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HAMILTON, Bermuda–(BUSINESS WIRE)–Seapulse Limited (“Seapulseâ€), the recently launched global oil and gas exploration vehicle, is pleased to announce a strategic partnership with Maersk Drilling A/S (“Maersk Drillingâ€). The alliance plans to drill 12 offshore oil & gas exploration wells over the next two years targeting over four billion barrels of oil equivalent (boe).
Seapulse is executing on an innovative investment strategy adopting a low-cost, high-impact portfolio approach to exploration in order to maximise value creation and diversify risk. The scale of the Seapulse drilling programme rivals that of many super-majors by number of wells and potential scale and impact of the target prospects, but with a considerably compressed timeline and cost exposure. The wells will be testing prospects with estimated recoverable resources in excess of four billion boe1Â with significant further running room in the event of success.
By design, the exploration wells to be drilled in the programme span diverse play types and basins in both frontier and established areas. The size and diversity of the portfolio provides a significant de-risking element. Maersk Drilling joins the alliance to deliver best-in-class drilling services and act as integrated well services provider, which will allow a strong focus on programme synergies and cost management to maximise potential success outcomes.
The target portfolio has been developed over a number of years by several selected leading E&P companies using latest generation seismic data and interpretive technologies in conjunction with their operators and licence partners. Seapulse has secured the right to participate in this extensive and diverse range of potentially high-impact wells. By focusing investment specifically on providing the necessary capital for drilling, Seapulse is addressing a significant gap in the market, addressing the inherent industry inefficiencies associated with the traditional Farm-in/out processes. Seapulse will additionally benefit from utilising an integrated service provider approach whilst potentially accelerating high upside value creation for all stakeholders.
Seapulse Co-founder and CEO, Scott Aitken, commented:
“The business model we have established has the promise to be transformational for the oil and gas industry, by optimising the risks and rewards associated with exploration drilling. Our strategy leverages Maersk Drilling’s technological and operational expertise, whilst giving access to a cherry-picked global prospect portfolio, creating a sustainable approach to offshore exploration. Seapulse’s strong financial backing gives us the critical advantage of being able to drill and test a statistically de-risked exploration portfolio normally only associated with super-major oil companies.â€
Seapulse Co-founder and Chairman, Erik Tiller, commented:
“We are delighted to partner with Maersk Drilling as we take this exciting step. We believe, through our willingness to challenge traditional industry paradigms, this new model reflects a sustainable and attractive investment approach to exploration.
Seapulse’s unique model addresses oil and gas companies’ need to maintain a sufficiently material portfolio whilst managing costs. The global portfolio exploration approach offers value exposure to multiple opportunities and reduced exploration outcome risk. We look forward to collaborating with stakeholders who will share in both the risks and rewards from our collaborative drilling programme.â€
Maersk Drilling CEO, Jørn Madsen, commented:
“This alliance is a key example of a fully integrated service delivery model aimed at eliminating inefficiencies by aligning incentives and removing complexity across the entire value chain. This allows Maersk Drilling to leverage our proven track record of delivering wells safely and efficiently – thereby mitigating operator cost risk whilst sharing in the commercial upside of the program. The ambitious global drilling programme will utilise Maersk Drilling’s young and versatile fleet of drilling rigs to explore an extensive prospect portfolio.â€
Photo used under the Creative Commons Attribution 2.0 Generic license. Author: 4ing
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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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