Valaris Ltd gains on $136.4 mln worth offshore drilling contract

Valaris

22/11/2022 18:59

** Shares of oil and gas drilling firm Valaris Ltd  VAL.N  
climb 5.4% to $66.97 
    ** Drillship VALARIS DS-12 awarded a four-well contract with
BP Plc  BP.L  offshore Egypt, company said after markets closed
on Monday  urn:newsml:reuters.com:*:nBw22ml5za
    ** Estimated total contract value, inclusive of a
mobilization fee, is $136.4 mln
    ** Contract expected to come into effect late in the third
quarter or early in the fourth quarter of 2023 and has an
estimated duration of 320 days
    ** Stock also buoyed by a rebound in the energy sector after
top exporter Saudi Arabia said OPEC+ was sticking with output
cuts and could take further steps to balance the market
 urn:newsml:reuters.com:*:nL1N32I02B
    ** Including session gains, stock is up 85.9% YTD 
 (Reporting by Sourasis Bose in Bengaluru)
 ((Sourasis.bose@thomsonreuters.com))