Fossil Energy – 12-Well Contract
Valaris has been awarded a 12-well contract offshore West Africa for drillship VALARIS DS-7, which will be reactivated for this contract.
Valaris also announced that it is increasing its 2023 share repurchase target from $150 million to $200 million.
The contract is expected to commence in second quarter 2024 and has an estimated duration of 850 days. The total contract value is estimated to be $364 million.
The contract requires minimal customer-specific upgrades to the rig and does not include the provision of any additional services.
