Valaris, an offshore drilling company, secured a 12-well contract for one of its drillships in West Africa.
The contract requires reactivating the Valaris DS-7 drillship and is anticipated to commence in Q2 2024, lasting approximately 850 days.
According to the company, the total contract value is estimated to be $364 million. No information regarding the client was provided.
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,” president and CEO of Valaris Anton Dibowitz said.
The offshore driller listed on the New York Stock Exchange has announced an increase in its 2023 share repurchase goal.
“Up until now, we have bought back shares worth $91 million. Given the promising contract award and our ongoing dedication to rewarding shareholders, we are raising our 2023 share repurchase target from $150 million to $200 million,” stated Dibowitz.
