ARO Drilling Awards Long-Term Extensions For Valaris Rigs
Offshore driller Valaris has been awarded new bareboat charter agreements with ARO Drilling for several jack-up rigs in Saudi Arabia.
At the same time, ARO Drilling – a joint venture between Saudi Aramco and Valaris – signed contracts with Aramco for the same periods as the bareboat charter agreements.
Valaris said that the heavy-duty harsh environment jack-up Valaris 250, heavy-duty modern jack-up Valaris 116, and standard-duty modern jack-ups Valaris 143 and 146 would begin three-year extensions to their bareboat charter agreements upon completion of their existing agreements with ARO Drilling in December 2021.
The company, at the time known as Rowan, was awarded four three-year deals by ARO back in 2018. The award of the contracts meant that the EXL I – now the Valaris JU-143, EXL IV – now Valaris JU-146, Bess Brants – Valaris JU-147, and Earnest Dees – renamed into Valaris JU-148 will be leased by ARO.
The Valaris 250 won its last extension from ARO Drilling in June 2021. This extension expired at the end of 2021.
Also, ARO Drilling-owned rigs ARO 3003 and ARO 3004 have each been awarded five-year contract extensions with Aramco that will commence upon completion of their existing contracts in December 2021.
“We are very pleased to have secured additional work for four of our high-quality modern jack-ups, extending our long-standing relationship with Aramco, one of the largest customers for offshore drilling rigs in the world,” Valaris’ President and Chief Executive Officer Anton Dibowitz said.
“ARO Drilling is a strategic asset for Valaris, providing a continued presence in an important offshore basin and long-term growth prospects via ARO’s twenty-rig newbuild program, with the first two newbuild jack-ups expected to be delivered in the second half of 2022,” he added.
“We look forward to continuing to work with our joint venture partner, Aramco, on growing and delivering value from ARO Drilling,” Dibowitz concluded.
Anton Dibowitz was recently named Valaris’ permanent CEO following several months as the interim President and CEO of the company. He was named the interim CEO back in September 2021 and took on the role permanently last month.
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