The contract is for the company’s VALARIS DS-7 drillship. Credit: nikkytok via Shutterstock.

Valaris, an offshore drilling services provider, has secured a new long-term contract for 12 wells offshore West Africa.

The contract is for the company’s VALARIS DS-7 drillship, which will be activated for the job.

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With a duration of around 850 days, the contract is anticipated to begin in the second quarter of 2024.

The total contract is valued at $364m.

The contract does not involve the delivery of any additional services and only calls for a few customer-specific enhancements to the rig.

Valaris president and CEO Anton Dibowitz said: “This most recent award represents the seventh contract awarded to one of our high-quality floaters requiring reactivation since mid-2021 and speaks volumes about our demonstrated track record of project execution when reactivating rigs and delivering operational excellence for our customers.”

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Concurrently, Valaris announced plans to raise its 2023 share repurchase goal from $150m to $200m.

In May the company revealed its plans to buy back shares worth $150m this year, and to date the company has purchased $91m in 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.

Last month, the company announced multiple new drilling contracts in the Gulf of Mexico and offshore Australia.

The contracts were for its semi-submersible VALARIS DPS-5 drillship, heavy-duty jackup VALARIS 107 and heavy-duty ultra-harsh environment jackup VALARIS 247.