Valaris Ltd. has deployed its jack-up rig, Valaris 144, to Angola for new drilling contracts. This includes a $8.5 million deal for one well starting in Q1 2025 and a substantial 13-well contract estimated at $149 million to $156 million beginning in Q2 2025. Valaris currently holds a Zacks Rank #5, while peers Archrock, Matador Resources, and NextDecade show stronger performances in the energy sector.
Valaris Ltd. (VAL), an offshore drilling contractor, has announced that its jack-up rig, Valaris 144, has arrived in Angola to commence a new drilling assignment. Following its previous project in Corpus Christi, Texas, the rig began its journey to Angola in late January.
In 2024, Valaris entered into a contract with an undisclosed operator in Angola for drilling one well offshore, which is scheduled to begin in the first quarter of 2025 and will have an estimated duration of 45 days. The total projected value of this contract is approximately $8.5 million.
Additionally, Valaris 144 has secured a significant 13-well contract with the same operator in Angola, expected to last between 730 to 770 days. This contract is set to begin in the second quarter of 2025, with a total estimated value ranging from $149 million to $156 million.
Valaris currently holds a Zacks Rank of 5 (Strong Sell). In comparison, several other energy sector stocks are better ranked, including Archrock Inc. (AROC) with a Zacks Rank 1 (Strong Buy), as well as Matador Resources Corporation (MTDR) and NextDecade Corporation (NEXT), both carrying Zacks Rank 2 (Buy).
Archrock is a U.S.-based energy infrastructure company focused on midstream natural gas compression, securing stable fee-based revenues through its contract compression services. Matador Resources is a leading exploration and production firm in the U.S., consistently surpassing production expectations while demonstrating operational efficiency. NextDecade is an emerging player in the LNG market with its Rio Grande LNG project, capitalizing on the rising demand for liquefied natural gas as a clean energy source.
For further insights, research reports on Valaris Limited, Matador Resources Company, and Archrock, Inc. are available for review.
In conclusion, Valaris Ltd.’s jack-up rig, Valaris 144, is set to begin significant drilling operations in Angola, including a multi-well contract that signifies the company’s ongoing commitment to offshore drilling. The firm faces challenges reflected in its Zacks Rank but remains a pivotal player in the energy sector. Comparatively, competitors like Archrock, Matador Resources, and NextDecade are performing well, indicating a dynamic landscape in the industry.
Original Source: www.zacks.com
