Valaris Ltd 8-K, filed Feb 13, 2020

Valaris Ltd (VAL)

8-K 2020-02-13 For: 2020-02-13

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Added on April 09, 2026

About this 8-K

Valaris Ltd filed this 8-K on February 13, 2020.

Items reported

Item 7.01: Regulation FD disclosure
Item 9.01: Financial statements and exhibits

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England and Wales	1-8097	98-0635229
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)



Title of each class	Ticker Symbol(s)	Name of each exchange on which registered
Class A ordinary shares, U.S. $0.40 par value	VAL	New York Stock Exchange
4.70% Senior Notes due 2021	VAL21	New York Stock Exchange
4.50% Senior Notes due 2024	VAL24	New York Stock Exchange
8.00% Senior Notes due 2024	VAL24A	New York Stock Exchange
5.20% Senior Notes due 2025	VAL25A	New York Stock Exchange
7.75% Senior Notes due 2026	VAL26	New York Stock Exchange
5.75% Senior notes due 2044	VAL44	New York Stock Exchange




INFORMATION TO BE INCLUDED IN THE REPORT	4
Item 7.01 Regulation FD Disclosure	4
Item 9.01 Financial Statements and Exhibits	4
SIGNATURE	5



	Valaris plc

Date: February 13, 2020	/s/ TOMMY E. DARBY
	Tommy E. Darby
	Vice President - Finance



Contract Backlog⁽¹⁾ ($ millions)	2020		2021		2022		2023 and Beyond		Total		Contract Days⁽¹⁾	2020		2021		2022
Drillships	$	530.2	$	66.6	$	—	$	—	$	596.8	Drillships	2,197		296		—
Semisubmersibles	190.3		60.2		—		—		250.5		Semisubmersibles	1,108		251		—
Floaters	$	720.5	$	126.8	$	—	$	—	$	847.3	Floaters	3,305		547		—

HD - Ultra-Harsh & Harsh	$	389.0	$	117.4	$	25.5	$	—	$	531.9	HD - Ultra-Harsh & Harsh	3,215		1,100		222
HD & SD - Modern	233.8		151.4		75.7		0.3		461.2		HD & SD - Modern	3,126		2,037		973
SD - Legacy	125.6		96.8		65.6		—		288.0		SD - Legacy	1,800		1,339		898
Jackups	$	748.4	$	365.6	$	166.8	$	0.3	$	1,281.1	Jackups	8,141		4,476		2,093

Leased Rigs	$	90.9	$	67.5	$	6.7	$	—	$	165.1	Leased Rigs	3,294		2,554		560
Managed Rigs	78.0		77.7		3.4		—		159.1		Managed Rigs	732		730		27
Other	$	168.9	$	145.2	$	10.1	$	—	$	324.2	Other	4,026		3,284		587

Total	$	1,637.8	$	637.6	$	176.9	$	0.3	$	2,452.6	Total	15,472		8,307		2,680

HD = Heavy Duty; SD = Standard Duty ⁽¹⁾ Contract backlog, contract days and average day rates as of December 31, 2019 exclusive of performance bonus, adjusted for drilling contracts signed or terminated after December 31, 2019 but prior to furnishing the Fleet Status Report as an exhibit to the Form 8-K filed on February 13, 2020. ⁽²⁾ Leased rigs represents contract backlog and contract days related to bareboat charter agreements.											Average Day Rates⁽¹⁾	2020		2021		2022
											Drillships	$	241,000	$	225,000	$	—
											Semisubmersibles	172,000		240,000		—
											Floaters	$	218,000	$	232,000	$	—

											HD - Ultra-Harsh & Harsh	$	121,000	$	107,000	$	115,000
											HD & SD - Modern	75,000		74,000		78,000
											SD - Legacy	70,000		72,000		73,000
											Jackups	$	92,000	$	82,000	$	80,000



☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)



☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)



☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))



