Valaris announces new contracts, extensions

Valaris announced new contracts and contract extensions, with associated contract backlog of approximately $150M, awarded subsequent to issuing the company’s most recent fleet status report on May 1. Contract backlog excludes lump sum payments such as mobilization fees and capital reimbursements. Two-well contract with Anadarko Petroleum Corporation in the U.S. Gulf of Mexico for semisubmersible VALARIS DPS-5. The contract is expected to commence in July and has a minimum duration of 60 days. The total contract value is approximately $22M. Nine-well contract for a plug and abandonment campaign with Apache in the U.S. Gulf of Mexico for semisubmersible VALARIS DPS-5. The contract is expected to commence in September and has a minimum duration of 110 days. A 180-day contract with an undisclosed operator offshore Australia for heavy duty modern jackup VALARIS 107. The contract is expected to commence in first quarter 2024. The operating day rate is $150,000. One-year contract with an undisclosed operator offshore Australia for heavy duty modern jackup VALARIS 107. The contract is expected to commence in October 2024. Two-well contract with a major Australian operator for heavy duty ultra-harsh environment jackup VALARIS 247. The contract is expected to commence in early to mid-2024 and has an estimated duration of 100 days. The operating day rate is $180,000 and Valaris will receive a mobilization and demobilization fee that covers operating costs while the rig is in transit.