Valaris Limited has confirmed the sale of its VALARIS 247 platform to energy firm BW Energy for $108 million in cash. The transaction is expected to be completed in the second half of 2025, following the satisfaction of customary contractual terms.
Platform VALARIS 247 changes ownership after 27 years in operation
With 27 years of service, the VALARIS 247 has been drilling in Australian waters. Its track record as offshore infrastructure makes it a veteran but functional unit that will pass into BWE’s hands under restricted conditions of use: it will only be able to operate within the buyer’s properties or subsidiaries.
Valaris President and CEO Anton Dibowitz emphasized that the sale represents a sound financial decision. The proceeds will improve the company’s liquidity and open up the possibility of capital returns for shareholders.
It is a timely transaction that reflects our commitment to operational efficiency and investor value.
Dibowitz stated.
Fleet realignment and long-term vision
This divestment is part of Valaris’ asset optimization strategy. By reducing the presence of older equipment in its fleet, the company is reinforcing its focus on more modern platforms and technologies that will enable it to tackle new offshore projects projects with greater efficiency and safety.
The sale is part of a growing trend among offshore operators to adapt their portfolios to current energy challenges. The acquisition by BW Energy also indicates an active interest in consolidating proprietary capabilities within its areas of influence, maximizing control over critical infrastructure.
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Source and photo: Valaris Limited
