VAL News & Events

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."

Valaris (VAL) announced that its wholly owned subsidiary, Ensco UK Drilling Ltd., has entered into a Strategic Collaboration Agreement with PETRONAS Suriname Exploration & Production BV and Halliburton (HAL) to support the development of PETRONAS Suriname's offshore assets. The SCA brings together Valaris' offshore drilling expertise and high-specification global fleet, PETRONAS Suriname's project stewardship and basin knowledge, and Halliburton's subsurface, well construction and digital solutions. The Agreement establishes a collaborative framework across the project lifecycle, including early-stage planning, technical integration and continuous improvement initiatives, to enhance operational efficiency and support transparent, value-driven project execution.

BTIG analyst Gregory Lewis downgraded Valaris (VAL) to Neutral from Buy without a price target after Transocean (RIG) recently announced it is acquiring Valaris in an all-stock transaction. BTIG expects the transaction to close in the second half of 2026 and does not expect competing bids to emerge offering anything materially higher.