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An oil exploration vessel contracted by Malaysian state energy company Petronas that was involved in a standoff with a Chinese survey vessel in the South China Sea left the disputed waters on Tuesday, three security sources and the vessel operator said.
Petronas has been conducting exploration activities near an area claimed by Malaysia and Vietnam as well as by China since late last year. In mid-April, the Haiyang Dizhi 8 - the Chinese government survey vessel - started operating in the area, escorted by coast guard and China Maritime Militia vessels.
Three American warships and an Australian frigate conducted a joint exercise near the site of Petronas’ operations amid the standoff last month.
The West Capella, the vessel contracted by Petronas, left the waters as it has finished its exploration activities in the area, the sources said. They did not want to be named as they were not authorised to speak to the media.
Petronas’ contract for the vessel with offshore drilling company Seadrill was scheduled to end this month.
Malaysia’s foreign ministry and Petronas did not immediately respond to a request for comment.
Seadrill’s communications director Iain Cracknell confirmed that the West Capella has left the area after completing its planned work.
The Chinese government vessel, the Haiyang Dizhi 8, was still in the area - about 371 km (230 miles) offshore Malaysian Borneo, data from ship tracking website Marine Traffic showed.
The data showed the vessel has been moving within Malaysia’s exclusive economic zone in a hash-shaped pattern consistent with carrying out a survey, as it did during a tense standoff in Vietnamese waters last year.
The Washington-based Asia Maritime Transparency Initiative (AMTI) has said the China-Malaysia standoff has been going on for months.
China has denied reports of a standoff, saying that the Haiyang Dizhi 8 was conducting normal activities.
The incident prompted the United States to call on China to stop its “bullying behaviour” in the disputed waters.
China claims almost all of the energy-rich South China Sea, also a major trade route each year. The Philippines, Brunei, Vietnam, Malaysia and Taiwan have overlapping claims.
Source: Reuters
Photo: Port of Tenerife
Valaris Limited announced new contracts awarded subsequent to issuing the Company’s most recent fleet status report on February 21, 2023. Three-year contract with Petrobras for drillship VALARIS DS-8. The rig will be reactivated for this contract. The total contract value is approximately $500 million, including a $30 million mobilization fee. 100-day contract with a TotalEnergies affiliate for drillship VALARIS DS-12. The contract is expected to commence in second quarter 2023. 70-day contract with Beach Energy offshore New Zealand for heavy duty modern jackup VALARIS 107. The contract is expected to commence in third quarter 2023. The total contract value is approximately $26 million. President and Chief Executive Officer Anton Dibowitz said, “We are particularly pleased to have secured the award for preservation stacked drillship VALARIS DS-8, for a contract that is expected to generate a meaningful return over the firm contract term, and we remain focused on exercising our operational leverage in a disciplined manner. This most recent award represents the sixth contract awarded to one of our high-quality stacked floaters since mid-2021, and speaks volumes about our demonstrated track record of project execution when reactivating rigs.” Dibowitz added, “Following the reactivation of VALARIS DS-17 and DS-8, we will have ten floaters working across the golden triangle, including four drillships in Brazil, a market where we expect to see continued growth over the next several years.” Updated Guidance As a result of the contract awarded to VALARIS DS-8, which will require the rig to be reactivated from preservation stack, we are updating our first quarter 2023 and full-year 2023 guidance provided on our fourth quarter 2022 conference call on February 21, 2023. First Quarter 2023 Contract drilling expense is expected to increase by approximately $5 million to $385 million to $395 million. Adjusted EBITDA is expected to decrease by approximately $5 million to negative $5 million to breakeven. Adjusted EBITDAR, which adds back one-time reactivation expense, is expected to be $25 million to $30 million, unchanged from the guidance provided on our fourth quarter 2022 conference call. Full-Year 2023 Revenues are anticipated to be $1.8 billion to $1.9 billion, unchanged from the guidance provided on our fourth quarter 2022 conference call. Contract drilling expense is expected to increase by approximately $60 million to $1.49 billion to $1.59 billion. Adjusted EBITDA is expected to decrease by approximately $60 million to $180 million to $220 million. Adjusted EBITDAR, which adds back one-time reactivation expense, is expected to be $280 million to $320 million, unchanged from the guidance provided on our fourth quarter 2022 conference call. Capital expenditures are expected to increase by $60 million to $320 million to $360 million. Source: Valaris Join our mailing list here We are #1 on Google and Bing for the "Largest Mobile Energy Network" Come join our community! Download the Rig Lynx app here
Seadrill Limited announced that the West Neptune has executed approximately six months of term extensions with LLOG Exploration Offshore, L.L.C in the US Gulf of Mexico. The extensions will commence in direct continuation of the existing term, and will keep the rig busy until Q3 2024, furthering Seadrill and LLOG’s long-term association. Total contract value for the extension is approximately $79 million. Source: Seadrill Join our mailing list here We are #1 on Google and Bing for the "Largest Mobile Energy Network" Come join our community! Download the Rig Lynx app here
Semisub rig owner Dolphin Drilling has inked a new contract with Peak Petroleum in Nigeria for its 1974-built Blackford Dolphin. The firm contract, which follows the letter of award in January, gives the Euronext Growth-listed owner of three rigs the potential to extend the unit’s backlog by a minimum of 120 days and up to 485 days. The deal adds to and will be a direct continuation of the previously announced 12-month contract with General Hydrocarbon Limited (GHL). Øystein Stray Spetalen-backed company said the effective dayrate associated with the minimum firm period of the contract is $325,000, including the mobilisation fee. “The final award of the contract for Blackford Dolphin shows the opportunities in Nigeria at a strong dayrate, in addition to building on the backlog for the rig. It also underlines the attractiveness of our assets, and we look forward to returning to revenue-generating operations in 2023,” noted Bjørnar Iversen, CEO of Dolphin Drilling. Source: Dolphin Join our mailing list here We are #1 on Google and Bing for the "Largest Mobile Energy Network" Come join our community! Download the Rig Lynx app here
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