Bermuda-incorporated offshore drilling contractor Valaris has secured more drilling work for one of its drillships off the coast of Brazil with the country’s state-owned energy giant Petrobras.
Valaris has been awarded a 1,064-day contract extension with Petrobras offshore Brazil for the Valaris DS-4 drillship. This job is expected to begin in November 2027 in direct continuation of the existing program.
The extension will add approximately $447 million to the rig owner’s contract backlog. The day rate for the remainder of the existing contract has been adjusted, reducing contract backlog from April 1, 2026 to November 2027 by approximately $21 million.
Anton Dibowitz, Valaris’ President and Chief Executive Officer, commented: “We are pleased to extend our long-standing partnership with Petrobras in Brazil, which remains the largest source of deepwater demand globally. This contract extension secures continuous work for DS-4 into 2030, supporting future earnings and cash flow.”
The latest contract extension comes shortly after Valaris announced deals and extensions, with an associated contract backlog of nearly $900 million.
Petrobras also recently prolonged multiple other rig deals, including those with Seadrill, Transocean, Ventura Offshore, and Constellation.
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