(RTTNews) – Valaris Limited (VAL) announced on Thursday that it has exercised its options and taken delivery of the newbuild drillships VALARIS DS-13 and DS-14 for a purchase price of approximately $337 million.
Valaris Limited (VAL) announced on Thursday that it has exercised its options and taken delivery of the newbuild drillships VALARIS DS-13 and DS-14 for a purchase price of approximately $337 million.
President and Chief Executive Officer Anton Dibowitz said: “We are pleased to add these two drilling rigs, the highest specification drillships remaining in South Korean shipyards, to our fleet. These additions increase our drillship fleet to 13 drilling rigs, further cementing our position as one of the most technically capable in the industry.”
Dibowitz added: “Following the successful contracting of six of our stacked drillships since mid-2021, the purchase of VALARIS DS-13 and DS-14 increases our operational leverage in the attractive ultra-deepwater floaters market. Based on our positive market outlook, growing future demand and strong customer interest in these rigs, we believe that purchasing these high specification drillships at attractive prices will provide attractive returns.”
VALARIS DS-13 and DS-14 will be mobilized from South Korea to Las Palmas, Spain, where the rigs will be stacked until contracted for work.
The purchase of the rigs is expected to increase the company’s capital expenditures by approximately $355 million in the fourth quarter of 2023, which represents the purchase price for the rigs and the costs associated with preparing the rigs to move from South Korea to To mobilize Las Palmas.
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