Exhibit



			Valaris plc Fleet Status Report February 13, 2020



New Contracts & Extensions Since October 25, 2019 Fleet Status Report
Floaters • VALARIS DS-18 (Relentless) contract extended due to the exercise of a one-well priced option with EnVen in the U.S. Gulf of Mexico, with an estimated duration of 45 days from March 2020 to April 2020; the rig has also been awarded a two-well contract with an undisclosed operator in the U.S. Gulf of Mexico that is expected to commence in July 2020, with an estimated duration of 180 days • VALARIS DS-15 (Renaissance) awarded a one-well contract with Eni in the U.S. Gulf of Mexico, which commenced in November 2019, with a duration of 30 days; the rig has also had a contract extended due to the exercise of a one-well priced option with Murphy in the U.S. Gulf of Mexico, with an estimated duration of 45 days from late March 2020 to early May 2020; and has been awarded a two-well contract with CNOOC offshore Mexico that is expected to commence in May 2020, with an estimated duration of 160 days • VALARIS DS-12 awarded a one-well contract with BP offshore Egypt, with an estimated duration of 120 days from February 2020 to June 2020 • VALARIS DS-10 contract extended due to the exercise of a one-year priced option with Shell offshore Nigeria from March 2020 to March 2021 • VALARIS DS-9 awarded a one-well contract with Premier Oil offshore Brazil that is expected to commence in July 2020, with an estimated duration of 60 days • VALARIS DS-7 awarded a five-well contract with BP offshore Senegal and Mauritania that is expected to commence in September 2020, with an estimated duration of approximately 320 days • VALARIS 8503 contract with Kosmos in the U.S. Gulf of Mexico extended by approximately 80 days from early April 2020 to late June 2020 to complete the well in-progress • VALARIS MS-1 awarded a one-well contract with an undisclosed operator offshore Australia that is expected to commence in July 2020, with an estimated duration of approximately 120 days Jackups • VALARIS JU-292 (Norway) contract extended due to the exercise of a six-well priced option with ConocoPhillips offshore Norway, with an estimated duration of 300 days from early May 2020 to late February 2021 • VALARIS JU-290 (Viking) contract to provide accommodation services with Repsol offshore Norway extended by approximately 50 days from early February 2020 to late March 2020 • VALARIS JU-249 (Gorilla VII) contract with Chrysaor in the North Sea extended by approximately 200 days from early November 2019 to late May 2020		Jackups (continued) • VALARIS JU-144 (EXL II) awarded a 12-well contract with Eni offshore Mexico that is expected to commence in September 2020, with an estimated duration of two years • VALARIS JU-122 contract extended due to the exercise of a one-well priced option with Shell in the North Sea, with an estimated duration of 150 days from November 2020 to April 2021 • VALARIS JU-117 (Ralph Coffman) contract extended due to the exercise of a two-well priced option with an undisclosed operator offshore Trinidad, with an estimated duration of 60 days from February 2020 to April 2020 • VALARIS JU-115 contract extended due to the exercise of a four-month priced option with Mubadala Petroleum offshore Thailand from March 2020 to July 2020 • VALARIS JU-107 contract extended due to the exercise of a one-well priced option with Chevron offshore Australia, with an estimated duration of 30 days from late February 2020 to late March 2020; the rig has also been awarded a two-well contract with Jadestone Energy offshore Australia, with an estimated duration of 115 days from June 2020 to September 2020 • VALARIS JU-101 awarded a three-well contract with Ithaca Energy in the North Sea that is expected to commence in March 2020, with an estimated duration of 45 days • VALARIS JU-87 awarded a 21-well contract with Exxon in the U.S. Gulf of Mexico, which commenced in November 2019, with an estimated duration of 295 days • VALARIS JU-75 awarded a one-well contract with Walter Oil & Gas in the U.S. Gulf of Mexico, which commenced in late December 2019, with an estimated duration of 40 days; the rig has also been awarded a one-well contract with W&T Offshore in the U.S. Gulf of Mexico that is expected to commence in February 2020, with an estimated duration of 30 days Other • Upon completing its previous contract in January 2020, VALARIS 6002 was sold and retired from the offshore drilling fleet • VALARIS 5006 sold and retired from the offshore drilling fleet • Upon completing its last contract in October 2019, VALARIS JU-96 was sold and retired from the offshore drilling fleet • VALARIS JU-70 classified as held for sale • VALARIS JU-68 sold and retired from the offshore drilling fleet

New Disclosure: bolded text signifies contracts or extensions that have not been previously disclosed.

