Offshore drilling company Valaris clinched a multi-year contract for its drillship VALARIS DS-4 with Petrobras.
The contract spans 1,064 days and is slated to commence in the latter part of the fourth quarter of 2024, following the completion of the rig’s ongoing contract with Petrobras, expected to end in September 2024.
The deal has an approximate total contract value of US$519 million, encompassing mobilization fees and supplementary services.
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Upon concluding its current contract, the VALARIS DS-4 rig is expected to undergo a downtime of roughly 90 days. This period will be dedicated to executing customer-mandated capital upgrades necessary to meet requirements before commencing the new contract.
Anton Dibowitz, Valaris’ President and Chief Executive Officer, expressed enthusiasm about this accomplishment. “We are delighted to have secured further work for drillship VALARIS DS-4 with Petrobras for their upcoming Búzios program,” stated Dibowitz. He further highlighted the company’s commitment to continuing its partnership with Petrobras in Brazil, a market they anticipate will grow in the coming years.
Dibowitz reiterated Valaris’ earlier forecasts regarding increased earnings and cash flow, particularly as its rigs are successfully re-contracted at market rates.
