10:29 AM EDT, 07/22/2024 (MT Newswires) -- Valaris ( VAL ) said Monday it has been awarded an 852-day contract valued at about $498 million for drillship Valaris DS-17 from Equinor Energy do Brasil, a unit of Equinor ( EQNR ) .

The contract, which involves offshore work in Brazil for Project Raia, features a 672-day drilling program set to begin in early 2026, with the rig on standby for about 180 days beforehand; it may be used for additional work, potentially earning extra revenue, the company said.

Shares of Valaris ( VAL ) were up 3.5% in recent Monday trading.

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