Many of these are just a hop, skip, and a jump from Shenandoah. Beacon owns interests in a number of ongoing and pre-FID projects that include Blue Wing, Olive, Buckskin, Claiborne, Crown & Anchor, La Femme, McKinney, Moccasin, Praline, Red Zinger, Shenandoah, Stonefly, and Yucatan. Malo, Cascade among them, and export of the gas to the Discovery gas plant in Louisiana, I would have to question their raison d'etre.Ī brain-child of Blackstone Energy Partners, Beacon was formed in 2016 for the express purpose of developing high-quality oil reservoirs in the GoM. If they don't develop this massive, 1,000' net pay, light oil interval, with subsea export for the oil to any number of nearby hosts - Jack, Kaskida, St. I don't have a seat in the boardroom at Beacon, but I can tell you that this is the hottest thing they have going. There is also some discussion about the fact that the end of July came and went without a sanctioning announcement for Shenandoah. Related: Peak Gasoline Demand Forecasts Aren't Scaring Big Oil A 4-well deal that was pending sanction news by the end of July. I think future contracts will improve markedly on the announced contract value for Chevron (CVX).Īs an indication of progress, we can take the estimated $490K day rate for the Deepwater Atlas for Beacon Offshore's Shenandoah project. It was struck a couple of years ago, in the heart of the downturn. A fairly skinny deal when you factor in the additional capex for the 20K BOP stack and ancillary equipment. The value of the Anchor contract is $830 mm and over the 5-year life of the contract amounts to $455 per day. With only three of these high-specification rigs being planned, compensation should be well above the average ~$225K per day most of the still-active 7th generation drillships are receiving. VAL will receive upfront payments for the upgrade and those costs are not included in the $1.3 bn increase in backlog from Q-1. This rig, when properly configured, will be used to drill the North Platte project for Total Energies, (NYSE:TTE), with a 2024 start date. Valaris, (NYSE:VAL) announced in its quarterly conference call that its 7th generation drillship, the DS-11 will be restored from “preservation stack”, and kitted out with a 20K psi BOP. These are the only two rigs with this rating, and probably the only two of these billion-dollar babies that will be built from scratch.
RIG sees a healthy candidate pool for its unique 20K psi BOP drillships, the Deepwater Atlas and the Deepwater Titan.
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