Valaris reactivates a second drilling vessel


Offshore drilling contractor Valaris will reactivate another drilling vessel after winning a two-year contract off the coast of Angola.

The contract was awarded by Esso Exploration Angola, a subsidiary of ExxonMobil, for the use of the Valaris DS-9 drill vessel. Valaris will reactivate the drilling vessel, which is currently in a state of conservation in the Canary Islands, before mobilizing it in Angola before the start of the contract scheduled for June 2022.

Last week, Valaris announced that it would also be reactivating the Valaris DS-4, which has been kept in the UK since December 2020 (although it was initially put into service in Spain in April 2020) after being awarded a contract. with Petrobras off Brazil. The drilling vessel will transit to the Canary Islands where it will be reactivated and then mobilized to Brazil before the start of work at the start of the second quarter of 2022.

Valaris Limited (NYSE: VAL) completed a financial restructuring in April and emerged from the Chapter 11 bankruptcy that successfully eliminated $ 7.1 billion in debt and raised $ 520 million in new capital. The company has emerged with the largest fleet of modern, high-specification assets in the offshore drilling industry, comprising 11 drill ships, five semi-submersibles and 44 jackups.

The company’s latest state of the fleet report, released in August, shows three drillships still stacked, not counting the DS-4 and DS-9.


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