Valaris Ltd, the Bermudian-based offshore drilling services company, has been awarded a multiyear contract valued at nearly $500 million with Equinor Energy do Brasil Ltd, a subsidiary of Equinor ASA, for drillship Valaris DS-17.

The company said the contract related to work offshore Brazil on Project Raia. Equinor’s project partners are Repsol Sinpoec Brazil (35 per cent) and Petrobras (30 per cent).

The estimated total contract value is approximately $498 million, inclusive of managed pressure drilling, additional services and fees for mobilisation and minor rig upgrades.

The contract has an estimated duration of 852 days, including a 672-day drilling programme that is expected to commence in the first half of 2026.

The rig will be on standby for an estimated duration of 180 days between the end of the rig’s current programme and the beginning of the operating period.

During the standby period, the rig may be available for work both inside and outside Brazil, which could lead to incremental revenue.

President and chief executive officer Anton Dibowitz said: “This contract award is a testament to the quality of our crews and the collaborative nature of our relationship with Equinor.

“We are grateful to Equinor for the investments they have made in leading-edge safety and automation technology on Valaris DS-17 and the trust they have placed in us to execute their development programmes offshore Brazil.

“In addition, this contract further underscores our track record of delivering high-performing assets following a reactivation.”

He added: “We continue to execute our commercial strategy by securing new contracts at higher day rates and consistently building our backlog as evidenced by this multiyear drillship contract.

“We see strong customer demand for work that is expected to commence in 2025 and 2026 that will continue to support our anticipated earnings and cashflow growth over the next few years.”

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Borr Drilling Ltd, the Bermudian-based oilfield services company, has announced new contract commitments for three of its premium jack-up rigs covering 1,779 days and $332 million in contract revenue, including mobilisation and demobilisation compensation.

The Arabia I, which had its work scope suspended earlier this year in Saudi Arabia, has secured a new long-term contract in Brazil.

The contract period is four years firm plus a four years unpriced option and is expected to commence in Q1 2025 in co-operation with an experienced local partner for Petrobras.

In Southeast Asia, the Gunnlod has received a binding letter of award from an operator in Malaysia. The award covers a firm scope of seven wells, with an anticipated duration of 210 days, and is expected to commence in November.

In Africa, the Norve has secured a 109 days extension with BW Energy in Gabon. This extension will keep the Norve contracted until February 2025 when it will commence its subsequent contract with Marathon Oil in Equatorial Guinea.

Chief commercial officer Bruno Morand said: “These new awards reinforce Borr Drilling's ability to secure strategic commitments by leveraging our premium fleet, strong operational performance, and global footprint.

“Year-to-date, the company has secured 13 new contracts contributing $644 million in contract value, implying an average equivalent day rate of approximately $185,000.

“The new long-term award in Brazil for the Arabia I will be a vast improvement over its previous contract with a day-rate increase of over 60 per cent.

“Following these awards, all our delivered rigs are committed. Based on already secured commitments and ongoing negotiations, we are confident that the new build Vali will be contracted and operating shortly after its delivery later this year.”

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Bermudian-based SFL Corporation Ltd, one of the world's largest ship-owning companies, has priced its previously announced underwritten public offering of eight million of the company’s common shares, par value $0.01 per share, at $12.50 per share.

The company said net proceeds of the offering are expected to be used for general corporate purposes, including but not limited to vessel acquisitions.

The company has granted the underwriters a 30-day option to purchase up to an additional 1.2 million common shares.

Morgan Stanley is acting as sole book running manager and BTIG LLC is acting as lead manager for the offering.

Arctic Securities, DNB Markets, Fearnley’s Securities and Pareto Securities are also acting as co-managers.