Valaris plc (VAL) wins jack-up contract in the Netherlands

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September 20, 2021 4:30 p.m. EDT


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Valaris Limited (NYSE: VAL) (“Valaris” or the “Company”) announced today that it has won a contract with TAQA off the Netherlands for VALARIS JU-123, a jackup for harsh environments. The contract is expected to start in the fourth quarter of 2021 for a minimum estimated duration of 60 days.

The contract covers the preparation of a borehole for the Porthos CO2 transport and storage project. As part of this contract, VALARIS JU-123 will be equipped with a selective catalytic reduction (SCR) system. When in operation, the SCR system will eliminate almost all NOx and SOx emissions from the platform.

The platform has also been awarded a single well contract with Cairn Energy in the British North Sea. The contract is expected to start in the second quarter of 2022 for an estimated duration of 72 days.

Valaris also won a well contract with Carnarvon Petroleum offshore Timor-Leste for VALARIS JU-107, a modern heavy-duty jackup. The contract is expected to begin in the fourth quarter of 2021 for an estimated duration of 30 days.


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