Valaris outlines latest drillship, jackup contract awards

Valaris has issued what may be the company’s final fleet status report, following its planned merger with Transocean.

The current contract backlog is about $4.5 billion.

Latest drillship fixtures are as follows:

• A five-well contract has been extended by Azule Energy for the VALARIS DS-7, which is currently operating offshore Angola. This will likely take effect in October in direct continuation of the present program, with an estimated duration of 325 days. Terms include a five-well unpriced option (300 to 350 days).
• A two-year contract has been extended for the VALARIS DS-9 from Esso Exploration Angola, starting in July, again in continuation of the existing program, with two six-month options.
• A multi-year contract has been secured with Shell offshore Brazil for the VALARIS DS-8, due to begin in first-quarter 2027, lasting about 800 days. There are options to extend the campaign by up to one year.

In the jackup segment:

• An eight-well contract for the VALARIS 106 with bp offshore Indonesia is set to start in the third quarter, with options for four further wells. 
• A 75-day contract extension from Eni Mexico for the VALARIS 117 took effect last month.
• A 185-day contract extension offshore Trinidad for theVALARIS 117 is set to start in the first quarter of 2028 in continuation of the present program (operator not disclosed).
• Esso Australia exercised a priced option for the VALARIS 107, keeping it contracted to this client through September.
• A 12-well P&A contract from Spirit Energy in the East Irish Sea offshore northwest England has a commencement window up to December 2030 and with an estimated duration of 294 days. The contract also includes three options with an overall estimated duration of 426 days. Work will be assigned to any suitable/available rig within the Valaris North Sea fleet.
• A 105-day contract has been extended for the VALARIS 123 with TAQA to provide accommodation support in the Dutch North Sea, with four remaining one-month options.
• A 64-day contract extension for the VALARIS 122 with Adura (Shell/Equinor joint venture) in the UK North Sea covers accommodation support.
• A 30-day contract extension for the VALARIS 248 will provide accommodation support to GE Vernova for an offshore wind project in the UK North Sea due to start in March with five further five priced options totaling 74 days. 

Valaris has declared its VALARIS DPS-1 semisubmersible rig as held for sale with the intent to recycle. In December, the company sold the jackups VALARIS 102 and 145 for recycling.