CGX Energy picks up Rowan’s Ralph Coffman for work in Guyana
By Rig Lynx
Dec 18, 2018
Category : Archives
Views : 1551
CGX Energy Announces Definitive Rig Agreement for use of the Ralph Coffman Rig for the Utakwaaka-1 Well.
Toronto, Canada, Monday December 17, 2018 – CGX Energy Inc. (TSX-V – OYL) (“CGXEnergy†or the “Companyâ€), through its wholly owned subsidiary CGX Resources Inc. has entered into a definitive rig agreement with ROWAN RIGS S.À R.L for the provision of rig services for the drilling of the Company’s Utakwaaka-1 well in its Corentyne block.
Under the terms of the agreement, the Company has procured the use of an offshore jack-up drilling rig named the Ralph Coffman. The main terms of the rig contract are as follows:
Professor Suresh Narine, Executive Chairman, commented: “With the announcement of a JointVenture with Frontera Energy Corporation and the securing of Rowan’s Ralph Coffman offshoreJack Up Drilling Rig, CGX is on schedule to drill Utakwaaka-1 on or before November 2019.The Ralph Coffman is ideally suited to our well-design and we are delighted to secure this rig ata time when exploration activity on the shelf in the Guyana basin is significantly increasing.â€
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
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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
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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
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