Valaris Announces Multi-Year Contract Award for Drillship VALARIS DS-4

About this update from Petroleo Brasileiro Sa

HAMILTON, Bermuda, April 06, 2026--(BUSINESS WIRE)--Valaris Limited (NYSE: VAL) ("Valaris" or the "Company") announced today that it has been awarded a 1,064-day contract extension with Petrobras offshore Brazil for drillship VALARIS DS-4. 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. In conjunction with the extension, the day rate for the remainder of the existing contract has been adjusted, reducing contract backlog from April 1, 2026 to November 2027 by approximately $21 million. President and Chief Executive Officer Anton Dibowitz said, "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." About Valaris Limited Valaris Limited (NYSE: VAL) is an industry leader in offshore drilling services across all water depths and geographies. Operating a high-quality rig fleet of ultra-deepwater drillships, versatile semisubmersibles and modern shallow-water jackups, Valaris has experience operating in nearly every major offshore basin. Valaris maintains an unwavering commitment to safety, operational excellence, and customer satisfaction, with a focus on technology and innovation. Valaris Limited is a Bermuda exempted company limited by shares (Bermuda No. 56245). To learn more, visit our website at www.valaris.com. Cautionary Statements Statements contained in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include words or phrases such as "anticipate," "believe," "estimate," "expect," "intend," "likely," "outlook," "plan," "project," "could," "may," "might," "should," "will" and similar words and specifically include statements regarding expected financial performance; expected utilization, day rates, revenues, operating expenses, cash flows, contract status, terms and duration, co...

View stock analysis, news, and events for Petroleo Brasileiro Sa