The Bermuda based and NYSE-listed offshore drilling service company Valaris Limited (Valaris) has agreed to sell the jack-up VALARIS 247 to BW Energy (BWE) for cash proceeds of approximately $108m, the company states.
Valaris reveals that the sale of the jack-up is expected to be closed in the second half of 2025, subject to customary closing conditions.
As part of the sales agreement, BWE will be restricted from using the rig outside of BWE-owned or affiliated properties for the rig’s expected remaining useful life.
“We are pleased to announce this highly accretive, opportunistic transaction to sell VALARIS 247, a 27-year-old jackup currently working offshore Australia. Upon closing, the sale proceeds will provide us with additional financial flexibility, including the return of capital to shareholders,” says Anton Dibowitz, president and chief executive officer of Valaris Limited.
