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.
