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| | | Valaris plc Fleet Status Report October 25, 2019 | |
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New Contracts & Extensions Since July 25, 2019 Fleet Status Report
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Floaters • VALARIS DS-16 (Resolute) contract with Fieldwood in the U.S. Gulf of Mexico extended by approximately 180 days from March 2020 to September 2020 due to an extension of the contract to complete the well in progress and the exercise of a 90-day option• VALARIS DS-15 (Renaissance) awarded a one-well contract with Murphy in the U.S. Gulf of Mexico that is expected to commence in January 2020, with an estimated duration of 65 days• VALARIS DS-12 awarded a four-well contract with BP offshore Angola that is expected to commence in April 2020, with an estimated duration of 200 days• VALARIS DS-7 contract with Burullus offshore Egypt extended by approximately 165 days from October 2019 to mid-March 2020 due to the exercise of three one-well options• VALARIS DS-4 awarded a one-well contract with Amni offshore Ghana that is expected to commence in early March 2020, with an estimated duration of 50 days• VALARIS DPS-1 contract with Woodside offshore Australia extended by seven wells, with an estimated duration of 420 days from July 2020 to September 2021• VALARIS 8505 contract with Eni offshore Mexico extended by three wells, with an estimated duration of 225 days from February 2020 to September 2020
Jackups • VALARIS JU-291 (Stavanger) contract with Equinor offshore Norway extended by two wells, with an estimated duration of 208 days from January 2020 to August 2020• VALARIS JU-290 (Viking) awarded a contract to provide accommodation services with Repsol offshore Norway, which commenced in October 2019, with an estimated duration of 130 days• VALARIS JU-248 (Gorilla VI) contract with Shell offshore Trinidad extended by one month from September 2019 to October 2019• VALARIS JU-248 (Gorilla VI) contract with Premier Oil in the North Sea extended by two wells, with an estimated duration of 140 days from May 2020 to September 2020; this previously disclosed contract was transferred to VALARIS JU-248 from VALARIS JU-121
| | Jackups (continued) • VALARIS JU-248 (Gorilla VI) awarded a four-well contract with Neptune Energy in the North Sea that is expected to commence in September 2020, with an estimated duration of 492 days• VALARIS JU-247 (Gorilla V) contract with Total in the North Sea extended by eight months from March 2020 to November 2020• VALARIS JU-123 contract with Premier Oil in the North Sea extended by one well, with an estimated duration of 30 days from December 2019 to January 2020• VALARIS JU-117 (Ralph Coffman) contract with an undisclosed operator offshore Trinidad extended by two wells, with an estimated duration of 60 days from December 2019 to February 2020• VALARIS JU-115 contract with Mubadala Petroleum offshore Thailand extended by two months from January 2020 to March 2020• VALARIS JU-107 awarded a one-well contract with SapuraOMV offshore Australia that is expected to commence in May 2020, with an estimated duration of 45 days• VALARIS JU-88 contract with Saudi Aramco offshore Saudi Arabia extended by 138 days from mid November 2019 to early April 2020• VALARIS JU-87 awarded a one-well contract with McMoRan Oil & Gas in the U.S. Gulf of Mexico, which commenced in September 2019, with a duration of 30 days
Other • Upon completing its previous contract in September, VALARIS 5006 was moved to Malaysia where it is cold stacked and held for sale• Upon completing its previous contract in September, VALARIS JU-68 was cold stacked and held for sale• VALARIS JU-42 (California) sold and retired from the offshore drilling fleet
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New Disclosure: bolded text signifies contracts or extensions that have not been previously disclosed.
