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| | | Valaris Limited
Fleet Status Report
August 2, 2021 | |
| | | | | | | | |
| New Contracts and Extensions Since Last Fleet Status Report |
Floaters •VALARIS DS-11 awarded an eight-well contract with TotalEnergies in the U.S. Gulf of Mexico. The contract is expected to commence in mid-2024 with an expected duration of three-and-a-half years •VALARIS DS-18 (Relentless) awarded a three-year contract with Chevron in the U.S. Gulf of Mexico, which is expected to commence in the first quarter of 2022 in direct continuation of the current contract •VALARIS DS-16 (Resolute) awarded a two-year contract with Occidental in the U.S. Gulf of Mexico from May 2022 to April 2024 •VALARIS DPS-1 awarded a 16-well contract with Woodside offshore Australia. The contract is expected to commence late in the first quarter or early in the second quarter of 2022 with an estimated duration of 300 days •VALARIS DPS-1 awarded a 420-day contract with Woodside offshore Australia, which is expected to commence upon completion of the previous campaign •VALARIS DS-12 awarded a one-well contract with TotalEnergies offshore Ivory Coast with an estimated duration of 28 days from July 2021 to August 2021 •VALARIS DS-12 awarded a four-well contract with BP offshore Mauritania and Senegal. The contract is expected to commence in the first quarter of 2022 with an estimated duration of 285 days •VALARIS DS-10 awarded a one-well contract with TotalEnergies offshore Nigeria with an estimated duration of 92 days from July 2021 to October 2021 •VALARIS DS-10 awarded a six-month contract with Shell offshore Nigeria from March 2022 to September 2022 •VALARIS MS-1 awarded a one-month contract with Santos offshore Australia from April 2022 to May 2022
| | Jackups •VALARIS JU-110 awarded a three-year contract with North Oil Company offshore Qatar, which is expected to commence in the fourth quarter of 2021 •VALARIS JU-108 contract with Saudi Aramco extended by one-year from November 2021 to November 2022 •VALARIS JU-115 contract with Mubadala Petroleum offshore Thailand extended by 240 days. The extension period is expected to commence in the first quarter of 2022 •VALARIS JU-250 (Bob Palmer) bareboat charter agreement with ARO Drilling extended by 200 days from June 2021 to December 2021. ARO Drilling's contract with Saudi Aramco has been extended for the same period •VALARIS JU-140 contract with Saudi Aramco extended by 183 days from July 2021 to December 2021 •VALARIS JU-141 contract with Saudi Aramco extended by 180 days from August 2021 to February 2022 •VALARIS JU-290 (Viking) or VALARIS JU-291 (Stavanger) awarded a three-well contract with Repsol offshore Norway. The contract is expected to commence in mid-2022 with an estimated duration of 167 days •VALARIS JU-291 (Stavanger) contract with Equinor offshore Norway extended due to the exercise of a two-well option with an estimated duration of 120 days from November 2021 to March 2022 •VALARIS JU-146 (EXL IV) bareboat charter agreement with ARO Drilling extended by 95 days from September 2021 to December 2021. ARO Drilling's contract with Saudi Aramco has been extended for the same period •VALARIS JU-143 (EXL I) bareboat charter agreement with ARO Drilling extended by 60 days from November 2021 to December 2021. ARO Drilling's contract with Saudi Aramco has been extended for the same period •VALARIS JU-117 (Ralph Coffman) awarded a contract with W&T Offshore in the U.S. Gulf of Mexico with an estimated duration of 45 days from July 2021 to August 2021 ARO Drilling •ARO 3003 (Scooter Yeargain) contract extended by 90 days from October 2021 to December 2021 •ARO 3004 (Hank Boswell) contract extended for 90 days from October 2021 to December 2021 |
