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ESGIAN WEEK 18 REPORT: CONFIRMATIONS, TERMINATIONS AND SUSPENSIONS

Maritime Activity Reports, Inc.

May 5, 2024

© Arild / Adobe Stock

Esgian reports an eventful week with contract confirmations, terminations and
suspensions in its Week 18 Rig Analytics Market Roundup.

Report Summary


Contracts

Burullus Gas Company, the self-operated joint venture between Shell Egypt, the
Egyptian Natural Gas Holding Company (EGAS), the Egyptian General Petroleum
Corporation (EGPC) and Petronas, has agreed to move forward with the development
of Phase 11 in Egypt's Nile Delta in the Mediterranean Sea.

QatarEnergy has exercised a one-year option for Borr Drilling 400-ft jackup
Groa, keeping it working in Qatar into April 2025.

Following a letter of award announced earlier this month, Shelf Drilling North
Sea has secured a contract for the 400-ft jackup Shelf Drilling Fortress with a
North Sea operator for operations in the UK Continental Shelf. This campaign
with an unnamed operator believed to be TotalEnergies is scheduled to begin
following the completion of the rig’s current contract.

Dolphin Drilling has issued a notice of termination of a contract to General
Hydrocarbons Limited (GHL) for the 6,000-ft semisub Blackford Dolphin.

Following a letter of intent (LoI), Transocean is working to firm up a new
contract extension for its 10,000-ft semisub Transocean Spitsbergen in Norway.

Transocean has secured a contract for an additional four wells for 12,000-ft
drillship Deepwater Atlas in the US GOM at a dayrate of $505,000.

ExxonMobil has exercised a six-month priced option offshore Angola for Valaris
12,000-ft drillship Valaris DS-9, starting in January 2025 in direct
continuation of the rig’s existing firm program. Valaris DS-9 has been working
for ExxonMobil offshore Angola since mid-2022.

Harbour Energy has sent a contract suspension notice to Valaris for 225-ft
jackup Valaris 92, which has been working for Harbour Energy in the UK North
Sea.

Equinor has exercised a 60-day priced option offshore Brazil for Valaris
12,000-ft drillship Valaris DS-17, starting in May 2025 in direct continuation
of the rig’s existing contract.

Following the previously announced suspension of the Saudi Aramco contract for
ARO Drilling-managed 350-ft jackup Valaris 143, ARO Drilling intends to
terminate the contract and return the rig to its owner Valaris.

Valaris 350-ft jackup Valaris 144 has secured a 13-well contract offshore
Angola, which will see the rig leave the US GOM in 2025 for the first time since
2021.

TotalEnergies has exercised a one-well priced option for the 400-ft harsh
environment jackup Valaris Stavanger in the UK waters of the North Sea.

The 400-ft jackup Arabia I, owned by Borr Drilling, is currently on contract
suspension for up to 12 months, and is on standby in Ras Tanura.

Drilling Activity and Discoveries

Following its positive appraisal of the Venus discovery offshore Namibia,
TotalEnergies plans to take the final investment decision (FID) on the Venus
development by the end of 2025.

Bursa Malaysia-listed Hibiscus Petroleum has made an oil discovery at the
Malaysia–Vietnam PM3 CAA PSC.

The Norwegian Offshore Directorate (NOD) has granted Equinor a drilling permit
for two wells in the North Sea off Norway. Included in the permit are
exploration well 35/10-14 S and sidetrack well 35/10-14 A, targeting Kvernbit
and Mimung prospects.

Wintershall Dea and its partners, Petoro and DNO, have spudded the Cuvette
exploration well next to the Vega field in the North Sea with the 10,000-ft
semisubmersible Transocean Norge.

Oil and gas company LLOG started drilling the Who Dat East exploration/appraisal
well on Sunday, 28 April, using the 12,000-ft drillship Noble Valiant.

Deltic Energy, a partner in the Shell-operated Pensacola discovery in the UK
North Sea, is struggling to secure a partner to help fund its share of drilling
costs for the upcoming appraisal well amid fiscal uncertainty in the UK.

BW Energy has begun drilling the DHBSM-2P well offshore Gabon with Borr Drilling
400-ft jackup Norve.

Following its successful Mopane exploration campaign, Galp Energia is fast
tracking plans for a four-well campaign for further exploration and appraisal of
the Mopane complex on PEL 83 offshore Namibia.

Demand

Hess has stated that exploration activities are planned at Block 42 and Block 59
offshore Suriname in 2024.

Australian oil and gas company Santos, and its partners Carnarvon Energy and
CPC, are working to optimise the project design for the first phase of the
Dorado oil field development in Australia, to cut the costs and the time to
first oil.

OKEA has handed over the plan for development and operation (PDO) for the Bestla
oil and gas field, previously known as Brasse, to Norwegian Energy Minister
Terje Aasland.

Transocean, one of the drilling contractors participating in recent tenders in
Brazil, expects state oil company Petrobras to award contracts in its tender for
floating rigs to work at the Roncador field during the third quarter of 2024.

Mobilisation/Rig Moves

Valaris 12,000-ft drillship Valaris DS-7 is en route from the Canary Islands to
Angola, where it will begin an 850-day contract with Azule Energy.
The ME-ADS-owned 300-ft jackup Sea Challenger has been loaded onto the heavy
lift vessel Seaway Albatross and is now moving to the United Arab Emirates from
Greece.

Other News

Chevron affiliate Chevron Namibia Exploration Limited has executed an agreement
to enter into a Petroleum Exploration License (PEL ) 82 offshore Namibia,
assuming an 80% interest and operatorship of the license.

Transocean Ltd. reported a net income attributable to controlling interest of
$98 million, for the first quarter of 2024, compared to a net loss of $104
million in the fourth quarter of 2023.

The Norwegian Ministry of Energy has received applications from eight companies
in connection with the announcement of two areas in the North Sea for potential
storage of CO2 on the Norwegian shelf.

The Canada-Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB) has
issued Call for Bids No. NL24-CFB01, a call for bids for exploration licences in
the Eastern Newfoundland region offshore Canada.

Valaris Limited reported net income of $26 million for the first quarter of
2024, down from $829 million in the fourth quarter of 2023 when the company
received a tax benefit of $790 million.

Europa Oil & Gas was contacted by the UK’s North Sea Transition Authority (NSTA)
regarding the company's application for a licence as part of the 33rd UK
Offshore Licensing Round that closed on 12 January 2023, proposing a marriage
between Europa and another party for the licence.




Offshore • Drilling • Oil and Gas


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