Valaris Limited (VAL) Monday announced that it has entered into an agreement to sell its 27-year-old jackup rig, VALARIS 247, to BW Energy for approximately $108 million in cash.
The transaction is anticipated to close in the second half of 2025, pending customary closing conditions. Under the agreement, BW Energy is restricted from deploying the rig beyond its owned or affiliated assets during the rig's remaining useful life.
Valaris CEO Anton Dibowitz noted that the deal is a strategic and value-accretive move that enhances financial flexibility and supports potential capital returns to shareholders.
Monday, VAL closed at $35.48, up 1.33%, and rose further in after-hours trading to $35.80, gaining an additional 0.90% on the NYSE.
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