Valaris Limited Fleet Status Report October 31, 2022 |
New Contracts and Extensions, Rig Sales and Other Updates Since Last Fleet Status Report |
Floaters
•Three-well contract with Eni Mexico S. de R.L. de C.V. offshore Mexico for semisubmersible VALARIS DPS-5. The contract is expected to commence in December 2022 and has an estimated duration of 240 days. The operating day rate is $313,500, plus a mobilization fee of approximately $1.2 million.
•Option exercised by TotalEnergies EP Brasil offshore Brazil for drillship VALARIS DS-15. The option has an estimated duration of 100 days and will be in direct continuation of the existing firm term.
Jackups
•Four-well contract extension with a duration in the region of 500 days with Shell in the UK North Sea for heavy duty harsh environment jackup VALARIS 122. The contract extension will be in direct continuation of the existing firm program and has a contract value of over $60 million.
•292-day contract extension with Saudi Aramco for standard duty modern jackup VALARIS 76. The 292-day extension is in direct continuation of the existing contract.
•204-day contract extension with Saudi Aramco for standard duty legacy jackup VALARIS 54. The 204-day extension is in direct continuation of the existing contract.
•142-day contract extension with Saudi Aramco for heavy duty modern jackup VALARIS 108. The 142-day extension is in direct continuation of the existing contract.
•Four-well option exercised by BP offshore Trinidad for heavy duty modern jackup VALARIS 118. The four-well option has an estimated duration of 200 days and will be in direct continuation of the existing firm program. The four-well option has a total contract value of approximately $24 million.
•90-day contract with an undisclosed operator in the North Sea for heavy duty harsh environment jackup VALARIS 123. The contract is expected to commence in November 2022.
•One-well contract with an undisclosed operator offshore Australia for heavy duty modern jackup VALARIS 107. The contract is expected to commence either late in the first quarter or early in the second quarter 2023 with an estimated duration of 60 days. The operating rate is $120,000 per day.
•One-well option exercised by DNO in the UK North Sea for heavy duty ultra-harsh environment jackup VALARIS 247. The one-well option has an estimated duration of 45 days and will be in direct continuation of the existing firm program.
•14-day option exercised by BP in the UK North Sea for heavy duty ultra-harsh environment jackup VALARIS Norway. The 14-day option will be in direct continuation of the existing firm program.
Other
•In September 2022, the Australian Federal Court set aside an environmental plan covering the drilling and completion activities related to the Barossa Gas Project. As a result of the decision, the customer suspended drilling activities being performed by VALARIS MS-1, and the rig was moved to a standby location. During the contract suspension period, the duration of which is currently unknown, we do not expect a material impact on revenues and earnings. The customer's hearing to appeal the court's decision is scheduled to occur in November 2022.
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Valaris Limited Fleet Status Report October 31, 2022 |
Contract Backlog(1) (2)
($ millions)
| 2022 | 2023 | 2024+ | Total |
Contracted Days(1) (2)
| 2022 | 2023 | 2024+ | |||||||
Drillships | $ | 91.1 | $ | 509.2 | $ | 394.8 | $ | 995.1 | Drillships | 427 | 2,100 | 1,304 | |||
