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Suspension notice for Valaris joint venture

Aro Drilling is a joint venture between the world’s largest oil and gas company, Saudi Aramco, and Bermudian-based offshore drilling services company, Valaris (File photograph)

Aro Drilling, Valaris Limited’s joint venture in Saudi Arabia, has received a notice of suspension from Aramco for one of its 19 contracted rigs, jackup Valaris 143 (EXL I).

Valaris is the Bermudian-based offshore drilling services company that is an industry leader in offshore drilling services across all water depths and geographies.

The rig’s contract was previously scheduled to end in December 2024. The suspension notice is for a period of up to twelve months and Aro is in discussions with Aramco to determine the effective date of the suspension.

During the suspension period, Aro will have the right to terminate the drilling contract with Aramco. Valaris leases Valaris 143 (EXL I) to Aro under a bareboat charter agreement.

Aro Drilling is a world-class offshore drilling contractor that owns, operates, and manages a fleet of high-specification and premium jack-up rigs in Saudi Arabia.

Aro Drilling (Saudi Aramco Rowan Offshore Drilling Company) is a joint venture between Saudi Aramco, the world’s largest oil and gas company, and Valaris Companies, an industry-leading, global drilling contractor.

The 50/50 joint venture marks a major milestone towards the development of a competitive Saudi energy sector, as encapsulated in Saudi Aramco’s In-Kingdom Total Value Add programme and Saudi Vision 2030.

Saudi Aramco and Valaris Companies have worked together continuously in the Saudi Arabian market since 2006, and this strengthened partnership will ensure increased collaboration between the partners, increased efficiency of drilling operations, improved localisation of the drilling industry in Saudi Arabia, and best-in-class drilling performance.

The offshore drilling market in Saudi Arabia is expected to expand, creating considerable demand for drilling services.

Valaris has committed to purchasing up to 20 newbuild jack-up rigs over 10 years, taking delivery of the first rig as early as 2023, in order to meet Saudi Aramco’s offshore drilling requirements in the Kingdom.

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Published April 05, 2024 at 1:43 pm (Updated April 07, 2024 at 4:41 pm)

Suspension notice for Valaris joint venture

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