New Disclosure: bolded text signifies contracts or extensions that have not been previously disclosed
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| | | Valaris Limited
Fleet Status Report
August 2, 2021 | |
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Contract Backlog(1) (2) ($ millions) | 2021 | 2022 | 2023 | 2024+ | Total | | Contracted Days(1) (2) | 2021 | 2022 | 2023 | 2024+ |
| Drillships | $ | 93.9 | | $ | 275.0 | | $ | 174.3 | | $ | 559.0 | | $ | 1,102.2 | | | Drillships | 486 | | 1,288 | | 730 | | 1,771 | |
| Semisubmersibles | 35.6 | | 118.0 | | 126.2 | | 14.2 | | 294.0 | | | Semisubmersibles | 200 | | 594 | | 571 | | 63 | |
| Floaters | $ | 129.5 | | $ | 393.0 | | $ | 300.5 | | $ | 573.2 | | $ | 1,396.2 | | | Floaters | 686 | | 1,882 | | 1,301 | | 1,834 | |
| | | | | | | | | | | |
| HD - Ultra-Harsh & Harsh | $ | 146.4 | | $ | 182.2 | | $ | 35.8 | | $ | — | | $ | 364.4 | | | HD - Ultra-Harsh & Harsh | 1,235 | | 1,788 | | 390 | | — | |
| HD & SD - Modern | 85.3 | | 145.3 | | 48.8 | | 20.5 | | 299.9 | | | HD & SD - Modern | 1,258 | | 2,054 | | 654 | | 304 | |
| SD - Legacy | 30.6 | | 68.7 | | 3.6 | | — | | 102.9 | | | SD - Legacy | 453 | | 980 | | 55 | | — | |
| Jackups | $ | 262.3 | | $ | 396.2 | | $ | 88.2 | | $ | 20.5 | | $ | 767.2 | | | Jackups | 2,946 | | 4,822 | | 1,099 | | 304 | |
| | | | | | | | | | | |
Other(3) | $ | 50.6 | | $ | 9.7 | | $ | — | | $ | — | | $ | 60.3 | | | Other(3) | 1,286 | | 587 | | — | | — | |
| | | | | | | | | | | |
| Total | $ | 442.4 | | $ | 798.9 | | $ | 388.7 | | $ | 593.7 | | $ | 2,223.7 | | | Total | 4,918 | | 7,291 | | 2,400 | | 2,138 | |
| | | | | | | | | | | |
ARO Drilling(4) | | | | | | | Average Day Rates(1) (2) | 2021 | 2022 | 2023 | 2024+ |
| Owned Rigs | $ | 125.8 | | $ | 173.6 | | $ | 173.6 | | $ | 345.7 | | $ | 818.7 | | | Drillships | $ | 193,000 | | $ | 214,000 | | $ | 239,000 | | $ | 316,000 | |
| Leased Rigs | 92.5 | | 42.0 | | — | | — | | 134.5 | | | Semisubmersibles | 178,000 | | 199,000 | | 221,000 | | 225,000 | |
| Total | $ | 218.3 | | $ | 215.6 | | $ | 173.6 | | $ | 345.7 | | $ | 953.2 | | | Floaters | $ | 189,000 | | $ | 209,000 | | $ | 231,000 | | $ | 313,000 | |
| | | | | | | | | | | |
| Valaris 50% Share of ARO Owned Rigs | $ | 62.9 | | $ | 86.8 | | $ | 86.8 | | $ | 172.9 | | $ | 409.4 | | | HD - Ultra-Harsh & Harsh | $ | 119,000 | | $ | 102,000 | | $ | 92,000 | | $ | — | |
Adjusted Total(5) | $ | 505.3 | | $ | 885.7 | | $ | 475.5 | | $ | 766.6 | | $ | 2,633.1 | | | HD & SD - Modern | 68,000 | | 71,000 | | 75,000 | | 68,000 | |
| | | | | | | SD - Legacy | 68,000 | | 70,000 | | 65,000 | | — | |
(1) Contract backlog, contracted days and average day rates as of August 2, 2021. (2) Contract backlog and contracted days include backlog and days when a rig is under suspension. Contract backlog includes drilling contracts subject to final investment decision (FID) and drilling contracts which grant the customer termination rights if FID is not received with respect to projects for which the drilling rig is contracted. Average day rates are adjusted to exclude suspension backlog and days. (3) Other represents contract backlog and contracted days related to bareboat charter agreements and management services contracts. (4) ARO Drilling contract backlog as of August 2, 2021. (5) Adjusted total is Valaris consolidated total plus Valaris 50% share of ARO owned rigs. | | Jackups | $ | 89,000 | | $ | 82,000 | | $ | 80,000 | | $ | 68,000 | |