If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.	☐



99.1	Fleet Status Report of Valaris plc as of February 13, 2020.



New Contracts & Extensions Since October 25, 2019 Fleet Status Report
Floaters • VALARIS DS-18 (Relentless) contract extended due to the exercise of a one-well priced option with EnVen in the U.S. Gulf of Mexico, with an estimated duration of 45 days from March 2020 to April 2020; the rig has also been awarded a two-well contract with an undisclosed operator in the U.S. Gulf of Mexico that is expected to commence in July 2020, with an estimated duration of 180 days • VALARIS DS-15 (Renaissance) awarded a one-well contract with Eni in the U.S. Gulf of Mexico, which commenced in November 2019, with a duration of 30 days; the rig has also had a contract extended due to the exercise of a one-well priced option with Murphy in the U.S. Gulf of Mexico, with an estimated duration of 45 days from late March 2020 to early May 2020; and has been awarded a two-well contract with CNOOC offshore Mexico that is expected to commence in May 2020, with an estimated duration of 160 days • VALARIS DS-12 awarded a one-well contract with BP offshore Egypt, with an estimated duration of 120 days from February 2020 to June 2020 • VALARIS DS-10 contract extended due to the exercise of a one-year priced option with Shell offshore Nigeria from March 2020 to March 2021 • VALARIS DS-9 awarded a one-well contract with Premier Oil offshore Brazil that is expected to commence in July 2020, with an estimated duration of 60 days • VALARIS DS-7 awarded a five-well contract with BP offshore Senegal and Mauritania that is expected to commence in September 2020, with an estimated duration of approximately 320 days • VALARIS 8503 contract with Kosmos in the U.S. Gulf of Mexico extended by approximately 80 days from early April 2020 to late June 2020 to complete the well in-progress • VALARIS MS-1 awarded a one-well contract with an undisclosed operator offshore Australia that is expected to commence in July 2020, with an estimated duration of approximately 120 days Jackups • VALARIS JU-292 (Norway) contract extended due to the exercise of a six-well priced option with ConocoPhillips offshore Norway, with an estimated duration of 300 days from early May 2020 to late February 2021 • VALARIS JU-290 (Viking) contract to provide accommodation services with Repsol offshore Norway extended by approximately 50 days from early February 2020 to late March 2020 • VALARIS JU-249 (Gorilla VII) contract with Chrysaor in the North Sea extended by approximately 200 days from early November 2019 to late May 2020		Jackups (continued) • VALARIS JU-144 (EXL II) awarded a 12-well contract with Eni offshore Mexico that is expected to commence in September 2020, with an estimated duration of two years • VALARIS JU-122 contract extended due to the exercise of a one-well priced option with Shell in the North Sea, with an estimated duration of 150 days from November 2020 to April 2021 • VALARIS JU-117 (Ralph Coffman) contract extended due to the exercise of a two-well priced option with an undisclosed operator offshore Trinidad, with an estimated duration of 60 days from February 2020 to April 2020 • VALARIS JU-115 contract extended due to the exercise of a four-month priced option with Mubadala Petroleum offshore Thailand from March 2020 to July 2020 • VALARIS JU-107 contract extended due to the exercise of a one-well priced option with Chevron offshore Australia, with an estimated duration of 30 days from late February 2020 to late March 2020; the rig has also been awarded a two-well contract with Jadestone Energy offshore Australia, with an estimated duration of 115 days from June 2020 to September 2020 • VALARIS JU-101 awarded a three-well contract with Ithaca Energy in the North Sea that is expected to commence in March 2020, with an estimated duration of 45 days • VALARIS JU-87 awarded a 21-well contract with Exxon in the U.S. Gulf of Mexico, which commenced in November 2019, with an estimated duration of 295 days • VALARIS JU-75 awarded a one-well contract with Walter Oil & Gas in the U.S. Gulf of Mexico, which commenced in late December 2019, with an estimated duration of 40 days; the rig has also been awarded a one-well contract with W&T Offshore in the U.S. Gulf of Mexico that is expected to commence in February 2020, with an estimated duration of 30 days Other • Upon completing its previous contract in January 2020, VALARIS 6002 was sold and retired from the offshore drilling fleet • VALARIS 5006 sold and retired from the offshore drilling fleet • Upon completing its last contract in October 2019, VALARIS JU-96 was sold and retired from the offshore drilling fleet • VALARIS JU-70 classified as held for sale • VALARIS JU-68 sold and retired from the offshore drilling fleet



Emerging Growth Company	☐


(d)	Exhibits



Exhibit No.	Description