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Maersk released an updated fleet status report and below are the details:
Commercial activity in Q4 2021
Maersk Resolve: INEOS Oil and Gas UK has declared options for 33 days to the existing contract for Maersk Resolve, in direct continuation to the existing contract scope.
Maersk Inspirer: Maersk Drilling has on October 28, 2021, successfully closed the previously announced divestment of the combined drilling and production unit Maersk Inspirer to Havila Sirius. The sales price is USD 373m in an all-cash transaction.
Maersk Interceptor: Maersk Drilling has been awarded a contract from TotalEnergies EP Danmark A/S for the jack-up rig Maersk Interceptor to provide accommodation services in the Danish North Sea. The contract is expected to commence in the first half of 2022, with a firm duration of eight months.
Maersk Resolute: Maersk Drilling has been awarded a contract with ONE-Dyas B.V. which will employ the harsh environment jack-up rig Maersk Resolute to drill the IJssel and Clover exploration wells in the Dutch sector of the North Sea. The contract commenced in December 2021, with a minimum duration of 84 days. The contract value is approximately USD 6.9m, excluding an agreed fee for the potential use of the rig’s SCR system. Furthermore ONE-Dyas B.V has exercised an option to add the drilling of the F06-09 well in the Dutch sector of the North Sea to the previously agreed work scope. The contract extension has an estimated duration of 35 days, and Maersk Resolute is now expected be contracted until April 2022. The contract value of the extension is approximately USD 2.9m.
Maersk Resilient: Maersk Drilling and Petrogas North Sea Ltd have agreed to exercise the previously agreed exclusive option to employ the harsh-environment jack-up rig Maersk Resilient to drill an appraisal well at the Birgitta field in the UK sector of the North Sea. The contract commenced in January 2022, in direct continuation of the rig’s current work scope. The contract has an estimated duration of 60 days and a value of approximately USD 5.4m.
Maersk Intrepid: Maersk Drilling has secured a one-well contract with OMV (Norge) AS, which will employ the low-emission jack-up rig Maersk Intrepid to drill a high pressure, high temperature exploration well in the Oswig prospect in Block 30/5C of the Northern North Sea basin offshore Norway. The contract is expected to commence in mid-2022, and Maersk Drilling and OMV (Norge) AS are in discussions to add additional services to the scope. The contract includes a one-well option to drill the Eirik exploration well.
Maersk Integrator/ Maersk Invincible: Maersk Drilling and Aker BP have on 18 December 2021 entered into a Heads of Agreement to renew and extend the frame agreement that establishes Maersk Drilling as the jack-up rig drilling partner. The agreement confirms Aker BP’s and Maersk Drilling’s Maersk Invincible commitment to renew the frame agreement by a five-year period and includes a commitment from Aker BP for the provision of the ultra-harsh environment jack-up rigs Maersk Integrator and Maersk Invincible for activities offshore Norway during this period. The revised set-up will allow Aker BP to assign the two rigs to multiple operations with multi-purpose use of the rigs during the frame agreement period. Different rate structures will apply during the period reflecting different operating modes, agreed incentive schemes, and market developments. Over the frame agreement renewal period, the five-year commitment for the two rigs is expected to have a combined total contract value of approximately USD 1 billion.
Maersk Valiant: TotalEnergies E&P Suriname, Suriname Branch has exercised an option to add the drilling of one additional well in Block 58 offshore Suriname to the work scope of the drillship Maersk Valiant. The contract extension has an estimated duration of 100 days, with work expected to commence in March 2022 in direct continuation of the rig’s previously agreed work scope. The contract value of the extension is approximately USD 20.5m, including integrated services provided. Two one-well options remain on Maersk Valiant’s contract with TotalEnergies.
The total firm value of contracts and extensions awarded to Maersk Drilling in Q4 2021 was approximately USD 1.1bn. At 31 December 2021, contract backlog amounted to USD 1.9bn.
Subsequent events
Maersk Integrator: Maersk Drilling and Aker BP have on 17 January 2022 entered into a rig swap agreement whereby the jack-up rig Maersk Reacher is to be replaced by the low-emission jack-up rig Maersk Integrator offshore Norway end-February/early March 2022. Maersk Integrator will be prepared for well intervention and stimulation activities at the Valhall and Hod fields. The previously announced Maersk Reacher work scope will accordingly be transferred on to the Maersk Integrator with an added scope estimated to eight months, which means that Maersk Integrator will be employed until January 2023. This contract swap arrangement will add approximately USD 29m to Maersk Drilling’s revenue backlog.
Maersk Reacher: Maersk Drilling has on 19 January 2022 been awarded a contract with TotalEnergies E&P Danmark which will employ the high-efficiency jack-up rig Maersk Reacher for well intervention services in the Danish North Sea. The contract is expected to commence in July 2022, with a duration of 21 months. The contract includes options to extend the duration by up to 27 additional months.
Maersk Viking: Shell Malaysia has executed two options on the previously announced contract that will employ the 7th generation drillship Maersk Viking offshore Malaysia. The first option will be novated to TotalEnergies EP Malaysia for the drilling of one deepwater well at the Tepat project, while the second option will be novated to PETRONAS Carigali Sdn. Bhd. for the drilling of one deepwater well at the Layang-Layang project. The extensions have a total estimated duration of 125 days and are expected to commence in July 2022. The total contract value of the extensions is approximately USD 32m, including a fee for the use of managed pressure drilling. Three one-well options remain on the contract with Shell Malaysia.
Source: Maersk Drilling
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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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