Valaris wraps up rig sale and gets more work for its fleet as offshore drilling market tightens

Offshore drilling contractor Valaris has secured new contracts and extensions for its rig fleet in the UK, Brazil, and New Zealand. In addition, the rig owner brought a sale of one of its rigs to a close. While the offshore drilling market keeps tightening, the company records a strong performance during the first quarter of 2023, driven by rising rig demand and constrained supply.