Valaris Secures Multi-Year Drillship Contract with Shell for VALARIS DS-8
HAMILTON, Bermuda — Valaris Limited (NYSE: VAL) announced today that it has been awarded a multi-year drilling contract with Shell offshore Brazil for the drillship VALARIS DS-8. The agreement is set to begin in Q1 2027, with an anticipated duration of roughly 800 days and a total contract value near $300 million. The deal also includes options that could extend the engagement by about one additional year.
Anton Dibowitz, Valaris President and Chief Executive Officer, commented, “Being chosen by Shell to drill on the Orca project underscores Shell’s confidence in Valaris to deliver sophisticated deepwater solutions and highlights the growing interest of international oil companies in Brazil’s offshore developments. We are executing our commercial strategy successfully, with more than $2.5 billion of backlog secured year to date to support future earnings and cash flow.”
About Valaris Limited
Valaris Limited (NYSE: VAL) stands as a leader in offshore drilling services across all water depths and geographies. Our fleet comprises ultra-deepwater drillships, versatile semisubmersibles, and modern shallow-water jackups. With experience in nearly every major offshore basin, Valaris remains committed to safety, operational excellence, and customer satisfaction, underpinned by a focus on technology and innovation. Valaris is a Bermuda exempted company (Bermuda No. 56245). Learn more at www.valaris.com.
Cautionary Statements
The statements in this press release that are not historical facts are forward-looking statements under the Securities Act of 1933 and the Securities Exchange Act of 1934. Forward-looking statements include terms such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “likely,” “outlook,” “plan,” “project,” “could,” “may,” “might,” “should,” and “will,” and specifically cover projected financial performance; utilization, day rates, revenues, operating expenses, cash flows, contract status, terms and duration; contract backlog; capital expenditures; insurance; financing; offshore market dynamics; project awards and awards timing; rig delivery and reactivation timelines; and related risks.
Actual results can differ materially due to factors such as contract cancellations or renegotiations, financing capabilities, liquidity constraints, regulatory actions, market volatility, weather events, supply and demand shifts in the rig market, cybersecurity risks, and other uncertainties described in the company’s most recent Form 10-K and other SEC filings. We undertake no obligation to update forward-looking statements except as required by law. For more details on risks and factors that could affect results, please refer to the company’s SEC filings and investor relations materials at www.sec.gov or www.valaris.com.
