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Valaris reports $466M in associated contract backlog, updates fleet status

Aerial view maintenance repair of the jack up oil and gas rig up in the shipyard, Offshore oil and Gas processing platform, oil and gas industry.

AvigatorPhotographer/iStock via Getty Images

  • Valaris (NYSE:VAL) announced new contracts and contract extensions, with associated contract backlog of $466M which excludes lump sum payments such as mobilization fees and capital reimbursements.
  • It has a 540-day contract with Equinor offshore Brazil for drillship

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Comments (5)

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Definitely a huge negative ! Oil down, sell VAL even though they just put on a stacked rig at well over 400k a day
Anthony Ruben profile picture
@LLCapital I fail to understand how a one-day drop in oil prices is correlated to the need to replenish reserves, especially at $90+ prices.
@Anthony Ruben not sure what you mean? I agree reserves need to be replenished , cap ex going up , anywhere above 90 is very positive , people are freaking out in these names and oil is still above the beginning of the year, rates are moving higher, utilization is going up , and stocks are back to where oil was 85, not 100
@LLCapital tough to get the clean dayrate but if my math is right including MPD and other services the rate comes in at ~446K. That’s a big deal but maybe even bigger is the fact Equinor is picking up a good chunk of the reactivation cost. Just shows how tight supply is right now.

I can remember not too long ago the conventional wisdom said stacked rigs would never go back to work and if they did operators would not be picking up the cost.
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