Valaris announces new contracts, extensions with Eni, Shell

Valaris announced new contracts and contract extensions with an associated backlog of $149 million. Among them is a three-well contract with Eni offshore Mexico for its VALARIS DPS-5 semisubmersible. The contract is expected to commence in Q4 2022 and has an estimated duration of 240 days. The operating day rate is $313,500, plus a mobilization fee of approximately $1.2 million.

Valaris also announced a four-well contract extension with a duration in the region of 500 days with Shell in the UK North Sea for heavy duty harsh environment jackup VALARIS 122. The contract extension will be in direct continuation of the existing firm program and has a contract value of over $60 million.

A one-well contract with an undisclosed operator offshore Australia for the VALARIS 107 heavy duty jackup is expected. begin either late Q1 or early Q2 2023 with an estimated duration of 60 days. The operating rate is $120,000 per day. A one-well option exercised by DNO in the UK North Sea for the heavy duty ultra-harsh environment jackup VALARIS 247 has an estimated duration of 45 days and will be in direct continuation of the existing firm program.