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| | | | |
| | | Valaris plc Fleet Status Report October 25, 2019 | |
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Contract Backlog(1) ($ millions) | 4Q19 | 2020 | 2021 | 2022 and Beyond | Total | | Contract Days(1) | 4Q19 | 2020 | 2021 |
| Drillships | $ | 131.0 |
| $ | 347.1 |
| $ | — |
| $ | — |
| $ | 478.1 |
| | Drillships | 572 |
| 1,217 |
| — |
|
| Semisubmersibles | 57.0 |
| 137.8 |
| 60.2 |
| — |
| 255.0 |
| | Semisubmersibles | 368 |
| 764 |
| 251 |
|
| Floaters | $ | 188.0 |
| $ | 484.9 |
| $ | 60.2 |
| $ | — |
| $ | 733.1 |
| | Floaters | 940 |
| 1,981 |
| 251 |
|
| | | | | | | | | | | |
| HD - Ultra-Harsh & Harsh | $ | 91.3 |
| $ | 259.8 |
| $ | 101.4 |
| $ | 25.5 |
| $ | 478.0 |
| | HD - Ultra-Harsh & Harsh | 929 |
| 2,231 |
| 961 |
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| HD & SD - Modern | 82.1 |
| 192.6 |
| 124.0 |
| 57.8 |
| 456.5 |
| | HD & SD - Modern | 1,070 |
| 2,628 |
| 1,672 |
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| SD - Legacy | 35.5 |
| 110.5 |
| 96.8 |
| 55.3 |
| 298.1 |
| | SD - Legacy | 522 |
| 1,574 |
| 1,339 |
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| Jackups | $ | 208.9 |
| $ | 562.9 |
| $ | 322.2 |
| $ | 138.6 |
| $ | 1,232.6 |
| | Jackups | 2,521 |
| 6,433 |
| 3,972 |
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| | | | | | | | | | | |
| Leased Rigs | $ | 22.7 |
| $ | 91.0 |
| $ | 67.7 |
| $ | 6.6 |
| $ | 188.0 |
| | Leased Rigs | 810 |
| 3,294 |
| 2,554 |
|
| Managed Rigs | 19.6 |
| 78.0 |
| 77.7 |
| 3.4 |
| 178.7 |
| | Managed Rigs | 184 |
| 732 |
| 730 |
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| Other | $ | 42.3 |
| $ | 169.0 |
| $ | 145.4 |
| $ | 10.0 |
| $ | 366.7 |
| | Other | 994 |
| 4,026 |
| 3,284 |
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| | | | | | | | | | | |
| Total | $ | 439.2 |
| $ | 1,216.8 |
| $ | 527.8 |
| $ | 148.6 |
| $ | 2,332.4 |
| | Total | 4,455 |
| 12,440 |
| 7,507 |
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HD = Heavy Duty; SD = Standard Duty
(1) Contract backlog, contract days and average day rates as of September 30, 2019 exclusive of performance bonus, adjusted for drilling contracts signed or terminated after September 30, 2019 but prior to filing the Fleet Status Report on Form 8-K on October 24, 2019.
(2) Leased rigs represents contract backlog and contract days related to bareboat charter agreements. | | Average Day Rates(1) | 4Q19 | 2020 | 2021 |
| | Drillships | $ | 229,000 |
| $ | 285,000 |
| $ | — |
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| | Semisubmersibles | 155,000 |
| 180,000 |
| 240,000 |
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| | Floaters | $ | 200,000 |
| $ | 245,000 |
| $ | 240,000 |
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| | | | | | | | HD - Ultra-Harsh & Harsh | $ | 98,000 |
| $ | 116,000 |
| $ | 106,000 |
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| | | | | | | | HD & SD - Modern | 77,000 |
| 73,000 |
| 74,000 |
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| | | | | | | | SD - Legacy | 68,000 |
| 70,000 |
| 72,000 |
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| | | | | | | | Jackups | $ | 83,000 |
| $ | 88,000 |
| $ | 81,000 |
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| | | | |
| | | Valaris plc
Fleet Status Report
October 25, 2019 | |
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| Asset Type / Status / Rig | | Design | | Year Delivered | | Customer/ Status | | Location | | Contract Start Date | | Contract End Date(1) | | Comments |
