 | Valaris plc Fleet Status Report February 13, 2020 | |||
New Contracts & Extensions Since October 25, 2019 Fleet Status Report | ||
Floaters • VALARIS DS-18 (Relentless) contract extended due to the exercise of a one-well priced option with EnVen in the U.S. Gulf of Mexico, with an estimated duration of 45 days from March 2020 to April 2020; the rig has also been awarded a two-well contract with an undisclosed operator in the U.S. Gulf of Mexico that is expected to commence in July 2020, with an estimated duration of 180 days• VALARIS DS-15 (Renaissance) awarded a one-well contract with Eni in the U.S. Gulf of Mexico, which commenced in November 2019, with a duration of 30 days; the rig has also had a contract extended due to the exercise of a one-well priced option with Murphy in the U.S. Gulf of Mexico, with an estimated duration of 45 days from late March 2020 to early May 2020; and has been awarded a two-well contract with CNOOC offshore Mexico that is expected to commence in May 2020, with an estimated duration of 160 days• VALARIS DS-12 awarded a one-well contract with BP offshore Egypt, with an estimated duration of 120 days from February 2020 to June 2020• VALARIS DS-10 contract extended due to the exercise of a one-year priced option with Shell offshore Nigeria from March 2020 to March 2021• VALARIS DS-9 awarded a one-well contract with Premier Oil offshore Brazil that is expected to commence in July 2020, with an estimated duration of 60 days• VALARIS DS-7 awarded a five-well contract with BP offshore Senegal and Mauritania that is expected to commence in September 2020, with an estimated duration of approximately 320 days• VALARIS 8503 contract with Kosmos in the U.S. Gulf of Mexico extended by approximately 80 days from early April 2020 to late June 2020 to complete the well in-progress• VALARIS MS-1 awarded a one-well contract with an undisclosed operator offshore Australia that is expected to commence in July 2020, with an estimated duration of approximately 120 daysJackups • VALARIS JU-292 (Norway) contract extended due to the exercise of a six-well priced option with ConocoPhillips offshore Norway, with an estimated duration of 300 days from early May 2020 to late February 2021• VALARIS JU-290 (Viking) contract to provide accommodation services with Repsol offshore Norway extended by approximately 50 days from early February 2020 to late March 2020 • VALARIS JU-249 (Gorilla VII) contract with Chrysaor in the North Sea extended by approximately 200 days from early November 2019 to late May 2020 | Jackups (continued) • VALARIS JU-144 (EXL II) awarded a 12-well contract with Eni offshore Mexico that is expected to commence in September 2020, with an estimated duration of two years• VALARIS JU-122 contract extended due to the exercise of a one-well priced option with Shell in the North Sea, with an estimated duration of 150 days from November 2020 to April 2021• VALARIS JU-117 (Ralph Coffman) contract extended due to the exercise of a two-well priced option with an undisclosed operator offshore Trinidad, with an estimated duration of 60 days from February 2020 to April 2020• VALARIS JU-115 contract extended due to the exercise of a four-month priced option with Mubadala Petroleum offshore Thailand from March 2020 to July 2020• VALARIS JU-107 contract extended due to the exercise of a one-well priced option with Chevron offshore Australia, with an estimated duration of 30 days from late February 2020 to late March 2020; the rig has also been awarded a two-well contract with Jadestone Energy offshore Australia, with an estimated duration of 115 days from June 2020 to September 2020• VALARIS JU-101 awarded a three-well contract with