News listings

energy-pedia general news

Saudi Arabia flagSaudi Arabia

Middle East / Africa >>> Saudi Arabia

Saudi Arabia: Valaris provides update on ARO Drilling joint venture


21 Jan 2020

Photo - see caption

Valaris has announced that ARO Drilling, its 50/50 joint venture with Saudi Aramco, has ordered two newbuild jackup rigs from International Maritime Industries. Upon delivery, each rig is expected to commence an eight-year contract with Saudi Aramco and operate at a day rate determined by a six-year EBITDA payback.

Following its initial eight-year contract, and subject to certain conditions, each rig will receive an additional eight-year contract, with the daily operating rate repriced every three years, and a preference for new contracts working for Saudi Aramco thereafter.

The total cost of each newbuild, with full compliance to the latest Saudi Aramco specifications, is approx. $175 million, of which 25% will be paid as an initial down payment by ARO Drilling from cash on hand and the balance will be provided by ARO Drilling on delivery of each rig. The first and second newbuild rigs are expected to be delivered in first quarter 2022 and second quarter 2022, respectively.

Original article link

Source: Valaris





Bookmark and Share


A global information service for upstream oil and gas opportunities - divestitures, farmins and farmouts and licensing rounds.


Subscriber Only Deals

Current deals: 1714
Completed deals: 5308

Company Profiles

Current Company Profiles: 2663

Corporate Activity

Current Corporate Activity articles: 3404

Companies Looking

Current number of articles: 432

Company Sales

Current Company Sales articles:1391

Geostudies

Current Geostudies articles: 685

How to subscribe

energy-pedia Jobs

RSS Feed Widget
See all jobs...


energy-pedia Databank

The energy-pedia databank contains links to information on the world financial and energy markets, including share prices, oil and gas prices and the global stock exchanges. Read more...



energy-pedia Glossary

A list of commonly used terms in the oil and gas industry. Read more...

Subscribe

Subscribe to the FREE
energy-pedia Daily Newsletter
Subscribe

OPC
Government of South Australia
Geoespace
Bayphase
KL Publishing
Rose & Assocs 149
SLR Consulting logo
Union Jack Oil 149
energy365
About energy-pedia

energy-pedia news is a FREE news service written and edited by E and P professionals for E and P professionals.

We don't just report the news, we give you the technical background as well, with additional information derived from our unique energy-pedia opportunities service.
Contact us

energy365 Ltd

238 High Street
London Colney
St Albans
UNITED KINGDOM

Tel: +44(0)1727 822675

Email: info@energy-pedia.com