Valaris Celebrates $519 Million Contract With Petrobras for DS-4 Drillship

Written by Ruth Rodrigues

Published on 04/01/2024 at 20:24

Foto: Valaris

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Valaris Secured a US$ 519 Million Contract with Petrobras to Operate the Valaris DS-4 Drillship in Búzios. With a Duration of 1,064 Days, the Agreement Starts in the Fourth Quarter of 2024. The Contract Strengthens the Partnership for Future Offshore Projects in Brazil.

Valaris announced on Tuesday, (01/02), a significant contract with Petrobras, consolidating a strategic partnership to operate the drillship Valaris DS-4. This contract, valued at US$ 519 million outside Brazil, encompasses not only a mobilization fee but also additional crucial services for a project in the Búzios field. The transaction marks a fundamental step in strengthening the relations between the two giants of the energy sector.

Project in the Búzios Field Boosts 1,064-Day Contract for the DS-4 Platform with Petrobras

The agreement, with a duration of 1,064 days, is expected to begin in the fourth quarter of 2024, shortly after the conclusion of the current contract in effect with Petrobras, scheduled to end in September of the same year.

Valaris emphasizes that, following the end of the ongoing contract, the Valaris DS-4 platform will undergo a period of approximately 90 days out of operation.

ARTICLE CONTINUES BELOW

Petrobras and Valaris Envision Long-Term Collaboration on Offshore Projects in Brazil

The President and CEO of Valaris, Anton Dibowitz, expressed his satisfaction with the assurance of the contract, highlighting the project’s importance in the Búzios field for the company.

“We are pleased that Petrobras has secured more work for the DS-4 drilling platform for its next project in Búzios, and we look forward to continuing our partnership with Petrobras on its offshore projects in Brazil for many years,” Dibowitz stated in a press release.

Dibowitz also highlighted Valaris’ strategy to boost profits and cash flow by re-contracting platforms at higher market rates.

The contract for the Valaris DS-4 is a notable example of this approach, moving the platform from an initial daily rate of US$ 200,000 to an effective daily rate of US$ 400,000.

This demonstrates the effectiveness of the operational leverage inherent in Valaris’ business.

Source: FVO Site

Valaris Celebrates $519 Million Contract With Petrobras for DS-4 Drillship

Valaris Secured a US$ 519 Million Contract with Petrobras to Operate the Valaris DS-4 Drillship in Búzios. With a Duration of 1,064 Days, the Agreement Starts in the Fourth Quarter of 2024. The Contract Strengthens the Partnership for Future Offshore Projects in Brazil.

Project in the Búzios Field Boosts 1,064-Day Contract for the DS-4 Platform with Petrobras

Petrobras and Valaris Envision Long-Term Collaboration on Offshore Projects in Brazil

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Valaris Celebrates $519 Million Contract With Petrobras for DS-4 Drillship

Valaris Secured a US$ 519 Million Contract with Petrobras to Operate the Valaris DS-4 Drillship in Búzios. With a Duration of 1,064 Days, the Agreement Starts in the Fourth Quarter of 2024. The Contract Strengthens the Partnership for Future Offshore Projects in Brazil.

Project in the Búzios Field Boosts 1,064-Day Contract for the DS-4 Platform with Petrobras

Petrobras and Valaris Envision Long-Term Collaboration on Offshore Projects in Brazil

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Great Atlantic Sargassum Belt has ceased to be a climatic phenomenon and has become a biological system that feeds on itself, with 8,000 kilometers in length, 37 million tons of algae, and scientists confirm that it is now permanent.

A British company has installed in the middle of the ocean the world’s first floating platform that generates electricity 24 hours a day from the temperature difference between the surface and the depths of the Atlantic, without relying on wind or sun.

Brazil will harvest a record crop of up to 357 million tons of grains, but it does not have the capacity to store a large part of it. The storage deficit has reached the highest level in history and is equivalent to almost the entire production of Argentina.

Engineers had to pour concrete mixed with tons of ice throughout entire nights in the Dubai desert to erect the Burj Khalifa; any carelessness could clog the pipes half a mile high.

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