Halliburton, Petronas Suriname Exploration & Production and Valaris have signed a strategic collaboration agreement (SCA) to develop Suriname’s offshore assets.
Valaris will participate in this initiative via its wholly owned subsidiary Ensco UK Drilling.
The Suriname assets are situated within the Guyana-Suriname Basin, an area known for exploration and ongoing development activities, providing long-term prospects for operators and service providers.
The companies are partnering from the earliest stages of development to stay closely aligned from initial planning through project delivery.
This joint approach is designed to strengthen project preparedness, enhance execution results and generate sustainable long-term value.
Valaris president and CEO Anton Dibowitz said: “This agreement reflects our strong track record of delivering operational excellence, the capabilities of our high-specification fleet, and our ability to collaborate closely with our customers and partners.
“We are pleased to embark on this strategic initiative and look forward to delivering safe and efficient operations while creating long-term value for all stakeholders.”
The collaboration integrates Petronas’ expertise in deep basin projects, Valaris’ offshore drilling capabilities and Halliburton’s technological prowess to optimise the Suriname development.
By linking subsurface evaluation with field development planning and digital well construction, the parties aim to create visibility and efficiency at each project stage, from conception to execution.
Halliburton chief operating officer Shannon Slocum said: “This collaboration reflects Petronas Suriname’s confidence in our early engagement approach and the ability to establish execution readiness from the outset.
“Our integration of subsurface insight with well construction expertise strengthens alignment throughout the development life cycle and reinforces consistent, high-quality execution with Petronas Suriname and Valaris.”
In a related development, Valaris revealed that it has secured an extension for the drill-ship VALARIS DS-4, working offshore with Petrobras in Brazil, for an additional 1,064 days.
This extension is due to begin in November 2027, immediately following the current programme, adding around $447m (£337.76m) to the contract backlog.
Alongside this extension, the day rate for the current agreement has been revised, which will decrease the contract backlog by roughly $21m from 1 April 2026 until November 2027.
Earlier this month, Halliburton acquired Norwegian tech company Sekal from Sumitomo to bolster its drilling automation capabilities. The deal’s financial details were not made public.
