Equinor Extends Offshore Rig Contract

Equinor Extends Offshore Rig Contract
Equinor added two wells to the existing contract.

Equinor Energy AS (NYSE: EQNR) has awarded Valaris Limited (NYSE: VAL) a two-well contract extension for a heavy-duty ultra-harsh environment jack-up rig, Valaris reported last week.

The award duration for the VALARIS JU-291 (Stavanger) rig is an estimated 120 days and directly continues an existing contract, Valaris noted. The drilling contractor added that it now expects the rig, which is operating offshore Norway, to be under contract through February 2022.

The JU-291 (Stavanger) rig can operate in up to 400 feet (122 meters) of water and drill to 35,000 feet (10,668 meters), according to specifications on Valaris’ website.

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