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With more than a half-billion pounds of new contracts secured in the last 12 months, EnerMech has kicked off 2022 by breaking into new geographies and business territories. It starts work in January on several significant campaigns, including numerous transformational mega-projects around the world.
During 2021, the leading integrated solutions specialist, which operates in 26 countries, was awarded over £500 million of business with new and existing clients across its target end markets, including the energy, renewables, infrastructure, nuclear and waste-to-energy sectors.
With some projects already underway, and new ones commencing imminently, the firm has increased its headcount by approximately 30% compared to 2020.
Last year, in response to the headwinds caused by low oil prices and the impact of coronavirus restrictions, EnerMech adopted a swift and proactive approach to the market that complemented its diversification strategy, with a priority focus on the health and wellbeing of its people while continuing to deliver consistent and safe service to its clients. The company also added innovative technologies and solutions to its portfolio, enhancing its capability offering to support its entry into new markets.
Sandeep Sharma, CFO of EnerMech said: “The diligent and responsive measures we adopted last year, as well as the investments we made, have had a truly positive impact on our people, our clients and our business. This success, combined with our ongoing resilience and determination, has set us on course for continued growth this year and beyond, growth that will safeguard jobs and create new ones.”
EnerMech CEO, Christian Brown, added: “After winning more than half a billion pounds of new business in the last 12 months, 2022 will be a very busy year for us. We are delivering several milestone campaigns for existing and new clients in the sectors we have traditionally supported, as well as new end markets and new regions, where clients value the reliability and safe delivery across all phases of the project lifecycle for which we are known.
“As well as having a healthy order book, we also have new opportunities on the near horizon. Our people are expert at listening to our clients’ needs and providing astute, tailor-made solutions, helping to grow our business and reputation for being a customer-focused, responsive partner.
“Our strengthened position is testament to the talent we have in-house and their hard work in these challenging times. We remain committed to the safety, development and well-being of our people, and I’m extremely proud of the excellent work they continue to deliver. I would like to thank all our teams for their continued dedication over the past 12 months."
Source: EnerMech
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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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