Petrobras extends West Polaris work on Búzios field
Seadrill announced that the West Polaris ultra-deepwater drillship was awarded a 1,095-day contract extension with Petrobras for work on the Búzios field in Brazil’s Santos Basin.
The additional term adds approximately $480 million in contract backlog and is expected to commence in direct continuation of the current program in January 2028. Additionally, the current contracted dayrate has been updated to $409,200 for 1 April 2026 through 31 March 2027, then $454,700 for 1 April 2027 through 15 January 2028.
In separate news, Sonadrill – a 50/50 joint venture between Seadrill and an affiliate of Sonangol – was awarded a contract extension for the Sonangol Quenguela ultra-deepwater drillship.
A seven-well priced option was exercised, extending the unit’s operations in Angola by approximately 480 days and committing the rig into June 2028.
Occidental strikes oil at Bandit prospect in Green Canyon
Occidental announced an oil discovery at the Bandit prospect in the US Gulf, approximately 125 miles south of the Louisiana coast. The exploration well, located in Green Canyon Block 680, encountered high-quality, full-to-base oil-bearing Miocene sands.
Bandit is operated by Occidental, which holds a 45.375% working interest, and includes co-owners Chevron (37.125%) and Woodside Energy (17.5%). The co-owners are evaluating results to determine next steps. The discovery has the potential for subsea tiebacks to an adjacent Occidental-operated facility and others in the nearby area.
Valaris enters agreement to support Suriname E&P
Valaris announced its subsidiary, Ensco UK Drilling, entered into a strategic collaboration agreement with Petronas Suriname and Halliburton to support the development of Petronas Suriname’s offshore assets.
The agreement establishes a collaborative framework across the project lifecycle, including early-stage planning, technical integration and continuous improvement initiatives, to enhance operational efficiency and support transparent, value-driven project execution.
Separately, Valaris was awarded a 1,064-day contract extension with Petrobras offshore Brazil for the VALARIS DS-4 drillship. 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.
BP set to enter Namibia’s Walvis Basin as operator
BP agreed to acquire a 60% interest in three offshore exploration blocks in Namibia from Eco Atlantic Oil & Gas. The blocks – PEL97, PEL99 and PEL100 – are located in the Walvis Basin. BP will serve as operator, with Eco Atlantic remaining a partner, along with Namibia’s national oil company NAMCOR, following transaction closing conditions being met. This agreement marks BP’s entry into the country as an operator.
Separately, Azule Energy – a 50/50 joint venture between BP and Eni – confirmed start-up of gas production from the Quiluma field, part of the New Gas Consortium (NGC) in Angola. Production is expected to ramp up to 330 million standard cubic feet per day by the end of 2026.
The NGC project is Angola’s first non-associated gas development. Gas is produced from the shallow-water Quiluma field, which is treated at an onshore processing facility and delivered to the Angola LNG plant for export. Azule Energy is operator of the NGC, with a 37.4% participation, in partnership with Cabinda Gulf Oil Company with 31%, Sonangol with 19.8% and TotalEnergies with 11.8% and ANPG as the National Concessionaire.
Borr secures new contracts, extensions for 4 jackups
In Gabon, Borr Drilling’s Prospector 5 received a binding letter of award (LOA) from BW Energy. The commitment covers a firm scope of four wells, with a minimum duration of 320 days, and is expected to commence in Q3 2026 following completion of the rig’s current contract and scheduled special periodic survey.
In Mexico, the Ran received a six-month extension with Eni, keeping the rig committed through September 2026.
In Europe, the Joro received extensions from the current operator, keeping the rig committed through May 2026.
In Vietnam, the Thor received a binding LOA from an operator for a two-well campaign with an estimated duration of 100 days. It will commence in July 2026, in direct continuation of its current commitment.
