Valaris nets $245 million in revenue backlog with new rig gigs

Offshore drilling contractor Valaris, previously known as EnscoRowan, has secured new contracts and contract extensions with associated revenue backlog of approximately $245 million.

The contract for the Valaris DS-16 (Resolute) drillship with Fieldwood in the U.S. Gulf of Mexico has been extended by approximately 180 days. The extension is from March 2020 to September 2020 due to the exercise of a 90-day option. The extension will begin following the end of the contract term upon the completion of the well in progress.

The contract for the Valaris DS-7 drillship with Burullus offshore Egypt has been extended by approximately 165 days from October 2019 to mid-March 2020 due to the exercise of three one-well options.

The drillship Valaris DS-4 has been awarded a one-well contract with Amni offshore Ghana that is expected to start in early March 2020, with an estimated duration of 50 days.

The contract for the Valaris DPS-1 semi-submersible with Woodside offshore Australia has been extended by seven wells, with an estimated duration of 420 days from July 2020 to September 2021.

The Valaris JU-291 (Stavanger) jack-up has received a contract extension with Equinor offshore Norway by two wells, with an estimated duration of 208 days from January 2020 to August 2020.

As previously reported, the jack-up Valaris JU-248 (Gorilla VI) has been awarded a four-well contract with Neptune Energy in the North Sea that is expected to start in third quarter 2020, with an estimated duration of 492 days. Additionally, a previously disclosed contract with Premier Oil in the North Sea has been transferred to Valaris JU-248 from Valaris JU-121.

The jack-up rig Valaris JU-115 has won a two-month extension of its contract with Mubadala Petroleum offshore Thailand. The extension will run from January 2020 to March 2020.

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