Semisubmersibles | 33.0 | 235.8 | 110.7 | 379.5 | Semisubmersibles | 176 | 978 | 487 | |||||||
Floaters | $ | 124.1 | $ | 745.0 | $ | 505.5 | $ | 1,374.6 | Floaters | 603 | 3,078 | 1,791 | |||
HD - Ultra-Harsh & Harsh | $ | 43.6 | $ | 111.9 | $ | 29.6 | $ | 185.1 | HD - Ultra-Harsh & Harsh | 427 | 1,065 | 233 | |||
HD & SD - Modern | 40.1 | 203.8 | 151.4 | 395.3 | HD & SD - Modern | 477 | 2,328 | 1,507 | |||||||
SD - Legacy | 13.0 | 58.0 | 11.3 | 82.3 | SD - Legacy | 183 | 785 | 174 | |||||||
Jackups | $ | 96.7 | $ | 373.7 | $ | 192.3 | $ | 662.7 | Jackups | 1,087 | 4,178 | 1,914 | |||
Other(3)
| $ | 23.4 | $ | 133.3 | $ | 66.6 | $ | 223.3 |
Other(3)
| 589 | 2,973 | 2,524 | |||
Total | $ | 244.2 | $ | 1,252.0 | $ | 764.4 | $ | 2,260.6 | Total | 2,279 | 10,229 | 6,229 | |||
ARO Drilling(4)
|
Average Day Rates(1) (2)
| 2022 | 2023 | 2024+ | |||||||||||
Owned Rigs | $ | 41.2 | $ | 246.6 | $ | 582.9 | $ | 870.7 | Drillships | $ | 213,000 | $ | 242,000 | $ | 303,000 |
Leased Rigs | 46.3 | 202.9 | 224.1 | 473.3 | Semisubmersibles | 187,000 | 241,000 | 227,000 | |||||||
Total | $ | 87.5 | $ | 449.5 | $ | 807.0 | $ | 1,344.0 | Floaters | $ | 206,000 | $ | 242,000 | $ | 282,000 |
Valaris 50% Share of ARO Owned Rigs | $ | 20.6 | $ | 123.3 | $ | 291.4 | $ | 435.3 | HD - Ultra-Harsh & Harsh | $ | 102,000 | $ | 105,000 | $ | 127,000 |
Adjusted Total(5)
| $ | 264.8 | $ | 1,375.3 | $ | 1,055.8 | $ | 2,695.9 | HD & SD - Modern | 84,000 | 88,000 | 100,000 | |||
SD - Legacy | 71,000 | 74,000 | 65,000 | ||||||||||||
Jackups | $ | 89,000 | $ | 89,000 | $ | 100,000 | |||||||||
(1) Contract backlog, contracted days and average day rates as of October 31, 2022.
(2) Contract backlog and average day rates exclude certain types of non-recurring revenues such as lump sum mobilization payments. Contract backlog and contracted days include backlog and days when a rig is under suspension. Average day rates are adjusted to exclude suspension backlog and days.
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(3) Other represents contract backlog and contracted days related to bareboat charter agreements and management services contracts. (4) ARO Drilling contract backlog as of October 31, 2022. (5) Adjusted total is Valaris consolidated total plus Valaris 50% share of ARO owned rigs. HD = Heavy Duty; SD = Standard Duty | ||||||||||||||
Valaris Limited Fleet Status Report October 31, 2022 |
Asset Category / Rig | Design | Year Delivered |
Customer/ Status | Location | Contract Start Date |
Contract End Date(1)
| Day Rate | Comments |
Drillships | ||||||||
VALARIS DS-18 | GustoMSC P10000 | 2015 |
Chevron Chevron |
U.S. GOM U.S. GOM |
Aug 20 Aug 22 |
Jul 22 Jul 25 | ||
VALARIS DS-17 | GustoMSC P10000 | 2014 | Equinor | Brazil | Jun 23 | Dec 24 | Confidential | Rig being reactivated in Spain. Total contract value of $327 million, including an upfront payment of approx. $86 million for mobilization, capital upgrades and a contribution towards reactivation costs. Two options each with an estimated duration of 60 days |
VALARIS DS-16 | GustoMSC P10000 | 2014 | Occidental | U.S. GOM | May 22 | May 24 | One 1-year option | |
VALARIS DS-15 | GustoMSC P10000 | 2014 |
TotalEnergies
TotalEnergies
TotalEnergies
|
Brazil
Brazil
Brazil
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Jun 21
Dec 22
Mar 23
|
Dec 22
Mar 23
Jul 23
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Confidential
Confidential
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Two options each with an estimated duration of 100 days