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| |
| HD = Heavy Duty; SD = Standard Duty |
| | | | | | | | | | | | | | |
| | | Valaris Limited
Fleet Status Report
August 2, 2021 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Asset Category / Rig | | Design | | Year Delivered | | Customer/
Status | | Location | | Contract Start Date | | Contract End Date(1) | | Comments |
| Drillships | | | | | | | | | | | | | | |
| Marketed | | | | | | | | | | | | | | |
VALARIS DS-18 (Relentless) | | GustoMSC P10000 | | 2015 | | Chevron Chevron | | U.S. GOM U.S. GOM | | Aug 20 Jan 22 | | Jan 22 Jan 25 | | |
VALARIS DS-16 (Resolute)
| | GustoMSC P10000 | | 2014 | | Occidental | | U.S. GOM | | May 22 | | Apr 24 | | Rig currently stacked in Spain |
VALARIS DS-15 (Renaissance) | | GustoMSC P10000 | | 2014 | | TotalEnergies | | Brazil | | Jun 21 | | Aug 22 | | |
VALARIS DS-12
| | DSME 12000 | | 2014 | | TotalEnergies BP BP | | Ivory Coast Angola Mauritania / Senegal | | Jul 21
Oct 21
Jan 22 | | Aug 21
Jan 22
Oct 22 | | |
| VALARIS DS-11 | | DSME 12000 | | 2013 | | TotalEnergies | | U.S. GOM | | Jul 24 | | Dec 27 | | Rig currently stacked in Spain. The contract contains early termination provisions should the project not receive a final investment decision (FID) by the customer |
VALARIS DS-10
| | Samsung GF12000 | | 2017 | | Shell TotalEnergies Shell | | Nigeria Nigeria Nigeria | | Mar 18 Jul 21 Mar 22
| | Jun 21 Oct 21 Sep 22 | | |
| Stacked | | | | | | | | | | | | |
VALARIS DS-17 (Reliance) | | GustoMSC P10000 | | 2014 | | Stacked | | Spain | | | | | | |
VALARIS DS-9
| | Samsung GF12000 | | 2015 | | Stacked | | Spain | | | | | | |
VALARIS DS-8
| | Samsung GF12000 | | 2015 | | Stacked | | UK | | | | | | |
VALARIS DS-7
| | Samsung 96K | | 2013 | | Stacked | | Spain | | | | | | |
| VALARIS DS-4 | | Samsung 96K | | 2010 | | Stacked | | UK | |
| | | | |
Purchase Options(2) | | | | | | | | | | | | |
VALARIS DS-14
| | DSME 12000 | | | | Under Construction | | South Korea | | | | | | Option to take delivery by year-end 2023. Purchase price of approx. $218 million assuming a Dec 31, 2023 delivery |
VALARIS DS-13
| | DSME 12000 | | | | Under Construction | | South Korea | | | | | | Option to take delivery by year-end 2023. Purchase price of approx. $119 million assuming a Dec 31, 2023 delivery |
Changes: bolded rig names and underlined text signify changes in rig status from previous report
| | | | | | | | | | | | | | |
| | | Valaris Limited
Fleet Status Report
August 2, 2021 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Asset Category / 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 | | Mar 22
Jan 23 | | Jan 23
Mar 24 | | Rig currently warm stacked in Malaysia
The January 2023 contract is subject to final investment decision (FID) by the customer
|
VALARIS MS-1
| | F&G ExD Millennium, Moored | | 2011 | | Santos Santos Santos | | Australia Australia Australia | | May 21 Apr 22 May 22 | | Oct 21 May 22 Jul 23 | | |
VALARIS 8505
| | ENSCO 8500 Series,
DP + Moored | | 2012 | | Eni
Lukoil
Eni | | Mexico
Mexico
Mexico | | Jan 19
Jul 21
Oct 21 | | Jul 21
Oct 21
Dec 21 | | |
| Stacked | | |
VALARIS 8506
| | ENSCO 8500 Series, DP | | 2012 | | Stacked | | U.S. GOM | | | | | | |
VALARIS 8503
| | ENSCO 8500 Series,
DP + Moored | | 2010 | | Stacked | | U.S. GOM | | | | | | |
Changes: bolded rig names and underlined text signify changes in rig status from previous report
