Valaris Limited (VAL) shares gained 5.93% in after-hours on Tuesday, June 22, 2021, and closed the day at $30.00 per share. Earlier in the morning session, VAL’s stock gained 0.04% to close Tuesday’s session at $28.32 per share. VAL shares have moved up by 2.91% in the past week. Further, the company has a current market of $2.14 billion and its outstanding shares stood at 75.56 million.
Let’s have a look at its recent news.
Recent Jackup Contract
On Jun 22, 2021, North Oil Company offshore Qatarawardeda three-year contract for VALARIS JU-110, a heavy-duty modern jackup. The contract is anticipated to begin in the fourth quarter of 2021.
Floater Contract award
On June 8, 2021, Chevron awarded a three-year contract to Valaris Limited in the U.S. Gulf of Mexico for drillship, VALARIS DS-18 (Relentless). The contract is expected to commence in the first quarter of 2022 in direct continuation of the current contract.
On June 1, 2021, Valaris Limited received a one-well contract with Total E&P Côte d’Ivoire B.V. offshore Ivory Coast for drillship, VALARIS DS-12. The contract is expected to commence in the third quarter of 2021.
Jackup Contracts and extensions
On June 2, 2021, Equinor Energy AS offshore Norway awarded a two-well contract extension to Valaris Limited, for VALARIS JU-291 (Stavanger), a heavy-duty ultra-harsh environment jackup. the VALARIS JU-291 is now expected to be under contract through February 2022.
On May 19, 2021, Valaris Limited received a contract of approximately 45 days with W&T Offshore in the U.S. Gulf of Mexico for VALARIS JU-117 (Ralph Coffman), a heavy-duty modern jackup. The contract is anticipated to begin in July 2021.
On May 10, 2021, Mubadala Petroleum Thailand offshore Thailand awarded a contract extension of approximately 240 days for VALARIS JU-115, a heavy-duty modern jackup. The extension will begin in the first quarter of 2022 and VALARIS JU-115 will remain under contract till September 2022.
New investor presentation
On May 26, 2021, Valaris Limited published a new investor presentation. This presentation can be found on the Investors page of the Company’s website.
About the company
Valaris plc is an offshore drilling contractor headquartered in Houston, Texas, and incorporated in the UK. It is the largest offshore drilling and well drilling company in the world and owns 61 rigs, including 45 offshore jackup rigs, 11 drillships, and 5 semi-submersible platform drilling rigs.
Conclusion
As the Covid-19 pandemic is getting weak day by day, we can see an increase in oil and gas exploration and production which got a massive hit during the pandemic. The recent news about Valaris confirmed that activity has been started in the oil and gas sector and hence VAL stock price is going up slowly. We can expect more rig contracts and a gradual increase in its stock price in the coming days.
