Bermuda-incorporated Valaris said it had been awarded a 12-well contract offshore in West Africa for its Valaris DS-7.

The Marshall Islands-flagged drillship is being reactivated for the job.

Valaris expects that the work will begin in the second quarter of 2024 and last for 850 days. The contract is estimated to be worth $364 million.

The company also said that it would be increasing its 2023 share repurchase target from $150 million to $200 million.

“This 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,” said president and chief executive officer Anton Dibowitz.

“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.”

Valaris is a New York Stock Exchange-listed company.