Ithaca Energy in the North Sea that is expected to commence in March 2020, with an estimated duration of 45 days• VALARIS JU-87 awarded a 21-well contract with Exxon in the U.S. Gulf of Mexico, which commenced in November 2019, with an estimated duration of 295 days• VALARIS JU-75 awarded a one-well contract with Walter Oil & Gas in the U.S. Gulf of Mexico, which commenced in late December 2019, with an estimated duration of 40 days; the rig has also been awarded a one-well contract with W&T Offshore in the U.S. Gulf of Mexico that is expected to commence in February 2020, with an estimated duration of 30 daysOther • Upon completing its previous contract in January 2020, VALARIS 6002 was sold and retired from the offshore drilling fleet• VALARIS 5006 sold and retired from the offshore drilling fleet• Upon completing its last contract in October 2019, VALARIS JU-96 was sold and retired from the offshore drilling fleet• VALARIS JU-70 classified as held for sale• VALARIS JU-68 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
| Valaris plc Fleet Status Report February 13, 2020 | |||
Contract Backlog(1) ($ millions) | 2020 | 2021 | 2022 | 2023 and Beyond | Total | Contract Days(1) | 2020 | 2021 | 2022 | |||||||||||||||||
Drillships | $ | 530.2 | $ | 66.6 | $ | — | $ | — | $ | 596.8 | Drillships | 2,197 | 296 | — | ||||||||||||
Semisubmersibles | 190.3 | 60.2 | — | — | 250.5 | Semisubmersibles | 1,108 | 251 | — | |||||||||||||||||
Floaters | $ | 720.5 | $ | 126.8 | $ | — | $ | — | $ | 847.3 | Floaters | 3,305 | 547 | — | ||||||||||||
HD - Ultra-Harsh & Harsh | $ | 389.0 | $ | 117.4 | $ | 25.5 | $ | — | $ | 531.9 | HD - Ultra-Harsh & Harsh | 3,215 | 1,100 | 222 | ||||||||||||
HD & SD - Modern | 233.8 | 151.4 | 75.7 | 0.3 | 461.2 | HD & SD - Modern | 3,126 | 2,037 | 973 | |||||||||||||||||
SD - Legacy | 125.6 | 96.8 | 65.6 | — | 288.0 | SD - Legacy | 1,800 | 1,339 | 898 | |||||||||||||||||
Jackups | $ | 748.4 | $ | 365.6 | $ | 166.8 | $ | 0.3 | $ | 1,281.1 | Jackups | 8,141 | 4,476 | 2,093 | ||||||||||||
Leased Rigs | $ | 90.9 | $ | 67.5 | $ | 6.7 | $ | — | $ | 165.1 | Leased Rigs | 3,294 | 2,554 | 560 | ||||||||||||
Managed Rigs | 78.0 | 77.7 | 3.4 | — | 159.1 | Managed Rigs | 732 | 730 | 27 | |||||||||||||||||
Other | $ | 168.9 | $ | 145.2 | $ | 10.1 | $ | — | $ | 324.2 | Other | 4,026 | 3,284 | 587 | ||||||||||||
Total | $ | 1,637.8 | $ | 637.6 | $ | 176.9 | $ | 0.3 | $ | 2,452.6 | Total | 15,472 | 8,307 | 2,680 | ||||||||||||
HD = Heavy Duty; SD = Standard Duty (1) Contract backlog, contract days and average day rates as of December 31, 2019 exclusive of performance bonus, adjusted for drilling contracts signed or terminated after December 31, 2019 but prior to furnishing the Fleet Status Report as an exhibit to the Form 8-K filed on February 13, 2020. (2) Leased rigs represents contract backlog and contract days related to bareboat charter agreements. | Average Day Rates(1) | 2020 | 2021 | 2022 | ||||||||||||||||||||||
Drillships | $ | 241,000 | $ | 225,000 | $ | — | ||||||||||||||||||||
Semisubmersibles | 172,000 | 240,000 | — | |||||||||||||||||||||||
Floaters | $ | 218,000 | $ | 232,000 | $ | — | ||||||||||||||||||||
HD - Ultra-Harsh & Harsh | $ | 121,000 | $ | 107,000 | $ | 115,000 | ||||||||||||||||||||
HD & SD - Modern | 75,000 | 74,000 | 78,000 | |||||||||||||||||||||||
SD - Legacy | 70,000 | 72,000 | 73,000 | |||||||||||||||||||||||
Jackups | $ | 92,000 | $ | 82,000 | $ | 80,000 | ||||||||||||||||||||
Page 2 of 12
| Valaris plc Fleet Status Report February 13, 2020 | |||
