Valaris (NYSE: VAL) has won a 55-well decommissioning deal with Eni (BIT: ENI) in the UK, expected to last four years.
The contract Valaris 72 jackup will carry out the plugging and abandonment (P&A) in the East Irish Sea.
Kicking off in December, it has an estimated duration of nearly four years (1,346 days) with the day rate “subject to a market-indexed annual adjustment”.
The Valaris Norway will substitute for the Valaris 72 until the latter completes its current contract with Eni in the UK North Sea, expected to finish in December 2024.
Elsewhere, in the Dutch sector, the Valaris 123 has won a six-well contract with Taqa on the Porthos Carbon Capture and Storage (CCS) project.
Due to start in Q4 of 2024, it has a minimum duration of 170 days with options for up to 10 wells with an estimated duration of 300 days.
The day rate will start at $142,500, increasing to $152,500 from that start of 2025 and $162,500 from January 1, 2026.
These deals, along with several others, have taken New York-listed Valaris’ contract backlog to $3.2bn, up from $3bn as of August 1, 2023.
In its latest fleet status report, the firm has announced new deals for drillships and semisubs in Brazil, Angola and Mexico, along with jackup work in Trinidad and Tobago.
Its average day rates for 2024 are $105,000 for jackups and $306,000 for floaters.
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