Valaris announces new contracts for 2 drillships, 1 jackup

Valaris announced three new contracts:

• A three-year contract with Petrobras for the VALARIS DS-8 drillship. The rig will be reactivated for this contract. The total contract value is approximately $500 million, including a $30 million mobilization fee.
• A 100-day contract with a TotalEnergies affiliate for the VALARIS DS-12 drillship. The contract is expected to commence in Q2 2023.
• A 70-day contract with Beach Energy offshore New Zealand for heavy-duty jackup VALARIS 107. The contract is expected to commence in Q3 2023. The total contract value is approximately $26 million.

President and CEO Anton Dibowitz said, “We are particularly pleased to have secured the award for preservation stacked drillship VALARIS DS-8, for a contract that is expected to generate a meaningful return over the firm contract term, and we remain focused on exercising our operational leverage in a disciplined manner. This most recent award represents the sixth contract awarded to one of our high-quality stacked floaters since mid-2021, and speaks volumes about our demonstrated track record of project execution when reactivating rigs.”

Mr Dibowitz added, “Following the reactivation of VALARIS DS-17 and DS-8, we will have 10 floaters working across the golden triangle, including four drillships in Brazil, a market where we expect to see continued growth over the next several years.”