The European major BP has awarded a four-well contract to Valaris Limited for the drillship VALARIS DS-12 for a campaign offshore Egypt. The contract is expected to commence late in the third quarter or early in the fourth quarter 2023 and has an estimated duration of 320 days. The estimated total contract value, inclusive of a mobilization fee, is $136.4 million.
President and Chief Executive Officer Anton Dibowitz said, “We are honoured that BP has chosen VALARIS DS-12 for their upcoming development campaign offshore Egypt. The rig has a long and successful track record with the customer, having worked for BP in several locations offshore Africa, including Egypt, over the past three and a half years. We look forward to partnering with BP on another successful campaign.”
Mr. Dibowitz added, “We retain significant operating leverage to the improving deepwater market through our fleet of 11 drillships, including three uncontracted high-specification rigs VALARIS DS-7, DS-8 and DS- 11, plus attractively priced purchase options for newbuild rigs VALARIS DS-13 and DS-14.”