Valaris has announced that it has been awarded a 12-well contract offshore West Africa for drillship VALARIS DS-7, which will be reactivated for this contract. The Company also announced that it is increasing its 2023 share repurchase target from $150 million to $200 million.<\/p>\n\n\n\n
The contract is expected to commence in second quarter 2024 and has an estimated duration of 850 days. The total contract value is estimated to be $364 million. The contract requires minimal customer-specific upgrades to the rig and does not include the provision of any additional services.<\/p>\n\n\n\n
President and Chief Executive Officer Anton Dibowitz said, \u201cThis most recent award represents the seventh contract awarded to one of our high-quality floaters requiring reactivation since mid-2021 and speaks volumes about our demonstrated track record of project execution when reactivating rigs and delivering operational excellence for our customers. We continue to take a disciplined approach to rig reactivations, and we expect this contract to generate a meaningful return over the initial firm term.\u201d<\/p>\n\n\n\n
Dibowitz added, \u201cIn May, we announced an increase in our share repurchase authorization to $300 million and our intent to repurchase $150 million of shares by year-end 2023. To date, we have repurchased $91 million of shares. As a result of this attractive contract award and our continued commitment to returning capital to shareholders, we are increasing our 2023 share repurchase target from $150 million to $200 million.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"