Valaris Lands $498 Million Drilling Deal for Equinor's Raia Project in Brazil

Equinor, on behalf of its partners in the Raia project—Repsol Sinopec Brasil and Petrobras—has awarded a drilling contract for operations in Brazil to Valaris, represented by Ensco UK Drilling Limited and Ensco do Brasil Petróleo e Gás LTDA.

Drilling activities are scheduled to commence in 2026, with the goal of drilling six wells in preparation for production to begin in 2028. The total contract value is estimated at USD 498 million, encompassing a gap period, mobilization, modifications, and integrated services.

During the gap period between the current scope for the Bacalhau field and the start of the Raia project, the drillship may be available for other assignments. The contract also includes two optional extensions.

Raia is one of Brazil's most significant gas projects currently under development. Situated in the pre-salt region of the Campos Basin, approximately 200 km offshore, it lies in water depths reaching up to 2900 meters. The project holds recoverable reserves of natural gas and oil/condensate exceeding one billion barrels of oil equivalent (boe).

“We are pleased to have secured a drillship for the significant Raia project. We will collaborate to ensure safe and efficient operations, and we look forward to deepening our partnership with Valaris. In the coming years, we will build on our experiences from Bacalhau,” says Mette H. Ottøy, Chief Procurement Officer.

The DS-17 is an ultra-deepwater drillship capable of operating in water depths exceeding 3600 meters.

Additionally, Equinor, on behalf of its partners, has awarded SLB, Baker Hughes, and Halliburton contracts for drilling and well services for the Raia project, with a total value of approximately USD 109 million.

These awards further strengthen Equinor's ongoing collaboration and experience with the three selected suppliers globally. They will be crucial in ensuring safe and efficient drilling and well operations. SLB will serve as the main service provider, with Baker Hughes and Halliburton offering complementary services.

Raia will play a vital role in advancing the Brazilian gas market. Once operational, it could supply up to 15% of Brazil's total gas demand. The project will also enhance local energy security and economic growth, generating up to 50,000 direct and indirect jobs throughout its lifespan.

“Raia represents the next generation of projects within Equinor's portfolio. It will provide substantial value to the owners while generating significant local impact. Our goal is to continue delivering energy for people and progress for society, constantly seeking improved technologies, partnerships, and solutions,” says Veronica Coelho, Equinor’s Country Manager in Brazil.

The partners in the Raia project are Equinor with a 35% stake (operator), Repsol Sinopec Brasil holding 35%, and Petrobras with a 30% share.