Valaris reported winning new contracts and extensions with backlog valued at about $1.2 billion in its February 2024 Fleet Status Report.

Petrobras awarded a 1,064-day contract for drillship VALARIS DS-4 for operations offshore Brazil, valued at about $519 million, starting late in the fourth quarter of 2024. The floater’s current contract with Petrobras ends in September, and the rig will be out of service for capital upgrades.

Occidental subsidiary Anadarko Petroleum Corp. awarded a two-year contract extension for drillship VALARIS DS-16 to begin operations in the U.S. Gulf of Mexico in June 2024 in direct continuation of the existing firm program.

Equinor exercised a 60-day priced option for drillship VALARIS DS-17 for operations offshore Brazil to commence in March 2025 in direct continuation of the existing firm contract. 

Harbour Energy extended the heavy duty harsh environment jackup VALARIS 120 by three years for operations in the U.K. North Sea, with the extension expected to begin in the third quarter of 2025 in direct continuation of the existing firm program. 

TotalEnergies awarded heavy duty ultra-harsh environment jackup VALARIS Stavanger a 330-day contract for operations in the U.K. North Sea starting in March 2024. The contract is valued at $48 million and includes minor rig modifications.

Shell has exercised two one-well options valued at $55 million in the U.K. North Sea for heavy duty harsh environment jackup VALARIS 121. The options are expected to start in the summer of 2024, in direct continuation of the existing firm program, and have an estimated duration of 406 days. 

Ithaca Energy awarded the heavy duty harsh environment jackup VALARIS 123 a one-well contract valued at a minimum of $6.3 million for operations in the U.K. North Sea beginning in April 2024 and lasting between 45 days and 72 days. 

Shell awarded a two-well contract valued at $21 million for heavy duty harsh environment jackup VALARIS 123. It will begin operations in the U.K. North Sea starting in June 2024 and lasting 154 days. 

Eni awarded a one-well contract with a day rate of $180,000 for heavy duty ultra-harsh environment jackup VALARIS 247. Expected to last a minimum of 45 days, the contract begins in the third quarter of 2024 in direct continuation of the rig’s current program with another operator.

An undisclosed operator offshore Trinidad exercised a one-well option for heavy duty ultra-harsh environment jackup VALARIS 249 to extend the firm term of the contract by at least 35 days with a day rate of $137,500. 

An undisclosed operator offshore Trinidad awarded a 300-day contract for heavy duty ultra-harsh environment jackup VALARIS 249. The contract is expected to commence in the fourth quarter of 2024 in direct continuation of a program with another operator at a day rate of $162,500. 

That same operator terminated a one-well contract for the VALARIS 107 offshore Australia. In other news, Valaris exercised its options and took delivery of drillships VALARIS DS-13 and DS-14 for an aggregate purchase price of approximately $337 million. The rigs are being mobilized from South Korea to Las Palmas, Spain, where they will be stacked until contracted for work.

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