Valaris embarks on emission reduction quest with new 2030 target
Offshore drilling contractor Valaris has set a carbon emissions reduction target to reduce its Scope 1 emissions by 2030, aligning its sustainability goals with the Task Force on Climate-Related Financial Disclosures (TCFD) framework.
Valaris issued its 2022 Sustainability Report on Monday, 17 April 2023, showcasing its commitment to environmental, social and governance (ESG) priorities. As part of its commitment to sustainability, the rig owner has set a target to reduce Scope 1 emissions intensity per active day by 10 per cent to 20 per cent by 2030 compared to a 2019 baseline.
Anton Dibowitz, President and Chief Executive Officer of Valaris, remarked: “At Valaris, we are proud to provide responsible solutions that deliver energy to the world. We continue to develop our sustainability programme, including this year setting goals that drive meaningful advancements toward building a more resilient and sustainable company. We look forward to promoting sustainable business practices alongside our stakeholders.”
The offshore drilling contractor claims that it has identified a clear roadmap to reach its target based on four areas of focus, which include energy-efficient practices, energy-saving upgrades and procedures, biofuel blends, and jack-up rig electrification.
Valaris’ energy efficient practices entail optimising the efficiency of power generation on drilling units, including implementing a fleet-wide digitalisation of diesel engine monitoring and developing Power Management Plans to optimise diesel engine fuel consumption.
When it comes to energy-saving upgrades and procedures, this covers rolling-out energy-efficient technologies, such as the ABS enhanced electrical system notation, EHS-E, installed on one of the company’s drillships with an additional drillship currently being upgraded.
In addition, the firm believes that using biofuel blends and electrifying jack-up drilling rigs using a local electric grid or from other sources – where made available by customers – will enable it to meet its carbon reduction target.
Furthermore, Valaris claims its carbon reduction goal is “a credible target range” based on current technologies and may increase the target as new technologies become available. The company remains focused on exploring ways to continuously improve its overall impact on the environment, including the reduction of greenhouse gas emissions.
Valaris highlights that it has also aligned its sustainability report with the standards of the Task Force on Climate-Related Financial Disclosures, in addition to the Sustainability Accounting Standards Board (SASB), with references to other frameworks such as the Global Reporting Initiative (GRI) and the Carbon Disclosure Project (CDP), where relevant.
Regarding Valaris’ recent activities, it is worth noting that the rig owner is preparing to start its contract with Brunei Shell Petroleum, as a jack-up rig, hired for this assignment, recently embarked on its journey to Brunei.
The deal with Shell has a total contract value of approximately $159 million and is expected to start in April 2023.