Valaris strikes new long-term offers with ARO Drilling

Offshore rig proprietor Valaris has been awarded new bareboat constitution agreements with ARO Drilling for a number of jack-up rigs in Saudi Arabia.

Valaris 250 rig
Valaris 250 (Bob Palmer) rig; Supply: Valaris

ARO Drilling, a three way partnership between Saudi Aramco and Valaris, has signed contracts with Saudi Aramco for a similar intervals because the bareboat constitution agreements.

Valaris defined on Monday that, below these new offers, heavy-duty harsh setting jack-up Valaris 250, heavy-duty fashionable jack-up Valaris 116, and standard-duty fashionable jack-ups Valaris 143 and 146 would every start three-year extensions to their bareboat constitution agreements upon completion of their present agreements with ARO Drilling in December 2021.

To remind, again in April 2018, Valaris, then Rowan, was awarded 4 three-year contracts from ARO. Below these offers, ARO leased the EXL I (Valaris JU-143), EXL IV (Valaris JU-146), Bess Brants (Valaris JU-147), and Earnest Dees (Valaris JU-148).

With regards to the Valaris 250, the earlier extension for the rig was secured with ARO Drilling in late June 2021, which expired on the finish of 2021.

Moreover, Valaris stated that ARO Drilling-owned rigs ARO 3003 and ARO 3004 had every been awarded five-year contract extensions with Aramco that may begin upon completion of their present contracts in December 2021.

Valaris’ not too long ago appointed President and Chief Govt Officer, Anton Dibowitz, stated: “We’re more than happy to have secured further work for 4 of our high-quality fashionable jack-ups, extending our long-standing relationship with Aramco, one of many largest clients for offshore drilling rigs on this planet.

“ARO Drilling is a strategic asset for Valaris, offering a continued presence in an necessary offshore basin and long-term development prospects by way of ARO’s twenty-rig newbuild program, with the primary two newbuild jack-ups anticipated to be delivered within the second half of 2022.”

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