The contract is for the VALARIS DS-4 drillship. Credit: nikkytok/Shutterstock.

Brazilian state-owned oil and gas company Petrobras has awarded a drilling contract worth approximately $519m to Valaris for the Buzios oil field project.  

The contract for the VALARIS DS-4 drillship, spanning 1,064 days, is set to commence towards the end of Q4 of 2024.  

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

It includes mobilisation fees and additional services. 

Valaris said the commencement of the new contract with Petrobras is scheduled after the completion of the drillship’s current engagement, which is expected to conclude in September 2024.  

Following this, the VALARIS DS-4 is anticipated to undergo a 90-day period of out-of-service time to undertake necessary capital upgrades as specified by the customer before it begins its new assignment. 

Located in the pre-salt Campos Basin off the coast of Brazil, Buzios is one of the world’s largest deep-water fields.  

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Discovered in 2010 and brought into production in April 2018, the Buzios field is owned and operated by Petrobras. 

Valaris president and CEO Anton Dibowitz said: “We are delighted to have secured further work for drillship VALARIS DS-4 with Petrobras for their upcoming Buzios programme and we look forward to continuing to partner with Petrobras on their programmes offshore Brazil, a market where we expect to see continued growth over the next several years.  

“We have previously stated that we expect Valaris’ earnings and cash flow to increase meaningfully as rigs are recontracted at market rates. This contract award for VALARIS DS-4 is a great example of how we are executing on the operating leverage inherent in our business, with the rig repricing from a day rate in the low $200,000s to an effective day rate in the high $400,000s.” 

In July this year, Petrobras awarded a line pipes supply contract to Vallourec, a French manufacturing company that offers tubular solutions.