Murphy Oil Extends Valaris Drillship Contract

Murphy Oil Extends Valaris Drillship Contract
Murphy Oil Corp. has extended its contract for Valaris plc's DS-15 Renaissance drillship in the US Gulf of Mexico.

Murphy Oil Corp. has extended its contract for Valaris plc’s DS-15 (Renaissance) drillship in the U.S. Gulf of Mexico (GOM).

According to Valaris’ latest fleet status report, Murphy has exercised a one-well priced option for the floater. The drilling contractor estimates the contract extension will run 45 days from late March to early May 2020.

Elsewhere in the U.S. GOM, Kosmos Energy Ltd. has extended by approximately 80 days its contract for the Valaris 8503 semi-submersible, Valaris stated. The contract extension period will begin in early April and last until late-June of this year. Valaris noted that Kosmos will need the rig to complete the well in-progress.

In addition, W&T Offshore has awarded Valaris a one-well contract for the Valaris JU-75 jackup in the U.S. GOM. The drilling contractor noted the estimated 30-day term should begin this month.

Valaris also noted that it has received the following awards in other regions:

  • A five-well, 320-day contract from BP offshore Senegal and Mauritania for the Valaris DS-7 drillship, slated to commence in September 2020
  • A one-well contract from BP offshore Egypt for the Valaris DS-12 drillship, with an estimated 120-day duration from February to June 2020
  • A one-well offshore Brazil contract from Premier Oil for the Valaris DS-9 drillship, set to comment in July 2020 and span an estimated 60 days
  • A one-well, 120-day contract for the Valaris MS-1 semisub offshore Australia from an undisclosed operator, expected to go into effect in July 2020.

Besides reporting contract awards and extensions, Valaris also noted the following changes to its fleet:

  • Sale and retirement of the Valaris 6002, Valaris 5006, Valaris JU-98 and Valaris JU-68 from the company’s offshore drilling fleet
  • Classification of the Valaris JU-70 as held for sale.

Valaris’ full fleet status report, which presents new contracts and extensions since Oct. 25, 2019, is available on the company’s website.

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