Page 1 of 12



			Valaris plc Fleet Status Report February 13, 2020



Contract Backlog⁽¹⁾ ($ millions)	2020		2021		2022		2023 and Beyond		Total		Contract Days⁽¹⁾	2020		2021		2022
Drillships	$	530.2	$	66.6	$	—	$	—	$	596.8	Drillships	2,197		296		—
Semisubmersibles	190.3		60.2		—		—		250.5		Semisubmersibles	1,108		251		—
Floaters	$	720.5	$	126.8	$	—	$	—	$	847.3	Floaters	3,305		547		—

HD - Ultra-Harsh & Harsh	$	389.0	$	117.4	$	25.5	$	—	$	531.9	HD - Ultra-Harsh & Harsh	3,215		1,100		222
HD & SD - Modern	233.8		151.4		75.7		0.3		461.2		HD & SD - Modern	3,126		2,037		973
SD - Legacy	125.6		96.8		65.6		—		288.0		SD - Legacy	1,800		1,339		898
Jackups	$	748.4	$	365.6	$	166.8	$	0.3	$	1,281.1	Jackups	8,141		4,476		2,093

Leased Rigs	$	90.9	$	67.5	$	6.7	$	—	$	165.1	Leased Rigs	3,294		2,554		560
Managed Rigs	78.0		77.7		3.4		—		159.1		Managed Rigs	732		730		27
Other	$	168.9	$	145.2	$	10.1	$	—	$	324.2	Other	4,026		3,284		587

Total	$	1,637.8	$	637.6	$	176.9	$	0.3	$	2,452.6	Total	15,472		8,307		2,680

HD = Heavy Duty; SD = Standard Duty ⁽¹⁾ Contract backlog, contract days and average day rates as of December 31, 2019 exclusive of performance bonus, adjusted for drilling contracts signed or terminated after December 31, 2019 but prior to furnishing the Fleet Status Report as an exhibit to the Form 8-K filed on February 13, 2020. ⁽²⁾ Leased rigs represents contract backlog and contract days related to bareboat charter agreements.											Average Day Rates⁽¹⁾	2020		2021		2022
											Drillships	$	241,000	$	225,000	$	—
											Semisubmersibles	172,000		240,000		—
											Floaters	$	218,000	$	232,000	$	—

											HD - Ultra-Harsh & Harsh	$	121,000	$	107,000	$	115,000
											HD & SD - Modern	75,000		74,000		78,000
											SD - Legacy	70,000		72,000		73,000
											Jackups	$	92,000	$	82,000	$	80,000

Page 2 of 12



			Valaris plc Fleet Status Report February 13, 2020

Asset Type / Status / Rig

Design

Year Delivered

Customer/

Status

Location

Contract Start Date

Contract End Date⁽¹⁾

Comments

Drillships

Marketed

VALARIS DS-18

(Relentless)

GustoMSC P10000

2015

ExxonMobil

EnVen

Undisclosed Operator

U.S. GOM

Sep. 18

Feb. 20

Jul. 20

Jan. 20

Apr. 20

Jan. 21

Contracted for two wells. Plus one 1-well priced option

Contracted for two wells. Plus five 1-well priced options

VALARIS DS-17

(Reliance)

GustoMSC P10000

2014

Available

Spain

VALARIS DS-16

(Resolute)

GustoMSC P10000

2014

Fieldwood

U.S. GOM

Mar. 19

Sep. 20

Plus two 90-day unpriced options

VALARIS DS-15

(Renaissance)

GustoMSC P10000

2014

Petronas

Eni

Murphy

CNOOC

Mexico

U.S. GOM

Mexico

Jun. 19

Nov. 19

Jan. 20

May 20

Oct. 19

Dec. 19

May 20

Oct. 20

Contracted for two wells

Contracted for two wells. Plus two 1-well priced options

VALARIS DS-12

DSME 12000

2014

Senegal

Egypt

Angola

Apr. 19

Feb. 20

Jul. 20

Nov. 19

Jun. 20

Jan. 21

Contracted for one well

Contracted for four wells. Plus four 1-well options

VALARIS DS-11

DSME 12000

2013

Available

Spain

VALARIS DS-10

Samsung GF12000

2017

Shell

Nigeria

Mar. 18

Mar. 21

Plus three 1-year priced options

VALARIS DS-9

Samsung GF12000

2015

Total

Premier

Brazil

Jun. 19

Jul. 20

May 20

Aug. 20

Contracted for four wells. Plus two 1-well options

Contracted for one well

VALARIS DS-8

Samsung GF12000

2015

Total

Angola

Nov. 15

Nov. 20

Day rate of approx. $620,000, plus approx. $14,000 p/d amortized through Nov. 20 for mobilization. Plus one 14-month priced option

