Valaris has agreed to sell jack-up drilling rig VALARIS 247 to BW Energy for cash proceeds of approximately $108 million.
The sale is expected to close in the second half of 2025, subject to customary closing conditions. As part of the sales agreement, BW Energy will be restricted from using the rig outside of BW Energy-owned or affiliated properties for the rig’s expected remaining useful life.
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.”