| Drillships | | | | | | | | | | | | | | |
| Marketed | | | | | | | | | | | | | | |
VALARIS DS-18 (Relentless) | | GustoMSC P10000 | | 2015 | | ExxonMobil EnVen | | U.S. GOM U.S. GOM | | Sep. 18 Jan. 20 | | Dec. 19 Feb. 20 | |
Contracted for one well. Plus two 1-well options
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VALARIS DS-17 (Reliance) | | GustoMSC P10000 | | 2014 | | Available | | Spain | | | | | | |
VALARIS DS-16 (Resolute) | | GustoMSC P10000 | | 2014 | | Fieldwood | | U.S. GOM | | Mar. 19
| | Sep. 20
| | Plus two 90-day unpriced options |
VALARIS DS-15 (Renaissance) | | GustoMSC P10000 | | 2014 | | Petronas Murphy | | Mexico U.S. GOM | | Jun. 19 Jan. 20
| | Oct. 19 Mar. 20 | |
Contracted for one well. Plus one 1-well option |
VALARIS DS-12
| | DSME 12000 | | 2014 | | BP BP | | Senegal Angola | | Apr. 19 Apr. 20 | | Nov. 19 Oct. 20 | | ----- Contracted for four wells. Plus four 1-well options
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VALARIS DS-11
| | DSME 12000 | | 2013 | | Available | | Spain | | | | | | |
VALARIS DS-10
| | Samsung GF12000 | | 2017 | | Shell | | Nigeria | | Mar. 18 | | Mar. 20 | | Plus four 1-year priced options |
VALARIS DS-9
| | Samsung GF12000 | | 2015 | | Total | | Brazil
| | Jun. 19
| | May 20
| | Contracted for four wells. Plus two 1-well options
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VALARIS DS-8
| | Samsung GF12000 | | 2015 | | Total | | Angola | | Nov. 15 | | Nov. 20 | | Day rate of approx. $620,000, plus approx. $14,000 p/d amortized through Nov. 20 for mobilization. Plus one 14-month priced option |
VALARIS DS-7
| | Samsung 96K | | 2013 | | Burullus | | Egypt | | Apr. 19 | | Mar. 20 | | Plus five 1-well options |
VALARIS DS-6
| | Samsung 96K | | 2012 | | Available | | Spain | | | | | | |
VALARIS DS-4
| | Samsung 96K | | 2010 | | Available Amni
| | Spain Ghana
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Mar. 20 | |
Apr. 20 | |
Contracted for one well. Plus four 1-well options |
| Under Construction | | | | | | | | | | | | | | |
VALARIS DS-14
| | DSME 12000 | | | | Under Construction | | South Korea | | | | | | Scheduled delivery date 2Q22 |
VALARIS DS-13
| | DSME 12000 | | | | Under Construction | | South Korea | | | | | | Scheduled delivery date 3Q21 |
| Preservation Stacked | | | | | | | | | | | | |
VALARIS DS-5
| | Samsung 96K | | 2011 | | Preservation Stacked(2)
| | Spain | | | | | | |
VALARIS DS-3
| | Samsung 96K | | 2010 | | Preservation Stacked(2)
| | Spain | | | | | | |
Changes: bolded rig names and underlined text signify changes in rig status from previous report
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| | | | |
| | | Valaris plc
Fleet Status Report
October 25, 2019 | |
|
| | | | | | | | | | | | | | |
| Asset Type / Status / Rig | | Design | | Year Delivered | | Customer/ Status | | Location | | Contract Start Date | | Contract End Date(1) | | Comments |
| Semisubmersibles | | | | | | | | | | | | |
| Marketed | | | | | | | | | | |
VALARIS DPS-1
| | F&G ExD Millennium, DP | | 2012 | | Woodside Woodside | | Australia Australia | | Feb. 18 Feb. 20 | | Aug. 19 Sep. 21 | |
Contracted for ten wells |
VALARIS 8505
| | ENSCO 8500 Series, DP + Moored | | 2012 | | Eni
| | Mexico | | Jan. 19 | | Sep. 20 | | Contracted for six wells in the U.S. GOM and for five wells in Mexico. Plus five 1-well options |
VALARIS 8504
| | ENSCO 8500 Series, DP + Moored | | 2011 | | JAPEX Available | | Japan Malaysia
