Business
Valaris Announces Sale of Jackup VALARIS 247 to BW Energy for $108 Million
HAMILTON, Bermuda, May 05, 2025--Valaris Limited (NYSE: VAL) ("Valaris" or the "Company") announced today that it has agreed to sell jackup VALARIS 247 to BW Energy ("BWE") for cash proceeds of approximately $108 million. This sale is expected to close 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.
About this update from Valaris Limited
[{"type":"image","alt":"","displaySize":"","headline":null,"caption":"","credit":null,"className":"","disableSlideshowImg":false,"size":{"original":{"width":456,"height":480,"url":"https://media.zenfs.com/en/business-wire.com/84e920f4a5dab0ff810a5c13557c229f"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/gWB_bQXK1hbogmKFYKcW0Q--/YXBwaWQ9aGlnaGxhbmRlcjt3PTcwNTtoPTc0MjtjZj13ZWJw/https://media.zenfs.com/en/business-wire.com/84e920f4a5dab0ff810a5c13557c229f","width":456,"height":480}},"lazy":false},{"type":"text","content":"HAMILTON, Bermuda, May 05, 2025--(BUSINESS WIRE)--Valaris Limited (NYSE: VAL) ("Valaris" or the "Company") announced today that it has agreed to sell jackup VALARIS 247 to BW Energy ("BWE") for cash proceeds of approximately $108 million. This sale is expected to close 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.","length":534,"tagName":"p"},{"type":"text","content":"President and Chief Executive Officer Anton Dibowitz said, "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."","length":362,"tagName":"p"},{"type":"text","content":"About Valaris Limited","length":21,"tagName":"p"},{"type":"text","content":"Valaris Limited (NYSE: VAL) is the industry leader in offshore drilling services across all water depths and geographies. Operating a high-quality rig fleet of ultra-deepwater drillships, versatile semisubmersibles and modern shallow-water jackups, Valaris has experience operating in nearly every major offshore basin. Valaris maintains an unwavering commitment to safety, operational excellence, and customer satisfaction, with a focus on technology and innovation. Valaris Limited is a Bermuda exempted company (Bermuda No. 56245). To learn more, visit our website at www.valaris.com.","length":587,"tagName":"p"},{"type":"text","content":"Cautionary Statements","length":21,"tagName":"p"},{"type":"text","content":"Statements contained in this press release that are not histo...