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| | | Valaris Limited
Fleet Status Report
August 2, 2021 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Asset Category / 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 | | ConocoPhillips | | Norway | | Nov 19 | | Sep 21 | | |
VALARIS JU-291 (Stavanger) | | KFELS N Class | | 2011 | | Equinor | | Norway | | Oct 19 | | Mar 22 | | |
VALARIS JU-290 (Viking) | | KFELS N Class | | 2010 | | Lundin Spirit Repsol | | Norway Norway Norway | | May 20 Nov 21 May 22 | | Oct 21 Dec 21 Oct 22 | |
Repsol contract could be performed by VALARIS JU-290 (Viking) or VALARIS JU-291 (Stavanger) |
VALARIS JU-250 (Bob Palmer) | | LT Super Gorilla XL | | 2003 | | Saudi Aramco | | Saudi Arabia | | Jun 18 | | Dec 21 | | Leased to ARO Drilling(4) |
VALARIS JU-249 (Gorilla VII) | | LT Super Gorilla | | 2002 | | OMV | | New Zealand | | Dec 21 | | Jan 23 | | Rig currently in UK being reactivated |
VALARIS JU-248 (Gorilla VI) | | LT Super Gorilla | | 2000 | | Neptune | | UK | | Aug 20 | | Aug 22 | | |
VALARIS JU-247 (Gorilla V) | | LT Super Gorilla | | 1998 | | DNO | | UK | | May 21 | | Aug 22 | | |
Changes: bolded rig names and underlined text signify changes in rig status from previous report
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| | | Valaris Limited
Fleet Status Report
August 2, 2021 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Asset Category / 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 | | Harbour Energy | | UK | | Oct 20 | | Oct 21 | | |
VALARIS JU-122
| | KFELS Super A | | 2014 | | Shell | | UK | | Jan 20 | | May 22 | | |
VALARIS JU-121
| | KFELS Super A | | 2013 | | Harbour Energy | | UK | | Jul 21 | | Jul 23 | | |
VALARIS JU-120
| | KFELS Super A | | 2013 | | Harbour Energy | | UK | | Jul 17 | | Jul 23 | | |
| Stacked | | |
| VALARIS JU-102 | | KFELS MOD V-A | | 2002 | | Stacked | | U.S. GOM | | | | | | |
VALARIS JU-100
| | LT Gorilla | | 1987 | | Stacked | | Denmark | | | | | | |
Changes: bolded rig names and underlined text signify changes in rig status from previous report
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| | | Valaris Limited
Fleet Status Report
August 2, 2021 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Asset Category / 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 | | Fieldwood | | Mexico | | Mar 20 | | Oct 21 | | |
VALARIS JU-117 (Ralph Coffman) | | LT 240-C | | 2009 | | W&T Offshore Eni | | U.S. GOM Mexico | | Jul 21 Sep 21 | | Aug 21 Sep 23 | |
On a standby rate from Jan 21 to Jul 21 |
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 Mubadala Petroleum | | Thailand Thailand | | Feb 21 Feb 22 | | Sep 21 Sep 22 | | |
VALARIS JU-110
| | KFELS MOD V-B | | 2015 | | North Oil Company North Oil Company | | Qatar Qatar | | Sep 17 Oct 21 | | Sep 21 Oct 24 | | |
VALARIS JU-108
| | KFELS MOD V-B | | 2007 | | Saudi Aramco | | Saudi Arabia | | Nov 18 | | Nov 22 | | |
VALARIS JU-107
| | KFELS MOD V-B | | 2006 | | SapuraOMV
Jadestone | | Australia Australia | | May 21 Jun 21 | | Jun 21 Oct 21 | | |
VALARIS JU-106
| | KFELS MOD V-B | | 2005 | | BP | | Indonesia | | Jan 18 | | Jan 23 | | |
| Stacked | | |
VALARIS JU-114
| | BM Pacific Class 400 | | 2012 | | Stacked
| | Philippines | | | | | | |
VALARIS JU-113
| | BM Pacific Class 400 | | 2012 | | Stacked | | Philippines | | | | | | |
VALARIS JU-111
| | KFELS MOD V-B | | 2003 | | Stacked | | Croatia | | | | | | |
VALARIS JU-109
| | KFELS MOD V-Super B | | 2008 | | Stacked | | Namibia | | | | | | |
