Multi-year drillship contract awarded to Valaris for offshore Brazil

Valaris Limited announced that it has been awarded a multi-year contract with Equinor Energy do Brasil for drillship VALARIS DS-17. Equinor’s project partners are Repsol Sinpoec Brazil (35%) and Petrobras (30%). The estimated total contract value is approximately $498 million, inclusive of MPD, additional services and fees for mobilization and minor rig upgrades.

The contract relates to work offshore Brazil on Project Raia and has an estimated total duration of 852 days, which includes a 672-day drilling program that is expected to commence in the first half of 2026.

The rig will be on standby for an estimated duration of 180 days between the end of the rig’s current program and the beginning of the operating period. During the standby period, the rig may be available for work both inside and outside Brazil, which could lead to incremental revenue.

Valaris President and Chief Executive Officer Anton Dibowitz said, “We are grateful to Equinor for the investments they have made in safety and automation technology on VALARIS DS-17 and the trust they have placed in us to execute their development programs offshore Brazil.”