Valaris Limited (NYSE: VAL) announced it secured a 1,064-day contract extension with Petrobras for drillship VALARIS DS-4 offshore Brazil. The extension will add approximately $447 million to the company's contract backlog.

The contract extension is scheduled to begin in November 2027, continuing directly from the existing program and securing work for the drillship through 2030. The company adjusted day rates for the remainder of the current contract, reducing backlog by approximately $21 million from April 2026 to November 2027.

"We are pleased to extend our long-standing partnership with Petrobras in Brazil, which remains the largest source of deepwater demand globally," said President and Chief Executive Officer Anton Dibowitz. "This contract extension secures continuous work for DS-4 into 2030, supporting future earnings and cash flow."

The information was provided in a company press release statement.