Valaris

Co-owner Chevron confirmed the find at the Bandit prospect offshore Louisiana and suggested it may become a subsea tieback to existing faciltiies operated by Occidental Petroleum.

Agreements create long-term frameworks to advance offshore Suriname developments, aiming to streamline project delivery, reduce costs, and accelerate field development through early integration across the project life cycle.

The deal positions the merged company to benefit from an expected offshore drilling upcycle.

Updates about global exploration and production activities and developments.

Soft demand and mounting stacking costs drove decisions by Noble and Valaris to move on from units.

Oil price visibility, projects competing for funds, and regional market softness are all factors resulting in muted demand for deepwater rigs this year.

In addition to securing the rig, Equinor has, on behalf of the partners, awarded SLB, Baker Hughes, and Halliburton agreements for drilling and well services for the Raia project worth around $109 million.

The heated global floating rig market has day rates for high-end units climbing over a half million dollars and toward a newbuild cycle that will (likely) never come.

New awards and extensions to previous work are valued at almost $500 million.