Valaris secures $447 million Petrobras extension for Brazil deepwater drillship

(WO) — Valaris has secured a multi-year contract extension with Petrobras for its DS-4 drillship offshore Brazil, adding approximately $447 million to its backlog and reinforcing long-term demand in the deepwater market.

The 1,064-day extension is set to begin in November 2027 and will continue the rig’s current program, keeping the vessel active through 2030.

The agreement underscores continued strength in Brazil’s deepwater sector, which remains a key driver of global offshore drilling demand.

As part of the extension, 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,” said Anton Dibowitz, president and CEO of Valaris. “This contract extension secures continuous work for DS-4 into 2030, supporting future earnings and cash flow.”

The award adds to a growing pipeline of long-term offshore contracts in Brazil, where operators continue to advance large-scale deepwater developments requiring high-spec drillships.