Valaris announces new contract awards

Valaris has announced new contracts and contract extensions, with associated revenue backlog of approximately $245 million.

• VALARIS DS-16 (Resolute) contract with Fieldwood in the US Gulf of Mexico extended by approximately 180 days from March 2020 to September 2020 due to the exercise of a 90-day option, which will begin following the end of the contract term upon the completion of the well in progress.
• VALARIS DS-7 contract with Burullus offshore Egypt extended by approximately 165 days from October 2019 to mid-March 2020 due to the exercise of three one-well options.
• VALARIS DS-4 awarded a one-well contract with Amni offshore Ghana that is expected to commence in early March 2020, with an estimated duration of 50 days.
• VALARIS DPS-1 contract with Woodside offshore Australia extended by seven wells, with an estimated duration of 420 days from July 2020 to September 2021.
• VALARIS JU-291 (Stavanger) contract with Equinor offshore Norway extended by two wells, with an estimated duration of 208 days from January 2020 to August 2020.
• VALARIS JU-248 (Gorilla VI) awarded a four-well contract with Neptune Energy in the North Sea that is expected to commence in Q3 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.
• VALARIS JU-115 contract with Mubadala Petroleum offshore Thailand extended by two months from January 2020 to March 2020.