| | Apr. 19 | | Jul. 19 | |
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VALARIS 8503
| | ENSCO 8500 Series, DP + Moored | | 2010 | | Apache Kosmos
| | U.S. GOM U.S. GOM | | Jul. 19 Sep. 19 | | Sep. 19 Apr. 20 | |
Contracted for six wells. Plus one 140-day option |
VALARIS MS-1
| | F&G ExD Millennium, Moored | | 2011 | | Available | | Malaysia | | | | | | |
VALARIS 6002
| | Megathyst, DP | | 2001 | | Petrobras | | Brazil | | Jul. 13 | | Jan. 20 | | Day rate of approx. $248,000, plus approx. $17,000 per day amortized through Dec. 19 for capital upgrades. Plus cost adjustments |
VALARIS 5004
| | F&G Enhanced Pacesetter, Moored | | 1982 | | Mellitah | | Mediterranean | | Aug. 14 | | Mar. 20 | | Inspection for 14 days in 3Q19 |
| Preservation Stacked | | |
VALARIS 8506
| | ENSCO 8500 Series, DP | | 2012 | | Preservation Stacked(2) | | U.S. GOM | | | | | | |
VALARIS 8502
| | ENSCO 8500 Series, DP | | 2010 | | Preservation Stacked(2)
| | U.S. GOM | | | | | | |
VALARIS 8501
| | ENSCO 8500 Series, DP | | 2009 | | Preservation Stacked(2)
| | U.S. GOM | | | | | | |
VALARIS 8500
| | ENSCO 8500 Series, DP | | 2008 | | Preservation Stacked(2)
| | U.S. GOM | | | | | | |
Changes: bolded rig names and underlined text signify changes in rig status from previous report
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| | | | |
| | | Valaris plc
Fleet Status Report
October 25, 2019 | |
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Segment / Asset Type / Rig | | Design | | Year Delivered | | Customer/ Status | | Location | | Contract Start Date | | Contract End Date(1) | | Comments |
| Jackups | | | | | | | | | | | | | | |
Heavy Duty Ultra-Harsh Environment(3) | | |
VALARIS JU-292 (Norway) | | KFELS N Class | | 2011 | | Turkish Petroleum ConocoPhillips | | Turkey Norway | | Nov. 18 Oct. 19 | | Jul. 19 Mar. 20 | |
Plus one 6-month and one 13-month priced options |
VALARIS JU-291 (Stavanger) | | KFELS N Class | | 2011 | | Equinor | | Norway | | Oct. 19 | | Aug. 20 | | Plus three 1-well priced options and recurring 6-month priced options through Dec. 25 |
VALARIS JU-290 (Viking) | | KFELS N Class | | 2010 | | Repsol Lundin | | Norway Norway | | Oct. 19 Apr. 20 | | Mar. 20 Dec. 20 | | Contracted for accommodation services Contracted for seven wells, with minimum duration of 265 days. Plus four 1-well priced options |
VALARIS JU-250 (Bob Palmer) | | LT Super Gorilla XL | | 2003 | | Saudi Aramco | | Saudi Arabia | | Jun. 18 | | Jun. 21 | | Leased to ARO Drilling(4) |
VALARIS JU-249 (Gorilla VII) | | LT Super Gorilla | | 2002 | | Chrysaor | | UK | | May 18 | | Nov. 19 | | Plus two 1-year unpriced options |
VALARIS JU-248 (Gorilla VI) | | LT Super Gorilla | | 2000 | | Shell Premier
Neptune | | Trinidad UK
UK | | Apr. 18 Mar. 20
Sep. 20 | | Oct. 19 Sep. 20
Jan. 22 | | Contracted for accommodation services. ----- Contracted for three wells. Contract transferred from VALARIS JU-121 Contracted for four wells. Plus two 1-well options
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VALARIS JU-247 (Gorilla V) | | LT Super Gorilla | | 1998 | | Total | | UK | | Sep. 17 | | Nov. 20 | | Plus one 3-month and one 6-month priced options |
Changes: bolded rig names and underlined text signify changes in rig status from previous report
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| | | | |
| | | Valaris plc
Fleet Status Report
October 25, 2019 | |
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Segment / Region / Rig | | Design | | Year Delivered | | Customer/ Status | | Location | | Contract Start Date | | Contract End Date(1) | | Comments |
