Valaris sells two stacked jackups to ADES

Offshore driller Valaris has struck a deal with rig operator ADES to sell two of its 2012-built jackup rigs, Valaris JU-113 and Valaris JU-114, for a total of $125m.

Both rigs have been stacked in the Philippines since they completed their last contracts in late 2015.

“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,” said Anton Dibowitz president and CEO of Valaris.

ADES has been on a jackup shopping spree, adding a quartet each from Noble and Aban Offshore and, most recently, one unit from Maersk Drilling.