Global offshore drilling contractor Valaris has secured a $519 million contract for one of its drillships in Brazil which will see its dayrate more than double.

Valaris said on Tuesday its drillship DS-4 had been selected by Petrobras for a 1064-day contract following a competitive bidding process.

Based on the firm contract term, the total contract value is $519 million, inclusive of mobilisation fees and additional services.