| Jackups | | | | | | | | | | | | | | |
Heavy Duty Harsh Environment(3) | | |
| VALARIS JU-123 | | KFELS Super A | | 2019 | | Premier Premier | | UK UK | | Aug. 19 Jun. 20 | | Jan. 20 Jul. 21 | | Contracted for three wells Contracted for four wells. Plus three 1-well options |
VALARIS JU-122
| | KFELS Super A | | 2014 | | NAM Shell | | UK UK | | Sep. 17 Jan. 20 | | Sep. 19 Oct. 20 | |
Contracted for two wells. Plus seven 1-well priced options |
VALARIS JU-121
| | KFELS Super A | | 2013 | | ONE | | Netherlands | | Apr. 19 | | Jan. 20 | | Contracted for three wells. Plus three 1-well options |
VALARIS JU-120
| | KFELS Super A | | 2013 | | Chrysaor | | UK | | Jul. 17 | | Jul. 22 | | Chrysaor acquired ConocoPhillips' UK North Sea operations effective October 1, 2019 |
VALARIS JU-102
| | KFELS MOD V-A | | 2002 | | Renaissance W&T Offshore GulfSlope
| | U.S. GOM U.S. GOM U.S. GOM | | May 19 Aug. 19 Nov. 19 | | Aug. 19 Oct. 19 Jan. 20 | |
Contracted for one well |
VALARIS JU-101
| | KFELS MOD V-A | | 2000 | | Neptune Eni
| | Netherlands UK
| | Oct. 18 Oct. 19
| | Oct. 19 Dec. 19
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Contracted for one well
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VALARIS JU-100
| | LT Gorilla | | 1987 | | Repsol-Sinopec Faroe Petroleum | | UK UK | | Jun. 19 Nov. 19 | | Oct. 19 Jun. 20 | |
Contracted for nine P&A wells. Plus twelve 1-well options |
Changes: bolded rig names and underlined text signify changes in rig status from previous report
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| | | Valaris plc
Fleet Status Report
October 25, 2019 | |
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Segment / Region / Rig | | Design | | Year Delivered | | Customer/ Status | | Location | | Contract Start Date | | Contract End Date(1) | | Comments |
| Jackups | | | | | | | | | | | | | | |
Heavy Duty - Modern(3) | | |
VALARIS JU-118 (Joe Douglas) | | LT 240-C | | 2011 | | BP | | Trinidad | | Aug. 16 | | Nov. 19 | | |
VALARIS JU-117 (Ralph Coffman) | | LT 240-C | | 2009 | | Undisclosed Operator
| | Trinidad
| | Jul. 19
| | Feb. 20 | | Plus three 2-well priced options
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VALARIS JU-116 (Mississippi) | | LT 240-C | | 2008 | | Saudi Aramco | | Saudi Arabia | | Dec. 18 | | Dec. 21 | | Leased to ARO Drilling(4) |
VALARIS JU-115
| | BM Pacific Class 400 | | 2013 | | Mubadala Petroleum | | Thailand | | Mar. 19 | | Mar. 20 | | Plus three 4-month priced options |
VALARIS JU-114
| | BM Pacific Class 400 | | 2012 | | Cold Stacked
| | Philippines | | | | | | |
VALARIS JU-113
| | BM Pacific Class 400 | | 2012 | | Cold Stacked
| | Philippines | | | | | | |
VALARIS JU-111
| | KFELS MOD V-B | | 2003 | | Cold Stacked | | Malta | | | | | | |
VALARIS JU-110
| | KFELS MOD V-B | | 2015 | | North Oil Company | | Qatar | | Sep. 17 | | Sep. 20 | | Plus two 1-year priced options |
VALARIS JU-109
| | KFELS MOD V-Super B | | 2008 | | Chevron | | Angola | | Dec. 14 | | Jul. 21 | | |
VALARIS JU-108
| | KFELS MOD V-B | | 2007 | | Saudi Aramco | | Saudi Arabia | | Nov. 18 | | Nov. 21 | | |
VALARIS JU-107
| | KFELS MOD V-B | | 2006 | | Chevron SapuraOMV | | Australia Australia | | Sep. 19 May 20 | | Feb. 20 Jun. 20 | | Plus four 30-day priced options Contracted for one well. Plus one 1-well priced option |
VALARIS JU-106
| | KFELS MOD V-B | | 2005 | | BP | | Indonesia | | Jan. 18 | | Jan. 23 | | Plus 13 1-well priced options. Planned inspection for approx. 10 days in 1Q20 and 25 days in 3Q20 |
