Valaris has confirmed that it has been awarded a multi-year contract with Equinor subsidiary Equinor Energy do Brasil for the drillship Valaris DS-17. The contract relates to work offshore Brazil on Project Raia. Equinor’s project partners are Repsol Sinopec Brazil (35 per cent) and Petrobras (30 per cent).
The estimated total contract value is approximately US$498 million, inclusive of MPD, additional services, and fees for mobilisation and minor rig upgrades. The contract has an estimated total duration of 852 days.
The contract includes a 672-day drilling program that is scheduled to commence in the first half of 2026. The rig will be on standby for an estimated duration of 180 days between the end of its current program and the beginning of the operating period.
During the standby period, the rig may be available for work both inside and outside Brazil. Valaris said this could lead to incremental revenue for the company.