Valaris Limited (NYSE: VAL) said on Monday that it had secured a multi-year contract with Equinor Energy do Brasil Ltda., a subsidiary of Equinor ASA, for drillship VALARIS DS-17.
The contract is associated with work offshore Brazil on Project Raia.
The estimated total contract value is nearly $498 million, while the contract has an estimated total duration of 852 days.
“This contract award is a testament to the quality of our crews and the collaborative nature of our relationship with Equinor. We are grateful to Equinor for the investments they have made in leading-edge safety and automation technology on VALARIS DS-17 and the trust they have placed in us to execute their development programs offshore Brazil. In addition, this contract further underscores our track record of delivering high-performing assets following a reactivation,” Anton Dibowitz, President and Chief Executive Officer, said in a press release.
Stock Performance
The shares of Valaris Limited (VAL) closed 2.08% ($1.59) higher at $78.06 in New York on Monday, as they snapped a four-day streak of losses.
The company’s total market cap now stands at $5.652 billion.
The shares of Valaris Limited (VAL) went up 1.40% in 2023, compared with a 10.99% gain for the benchmark index, NYSE Composite (NYA).
The company’s shares have risen 13.84% so far this year.
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