Valaris Ltd. is selling its jackup VALARIS 247 to BW Energy for approximately $108 million. (Source: Shutterstock.com)
Offshore drilling servicer Valaris Ltd. has agreed to sell its jackup VALARIS 247 to BW Energy (BWE) for approximately $108 million, according to a May 5 press release.
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.
VALARIS 247 is a 27-year-old jackup currently working offshore Australia, said Valaris President and CEO Anton Dibowitz.
The sale is expected to close in the second half of 2025.
“Upon closing, the sale proceeds will provide us with additional financial flexibility, including the return of capital to shareholders,” Dibowitz said.
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