Valaris Limited (NYSE:VAL) is among the most profitable stocks in each sector so far in 2026. On April 6, Valaris Limited (NYSE:VAL) announced it had won a 1,064-day contract extension with Petrobras for the drillship VALARIS DS-4, which will operate offshore Brazil. Planned to begin in November next year, after the completion of the existing project, the extension will add nearly $447 million to the contract backlog.
As stated by President and CEO Anton Dibowitz,
“We are pleased to extend our long-standing partnership with Petrobras in Brazil, which remains the largest source of deepwater demand globally. This contract extension secures continuous work for DS-4 into 2030, supporting future earnings and cash flow.”
Previously, on March 9, BTIG downgraded Valaris Limited (NYSE:VAL) to Neutral from Buy following the announcement of the all-stock acquisition by Transocean. The firm expects the transaction to close in the latter half of this year, viewing the timing of the deal as ahead of a rebound in offshore activity. BTIG believes the improved market outlook, anticipated for late 2026 and early 2027, is likely one of the reasons the company accepted Transocean stock.
Valaris Limited (NYSE:VAL) is a Bermuda-based provider of offshore contract drilling services. Founded in 1975, the company operates through four segments: Floaters, Jackups, ARO, and Other.
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