Valaris announced today new contracts and contract extensions, with associated contract backlog of approximately $150 million, awarded subsequent to issuing the Company’s most recent fleet status report on May 1, 2023. Contract backlog excludes lump sum payments such as mobilization fees and capital reimbursements.

Contract highlights

• Two-well contract with Anadarko Petroleum Corporation (a wholly owned subsidiary of Occidental) in the U.S. Gulf of Mexico for semisubmersible VALARIS DPS-5. The contract is expected to commence in July 2023 and has a minimum duration of 60 days. The total contract value is approximately $22 million.
• Nine-well contract for a plug and abandonment campaign with Apache in the U.S. Gulf of Mexico for semisubmersible VALARIS DPS-5. The contract is expected to commence in September 2023 and has a minimum duration of 110 days.
• 180-day (minimum duration) contract with an undisclosed operator offshore Australia for heavy duty modern jackup VALARIS 107. The contract is expected to commence in first quarter 2024. The operating day rate is $150,000.
• One-year contract with an undisclosed operator offshore Australia for heavy duty modern jackup VALARIS 107. The contract is expected to commence in October 2024.
• Two-well contract with a major Australian operator for heavy duty ultra-harsh environment jackup VALARIS 247. The contract is expected to commence in early to mid-2024 and has an estimated duration of 100 days. The operating day rate is $180,000 and Valaris will receive a mobilization and demobilization fee that covers operating costs while the rig is in transit.

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