Valaris Limited (NYSE: VAL) announced that its subsidiary Ensco UK Drilling Ltd. has entered into a Strategic Collaboration Agreement with PETRONAS Suriname Exploration & Production BV and Halliburton to support development of offshore assets in Suriname.

The agreement combines Valaris' offshore drilling expertise and fleet, PETRONAS Suriname's project management and regional knowledge, and Halliburton's subsurface and well construction solutions. The collaboration framework covers project lifecycle activities including early-stage planning, technical integration and operational improvements.

Suriname is located in the Guyana-Suriname Basin, which has experienced exploration success and development activity. The basin presents long-term opportunities for operators and service providers in the region.

"This agreement reflects our strong track record of delivering operational excellence, the capabilities of our high-specification fleet, and our ability to collaborate closely with our customers and partners," said President and Chief Executive Officer Anton Dibowitz.

Valaris operates a fleet of ultra-deepwater drillships, semisubmersibles and shallow-water jackups across offshore basins globally. The company provides offshore drilling services across all water depths and geographic regions.

The information is based on a company press release statement.