Valaris Broadcasts Contract Awards and Fleet Standing Updates

Valaris Restricted (NYSE: VAL) (“Valaris” or the “Firm”) introduced right now new contracts and contract extensions, with related contract backlog of $149 million, awarded subsequent to issuing the Firm’s most up-to-date fleet standing report on July 28, 2022. Contract backlog excludes lump sum funds similar to mobilization charges and capital reimbursements.

Three-well contract with Eni Mexico S. de R.L. de C.V. offshore Mexico for semisubmersible VALARIS DPS-5. The contract is anticipated to start within the fourth quarter 2022 and has an estimated period of 240 days. The working day charge is $313,500, plus a mobilization payment of roughly $1.2 million.
4-well contract extension with a period within the area of 500 days with Shell within the UK North Sea for heavy obligation harsh setting jackup VALARIS 122. The contract extension will probably be in direct continuation of the prevailing agency program and has a contract worth of over $60 million.
One-well contract with an undisclosed operator offshore Australia for heavy obligation fashionable jackup VALARIS 107. The contract is anticipated to start both late within the first quarter or early within the second quarter 2023 with an estimated period of 60 days. The working charge is $120,000 per day.
One-well possibility exercised by DNO within the UK North Sea for heavy obligation ultra-harsh setting jackup VALARIS 247. The one-well possibility has an estimated period of 45 days and will probably be in direct continuation of the prevailing agency program.
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