Valaris Limited announced on April 6 that it has secured a 10,64-day contract extension with Petrobras for its drillship VALARIS DS-4 offshore Brazil.
The extension is “expected to commence in November 2027 in direct continuation of the existing program” and “will add approximately $447 million to contract backlog.”
Valaris also noted adjustments tied to the agreement. It said, “in conjunction with the extension, 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.”
President and Chief Executive Officer Anton Dibowitz said, “We are pleased to extend our long-standing partnership with Petrobras in Brazil, which remains the largest source of deepwater demand globally.”
He added, “This contract extension secures continuous work for DS-4 into 2030, supporting future earnings and cash flow.”
Valaris first clinched a multi-year contract with Petrobras in 2024. The deal has an approximate total contract value of US$519 million, encompassing mobilization fees and supplementary services.
Valaris Limited ranks among the top offshore drilling contractors globally, managing rigs operating in Latin America. The company provides offshore drilling services across all water depths and regions, supported by a high-specification fleet that includes ultra-deepwater drillships, versatile semisubmersibles and modern shallow-water jackups. With experience across nearly every major offshore basin, Valaris emphasizes safety, operational excellence and customer satisfaction, underpinned by a strong focus on technology and innovation.
