Valaris Sells Jackup Rig VALARIS 247 for $108M, Boosts Financial Flexibility

Valaris Limited (NYSE:VAL) is one of the best up and coming stocks to invest in now. Earlier in May, Valaris announced its agreement to sell the jackup rig VALARIS 247 to BW Energy/BWE for ~$108 million in cash. The sale is anticipated to finalize in H2 2025, pending standard closing conditions.

Under this agreement, BWE will be restricted from deploying the rig for operations outside of BWE-owned or affiliated properties for the remainder of its useful life. The VALARIS 247 is a 27-year-old jackup rig that is currently operating offshore Australia.

Valaris Sells Jackup Rig VALARIS 247 for $108M, Boosts Financial Flexibility

A closeup of an offshore oil rig in the international oil and gas industry in the Gulf of Mexico.

The President and CEO of the company, Anton Dibowitz, said that the company is pleased to announce this opportunistic transaction to sell VALARIS 247, as upon the sale’s completion, the proceeds will enhance Valaris’s financial flexibility.

Valaris Limited (NYSE:VAL) provides offshore contract drilling services internationally through four segments: Floaters, Jackups, ARO, and Other.

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Disclosure: None. This article is originally published at Insider Monkey.