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VALARIS DS-12 | DSME 12000 | 2014 |
BP Undisclosed |
Mauritania/Senegal Angola |
Apr 22 Jan 23 | Confidential | Total contract value of $26.2 million | |
VALARIS DS-10 | Samsung GF12000 | 2017 | SNEPCo | Nigeria | Apr 22 | Apr 23 | Confidential | One 240-day option |
VALARIS DS-9 | Samsung GF12000 | 2015 | ExxonMobil | Angola | Jul 22 | Jul 24 | Four 6-month options | |
VALARIS DS-4 | Samsung 96K | 2010 | Petrobras | Brazil | Jul 22 | Dec 23 | One 6-month option | |
Stacked | ||||||||
VALARIS DS-11 | DSME 12000 | 2013 | Stacked | Spain | ||||
VALARIS DS-8 | Samsung GF12000 | 2015 | Stacked | Spain | ||||
VALARIS DS-7 | Samsung 96K | 2013 | Stacked | Spain | ||||
Purchase Options(2)
| ||||||||
VALARIS DS-14 | DSME 12000 | Under Construction | South Korea | Option to take delivery by year-end 2023. Purchase price of approx. $218 million assuming a Dec 31, 2023 delivery | ||||
VALARIS DS-13
| DSME 12000 | Under Construction | South Korea | Option to take delivery by year-end 2023. Purchase price of approx. $119 million assuming a Dec 31, 2023 delivery |
Valaris Limited Fleet Status Report October 31, 2022 |
Asset Category / Rig | Design | Year Delivered |
Customer/ Status | Location | Contract Start Date |
Contract End Date(1)
| Day Rate | Comments |
Semisubmersibles | ||||||||
VALARIS DPS-5
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ENSCO 8500 Series, DP + Moored | 2012 |
Kosmos
Apache
Murphy
Murphy
Eni
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U.S. GOM
U.S. GOM
U.S. GOM
Mexico
Mexico
|
Mar 22
Aug 22
Sep 22
Oct 22
Dec 22
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Aug 22
Sep 22
Oct 22
Dec 22
Aug 23
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$313,500
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Plus mobilization fee of approx. $1.2 million. Three options each with an estimated duration of 80 days
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VALARIS DPS-1
| F&G ExD Millennium, DP | 2012 |
Woodside Woodside |
Apr 22 Mar 23 |
Mar 23 Sep 24 |
Confidential Confidential | ||
VALARIS MS-1
| F&G ExD Millennium, Moored | 2011 |
Santos Undisclosed |
Australia Australia |
Jul 22 Oct 23 |
Oct 23 Aug 24 |
Contract suspended. During the contract suspension period, the duration of which is currently unknown, we do not expect a material impact on revenues and earnings. Three options each with an estimated duration of 90 days
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Stacked | ||||||||
VALARIS DPS-6 | ENSCO 8500 Series, DP | 2012 | Stacked | U.S. GOM | ||||
VALARIS DPS-3 |
ENSCO 8500 Series, DP + Moored | 2010 | Stacked | U.S. GOM |
Valaris Limited Fleet Status Report October 31, 2022 |
Asset Category / Rig | Design | Year Delivered |
Customer/ Status | Location | Contract Start Date |
Contract End Date(1)
| Day Rate | Comments |
Jackups | ||||||||
Heavy Duty Ultra-Harsh Environment(3)
| ||||||||
VALARIS Norway | KFELS N Class | 2011 |
BP Centrica Storage |
UK UK |
May 22
Nov 22
|
Nov 22 Mar 23 | ||
VALARIS Stavanger | KFELS N Class | 2011 | Equinor | Norway | Oct 19 | Nov 22 | ||
VALARIS Viking | KFELS N Class | 2010 | Repsol | Norway | Jun 22 | Jan 23 | One option with an estimated duration of 60 days | |
VALARIS 250 | LT Super Gorilla XL | 2003 | Saudi Aramco | Saudi Arabia | Jun 18 | Dec 24 |
Leased to ARO Drilling(4)
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VALARIS 249 | LT Super Gorilla | 2002 | OMV | New Zealand | Feb 22 | Apr 23 |
