Petrobras renews contract for use of Valaris drilling platform in Brazil

Petrobras renewed the charter contract for the Valaris DS-4 drilling platform, operated by the North American company Valaris, for operations in deep waters off the Brazilian coast. The extension of the contract, announced last Monday (6), will last 1,064 days and will come into force from November 2027, guaranteeing the continuity of operations until 2030.

According to Valaris, the new deal will add approximately $447 million to its backlog. The renewal comes amid a series of recent movements in the drilling market offshorereinforcing Petrobras’ position as the main global demander for deepwater services.

The company also reported that there was an adjustment to the daily rate of the current contract, which should result in a reduction of around US$21 million in the total value for the period between April 1, 2026 and November 2027.

The president and CEO of Valaris, Anton Dibowitz, highlighted the relevance of the partnership with the Brazilian state-owned company. According to him, the extension ensures the continuity of the platform’s activities and contributes to the company’s revenue predictability. “This renewal ensures continued work for DS-4 until 2030, supporting future profits and cash flow,” he said.

With the new contract, Valaris increases the recent volume of announced agreements and extensions to close to US$900 million, consolidating its operations in the offshore drilling segment.