Valaris Ltd, the Bermudian-based offshore drilling company, has secured a multiyear contract with Shell for the use of Valaris DS-8, its drillship, on the Orca project off the shore of Brazil.

The agreement is scheduled to begin in the first quarter of 2027 and is expected to run for about 800 days. Valaris said the contract carried a total value of about $300 million. Shell has also added options that could extend the work by about another year.

Anton Dibowitz, the Valaris president and chief executive, said the award highlighted rising interest from international oil companies in Brazil’s deepwater sector.

“We are pleased to have been selected by Shell to provide drilling services on the Orca project, demonstrating both their confidence in Valaris to deliver complex deepwater drilling solutions and the growing IOC interest in developments offshore Brazil,” he said.

Mr Dibowitz added that the company has secured more than $2.5 billion in contract backlog so far this year, supporting future earnings and cashflow.

Valaris operates a global fleet of ultra-deepwater drillships, semisubmersibles and jackups, and is headquartered in Bermuda.