secwatch.observer — SEC 8-K summary
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Issuer:     Valaris Ltd (VAL)
CIK:        0000314808
Form:       8-K
Filed at:   2024-02-16T23:59:59+00:00
Accession:  0000314808-24-000003
Event type: other_material
Sentiment:  positive
Materiality: 0.75
Item codes: 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Valaris reports $1.2B new contracts; backlog rises to $3.9B from $3.2B
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- VALARIS DS-4 awarded 1,064-day, ~$519M contract with Petrobras (Brazil); starts late Q4 2024 after ~90 days of upgrades.
- Purchased newbuild drillships DS-13 & DS-14 for ~$337M; being mobilized to Las Palmas, Spain for stacking.
- Total contract backlog increased to ~$3.9B from ~$3.2B as of Nov 2023; floater backlog $2.5B, jackup $1.2B.
- VALARIS DS-16 extended with Occidental for two years (June 2024); VALARIS Stavanger awarded ~$48M contract with TotalEnergies (UK).
- Terminated previously disclosed VALARIS 107 contract offshore Australia; replaced by new awards for VALARIS 249.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/314808/000031480824000003/0000314808-24-000003-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/314808/000031480824000003/val-20240215.htm
  HTML page:      https://secwatch.observer/filing/0000314808-24-000003

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