Valaris sells 40-year-old jackup for $28.5m

New York-listed offshore driller Valaris has struck a deal to sell its 40-year-old jackup Valaris 54 for $28.5m.

The sale to an unnamed buyer is expected to close in March next year after the rig completes its contract with Saudi Aramco.

Anton Dibowitz, president and chief executive of Valaris told investors during third-quarter earnings call the deal speaks to how the jackup market has strengthened broad-based over the last six to nine months.

The rig is approaching a special survey and would have required significant investments in the near-term.

“This value accretive sale will provide capital that can be deployed on opportunities with more attractive return profiles,” Dibowitz added.

Adis Ajdin

Adis is an experienced news reporter with a background in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy.
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