11:02 AM EDT, 07/22/2024 (MT Newswires) -- (Updates with additional details in the third paragraph.)

Valaris ( VAL ) said Monday it has been awarded an 852-day contract valued at about $498 million for drillship Valaris DS-17 from Equinor ( EQNR ) 's (EQNR) Equinor Energy do Brasil.

The contract, which involves offshore work in Brazil for Project Raia, includes a 672-day drilling program set to begin in the first half of 2026, with the rig on standby for about 180 days before that. It may be used for additional work during the standby period, potentially earning extra revenue, the company said.

Equinor's ( EQNR ) partners in Project Raia are Repsol Sinpoec Brazil, which holds a 35% stake, while Petrobras (PBR) has a 30% stake.

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