Offshore drilling contractor Valaris has secured a multi-year contract extension with Petrobras offshore Brazil and entered into a strategic collaboration agreement with Petronas and Halliburton for offshore development in Suriname.
The company said the drillship VALARIS DS-4 was awarded a 1,064-day contract extension with Petrobras, expected to begin in November 2027 in direct continuation of its current program.
The extension is expected to add approximately $447 million to Valaris’ backlog, securing work for the rig into 2030. As part of the agreement, the day rate for the remainder of the existing contract has been adjusted, reducing backlog between April 2026 and November 2027 by about $21 million.
“We are pleased to extend our long-standing partnership with Petrobras in Brazil, which remains the largest source of deepwater demand globally. This contract extension secures continuous work for DS-4 into 2030, supporting future earnings and cash flow,” said Anton Dibowitz, President and Chief Executive Officer of Valaris.
Separately, Valaris announced its subsidiary Ensco UK Drilling signed a strategic collaboration agreement with Petronas Suriname Exploration & Production BV and Halliburton to support offshore developments in Suriname.
The agreement brings together Valaris’ drilling fleet, Petronas Suriname’s basin expertise and project oversight, and Halliburton’s subsurface and well construction capabilities, covering activities from early-stage planning to execution.
Suriname is part of the Guyana-Suriname Basin, a region that has seen strong exploration success and increasing development activity.
“This agreement reflects our strong track record of delivering operational excellence, the capabilities of our high-specification fleet, and our ability to collaborate closely with our customers and partners. We are pleased to embark on this strategic initiative and look forward to delivering safe and efficient operations while creating long-term value for all stakeholders,” added Dibowitz.
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