore Thailand from March 2020 to July 2020.
  • VALARIS JU-87 awarded a 21-well contract with Exxon in the US Gulf of Mexico that is expected to commence in November 2019, with an estimated duration of 295 days.

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