HAMILTON, Bermuda — Valaris Ltd. has been awarded a 1,064-day contract for drillship VALARIS DS-4 with Petrobras offshore Brazil following a competitive bidding process.
Based on the firm contract term, the total contract value is about $519 million, inclusive of mobilization fees and additional services.
Valaris says the contract is anticipated to begin late in the fourth quarter 2024, following completion of the rig’s current contract with Petrobras, which is expected to finish in September 2024. Upon completion of its current contract, the rig is expected to be out of service for about 90 days to complete customer-required capital upgrades prior to commencement of the new contract.
“We are delighted to have secured further work for drillship VALARIS DS-4 with Petrobras for their upcoming Buzios program," President and CEO Anton Dibowitz said. "This contract award for VALARIS DS-4 is a great example of how we are executing on the operating leverage inherent in our business, with the rig repricing from a day rate in the low $200,000s to an effective day rate in the high $400,000s.”
