Fact 1, Gulfslope’s Contract with Valaris’s Ensco JU 102 Rig is still for 3 months March 20, 2020 through May 20, 2020, not one month off Valaris’s latest February 13, 2020 Quarterly Fleet Status Report.
Fact 2, More importantly, Valaris did not Report Gulfslope Energy cancelling their contract. Gulfslope Energy still has a rig contract with Valaris through May 20, 2020. (3 months)
Fact 3, Contract durations on the Fleet Status Report do not include any unexercised optional extensions. Contract end dates can vary based on how long it takes to complete the wells subject to the contract.. Source: Page 10 of 12, Fine Print on Bottom of Page, Item no. 1, February 2020 Valaris’s Fleet Status Report.
The next reported contract following Gulfslope’s for the Ensco 102 rig is not until September 2020.
So, Gulfslope still has the Rig contract through May 20, 2020 with the potential for unexercised optional extensions on their Valaris Ensco 102 Rig contract, which would not have been reflected on Valaris’s Fleet Status Report.
Verifying facts during these unusual times.
Smith
Source: Valaris’s February 13, 2020 Quarterly Fleet Status Report.