Valaris nets multi-well contract for drillship offshore West Africa

Valaris received a 12-well contract offshore West Africa for its Valaris DS-7 drillship, increasing its 2023 share repurchase target from $150 million to $200 million.

The contract is expected to commence in Q2 2024 and has an estimated duration of 850 days. The total contract value is estimated to be $364 million. The contract requires minimal customer-specific upgrades to the rig and does not include the provision of any additional services.

“This most recent award represents the seventh contract awarded to one of our high-quality floaters requiring reactivation since mid-2021 and speaks volumes about our demonstrated track record of project execution when reactivating rigs and delivering operational excellence for our customers. We continue to take a disciplined approach to rig reactivations, and we expect this contract to generate a meaningful return over the initial firm term,” said Valaris President and CEO Anton Dibowitz.