EX-99.1 2 ex991oct2019.htm EXHIBIT 99.1 Exhibit

    

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Valaris plc
Fleet Status Report
October 25, 2019
 
New Contracts & Extensions Since July 25, 2019 Fleet Status Report
       










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


 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
New Disclosure: bolded text signifies contracts or extensions that have not been previously disclosed.

Page 1 of 12

    

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Valaris plc
Fleet Status Report
October 25, 2019
 

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

HD & SD - Modern
82.1

192.6

124.0

57.8

456.5

 
HD & SD - Modern
1,070

2,628

1,672

SD - Legacy
35.5

110.5

96.8

55.3

298.1

 
SD - Legacy
522

1,574

1,339

Jackups
$
208.9

$
562.9

$
322.2

$
138.6

$
1,232.6

 
Jackups
2,521

6,433

3,972

 
 
 
 
 
 
 
 
 
 
 
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

Other
$
42.3

$
169.0

$
145.4

$
10.0

$
366.7

 
Other
994

4,026

3,284

 
 
 
 
 
 
 
 
 
 
 
Total
$
439.2

$
1,216.8

$
527.8

$
148.6

$
2,332.4

 
Total
4,455

12,440

7,507

 
 
 
 
 
 
 
 
 
 
 
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

$
—

 
Semisubmersibles
155,000

180,000

240,000

 
Floaters
$
200,000

$
245,000

$
240,000

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
HD - Ultra-Harsh & Harsh
$
98,000

$
116,000

$
106,000

 
 
 
 
 
 
 
HD & SD - Modern
77,000

73,000

74,000

 
 
 
 
 
 
 
SD - Legacy
68,000

70,000

72,000

 
 
 
 
 
 
 
Jackups
$
83,000

$
88,000

$
81,000


Page 2 of 12

vlrhposclrclrspcrgb190701a03.jpg
 
 
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
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

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

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

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

 

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

Page 3 of 12

vlrhposclrclrspcrgb190701a03.jpg
 
 
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
 


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

Page 4 of 12

vlrhposclrclrspcrgb190701a03.jpg
 
 
Valaris plc
Fleet Status Report
October 25, 2019
 
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

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

Page 5 of 12

vlrhposclrclrspcrgb190701a03.jpg
 
 
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
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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

 

Contracted for one well

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


Page 6 of 12

vlrhposclrclrspcrgb190701a03.jpg
 
 
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
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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

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

Page 7 of 12

vlrhposclrclrspcrgb190701a03.jpg
 
 
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

Page 8 of 12

vlrhposclrclrspcrgb190701a03.jpg
 
 
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

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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
 
 
 
 
 
 
 
 
 
 
 
 
 
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
 
 
 
 
 
 
 
 
 
 
 
 
 
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.

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