Valaris executes drillship contracts with bp, TotalEnergies totaling $65 million

Valaris Limited announced new contracts and contract extensions, with an associated contract backlog of approximately $65 million.

Valaris executed a one-well contract with bp offshore Brazil for drillship VALARIS DS-15. The contract is expected to commence in the late first quarter or early second quarter 2024 in direct continuation of the rig’s current program, with TotalEnergies, and has an estimated duration of 80 days. The estimated contract value is approximately $33 million.

A previously disclosed exercised priced option with TotalEnergies offshore Brazil for drillship VALARIS DS-15 is now expected to be undertaken in direct continuation of the aforementioned bp contract. The option period is expected to commence in the late second quarter or early third quarter 2024 and has an estimated duration of 100 days. The operating day rate for the option period is approximately $254,000.

bp Indonesia also exercised a five-well priced option for heavy duty modern jack-up VALARIS 106. The option period is expected to commence in January 2024, in direct continuation of the existing firm program and has an estimated duration of 365 days. The operating day rate is $85,000 effective from January 6, 2024, increasing to $95,000 from January 6, 2025. The rig is expected to be out of service for approximately 90 days for planned maintenance across the second quarter and third quarter 2024.

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