Valaris Says ARO Drilling, Its JV In Saudi Arabia, Received Notice Of Suspension From Aramco For One Of Its 19 Contracted Rigs, Jackup VALARIS 143
Portfolio Pulse from Benzinga Newsdesk
Valaris announced that ARO Drilling, its joint venture in Saudi Arabia, received a suspension notice from Aramco for one of its 19 contracted rigs, specifically the Jackup VALARIS 143. The rig's contract was set to end in December 2024, but the suspension could last up to twelve months. ARO is currently in discussions with Aramco to finalize the suspension's start date.
April 04, 2024 | 8:17 pm
News sentiment analysis
Sort by:
Ascending
NEGATIVE IMPACT
Valaris' joint venture ARO Drilling received a suspension notice from Aramco for the Jackup VALARIS 143 rig, which could impact the company's revenue and operations in the short term.
The suspension of one of Valaris' rigs by Aramco could lead to a decrease in operational revenue and potentially affect the company's stock price negatively in the short term, given the importance of the contract and the rig's role in Valaris' operations.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 90