| VALARIS JU-104 | | KFELS MOD V-B | | 2002 | | Stacked | | UAE | | | | | | |
Changes: bolded rig names and underlined text signify changes in rig status from previous report
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| | | Valaris Limited
Fleet Status Report
August 2, 2021 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Asset Category / 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 | | Nov 19 | | Nov 22 | | Leased to ARO Drilling(4) |
VALARIS JU-147 (Bess Brants) | | LT Super 116-E | | 2013 | | Saudi Aramco | | Saudi Arabia | | Sep 19 | | Aug 22 | | Leased to ARO Drilling(4) |
VALARIS JU-146 (EXL IV) | | LT Super 116-E | | 2011 | | Saudi Aramco | | Saudi Arabia | | Sep 18 | | Dec 21 | | Leased to ARO Drilling(4) |
VALARIS JU-144 (EXL II) | | LT Super 116-E | | 2010 | | Fieldwood
| | Mexico | | May 20 | | Aug 21 | | |
VALARIS JU-143 (EXL I) | | LT Super 116-E | | 2010 | | Saudi Aramco | | Saudi Arabia | | Oct 18 | | Dec 21 | | Leased to ARO Drilling(4). Contract between ARO Drilling and customer suspended from May 21 to Jul 21 for suspension and maintenance period. Then expected to return to operating day rate until end of contract |
VALARIS JU-141
| | LT Super 116-E | | 2016 | | Saudi Aramco | | Saudi Arabia | | Aug 18 | | Feb 22 | | |
VALARIS JU-140
| | LT Super 116-E | | 2016 | | Saudi Aramco
| | Saudi Arabia
| | Jul 18
| | Dec 21
| | |
VALARIS JU-76
| | LT Super 116-C | | 2000 | | Saudi Aramco | | Saudi Arabia | | Jan 15 | | Apr 23 | | Contract suspended from Sep 20 to Jul 21, then expected to return to operating day rate until end of contract |
| Stacked | | |
VALARIS JU-145 (EXL III) | | LT Super 116-E | | 2010 | | Stacked
| | U.S. GOM | | | | | | |
VALARIS JU-142 (112) | | LT Super 116-E | | 2008 | | Stacked
| | Croatia | | | | | | |
VALARIS JU-75
| | LT Super 116-C | | 1999 | | Stacked | | U.S. GOM | | | | | | |
Changes: bolded rig names and underlined text signify changes in rig status from previous report
| | | | | | | | | | | | | | |
| | | Valaris Limited
Fleet Status Report
August 2, 2021 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Asset Category / Rig | | Design | | Year Delivered | | Customer/
Status | | Location | | Contract Start Date | | Contract End Date(1) | | Comments |
| Jackups | | | | | | | | | | | | | | |
| Standard Duty - Legacy | | |
VALARIS JU-92
| | LT 116-C | | 1982 | | Harbour Energy | | UK | | Feb 17 | | Dec 22 | | |
VALARIS JU-72
| | Hitachi K1025N | | 1981 | | Eni
| | UK
| | Jan 20
| | Jan 23 | | |
VALARIS JU-67
| | LT 84-CE | | 1976 | | Pertamina | | Indonesia | | Jan 19 | | Jul 21 | | |
VALARIS JU-54
| | F&G L-780 Mod II-C | | 1982 | | Saudi Aramco | | Saudi Arabia | | Sep 14 | | Sep 22 | | Contract suspended from Oct 21 to Dec 21, then expected to return to operating day rate until end of contract |
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 Limited
Fleet Status Report
August 2, 2021 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Asset Category / 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 | | |
| Mad Dog | | Deepwater Spar Drilling Rig | | BP | | U.S. GOM | | Jan 17 | | Jan 22 | | On a standby rate from Apr 20 to Oct 21, and then return to operating day rate until end of contract |
| ARO Drilling | | | | | | | | | | | | |
| Jackup Rigs Owned by ARO Drilling | | |
ARO 2001 (Gilbert Rowe) | | LT 116-C | | Saudi Aramco | | Saudi Arabia | | Oct 17 | | Jan 26 | | |
ARO 2003 (SAR 201)
| | BM 200-H | | Saudi Aramco | | Saudi Arabia | | Feb 18 | | Feb 26 | | |
ARO 3001 (Bob Keller) | | LT Tarzan 225-C | | Saudi Aramco | | Saudi Arabia | | Oct 17 | | Jan 26 | | |
