Valaris announces contract extensions for several jack-up platforms
Valaris has secured new bareboat charter agreements from its Saudi joint venture with Saudi Aramco – ARO Drilling – for several jack-up platforms.
ARO Drilling has also signed contracts with Aramco for the same periods as the bareboat charter agreements.
Jack-up platforms under the new agreements include the Valaris JU-250, JU-116, JU-143 and JU-146. Each will begin three-year extensions of their bareboat charter agreements following the end of their existing agreements with ARO Drilling in December 2021.
In addition, the ARO 3003 and ARO 3004 platforms owned by ARO Drilling have each been granted five-year contract extensions with Aramco which will begin upon completion of their existing contracts in December 2021.
Valaris President and CEO Anton Dibowitz said: “We are very pleased to have secured additional work for four of our modern high-quality jackups, extending our long-standing relationship with Aramco, one of the biggest customers for offshore drilling rigs. in the world.
“ARO Drilling is a strategic asset for Valaris, offering a continued presence in a large offshore basin and long-term growth prospects through ARO’s twenty borehole construction program, the first two new-build jackups to be delivered in the second half of 2022. “
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The JU-250 is described as a heavy-duty, ultra-hard jack-up platform capable of operating in 168 meters of water and drilling to depths of 10,668 meters.
The JU-116 is a heavy-duty, ultra-hard jack-up platform capable of operating in 131 meters of water and drilling to depths of 10,668 meters.
The JU-143 and JU-146 rigs are standard modern jack-up rigs capable of drilling to depths of 10,668 meters. The JU-143 is capable of operating in a maximum of 127 meters of water, while the JU-146 is capable of operating in 117 meters of water.
ARO is a 50/50 joint venture between Saudi Aramco and Valaris.