ADES Saudi Arabia has bought two heavy-duty modern jack-ups Valaris 113 and Valaris 114 from US-based offshore driller Valaris for a total of US$125M
Built in 2012, Valaris 113 and Valaris 114 are PPL Pacific Class 400 jack-ups. Both rigs have been stacked in the Philippines since they completed their last contracts in late 2015. These are sixth and seventh rigs purchased by ADES in April.
Valaris president and chief executive Anton Dibowitz said the company was pleased to secure the sales of the rigs “at values which are highly accretive to our shareholders. Each rig had been stacked for more than six years and would have required meaningful capital to reactivate. We will continue to take a rational approach to fleet management, including regularly assessing our fleet for retirement and divestiture candidates.”
These purchases by ADES follow its acquisition of 2008-built Baker Pacific-class 375 cantilever jack-up rig Maersk Convincer from Maersk Drilling, reported by OSJ earlier this week. Maersk Convincer has been operating offshore Brunei Darussalam since 2017.
In April, ADES Saudi Arabia also acquired Deep Driller 2, Deep Driller 4, Deep Driller 5 and Deep Driller 6 from India’s Aban Offshore for a total of US$106M.
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