The final fleet standing report launched by Valaris introduced little excellent news with a couple of brief time period contracts:
• Semi-submersible VALARIS MS-1 awarded a three-well contract with Santos offshore Australia that’s anticipated to begin in first quarter 2021, with an estimated length of 155 days
• Semi-submersible VALARIS 8505 awarded a one-well contract with Lukoil Upstream Mexico that’s anticipated to begin in mid-November, with an estimated length of 80 days
• Jackup VALARIS JU-118 (Joe Douglas) awarded a three-well contract with Fieldwood offshore Mexico that commenced in mid-March, with an estimated length of 425 days
• Jackup VALARIS JU-144 (EXL II) awarded a two-well contract with Fieldwood offshore Mexico that’s anticipated to begin in May, with an estimated length of 200 days; contract beforehand introduced with ENI offshore Mexico anticipated to begin in September 2020 transferred to VALARIS JU-102
• Jackup VALARIS JU-87 awarded a one-well contract with Cox within the U.S. Gulf of Mexico, with an estimated length of 30 days from March 2020 to April 2020, after which prolonged to May 2020 for one more effectively with an estimated length of 30 days
Unfortunately, the report highlighted a big variety of contract terminations and dayrate reductions which embrace a number of final era drillships:
• Drillship VALARIS DS-Eight contract, which was scheduled to be accomplished in November 2020, was early terminated and led to late March 2020
• Drillship VALARIS JU-109 contract, which was scheduled to be accomplished in July 2021, was early terminated and led to mid April 2020
• Drillship VALARIS DS-7 contract for operations offshore Ghana from April 2020 to mid-May 2020 has been terminated
• Semi-submersible VALARIS 5004 operated on a diminished day price from mid March 2020 to mid April 2020, at which level the contract was terminated
• VALARIS JU-249 (Gorilla VII) ended its contract with Chrysaor in early April 2020
• Drillship VALARIS DS-16 (Resolute) anticipated to finish its contract with Fieldwood in late June 2020
• Semi-submersible VALARIS 8503 anticipated to finish its contract with Kosmos in late April 2020
• Jackup VALARIS JU-100 anticipated to finish its contract with DNO in late April 2020
• Drillship VALARIS DS-10 anticipated to function on a diminished day price from late April 2020 to mid-July 2020
• Jackup VALARIS JU-120 anticipated to function on a diminished day price from late April 2020 to late September 2020
• Jackup VALARIS JU-92 anticipated to function on a diminished day price from mid May 2020 to late September 2020
• Jackup VALARIS JU-72 anticipated to function on a diminished day price from April 2020 to July 2020
The firm additionally suggested that the drillships VALARIS DS-Four, VALARIS DS-11, VALARIS DS-17 & the demi-submersible VALARIS 8504 are within the strategy of being preservation stacked.
(Source: Valaris – Image: Valaris 8503)

The put up VALARIS HIT BY A FLOOD OF REDUCED RATES AND CONTRACT TERMINATIONS appeared first on Energy Global News.

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