Offshore driller Valaris has been awarded a 12-well contract offshore West Africa for one of its drillships.
Valaris said that the contract would involve the reactivation of the Valaris DS-7 drillship. The contract is expected to start in the second quarter of 2024 and has an estimated duration of 850 days.
According to the company, the total contract value is estimated to be $364m. 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 New York-listed offshore driller also stated that it was increasing its 2023 share repurchase target.
“To date, we have repurchased $91m of shares. As a result of this attractive contract award and our continued commitment to returning capital to shareholders, we are increasing our 2023 share repurchase target from $150m to $200m,” Dibowitz added.
