From Fixtures to Values: Where the Jackup Recovery Is Already Being Priced

Premium jackup dayrates have improved from 2025 lows and are now holding within a higher range, but pricing remains uneven across fixtures and geographies. That is important, but dayrates are only the starting point. On their own, they say very little about how much of that recovery is already priced into company valuations.

© Esgian

Esgian rig values suggest that the market has already started to move. Average premium jackup values declined through 2025, stabilised toward the end of the year, and have recovered gradually into 2026. The path is visible, but the move remains measured. In other words, the rig market is no longer pricing deterioration, yet it is not yet pricing a full revaluation of the premium jackup fleet. That distinction is important, because it places the current market in a recovery phase rather than a fully repriced one.

© Esgian

The main signal sits in the relationship between implied values and ERV. In mid-2025, Pareto’s implied values for Borr Drilling and Valaris were broadly aligned with Esgian rig values. By May 2026, that relationship had changed significantly. Borr’s implied value had risen from $95 million per rig to $133 million, while ERV stood at