VAL - Valaris wins $364M drillship contract hikes stock buyback target to $200M

2023-07-31 09:45:10 ET

Valaris ( NYSE: VAL ) +1.8% in early trading Monday after saying it was awarded a 12-well contract offshore West Africa for the Valaris DS-7 drillship with an estimated value of $364M.

The company said the contract will commence in Q2 2024 and has an estimated duration of 850 days.

"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," President and CEO Anton Dibowitz said.

Valaris ( VAL ) also said it is increasing its 2023 share repurchase target from $150M to $200M.

More on Valaris:

• Financial and valuation comparison to sector peers
• Analysis: Valaris Shares Still Cheap
• Stock price return: Up 20% YTD, up 60% in the past 12 months

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