Valaris Signs Offshore Drilling Contract for Wells in Brazil with Equinor and Will Use Drillship DS-17 in the Bacalhau Project

Written by Ruth Rodrigues

Published on 07/07/2022 at 09:36

Foto: Equinor

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With a start forecast for 2023, Valaris will use a DS-17 drillship in the Bacalhau Project region to conduct offshore drilling of wells in national territory, following a contract signed with the oil and gas company Equinor.

The drilling contractor Valaris made another step towards growth in the Brazilian market and, for this Tuesday (06/07), has a new contract signed with the oil company Equinor in the country. Thus, the company will use the drillship DS-17 to conduct offshore drilling operations in the areas of the Bacalhau Project, located in the Santos Basin, over the next few years.

Equinor Grants Valaris Offshore Drilling Contract in the Areas of the Bacalhau Project for a Total of 540 Days for Oil and Natural Gas Exploration

The Norwegian oil and natural gas company Equinor has signed another significant partnership for the fuel market in national territory, this time with the drilling contractor Valaris. Thus, Valaris will use its drillship DS-17 for the following 540 days after the project’s start, which is scheduled for 2023, and will conduct a series of offshore drilling operations in the areas of the Bacalhau Project, currently managed by the oil company.

Therefore, with the agreement signed with Equinor and the other participants in the Bacalhau Project, Valaris will use the drillship Valaris DS-17 to drill an appraisal well, connect an old exploration well, and carry out additional drilling scope in Brazil.

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Thus, the contractor’s contract is not limited only to the transaction with Equinor, as the companies participating in the project are also involved in the agreement. They are Equinor 40% (operator), ExxonMobil 40%, Petrogal Brasil 20%, and Pré-sal Petróleo S.A, which does not act as an investor, but rather as the production sharing manager.

And after the agreement for the drilling of the wells is finalized, the executive Geir Tungesvik, executive vice president of Projects, Drilling and Procurement at Equinor, commented on the importance of Brazil in the oil and gas landscape and said: “Brazil is one of Equinor’s key areas, and Bacalhau is one of our main international projects. We are excited to work with one of the world’s largest platform contractors and have high expectations for their deliveries in safety and efficiency.”

Transaction Value in the Agreement Between the Companies for the Use of the DS-17 Drillship in Well Drilling is US$ 327 Million

In addition to announcing the closure of the agreement with the drilling contractor, Equinor announced the total values of the transaction, which are around US$ 327 million. Thus, there will be an initial payment of approximately US$ 86 million for mobilization costs, along with a contribution for reactivation costs and capital upgrades.

The remaining amount will refer to operating costs and additional services needed in the drilling processes.

Among the main additional services used in the operations with the drillship DS-17 are managed pressure drilling (MPD), remote-operated vehicle (ROV), casing operation, slop treatment and cuttings handling.

Thus, Equinor stated that the use of drilling operations in the Bacalhau Project will allow the company and its partners to expand the exploration of resources in the Santos Basin, and the arrival of the Valaris D-17 reinforces the company’s commitment to operational quality.

Learn More About Equinor

Equinor is currently the largest operator in Norway in the oil and gas sector and one of the world’s largest offshore operators, employing around 20,000 people developing oil, gas, wind, and solar energy in over 30 countries worldwide, now focusing on the expansion of the oil and gas market after the agreement with Valaris.

Valaris Signs Offshore Drilling Contract for Wells in Brazil with Equinor and Will Use Drillship DS-17 in the Bacalhau Project

With a start forecast for 2023, Valaris will use a DS-17 drillship in the Bacalhau Project region to conduct offshore drilling of wells in national territory, following a contract signed with the oil and gas company Equinor.

Equinor Grants Valaris Offshore Drilling Contract in the Areas of the Bacalhau Project for a Total of 540 Days for Oil and Natural Gas Exploration

Transaction Value in the Agreement Between the Companies for the Use of the DS-17 Drillship in Well Drilling is US$ 327 Million

Learn More About Equinor

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Valaris Signs Offshore Drilling Contract for Wells in Brazil with Equinor and Will Use Drillship DS-17 in the Bacalhau Project

With a start forecast for 2023, Valaris will use a DS-17 drillship in the Bacalhau Project region to conduct offshore drilling of wells in national territory, following a contract signed with the oil and gas company Equinor.

Equinor Grants Valaris Offshore Drilling Contract in the Areas of the Bacalhau Project for a Total of 540 Days for Oil and Natural Gas Exploration

Transaction Value in the Agreement Between the Companies for the Use of the DS-17 Drillship in Well Drilling is US$ 327 Million

Learn More About Equinor

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