UPDATE: Valaris Secures 1,064-Day Petrobras Extension Adding $447M Backlog, Adjusts Rates Cutting $21M
Benzinga Newsdesk 6 months ago
NewsContracts
Valaris Limited (NYSE:VAL) ("Valaris" or the "Company") announced today that it has been awarded a 1,064-day contract extension with Petrobras offshore Brazil for drillship VALARIS DS-4. The extension is expected to
Valaris Limited (NYSE:VAL) ("Valaris" or the "Company") announced today that it has been awarded a 1,064-day contract extension with Petrobras offshore Brazil for drillship VALARIS DS-4. 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.
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.