Valaris Secures 1,064-Day Contract Extension with Petrobras
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Apr 06 2026
0mins
Should l Buy VAL?
Valaris announced that it has been awarded a 1,064-day contract extension with Petrobras offshore Brazil for drillship VALARIS DS-4. The extension is expected to commence in November 2027 in direct continuation of the existing program and will add approximately $447 million to contract backlog. In conjunction with the extension, the day rate for the remainder of the existing contract has been adjusted, reducing contract backlog from April 1, 2026 to November 2027 by approximately $21 million. President and Chief Executive Officer Anton Dibowitz said, "We are pleased to extend our long-standing partnership with Petrobras in Brazil, which remains the largest source of deepwater demand globally. This contract extension secures continuous work for DS-4 into 2030, supporting future earnings and cash flow."
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Analyst Views on VAL
Wall Street analysts forecast VAL stock price to fall
6 Analyst Rating
1 Buy
4 Hold
1 Sell
Hold
Current: 88.560
Low
49.00
Averages
56.50
High
65.00
Current: 88.560
Low
49.00
Averages
56.50
High
65.00
About VAL
Valaris Limited is an offshore contract drilling company, which is engaged in providing offshore contract drilling services to the international oil and gas industry with operations on the offshore market on approximately six continents. The Company operates a rig fleet of ultra-deepwater drill ships, semisubmersibles, and shallow water jackups. The Company operates through four segments: Floaters, which includes its drill ships and semisubmersible rigs; Jackups; ARO, and Other, which consists of management services on rigs owned by third parties and the activities associated with its arrangements with ARO. Its customers include many of the offshore exploration and production companies, including integrated energy companies, national oil companies, and independent operators. The Company owns approximately 52 rigs, including 13 drill ships, four dynamically positioned semisubmersible rigs, one moored semisubmersible rig, and 34 jackup rigs.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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