Offshore drilling services provider Valaris has clinched a new long-term contract to drill 12 wells offshore West Africa, worth a total of $364 million. The contract will utilize Valaris' VALARIS DS-7 drillship and is expected to last approximately 850 days, commencing in the second quarter of 2024.

The contract primarily involves activating the VALARIS DS-7 drillship for the job, without any additional services included. Only a few customer-specific enhancements to the rig are required for the contract.

Valaris President and CEO, Anton Dibowitz, expressed his satisfaction with the contract award, highlighting that it marks the seventh contract awarded for one of their high-quality floaters requiring reactivation since mid-2021. He emphasized Valaris' impressive track record of executing projects and delivering operational excellence for their clients.

Furthermore, Valaris announced its decision to raise the 2023 share repurchase goal from $150 million to $200 million. In May, the company had outlined plans to buy back shares worth $150 million throughout the year, and as of now, they have already purchased shares amounting to $91 million.

Dibowitz stated, "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."

In recent times, Valaris has also secured multiple drilling contracts in other regions, including the Gulf of Mexico and offshore Australia. These contracts encompassed their semi-submersible VALARIS DPS-5 drillship, heavy-duty jackup VALARIS 107, and heavy-duty ultra-harsh environment jackup VALARIS 247.