VALARIS JU-105
| | KFELS MOD V-B | | 2002 | | Preservation Stacked(2)
| | Singapore | | | | | | |
VALARIS JU-104
| | KFELS MOD V-B | | 2002 | | ADNOC | | UAE | | Feb. 18 | | Dec. 19 | | |
Changes: bolded rig names and underlined text signify changes in rig status from previous report
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| | | | |
| | | Valaris plc
Fleet Status Report
October 25, 2019 | |
|
| | | | | | | | | | | | | | |
Segment / Region / Rig | | Design | | Year Delivered | | Customer/ Status | | Location | | Contract Start Date | | Contract End Date(1) | | Comments |
| Jackups | | | | | | | | | | | | | | |
| Standard Duty - Modern | | |
VALARIS JU-148 (Earnest Dees) | | LT Super 116-E | | 2013 | | Saudi Aramco | | Saudi Arabia | | Oct. 19 | | Oct. 22 | | Leased to ARO Drilling(4) |
VALARIS JU-147 (Bess Brants) | | LT Super 116-E | | 2013 | | Saudi Aramco | | Saudi Arabia | | Sep. 19 | | Sep. 22 | | Leased to ARO Drilling(4) |
VALARIS JU-146 (EXL IV) | | LT Super 116-E | | 2011 | | Saudi Aramco | | Saudi Arabia | | Sep. 18 | | Sep. 21 | | Leased to ARO Drilling(4) |
VALARIS JU-145 (EXL III) | | LT Super 116-E | | 2010 | | Cantium Available | | U.S. GOM U.S. GOM | | Nov. 18 | | Jul. 19 | | |
VALARIS JU-144 (EXL II) | | LT Super 116-E | | 2010 | | BP Repsol | | Trinidad Guyana | | Apr. 18 Oct. 19 | | Aug. 19 Nov. 19 | |
Contracted for one well |
VALARIS JU-143 (EXL I) | | LT Super 116-E | | 2010 | | Saudi Aramco | | Saudi Arabia | | Oct. 18 | | Oct. 21 | | Leased to ARO Drilling(4) |
VALARIS JU-142 (112) | | LT Super 116-E | | 2008 | | Cold Stacked | | Malta | | | | | | |
VALARIS JU-141
| | LT Super 116-E | | 2016 | | Saudi Aramco | | Saudi Arabia | | Aug. 18 | | Aug. 21 | | |
VALARIS JU-140
| | LT Super 116-E | | 2016 | | Saudi Aramco | | Saudi Arabia | | Jul. 18 | | Jun. 21 | | |
VALARIS JU-76
| | LT Super 116-C | | 2000 | | Saudi Aramco | | Saudi Arabia | | Jan. 15 | | Dec. 22 | | Planned inspection for approx. 60 days in 1Q20 |
VALARIS JU-75
| | LT Super 116-C | | 1999 | | Talos Available | | U.S. GOM U.S. GOM
| | May 18
| | Sep. 19 | | ----- |
Changes: bolded rig names and underlined text signify changes in rig status from previous report
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| | | | |
| | | Valaris plc
Fleet Status Report
October 25, 2019 | |
|
| | | | | | | | | | | | | | |
Segment / Region / Rig | | Design | | Year Delivered | | Customer/ Status | | Location | | Contract Start Date | | Contract End Date(1) | | Comments |
| Jackups | | | | | | | | | | | | | | |
| Standard Duty - Legacy | | |
VALARIS JU-96
| | Hitachi 250-C | | 1982 | | Saudi Aramco | | Saudi Arabia | | Feb. 15 | | Oct. 19 | | |
VALARIS JU-92
| | LT 116-C | | 1982 | | Chrysaor | | UK | | Feb. 17 | | Dec. 22 | | Chrysaor acquired ConocoPhillips' UK North Sea operations effective October 1, 2019. Planned inspection for approx. 14 days in 3Q20 |
VALARIS JU-88
| | LT 82 SD-C | | 1982 | | Saudi Aramco | | Saudi Arabia | | Nov. 13 | | Apr. 20 | | Day rate of approx. $65,000 |
VALARIS JU-87
| | LT 116-C | | 1982 | | McMoRan Available | | U.S. GOM U.S. GOM
| | Sep. 19 | | Oct. 19 | | Contracted for one well |
VALARIS JU-84
| | LT 82 SD-C | | 1981 | | Saudi Aramco | | Saudi Arabia | | Jan. 17 | | Aug. 21 | | Day rate of approx. $72,000. Planned inspection for approx. 60 days in 3Q20 and 60 days in 4Q20 |
VALARIS JU-72
| | Hitachi K1025N | | 1981 | | Petrofac Eni
| | UK UK
| | May 19 Dec. 19
| | Jul. 19 Sep. 22
| |
