Valaris Ltd, the Bermudian-based offshore drilling services company, has exercised its options and taken delivery of newbuild drill ships Valaris DS-13 and DS-14 for an aggregate purchase price of approximately $337 million.

President and chief executive Anton Dibowitz said: “We are delighted to add these two rigs, the highest specification drill ships remaining at the South Korean shipyards, to our fleet.

"These additions increase our drill ship fleet to 13 rigs, reinforcing its position as one of the most technically capable in the industry.”

He 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 operating leverage to the attractive ultra-deep water floater market.

“Based on our positive market outlook, growing future demand and strong customer interest in these rigs, we believe that the purchase of these high specification drill ships at compelling prices will generate attractive returns.”

The company said the two rigs will be mobilised from South Korea to Las Palmas, Spain, where they will be stacked until they are contracted for work.

The purchase of the rigs is expected to increase the company’s fourth quarter 2023 capital expenditures by approximately $355 million, representing the purchase price for the rigs and costs associated with preparing the rigs to mobilise from South Korea to Las Palmas.

In addition, the company anticipates 2024 capital expenditures of approximately $35 million primarily related to mobilisation costs.