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November 26, 2019

Valaris secures new contracts and extensions worth $285m

Offshore drilling services provider Valaris has secured new contracts and contract extensions for its drilling rigs, with an associated revenue backlog of about $285m.

Offshore drilling services provider Valaris has secured new contracts and contract extensions for its drilling rigs, with an associated revenue backlog of about $285m.

Valaris noted that the contract for the drillship Valaris DS-18 (Relentless) had been extended due to the exercise of a one-well priced option with EnVen in the US Gulf of Mexico. It has an estimated duration of 45 days from February to March 2020.

Additionally, the rig secured a two-well contract with an undisclosed operator in the US Gulf of Mexico, which is expected to start in June 2020 and has an estimated duration of 180 days.

The drillship Valaris DS-15 (Renaissance) has been awarded a one-well contract with Eni in the Gulf of Mexico. Set to start in November 2019, the contract work is expected to last for 30 days. It also secured a two-well contract with CNOOC offshore Mexico that is scheduled to commence in April 2020 and run for 160 days.

Due to the exercise of a six-well priced option with ConocoPhillips offshore Norway, the contract for the jack-up Valaris JU-292 (Norway) has been extended and is expected to take place for 300 days from May 2020 to late February 2021.

Valaris has also extended contracts for its fleet of Valaris JU-290 (Viking) with Repsol offshore Norway and Valaris JU-249 (Gorilla VII) with Chrysaor in the North Sea.

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The Valaris JU-144 jack-up rig (EXL II) has been awarded a 12-well contract with Eni offshore Mexico while the contract for the Valaris JU-122 has been extended due to the exercise of a one-well priced option with Shell in the North Sea.

Valaris said in a statement: “Valaris JU-117 (Ralph Coffman) contract extended due to the exercise of a two-well priced option with an undisclosed operator offshore Trinidad, with an estimated duration of 60 days from February 2020 to April 2020.

“Valaris JU-115 contract extended due to the exercise of a four-month priced option with Mubadala Petroleum offshore Thailand from March 2020 to July 2020.”

Meanwhile, Valaris JU-87 has secured a 21-well contract with ExxonMobil in the US Gulf of Mexico slated to commence in November 2019.

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