Valaris has secured another term for the drillship Valaris DS-4 with Petrobras in Brazil, extending the rig’s assignment offshore by 1,064 days.
The added term is due to begin in November 2027 and will follow the current campaign without a gap. As a result, the rig now has committed work through 2030.
The company said the award lifts its contract backlog by around $447 million. However, revised pricing for the balance of the existing agreement will lower backlog by about $21 million for the period from 1 April 2026 to November 2027.
Anton Dibowitz, President and Chief Executive Officer of Valaris, said the extension reflects the company’s established relationship with Petrobras in Brazil. He also said Brazil continues to be the largest deepwater demand market globally and that the new term provides support for future earnings and cash flow.
The latest award follows other recently announced contracts and extensions by Valaris with a combined backlog close to $900 million.
Petrobras has also recently extended several other rig arrangements, including those involving Seadrill, Transocean, Ventura Offshore, and Constellation.
