Valaris books $300 million Shell drilling contract offshore Brazil

Offshore drilling contractor Valaris Limited [NYSE: VAL] reports that Shell has awarded it a multi-year contract offshore Brazil for its drillship Valaris DS-8. The contract is expected to commence in the first quarter of 2027, with an estimated duration of approximately 800 days and a total contract value of approximately $300 million. The contract also includes options with a total estimated duration of approximately one year.

“We are pleased to have been selected by Shell to provide drilling services on the Orca project, demonstrating both their confidence in Valaris to deliver complex deepwater drilling solutions and the growing IOC [international oil company] interest in developments offshore Brazil,” said Anton Dibowitz, Valaris’s president and CEO. “We continue to successfully execute our commercial strategy, with over $2.5 billion of backlog secured year to date to support future earnings and cash flow.”

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