Three options each with an estimated duration of 65 days
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VALARIS 248 | LT Super Gorilla | 2000 | Neptune | UK | Aug 20 | Sep 23 | ||
VALARIS 247 | LT Super Gorilla | 1998 | DNO | UK | May 21 | Dec 22 |
Valaris Limited Fleet Status Report October 31, 2022 |
Asset Category / Rig | Design | Year Delivered |
Customer/ Status | Location | Contract Start Date |
Contract End Date(1)
| Day Rate | Comments |
Jackups | ||||||||
Heavy Duty Harsh Environment(3)
| ||||||||
VALARIS 123 | KFELS Super A | 2019 |
Capricorn
Undisclosed
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UK
North Sea
|
Jun 22
Nov 22
|
Sep 22
Feb 23
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Confidential
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VALARIS 122
| KFELS Super A | 2014 |
Shell
Shell
Shell
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UK
UK
UK
|
Jan 20
Nov 22
Apr 23
|
Nov 22
Apr 23
Aug 24
|
Confidential
Confidential
| Total contract value of over $60 million |
VALARIS 121 | KFELS Super A | 2013 | Harbour Energy | UK | Jul 21 | Nov 22 | ||
VALARIS 120 | KFELS Super A | 2013 | Harbour Energy | UK | Jul 17 | Jul 23 | ||
Stacked | ||||||||
VALARIS 102 | KFELS MOD V-A | 2002 | Stacked | U.S. GOM |
Valaris Limited Fleet Status Report October 31, 2022 |
Asset Category / Rig | Design | Year Delivered |
Customer/ Status | Location | Contract Start Date |
Contract End Date(1)
| Day Rate | Comments |
Jackups | ||||||||
Heavy Duty - Modern(3)
| ||||||||
VALARIS 118 | LT 240-C | 2011 |
BP BP |
Trinidad Trinidad |
Oct 22
Jul 23
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Jun 23
Jan 24
|
Confidential
| Total contract value of approx. $24 million |
VALARIS 117 | LT 240-C | 2009 | Eni | Mexico | Dec 21 | Dec 23 | ||
VALARIS 116 | LT 240-C | 2008 | Saudi Aramco | Saudi Arabia | Dec 18 | Dec 24 |
Leased to ARO Drilling(4)
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VALARIS 115 | BM Pacific Class 400 | 2013 |
Mubadala Petroleum Shell |
Thailand Brunei |
Feb 22 Apr 23 |
Nov 22
Apr 27
| Confidential | |
VALARIS 110 | KFELS MOD V-B | 2015 | North Oil Company | Qatar | Oct 21 | Oct 24 | Two options each with an estimated duration of 1 year | |
VALARIS 108 | KFELS MOD V-B | 2007 |
Saudi Aramco |
Saudi Arabia | Nov 18 | Mar 23 | ||
VALARIS 107 | KFELS MOD V-B | 2006 |
Vermilion Oil & Gas
Undisclosed
Eni
GB Energy
Undisclosed
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Australia
Australia
Australia
Australia
Australia
|
May 22
Aug 22
Nov 22
Feb 23
Apr 23
|
Aug 22
Nov 22
Feb 23
Apr 23
Jul 23
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$112,000
$115,000
$118,000
$120,000
| One option with an estimated duration of 20 days |
VALARIS 106 | KFELS MOD V-B | 2005 |
BP BP |
Indonesia Indonesia |
Jan 18 Jan 23 |
Jan 23 Jan 24 | Confidential | Eight options each with an estimated duration of 90 days |
Stacked | ||||||||
VALARIS 111 | KFELS MOD V-B | 2003 | Stacked | Croatia | ||||
VALARIS 109 | KFELS MOD V-Super B | 2008 | Stacked | Namibia | ||||
VALARIS 104 | KFELS MOD V-B | 2002 | Stacked | UAE |
Valaris Limited Fleet Status Report October 31, 2022 |
Asset Category / Rig | Design | Year Delivered |
Customer/ Status | Location | Contract Start Date |
Contract End Date(1)
| Day Rate | Comments |
Jackups | ||||||||
Standard Duty - Modern | ||||||||
VALARIS 148 | LT Super 116-E | 2013 | Saudi Aramco | Saudi Arabia | Nov 19 | Feb 23 |
Leased to ARO Drilling(4)
