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During the first 3 months of 2020, the Covid-19 pandemic broke out and quickly spread throughout the world with over 240,000 infected cases and 10,000 deaths, resulting in a sharp global recession. The whole world is struggling to deal with direct consequences in all aspects of business operation when value chains have been badly affected by disruptions of goods and materials supply and demand.
Being a drilling contractor, PV Drilling is expected to be badly affected by the Covid-19 pandemic. Accordingly, a dramatic impact on crew change plan of our rigs has been made in Malaysia and Algeria as many countries simultaneously imposed travel restrictions and border closure to curb the spread of the Covid-19. Then again, the drilling crews shall work overstay onboard, the crew change shall be made at Country of operation and the crews cannot return home. Besides, a closure order and a ban in group gathering which were enforced in Malaysia earlier this week has created psychological instability for employee working in Malaysia.
On behalf of PV Drilling's Management, I would like to share and acknowledge the efforts of all management and working team on the rigs in strictly implementing prevention measures as recommended by the authorities, such as: maintaining personal hygiene, body temperature check, honest medical declaration and supporting the implementation of self-isolation when changing shifts at the host country. Thanks to your support and collaboration, there is no case of infection recorded in PV Drilling up to present. PV Drilling has worked out various action plans depending on different levels of spread of the Covid-19 to actively respond to the pandemic as well as to guarantee the safety of our employees who are currently working abroad.
The Covid-19 outbreak in our country and all over the world is expected to be more complicated. With the strong efforts of the Government in prevention of Covid-19, I do believe and hope that all of you will continue to perform well our normal business and follow strictly requirements on disease prevention, spreading the awareness of disease prevention and strengthening self-protection activities to your colleagues, relatives and others. Let's join to support the Government in controlling the source of disease and eradicate it because each effort will contribute to a great victory of the country against Covid-19.
At present, the oil and gas market is severely affected by sharp decline of crude oil price due to the impact of the decline in global demand, political instability in the world, our business operation activities are forecasted to be harder and harder. PV Drilling's management commits to make best efforts with effective solutions to maintain business operation and performance, ensuring jobs for all the staff of the Corporation.
Last but not least, I would like to send to you all the best wishes and sincere thanks for your tireless efforts.
Copy of the letter can be found here
Photo: PV 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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