Contracted for 40-well P&A program. Planned inspection for 14 days in 2Q20 |
VALARIS JU-71
| | Hitachi K1032N | | 1982 | | Preservation Stacked(2) | | UK | | | | | | |
VALARIS JU-70
| | Hitachi K1032N | | 1981 | | Preservation Stacked(2) | | UK | | | | | | |
VALARIS JU-67
| | LT 84-CE | | 1976 | | Pertamina | | Indonesia | | Jan. 19 | | May 20 | | Contracted for 500 days |
VALARIS JU-54
| | F&G L-780 Mod II-C | | 1982 | | Saudi Aramco | | Saudi Arabia | | Sep. 14 | | Sep. 22 | | Day rate of approx. $72,000, plus approx. $5,000 per day for upgrade costs and mobilization amortized through Sep. 22 |
VALARIS JU-37 (Arch Rowan) | | LT 116-C | | 1981 | | Saudi Aramco | | Saudi Arabia | | Sep. 18 | | Sep. 21 | | Leased to ARO Drilling(4) |
VALARIS JU-36 (Charles Rowan) | | LT 116-C | | 1981 | | Saudi Aramco | | Saudi Arabia | | Sep. 18 | | Sep. 21 | | Leased to ARO Drilling(4) |
VALARIS JU-22 (Middletown) | | LT 116-C | | 1980 | | Saudi Aramco | | Saudi Arabia | | Sep. 18 | | Sep. 21 | | Leased to ARO Drilling(4) |
Changes: bolded rig names and underlined text signify changes in rig status from previous report
|
| | | | |
| | | Valaris plc
Fleet Status Report
October 25, 2019 | |
|
| | | | | | | | | | | | |
| Segment / Rig | | Design | | Customer/ Status | | Location | | Contract Start Date | | Contract End Date(1) | | Comments |
| Other | | | | | | | | | | | | |
| Drilling Management | | |
| Thunder Horse | | Deepwater Semisubmersible | | BP | | U.S. GOM | | Jan. 17 | | Jan. 22 | | Day rate of approx. $127,000 from Apr. 19. Plus five 1-year options |
| Mad Dog | | Deepwater Spar Drilling Rig | | BP | | U.S. GOM | | Jan. 17 | | Jan. 22 | | Day rate of approx. $86,000 from Apr. 19. Plus five 1-year options |
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| ARO Drilling | | | | | | | | | | | | |
| Jackup Rigs Owned by ARO Drilling | | |
| Gilbert Rowe | | LT 116-C | | Saudi Aramco | | Saudi Arabia | | Oct. 17 | | Oct. 20 | | Day rate of approx. $69,000 |
| Bob Keller | | LT Tarzan 225-C | | Saudi Aramco | | Saudi Arabia | | Oct. 17 | | Oct. 20 | | Day rate of approx. $130,000 |
| J.P. Bussell | | LT Tarzan 225-C | | Saudi Aramco | | Saudi Arabia | | Oct. 17 | | Oct. 20 | | Day rate of approx. $130,000 |
| Hank Boswell | | LT Tarzan 225-C | | Saudi Aramco | | Saudi Arabia | | Oct. 18 | | Oct. 21 | | Undisclosed day rate. Inspection for 14 days in 3Q19 |
| Scooter Yeargain | | LT Tarzan 225-C | | Saudi Aramco | | Saudi Arabia | | Oct. 18 | | Oct. 21 | | Undisclosed day rate |
| SAR 201 | | BM 200-H | | Saudi Aramco | | Saudi Arabia | | Feb. 18 | | Feb. 21 | | Day rate of approx. $79,000 |
| SAR 202 | | KFELS Super B | | Saudi Aramco | | Saudi Arabia | | Oct. 17 | | Oct. 20 | | Day rate of approx. $195,000 |
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| Held for Sale | | | | | | | | | | | | |
VALARIS 5006
| | Bingo 8000, Moored | | Cold Stacked | | Malaysia | | | | | | Upon completion of its contract in September, the rig was moved to Malaysia where it is cold stacked and held for sale |
VALARIS JU-68
| | LT 84-CE | | Cold Stacked | | U.S. GOM | | | | | | Upon completion of its contract in September, the rig was cold stacked and held for sale |
VALARIS JU-42 (California) | | LT116-C | | Sold | | | | | | | | |
Changes: bolded rig names and underlined text signify changes in rig status from previous report
(1) Contract duration does not include any unexercised optional extensions. Contract end dates can vary based on how long it takes to complete the wells subject to the contract.
