Valaris Announces Sale of Jackups VALARIS 113 and 114

Rhea-AI Summary

Valaris Limited (NYSE: VAL) has successfully sold two heavy-duty modern jackups, VALARIS 113 and 114, to ADES Saudi Limited for a total of $125 million. Both rigs, PPL Pacific Class 400, were built in 2012 and have been stacked in the Philippines since late 2015. CEO Anton Dibowitz emphasized that the sale is highly accretive to shareholders, as reactivation would have required significant capital. Valaris is committed to strategic fleet management, continuously evaluating assets for potential retirement and divestiture.

Positive

• Sale of VALARIS 113 and 114 for $125 million enhances shareholder value.
• Rigs had been stacked for over six years, eliminating future reactivation costs.

Negative

• None.

HAMILTON, Bermuda--(BUSINESS WIRE)-- Valaris Limited (NYSE: VAL) (“Valaris” or the “Company”) announced today that it has sold heavy duty modern jackups VALARIS 113 and 114 to ADES Saudi Limited for a total of $125 million. VALARIS 113 and 114 are PPL Pacific Class 400 jackups, both delivered in 2012. Both rigs have been stacked in the Philippines since they completed their last contracts in late 2015.

President and Chief Executive Officer Anton Dibowitz said, “We are pleased to have closed the sale of the VALARIS 113 and 114 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.”

About Valaris Limited

Valaris Limited (NYSE: VAL) is the industry leader in offshore drilling services across all water depths and geographies. Operating a high-quality rig fleet of ultra-deepwater drillships, versatile semisubmersibles and modern shallow-water jackups, Valaris has experience operating in nearly every major offshore basin. Valaris maintains an unwavering commitment to safety, operational excellence, and customer satisfaction, with a focus on technology and innovation. Valaris Limited is a Bermuda exempted company (Bermuda No. 56245). To learn more, visit our website at www.valaris.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220427005955/en/

Investor & Media Contact:

Tim Richardson

Director - Investor Relations

+1-713-979-4619

Source: Valaris Limited

FAQ

What was the sale price for VALARIS 113 and 114?

Valaris Limited sold VALARIS 113 and 114 for a total of $125 million.

Why were VALARIS 113 and 114 sold?

The rigs were sold as they had been stacked since late 2015, and reactivation would require significant capital.

What type of rigs are VALARIS 113 and 114?

Both VALARIS 113 and 114 are PPL Pacific Class 400 jackups.

When were VALARIS 113 and 114 delivered?

VALARIS 113 and 114 were delivered in 2012.

Who purchased VALARIS 113 and 114?

The rigs were sold to ADES Saudi Limited.