Valaris hit by rate cuts and cancelled contracts

摘要

US RIG owner Valaris has seen several contracts terminated and dayrates on some existing deals cut as operators pare back spending following the steep decline in oil prices amid the Covid-19 pandemic. The contract for the drillship Valaris DS-7 had been set to start with Amni off Ghana in mid-April until mid-May but Valaris confirmed in its quarterly fleet status report last week that the contract had been terminated before it commenced. It also revealed the semi-submersible Valaris 5004 had been operating for Mellitah Oil & Gas in the Mediterranean at a reduced dayrate from mid-March to mid-April, before the contract was terminated.