(WO) — Valaris has secured a multi-year contract extension with Petrobras for its DS-4 drillship offshore Brazil, including roughly $447 million to its backlog and reinforcing long-term demand within the deepwater market.
The 1,064-day extension is ready to start in November 2027 and can proceed the rig’s present program, holding the vessel energetic by way of 2030.
The settlement underscores continued power in Brazil’s deepwater sector, which stays a key driver of worldwide offshore drilling demand.
As a part of the extension, the day fee for the rest of the present contract has been adjusted, lowering backlog between April 2026 and November 2027 by about $21 million.
“We’re happy to increase our long-standing partnership with Petrobras in Brazil, which stays the biggest supply of deepwater demand globally,” mentioned Anton Dibowitz, president and CEO of Valaris. “This contract extension secures steady work for DS-4 into 2030, supporting future earnings and money circulate.”
The award provides to a rising pipeline of long-term offshore contracts in Brazil, the place operators proceed to advance large-scale deepwater developments requiring high-spec drillships.
