Valaris Limited announced that it has been awarded a 1,064-day contract for drillship VALARIS DS-4 with Petrobras offshore Brazil following a competitive bidding process. Based on the firm contract term, the total contract value is approximately $519 million, inclusive of mobilization fees and additional services. The contract is anticipated to commence late in the fourth quarter 2024, following completion of the rig?s current contract with Petrobras, which is expected to finish in September 2024.

Upon completion of its current contract, the rig is expected to be out of service for approximately 90 days to complete customer-required capital upgrades prior to commencement of the new contract.