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VALARIS 147 | LT Super 116-E | 2013 | Saudi Aramco | Saudi Arabia | Sep 19 | Dec 22 |
Leased to ARO Drilling(4)
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VALARIS 146 | LT Super 116-E | 2011 | Saudi Aramco | Saudi Arabia | Sep 18 | Dec 24 |
Leased to ARO Drilling(4)
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VALARIS 144 | LT Super 116-E | 2010 |
Undisclosed Undisclosed Talos Cantium |
U.S. GOM U.S. GOM U.S. GOM U.S. GOM |
May 22
Aug 22
Nov 22
Dec 22
|
Aug 22
Oct 22
Dec 22
Mar 23
| Confidential $85,000 $80,000 | |
VALARIS 143 | LT Super 116-E | 2010 | Saudi Aramco | Saudi Arabia | Oct 18 | Dec 24 |
Leased to ARO Drilling(4)
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VALARIS 141 | LT Super 116-E | 2016 | Saudi Aramco | Saudi Arabia | Aug 22 | Aug 25 | Confidential |
Leased to ARO Drilling(4)
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VALARIS 140 | LT Super 116-E | 2016 |
Saudi Aramco | Saudi Arabia | Mar 22 | Mar 25 |
Leased to ARO Drilling(4)
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VALARIS 76 | LT Super 116-C | 2000 |
Saudi Aramco |
Saudi Arabia |
Jan 15 | Oct 23 | ||
Stacked | ||||||||
VALARIS 145 | LT Super 116-E | 2010 |
Stacked | U.S. GOM | ||||
VALARIS 75 | LT Super 116-C | 1999 | Stacked | U.S. GOM |
Valaris Limited Fleet Status Report October 31, 2022 |
Asset Category / Rig | Design | Year Delivered |
Customer/ Status | Location | Contract Start Date |
Contract End Date(1)
| Day Rate | Comments |
Jackups | ||||||||
Standard Duty - Legacy | ||||||||
VALARIS 92 | LT 116-C | 1982 | Harbour Energy | UK | Feb 17 | Dec 23 | ||
VALARIS 72 | Hitachi K1025N | 1981 |
Eni |
UK |
Jan 20 | Jun 24 | Planned maintenance for approx. 40 days in 4Q22 | |
VALARIS 54 | F&G L-780 Mod II-C | 1982 | Saudi Aramco | Saudi Arabia | Sep 14 | Mar 23 |
Valaris Limited Fleet Status Report October 31, 2022 |
Asset Category / Rig | Design |
Customer/ Status | Location | Contract Start Date |
Contract End Date(1)
| Day Rate | Comments |
Other | |||||||
Drilling Management | |||||||
Thunder Horse | Deepwater Semisubmersible | BP | U.S. GOM | Jan 17 | Jan 24 | ||
Mad Dog | Deepwater Spar Drilling Rig | BP | U.S. GOM | Jan 17 | Jan 24 | ||
ARO Drilling | |||||||
Jackup Rigs Owned by ARO Drilling | |||||||
ARO 2001 | LT 116-C | Saudi Aramco | Saudi Arabia | Oct 17 | Jan 26 | ||
ARO 2003 | BM 200-H | Saudi Aramco | Saudi Arabia | Feb 18 | Feb 26 | ||
ARO 3001 | LT Tarzan 225-C | Saudi Aramco | Saudi Arabia | Oct 17 | Jan 26 | ||
ARO 3002 | LT Tarzan 225-C | Saudi Aramco | Saudi Arabia | Oct 17 | Jan 26 | Planned maintenance for approx. 75 days in 2Q23 | |
ARO 3003 | LT Tarzan 225-C | Saudi Aramco | Saudi Arabia | Oct 18 | Dec 26 | ||
ARO 3004 | LT Tarzan 225-C | Saudi Aramco | Saudi Arabia | Oct 18 | Dec 26 | ||
ARO 4001 | KFELS Super B | Saudi Aramco | Saudi Arabia | Oct 17 | Jan 26 | Planned maintenance for approx. 45 days in 1Q23. 25 days in 2Q23 | |
ARO 2005 | LT 116-C | Under Construction | Saudi Arabia |
Delivery expected in late 1Q23 or early 2Q23
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ARO 2006 | LT 116-C | Under Construction | Saudi Arabia |
Delivery expected in 3Q23
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Valaris Limited Fleet Status Report October 31, 2022 |
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Valaris Ltd. published this content on 31 October 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 October 2022 12:51:00 UTC.