Valaris has revealed a number of contracts in UK waters in its latest fleet status report as it boasts a $3.9 billion backlog.
The drilling contractor has secured two deals with the London-listed supermajor Shell both are two well contracts. The first is for the Valaris 121 jack-up rig with operations set to commence in “the summer of 2024” and work estimated to span 406 days.
The second Shell deal will see the harsh environment jack-up Valaris 123 spring into action in June this year where it will work for 154 days. The estimated total contract value is approximately $21 million.
Shell’s fellow supermajor, TotalEnergies, has also negotiated a contract for the Valaris Stavanger, work relating to which is set to start next month.
With an estimated duration of 330 days, the deal is valued at $48 million including “minor rig modifications.”
Ahead of its work with Shell later in the year the Valaris 123 is contracted to take on between 45 and 72 days of work for Ithaca Energy in April.
The minimum total contract value for this deal is said to be $6.3 million.
The last piece of work Valaris has set for UK waters is with the country’s largest producer of oil an gas, Harbour Energy.
An extension has been signed for the rig’s work with Harbour Energy, this is set to kick off in the third quarter 2025 as a direct continuation of the existing programme.
Valaris’ latest fleet status report shows that the firm currently has 11 jack-up rigs in the region while it also announced deals in Trinidad and Australia.
Recently the drilling contractor announced a swathe of rig deals across the globe. At the time the firm’s chief executive Anton Dibowitz said: “We are also beginning to see early signs of a recovery in the North Sea jack-up market from 2025 as evidenced by several awards at improving day rates.”
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