ARO 3002 (J.P. Bussell) | | LT Tarzan 225-C | | Saudi Aramco | | Saudi Arabia | | Oct 17 | | Jan 26 | | |
ARO 3003 (Scooter Yeargain) | | LT Tarzan 225-C | | Saudi Aramco | | Saudi Arabia | | Oct 18 | | Dec 21 | | |
ARO 3004 (Hank Boswell) | | LT Tarzan 225-C | | Saudi Aramco | | Saudi Arabia | | Oct 18 | | Dec 21 | | |
ARO 4001 (SAR 202) | | KFELS Super B | | Saudi Aramco | | Saudi Arabia | | Oct 17 | | Jan 26 | | |
| ARO 2005 | | LT 116-C | | Under Construction | | Saudi Arabia | | | | | | Delivery expected in 2022 |
| ARO 2006 | | LT 116-C | | Under Construction | | Saudi Arabia | | | | | | Delivery expected in 2022 |
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) Valaris has the right, but not the obligation, to take delivery of either or both rigs on or before December 31, 2023. Not included in Valaris' fleet count.
(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.
| | | | | | | | | | | | | | |
| | | Valaris Limited
Fleet Status Report
August 2, 2021 | |
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; future levels of offshore drilling activity; 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 rigs; performance of our joint venture with Saudi Aramco; the timing of delivery, mobilization, contract commencement, relocation or other movement of rigs; and our intent to sell or scrap rigs. Such statements are subject to numerous risks, uncertainties and assumptions that may cause actual results to vary materially from those indicated, including the effects of the chapter 11 cases on the Company's business, relationships, comparability of our financial results, ability to access financing sources, the COVID-19 outbreak and global pandemic, the related public health measures implemented by governments worldwide, which may, among other things, impact our ability to staff rigs and rotate crews; cancellation, suspension, renegotiation or termination of drilling contracts and programs including drilling contracts which grant the customer termination rights if final investment decision (FID) is not received with respect to projects for which the drilling rig is contracted; potential additional asset impairments; our failure to satisfy our debt obligations; our ability to obtain financing, service our debt, fund negative cash flow and capital expenditures and pursue other business opportunities; adequacy of sources of liquidity for us and our customers; actions by regulatory authorities, rating agencies or other third parties; actions by our security holders; availability and terms of any financing; commodity price fluctuations, customer demand, new rig supply, downtime and other risks associated with offshore rig operations; 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 3 uncertainties; terrorism, piracy and military action; risks inherent to shipyard rig construction, repair, maintenance or enhancement; our ability to enter into, and the terms of, future drilling contracts; the cancellation of letters of intent or letters of award or any failure to execute definitive contracts following announcements of letters of intent, letters of award or other expected work commitments; 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 particular, the unprecedented nature of the current economic downturn, pandemic, and industry decline may make it particularly difficult to identify risks or predict the degree to which identified risks will impact the Company's business and financial condition. 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.
