Petrobras awards drillship contract extensions for work offshore Brazil

Petrobras's contract extensions with Valaris and Seadrill secure offshore drilling capacity in Brazil, with adjustments to day rates and contract durations.

April 6, 2026

Petrobras has let contract extensions to drillships working offshore Brazil.

The operator let a 1,064-day contract extension to Valaris Ltd. for continued use of the Valaris DS-4 drillship. The extension is expected to begin in November 2027 in direct continuation of the existing program and will add about $447 million to Valaris’ contract backlog. In conjunction with the extension, Valaris said the day rate for the remainder of the existing contract has been adjusted, reducing contract backlog from Apr. 1, 2026, to November 2027 by about $21 million.

Separately, Petrobras let a 1,095-day contract extension to Seadrill Ltd. for the continued use of the ultra-deepwater drillship West Polaris for work in Búzios field in Brazil’s Santos basin.

The additional term adds approximately $480 million in contract backlog and is expected to begin in direct continuation of the current program in January 2028. Along with the contract extension, the companies have adjusted the current contracted dayrate to $454,700 for Apr. 1, 2027, through Jan. 15, 2028, from $409,200 for Apr. 1, 2026, through Mar. 31, 2027.