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 Undisclosed Operator | U.S. GOM U.S. GOM U.S. GOM | Sep. 18 Feb. 20 Jul. 20 | Jan. 20 Apr. 20 Jan. 21 | Contracted for two wells. Plus one 1-well priced option Contracted for two wells. Plus five 1-well priced 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 Eni Murphy CNOOC | Mexico U.S. GOM U.S. GOM Mexico | Jun. 19 Nov. 19 Jan. 20 May 20 | Oct. 19 Dec. 19 May 20 Oct. 20 | Contracted for two wells Contracted for two wells. Plus two 1-well priced options | |||||||
VALARIS DS-12 | DSME 12000 | 2014 | BP BP BP | Senegal Egypt Angola | Apr. 19 Feb. 20 Jul. 20 | Nov. 19 Jun. 20 Jan. 21 | Contracted for one well 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. 21 | Plus three 1-year priced options | |||||||
VALARIS DS-9 | Samsung GF12000 | 2015 | Total Premier | Brazil Brazil | Jun. 19 Jul. 20 | May 20 Aug. 20 | Contracted for four wells. Plus two 1-well options Contracted for one well | |||||||
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 BP | Egypt Senegal/Mauritania | Apr. 19 Sep. 20 | Mar. 20 Aug. 21 | ----- Contracted for five wells. Plus one 1-well priced option and two 1-well unpriced 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 | ||||||||||
Changes: bolded rig names and underlined text signify changes in rig status from previous report
Page 3 of 12
| Valaris plc Fleet Status Report February 13, 2020 | |||
Asset Type / Status / Rig | Design | Year Delivered | Customer/ Status | Location | Contract Start Date | Contract End Date(1) | Comments | |||||||
Drillships (continued) | ||||||||||||||
Preservation Stacked | ||||||||||||||
VALARIS DS-5 | Samsung 96K | 2011 | Preservation Stacked(2) | Spain | ||||||||||
VALARIS DS-3 | Samsung 96K | 2010 | Preservation Stacked(2) | Spain | ||||||||||
Semisubmersibles | ||||||||||||||
Marketed | ||||||||||||||
VALARIS DPS-1 | F&G ExD Millennium, DP | 2012 | Woodside | Australia | Mar. 20 | Sep. 21 | Contracted for ten wells | |||||||
VALARIS 8505 | ENSCO 8500 Series, DP + Moored | 2012 | Eni | Mexico | Jan. 19 | Nov. 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 | Available | Malaysia | ||||||||||
VALARIS 8503 | ENSCO 8500 Series, DP + Moored | 2010 | Kosmos | U.S. GOM | Sep. 19 | Jun. 20 | Contracted for six wells. Plus four 1-well options | |||||||
VALARIS MS-1 | F&G ExD Millennium, Moored | 2011 | Available Undisclosed Operator | Malaysia Australia | Jul. 20 | Nov. 20 | Contracted for one well | |||||||
VALARIS 5004 | F&G Enhanced Pacesetter, Moored | 1982 | Mellitah | Mediterranean | Aug. 14 | Jun. 20 | ||||||||
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
| Valaris plc Fleet Status Report February 13, 2020 | |||
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 | ConocoPhillips | Norway | Nov. 19 | Feb. 21 | Plus one 13-month priced option | |||||||
VALARIS JU-291 (Stavanger) | KFELS N Class | 2011 | Equinor | Norway | Oct. 19 | Oct. 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 | May 20 | ----- | |||||||
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 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
| Valaris plc Fleet Status Report February 13, 2020 | |||
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 | Shell | UK | Jan. 20 | Apr. 21 | Contracted for three wells. Plus six 1-well priced options | |||||||
VALARIS JU-121 | KFELS Super A | 2013 | ONE | Netherlands | Apr. 19 | May 20 | Contracted for three wells. Plus three 1-well options | |||||||
VALARIS JU-120 | KFELS Super A | 2013 | Chrysaor | UK | Jul. 17 | Jul. 22 | ||||||||
VALARIS JU-102 | KFELS MOD V-A | 2002 | W&T Offshore GulfSlope | U.S. GOM U.S. GOM | Aug. 19 Mar. 20 | Oct. 19 May 20 | Contracted for one well | |||||||
VALARIS JU-101 | KFELS MOD V-A | 2000 | Eni Ithaca | UK UK | Oct. 19 Mar. 20 | Dec. 19 Apr. 20 | Contracted for three wells | |||||||
