Valaris nets new contracts for rigs in US Gulf of Mexico and Australia

Valaris announced new contracts and contract extensions with an associated contract backlog of approximately $150 million. These new contracts and extensions include:

• a two-well contract with Anadarko in the US Gulf of Mexico for the Valaris DPS-5 semisubmersible. The contract is expected to start in July 2023 and has a minimum duration of 60 days. The total contract value is approximately $22 million;
• a nine-well contract for a plug and abandonment campaign with Apache in the US Gulf of Mexico for Valaris DPS-5. The contract is expected to commence in September 2023 and has a minimum duration of 110 days;
• a 180-day (minimum duration) contract with an undisclosed operator offshore Australia for the Valaris 107 jackup. The contract is expected to begin in Q1 2024. The operating day rate is $150,000;
• a one-year contract with an undisclosed operator offshore Australia for Valaris 107. The contract is expected to commence in October 2024; and
• a 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.