(2) Prior to stacking, upfront steps are taken to preserve the rig. This may include a quayside power source to dehumidify key equipment and/or provide electrical current to the hull to prevent corrosion. Also, certain equipment may be removed from the rig for storage in a temperature-controlled environment. While stacked, large equipment that remains on the rig is periodically inspected and maintained by Valaris personnel. These steps are designed to reduce the time and lower cost to reactivate the rig when market conditions improve.
(3) Heavy duty jackups are well-suited for operations in tropical revolving storm areas.
(4) Rigs leased to ARO Drilling via bareboat charter agreements to fulfill contracts between ARO Drilling and Saudi Aramco.
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| | | Valaris plc
Fleet Status Report
October 25, 2019 | |
Additional Information Regarding this Fleet Status Report
Day Rate and Terms. The day rates reflected in this Fleet Status Report are stated in U.S. dollars and are the operating day rates charged to customers, which may include estimated contractual adjustments for changes in operating costs and/or reimbursable cost adjustments for ongoing expenses such as crew, catering, insurance and taxes. The day rates, however, do not include certain types of non-recurring revenues such as lump sum mobilization payments, revenues earned during mobilizations, revenues associated with contract preparation and other non-recurring reimbursable items such as mobilizations and capital enhancements, and the impact of the fair market value adjustments to previously acquired drilling contracts. Routine and non-routine downtime may reduce the actual revenues recognized during the contract term. Additionally, we sometimes negotiate special rates and/or day rate adjustments with customers that may reduce revenues recognized.
Forward Looking Statements. Statements contained in this Fleet Status Report that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements include words or phrases such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “project,” “could,” “may,” “might,” “should,” “will” and similar words and specifically include statements involving future rig day rates including adjustments with the customer; discussions with the customer; backlog; cost adjustments; utilization; estimated rig availability; expected work commitments and contracts; contract duration, status, terms and other contract commitments; letters of intent, letters of award or other correspondence indicating an award; rig enhancement projects; new rig commitments; the expected period of time and number of rigs that will be in a shipyard for repairs, maintenance, enhancement or construction; sale leaseback transactions; scheduled delivery dates for new rigs; and the timing of delivery, mobilization, contract commencement, relocation or other movement of rigs. Such statements are subject to numerous risks, uncertainties and assumptions that may cause actual results to vary materially from those indicated, including commodity price fluctuations, customer demand, new rig supply, downtime and other risks associated with offshore rig operations; relocations; costs and difficulties related to the integration of Ensco plc and Rowan Companies plc; risks related to our joint venture with Saudi Aramco, including the timing and amount of future distributions from the joint venture or contributions to the joint venture; severe weather or hurricanes; changes in worldwide rig supply and demand, competition and technology; future levels of offshore drilling activity; governmental action, civil unrest and political and economic uncertainties; terrorism, piracy and military action; risks inherent to shipyard rig construction, repair, maintenance or enhancement; possible cancellation, suspension, repudiation, or termination of drilling contracts, including termination for convenience (without cause), as a result of mechanical difficulties, performance, customer liquidity and finances, the decline or the perceived risk of a further decline in oil and/or natural gas prices, or other reasons; our ability to enter into, and the terms of, future drilling contracts; the cancellation of letters of intent or any failure to execute definitive contracts following announcements of letters of intent, letters of award or other expected work commitments or awards; the outcome of litigation, legal proceedings, investigations or other claims or contract disputes; governmental regulatory, legislative and permitting requirements affecting drilling operations; our ability to attract and retain skilled personnel on commercially reasonable terms; environmental or other liabilities, risks or losses; debt restrictions that may limit our liquidity and flexibility; and cybersecurity risks and threats. In addition to the numerous factors described above, you should also carefully read and consider “Item 1A. Risk Factors” in Part I and “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II of our most recent annual report on Form 10-K, as updated in our subsequent quarterly reports on Form 10-Q, which are available on the SEC’s website at www.sec.gov or on the Investor Relations section of our website at www.valaris.com. Each forward-looking statement contained herein speaks only as of the date of this Fleet Status Report, and we undertake no obligation to publicly update or revise any forward looking statements, except as required by law.
