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Total SE are evacuating most of the remaining employees from its liquefied natural gas project in northern Mozambique as insurgents attacked a town nearby, throwing Africa’s biggest private investment into disarray.
The fresh violence that follows attacks at the turn of the year suggests Mozambique’s armed forces are struggling to regain control of the region surrounding the $20 billion project. Total, which bought a 26.5% stake in the LNG development for $3.9 billion in 2019, has said it wants security to be restored in the area before resuming onshore work with the aim of starting gas shipments in 2024.
Total has decided to reduce the workforce on the Afungi site to a minimum, the company based near Paris said in a statement Saturday. The resumption of work that was contemplated at the start of the week will also be suspended, it said.
The energy giant said it “trusts” the government, whose security forces are “currently working” to take back the control of the area. There were no casualties among employees at the project, Total said.
The pullout comes as militants attacked a security convoy attempting to rescue more than 180 people who’d been under siege in a hotel near the project site, according to three people familiar with the matter.
More than a dozen vehicles were ambushed late Friday during an operation to evacuate people from the Amarula Palma Hotel, and only seven vehicles managed to escape, two of the people said. While about 100 fled to the beach, many are feared dead, according to one person. The militants, who’ve previously aligned with the Islamic State, were still active in the town of Palma on Saturday morning, they said.
The latest attack began on March 24, the same day Total announced it would resume onshore works at its project, after fighting in late December prompted the company to evacuate staff.
The ongoing raid in Palma, less than 8 kilometers (5 miles) from Total’s camp and where a number of subcontractor companies are based, could be a watershed moment in the insurgency that threatens to dampen further foreign investment in the region. The rebellion that started in 2017 has left more than 2,600 people dead and caused about 700,000 more to flee their homes.
Human Rights Watch said there were bodies on the streets in Palma, with residents fleeing after the assailants fired indiscriminately.
Omar Saranga, the Ministry of Defense spokesman, declined to comment by phone, saying the government would issue a statement.
Source: Bloomberg
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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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