Houston-based offshore drilling contractor, Valaris Limited (NYSE: VAL) confirmed that ARO Drilling, the company’s 50/50 joint venture with oil giant Aramco, has successfully secured financing for its upcoming newbuild jackups, namely Kingdom 1 and 2. Financing Breakdown and Utilization The commendable financing, amounting to $359 million, has been extended as a term loan facilitated by […]
Valaris Limited, a US-based offshore drilling contractor, has bagged new bareboat charter contracts with ARO Drilling (Saudi Aramco Rowan Offshore Drilling Company) for various jackups. ARO Drilling is a joint venture between Saudi Aramco and Valaris. The company has inked contracts with Aramco for the same periods as the bareboat charter agreements. According to Valaris, […]
ARO Drilling has awarded a couple of contracts to International Maritime Industries (IMI) for the construction of two LETOURNEAU Super 116E Class offshore jack-up drilling units. The offshore drilling contractor, which is a 50:50 joint venture between Saudi Arabian Oil Company (Saudi Aramco) and Valaris, said that the delivery of the first rig is likely […]