Valaris Limited announced an agreement to sell its jackup rig VALARIS 247 to BW Energy for approximately $108 million in cash proceeds. The sale is expected to close in the second half of 2025, subject to customary closing conditions.
The VALARIS 247 is a 27-year-old jackup currently operating offshore Australia. As part of the sales agreement, BW Energy will be restricted from using the rig outside of its owned or affiliated properties for the rig’s expected remaining useful life.
This opportunistic transaction provides Valaris with additional financial flexibility. The proceeds from the sale are intended to support the company's capital allocation strategy, including the potential return of capital to shareholders.
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