Valaris Announces New Contract Awards

LONDON, Oct. 1, 2019 /PRNewswire/ --Valaris plc (NYSE: VAL) ("Valaris" or the "Company") announced today new contracts and contract extensions, with associated revenue backlog of approximately $245 million, awarded subsequent to a prior press release that announced new contract awards on August 26, 2019.

• VALARIS DS-16 (Resolute) contract with Fieldwood in the U.S. Gulf of Mexico extended by approximately 180 days from March 2020 to September 2020 due to the exercise of a 90-day option, which will begin following the end of the contract term upon the completion of the well in progress
  
  
• VALARIS DS-7 contract with Burullus offshore Egypt extended by approximately 165 days from October 2019 to mid-March 2020 due to the exercise of three one-well options
  
  
• VALARIS DS-4 awarded a one-well contract with Amni offshore Ghana that is expected to commence in early March 2020, with an estimated duration of 50 days
  
  
• VALARIS DPS-1 contract with Woodside offshore Australia extended by seven wells, with an estimated duration of 420 days from July 2020 to September 2021
  
  
• VALARIS JU-291 (Stavanger) contract with Equinor offshore Norway extended by two wells, with an estimated duration of 208 days from January 2020 to August 2020
  
  
• VALARIS JU-248 (Gorilla VI) awarded a four-well contract with Neptune Energy in the North Sea that is expected to commence in third quarter 2020, with an estimated duration of 492 days; additionally, a previously disclosed contract with Premier Oil in the North Sea has been transferred to VALARIS JU-248 from VALARIS JU-121
  
  
• VALARIS JU-115 contract with Mubadala Petroleum offshore Thailand extended by two months from January 2020 to March 2020

Valaris plc (NYSE: VAL) is the industry leader in offshore drilling services across all water depths and geographies. Operating a high-quality rig fleet of ultra-deepwater drillships, versatile semisubmersibles and modern shallow-water jackups, Valaris has experience operating in nearly every major offshore basin. With an unwavering commitment to safety and operational excellence, and a focus on technology and innovation, Valaris was rated first in total customer satisfaction in the latest independent survey by EnergyPoint Research - the ninth consecutive year that the Company has earned this distinction. Valaris plc is an English limited company (England No. 7023598) with its corporate headquarters located at 6 Chesterfield Gardens, London W1J 5BQ. To learn more, visit our website at www.valaris.com.

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SOURCE Valaris plc