HAMILTON, Bermuda – Valaris has announced a number of new contracts and contract extensions, with associated contract backlog of $181 million. These include:
* Two-year contract extensions with BP in the US Gulf of Mexico for managed rigs Mad Dog and Thunder Horse. The contract extensions were effective on January 27, 2022.
* One-well contract extension with TotalEnergies EP Brazil, offshore Brazil for drillship VALARIS DS-15. The option well is in direct continuation of the current firm program and has an estimated duration of 100 days.
* ARO Drilling awarded a three-year contract with Saudi Aramco for standard duty modern jackup VALARIS 140. This contract relates to the previously disclosed three-year bareboat charter agreement between Valaris and ARO Drilling. Contract backlog associated with the bareboat charter agreement is included in the total contract backlog of $181 million awarded subsequent to issuing the Company’s most recent fleet status report on February 21, 2022.
* The previously disclosed contract awarded to VALARIS DS-11 for an eight-well contract for a deepwater project in the US Gulf of Mexico has been novated from TotalEnergies to Equinor. No material changes to the contract resulted from the novation, including with respect to the termination provisions in the event the project does not receive final investment decision (FID).
* The VALARIS 67 has been sold and retired from the offshore drilling fleet.