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The Offshore Drilling Company Is With Three New Contracts For Chartering Its Drillships In The Oil And Gas Sector. Among The Agreements Of Valaris, There Is One With The State-Owned Petrobras Worth US$ 500 Million, And One With TotalEnergies.
Starting the week on the right foot, the multinational offshore contractor Valaris has three new contracts for chartering its drillships. The models in question are the Valaris DS-12, DS-8, and 107, with agreements with TotalEnergies, Petrobras, and Beach Energy, respectively. The company expects to leverage its customer base this month to expand its business in 2023.
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With Chartering Agreements For Drillships For TotalEnergies, Petrobras, And Beach Energy, Valaris Starts 2023 On The Right Foot In The Offshore Drilling Market
The multinational drilling company oil and gas Valaris has big news for the global fuel market. It announced the signing of three new large contracts for chartering its offshore drillships.
The first of these is the Valaris DS-8, which is being chartered by the Brazilian state-owned Petrobras for a three-year contract worth US$ 500 million, already including a mobilization fee of US$ 30 million.
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Currently preserved in Las Palmas, Spain, the Valaris platform will need to go through a reactivation process to begin activities with the oil company.
The second of the three contracts for the contractor was signed with TotalEnergies. It will have a total duration of 100 days, referring to the chartering of the offshore drilling drillship Valaris DS-12.
Currently located in Angola, the Valaris drillship will return for chartering with the energy company in the second quarter of 2023.
In New Zealand, Valaris reported that it secured a 70-day contract with Beach Energy for the modern jackup VALARIS 107.
With a total value of US$ 26 million, the third of the company’s contracts is scheduled to begin in the third quarter of 2023.
The president and CEO, Anton Dibowitz, highlighted: “We are particularly pleased to have secured the award for the stacked preservation drillship VALARIS DS-8, for a contract that should generate significant returns during the firm term of the contract, and we remain focused on exercising our operational leverage in a disciplined manner.”
New Chartering Contracts For Offshore Drillships Increase The Company’s Spending Expectations For 2023
The new contracts from Valaris, especially the one with Petrobras, are alerting investors regarding spending in the international market.
This is because one of its drillships, the Valaris DS-8, will need to be reactivated for chartering with the oil company.
In a press update, the company stated that contracted drilling expenses in the first quarter are expected to increase by approximately US$ 5 million, to US$ 385 million and US$ 395 million.
The company expects a decrease of up to US$ 5 million in its EBITDA due to the agreement. Regarding the company’s revenue, it is not threatened and will continue at a good scale for the year 2023, with a forecast of US$ 1.9 billion by the end of the year.
Finally, regarding adjusted EBITDA, the company expects it to decrease by approximately US$ 60 million, to US$ 180 million and US$ 220 million.
Although positive for the 2023 business portfolio, the new contracts for Valaris offshore drillships raise a warning regarding the company’s financial situation.
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