Chevron Awards GOM Drilling Contract
Chevron (NYSE: CVX) has awarded Valaris Limited (NYSE: VAL) a three-year contract securing a drilling unit in the U.S. Gulf of Mexico (GOM), Valaris reported Tuesday.
Valaris noted the that it expects the contract for the drillship VALARIS DS-18 (Relentless) to commence in the first quarter of 2022, directly continuing the drilling unit’s current contract. Valaris’ latest fleet status report on May 3, 2021, states the drillship’s existing contract with Chevron began in August 2020 and runs until January 2022.
The DS-18/Relentless vessel can operate in up to 12,000 feet (3,658 meters) of water and drill to 40,000 feet (12,192 meters), according to drillship specifications on Valaris’ website.
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