VALARIS JU-100 | LT Gorilla | 1987 | Repsol-Sinopec DNO | UK UK | Jun. 19 Nov. 19 | Oct. 19 Aug. 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
| Valaris plc Fleet Status Report February 13, 2020 | |||
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 Available | Trinidad | Aug. 16 | Nov. 19 | ||||||||
VALARIS JU-117 (Ralph Coffman) | LT 240-C | 2009 | Undisclosed Operator | Trinidad | Jul. 19 | Apr. 20 | Plus two 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). Planned maintenance for approx. 20 days in 1Q20 | |||||||
VALARIS JU-115 | BM Pacific Class 400 | 2013 | Mubadala Petroleum | Thailand | Mar. 19 | Jul. 20 | Plus two 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 Jadestone | Australia Australia Australia | Sep. 19 May 20 Jun. 20 | Mar. 20 Jun. 20 Sep. 20 | Plus three 30-day priced options Contracted for one well. Plus one 1-well priced option Contracted for two wells. Plus two 1-well priced options | |||||||
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 | Jan. 20 | ||||||||
Changes: bolded rig names and underlined text signify changes in rig status from previous report
Page 7 of 12
| Valaris plc Fleet Status Report February 13, 2020 | |||
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 | 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 | 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 | Available | U.S. GOM | ||||||||||
VALARIS JU-144 (EXL II) | LT Super 116-E | 2010 | Repsol Eni | Guyana Mexico | Oct. 19 Sep. 20 | Nov. 19 Sep. 22 | ||||||||
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 | Walter Oil & Gas W&T Offshore | U.S. GOM U.S. GOM | Dec. 19 Feb. 20 | Jan. 20 Mar. 20 | ||||||||
Changes: bolded rig names and underlined text signify changes in rig status from previous report
Page 8 of 12
| Valaris plc Fleet Status Report February 13, 2020 | |||
Segment / Region / 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 | Chrysaor | UK | Feb. 17 | Dec. 22 | 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 ExxonMobil | U.S. GOM U.S. GOM | Sep. 19 Nov. 19 | Oct. 19 Aug. 20 | Contracted for 21 wells | |||||||
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 | Eni | UK | Jan. 20 | 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-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
Page 9 of 12
| Valaris plc Fleet Status Report February 13, 2020 | |||
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. Planned inspection for approx. 45 days in 2Q20 | ||||||
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. | ||||||
Scooter Yeargain | LT Tarzan 225-C | Saudi Aramco | Saudi Arabia | Oct. 18 | Oct. 21 | Undisclosed day rate. Inspection for approx. 45 days in 1Q20 | ||||||
SAR 201 | BM 200-H | Saudi Aramco | Saudi Arabia | Feb. 18 | Feb. 21 | Day rate of approx. $79,000. Inspection for approx. 30 days in 1Q20 | ||||||
SAR 202 | KFELS Super B | Saudi Aramco | Saudi Arabia | Oct. 17 | Oct. 20 | Day rate of approx. $195,000. Planned maintenance for approx. 15 days in 2Q20 | ||||||
Held for Sale | ||||||||||||
VALARIS 6002 | Megathyst, DP | Sold | Upon completion of its contract in Jan. 20, the rig was sold and retired from the offshore drilling fleet | |||||||||
VALARIS 5006 | Bingo 8000, Moored | Sold | ||||||||||
VALARIS JU-96 | Hitachi 250-C | Sold | Upon completion of its contract in Oct. 19, the rig was sold and retired from the offshore drilling fleet | |||||||||
VALARIS JU-70 | Hitachi K1032N | Cold Stacked | UK | |||||||||
VALARIS JU-68 | LT 84-CE | 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.
Page 10 of 12
Page 11 of 12
| Valaris plc Fleet Status Report February 13, 2020 | |||
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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