Valaris Ltd, the Bermudian-based offshore drilling services company, has reported that net income in the fourth quarter of 2024 increased to $131 million from $63 million in the prior quarter.

Adjusted earnings before interest, taxes, depreciation and amortisation decreased to $142 million from $150 million in the third quarter primarily owing to lower utilisation for the company’s floater fleet, partially offset by more operating days for its jack-up fleet.

During the quarter, Valaris secured approximately $120 million of contract backlog, including a multiyear contract for jack-up Valaris Stavanger in the North Sea.

During the first quarter of this year, the company announced the planned retirement of semi-submersibles Valaris DPS-3, DPS-5 and DPS-6, and the sale of jack-up Valaris 75 for $24 million.

President and chief executive Anton Dibowitz said: “We continued to deliver solid operating and financial performance, achieving fleet wide revenue efficiency of 96 per cent in the fourth quarter and 97 per cent for the full year.”

He added: “The contracting outlook for 2026 and beyond remains strong for high-specification assets and we are focused on securing attractive, long-term programmes for our active rigs.

“We will also continue to prudently manage our fleet as demonstrated by our recent actions to reduce costs for idle rigs and further focus our fleet on high-specification assets.

“We are steadfast in our belief that offshore oil and gas will play an important role in providing secure, reliable and affordable energy to the world.

“Valaris is well-positioned to help meet that need and drive sustainable, long-term value creation for our shareholders by virtue of our high-specification fleet and excellent safety and operational track record.”

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Golar LNG Ltd, the Bermudian-based owner of tankers that haul liquefied natural gas, has executed agreements to sell the 2003-built steam turbine LNG carrier, Golar Arctic, marking the company’s imminent exit from the LNG shipping segment.

The sale price for the vessel is $24 million before transaction-related expenses. The LNG carrier is unencumbered.

The transaction is expected to close and the vessel is to be handed over to its new owner within the first quarter of the year.

The Golar Arctic is the last LNG carrier in the Golar fleet. After the sale, Golar will have fully exited its legacy shipping business.

The carrier Fuji LNG discharged its final cargo as an LNG carrier last month and has arrived in China preparing to enter CIMC shipyard for conversion into an MKII floating liquefied natural gas carrier this month.

Golar chief executive Karl Fredrik Staubo said: “The sale of the Golar Arctic marks the conclusion of Golar’s planned exit from the LNG shipping segment, 50 years after taking delivery of our first LNG carrier in 1975.

“Over the past 50 years, LNG shipping has been the foundation for Golar’s pioneering maritime LNG infrastructure advances, including FSRUs [floating storage regasification units] and FLNGs.

“Golar’s transition into a focused FLNG infrastructure company is now complete. We look forward to expanding our market leading FLNG position.”

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Bermudian-based Golden Ocean Group Ltd, the world’s largest listed owner of large-size dry bulk vessels, has appointed Bermudian Tonesan Amissah as a director of the company.

Golden Ocean Group said Ms Amissah was a barrister and attorney with more than 30 years of experience in international corporate law.

She is a client director at Ocorian Services (Bermuda) Ltd, a global fiduciary and corporate services company, where she oversees all aspects of client service.

Ms Amissah is a former partner at Appleby (Bermuda) Ltd, where she led the funds and investment services team, and was a senior member of the firm’s corporate department, having joined Appleby in 1989.

She also serves as a director of companies in the insurance space and is a member of the Institute of Directors.

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Golden Ocean Group has announced that it has declared the purchase options for eight Capesize vessels under the long-term, charter-in agreements with subsidiaries of island-headquartered SFL Corporation Ltd.

The company said the total purchase price was $112 million and the options had been declared in connection with the ten-year anniversary of the charter-in agreements.

Golden Ocean said the acquisition would be financed through a new $90 million revolving credit facility subject to customary documentation and closing procedures, and cash on hand.

It is expected that the acquisition will be completed during the third quarter of this year.