Valaris secures work for six rigs and backlog of $84 million

Offshore drilling contractor Valaris, formerly known as EnscoRowan, has been awarded new contracts and contract extensions for its rigs, with associated revenue backlog of $84 million. 

Rowan Gorilla VI in the Port of Rotterdam; Photo by: Alf van Beem; Source: Wikimedia – public domain

Valaris said in a statement on Monday that six of its rigs had won new contracts and extensions subsequent to filing the company’s most recent fleet status report on July 25, 2019.

The contract for semi-submersible Valaris 8505 (Ensco 8505) with Eni offshore Mexico has been extended by three wells, with an estimated duration of 225 days from February 2020 to September 2020.

The jack-up rig Valaris JU-290 (Rowan Viking) has been awarded a contract to provide accommodation services with Repsol offshore Norway that is expected to start in September 2019, with an estimated duration of 130 days.

The contract for the jack-up rig Valaris JU-248 (Rowan Gorilla VI) with Shell offshore Trinidad has been extended by one month from September 2019 to October 2019.

The contract for the jack-up Valaris JU-247 (Rowan Gorilla V) with Total in the North Sea has been extended by eight months from March 2020 to November 2020.

Furthermore, the contract for the jack-up Valaris JU-117 (Ralph Coffman) with an undisclosed operator offshore Trinidad has been extended by two wells, with an estimated duration of 60 days from December 2019 to February 2020.

Finally, the jack-up rig Valaris JU-87 (Ensco 87) has been awarded a one-well contract with McMoRan Oil & Gas in the U.S. Gulf of Mexico that is expected to start in August 2019, with an estimated duration of 30 days.

In related news, the law firm Pomerantz has recently filed a class action lawsuit against Valaris, alleging that the drilling firm has misled investors.


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