Valaris announces contract awards and fleet status updates

• One-well contract with BP offshore Brazil for drillship VALARIS DS-15. The contract is expected to commence in late first quarter or early second quarter 2024 in direct continuation of the rig’s current programme, with TotalEnergies, and has an estimated duration of 80 days. The estimated contract value is approximately US$33 million and excludes payments we will receive for mobilisation and any additional services.
• A previously disclosed exercised priced option with TotalEnergies offshore Brazil for drillship VALARIS DS-15 is now expected to be undertaken in direct continuation of the aforementioned BP contract.The option period is expected to commence in late second quarter or early third quarter 2024 and has an estimated duration of 100 days.The operating day rate for the option period is approximately US$254 000. The contract backlog for this previously disclosed contract is not included in the US$65 million of additional backlog mentioned above.
• Five-well priced option exercised by BP Indonesia for heavy duty modern jackup VALARIS 106. The option period is expected to commence in January 2024, in direct continuation of the existing firm programme, and has an estimated duration of 365 days. The operating day rate is US$85 000 effective from 06 January 2024, increasing to US$95 000 from 06 January 2025. As previously disclosed, the rig is expected to be out of service for approximately 90 days for planned maintenance across the second quarter and third quarter 2024.

Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/12092023/valaris-announces-contract-awards-and-fleet-status-updates/