Valaris sold a pair of its heavy-duty jack-up rigs to ADES Saudi Limited for $125 million, the offshore drilling contractor said Wednesday.

The two jack-up rigs, the Valaris 113 and 114, were last used in late 2015 and were then stacked in the Philippines for several years without work.

"We are pleased to have closed the sale of the Valaris 113 and 114 at values which are highly accretive to our shareholders,” Valaris chief executive Anton Dibowitz said, noting that each rig had been stacked for more than six years and would have required meaningful capital to reactivate.