VALARIS DS-7

Samsung 96K

2013

Burullus

Egypt

Senegal/Mauritania

Apr. 19

Sep. 20

Mar. 20

Aug. 21

-----

Contracted for five wells. Plus one 1-well priced option and two 1-well unpriced options

VALARIS DS-6

Samsung 96K

2012

Available

Spain

VALARIS DS-4

Samsung 96K

2010

Available

Amni

Spain

Ghana

Mar. 20

Apr. 20

Contracted for one well. Plus four 1-well options

Under Construction

VALARIS DS-14

DSME 12000

Under Construction

South Korea

Scheduled delivery date 2Q22

VALARIS DS-13

DSME 12000

Under Construction

South Korea

Scheduled delivery date 3Q21

Changes: bolded rig names and underlined text signify changes in rig status from previous report

Page 3 of 12



			Valaris plc Fleet Status Report February 13, 2020

Asset Type / Status / Rig

Design

Year Delivered

Customer/

Status

Location

Contract Start Date

Contract End Date⁽¹⁾

Comments

Drillships (continued)

Preservation Stacked

VALARIS DS-5

Samsung 96K

2011

Preservation Stacked⁽²⁾

Spain

VALARIS DS-3

Samsung 96K

2010

Preservation Stacked⁽²⁾

Spain

Semisubmersibles

Marketed

VALARIS DPS-1

F&G ExD Millennium, DP

2012

Woodside

Australia

Mar. 20

Sep. 21

Contracted for ten wells

VALARIS 8505

ENSCO 8500 Series,

DP + Moored

2012

Eni

Mexico

Jan. 19

Nov. 20

Contracted for six wells in the U.S. GOM and for five wells in Mexico. Plus five 1-well options

VALARIS 8504

ENSCO 8500 Series,

DP + Moored

2011

Available

Malaysia

VALARIS 8503

ENSCO 8500 Series,

DP + Moored

2010

Kosmos

U.S. GOM

Sep. 19

Jun. 20

Contracted for six wells. Plus four 1-well options

VALARIS MS-1

F&G ExD Millennium, Moored

2011

Available

Undisclosed Operator

Malaysia

Australia

Jul. 20

Nov. 20

Contracted for one well

VALARIS 5004

F&G Enhanced Pacesetter, Moored

1982

Mellitah

Mediterranean

Aug. 14

Jun. 20

Preservation Stacked

VALARIS 8506

ENSCO 8500 Series, DP

2012

Preservation Stacked⁽²⁾

U.S. GOM

VALARIS 8502

ENSCO 8500 Series, DP

2010

Preservation Stacked⁽²⁾

U.S. GOM

VALARIS 8501

ENSCO 8500 Series, DP

2009

Preservation Stacked⁽²⁾

U.S. GOM

VALARIS 8500

ENSCO 8500 Series, DP

2008

Preservation Stacked⁽²⁾

U.S. GOM

Changes: bolded rig names and underlined text signify changes in rig status from previous report

Page 4 of 12



			Valaris plc Fleet Status Report February 13, 2020

Segment /

Asset Type / Rig

Design

Year Delivered

Customer/

Status

Location

Contract Start Date

Contract End Date⁽¹⁾

Comments

Jackups

Heavy Duty Ultra-Harsh Environment⁽³⁾

VALARIS JU-292

(Norway)

KFELS N Class

2011

ConocoPhillips

Norway

Nov. 19

Feb. 21

Plus one 13-month priced option

VALARIS JU-291

(Stavanger)

KFELS N Class

2011

Equinor

Norway

Oct. 19

Oct. 20

Plus three 1-well priced options and recurring 6-month priced options through Dec. 25

VALARIS JU-290

(Viking)

KFELS N Class

2010

Repsol

Lundin

Norway

Oct. 19

Apr. 20

Mar. 20

Dec. 20

Contracted for accommodation services

Contracted for seven wells, with minimum duration of 265 days. Plus four 1-well priced options

VALARIS JU-250

(Bob Palmer)

LT Super Gorilla XL

2003

Saudi Aramco

Saudi Arabia

Jun. 18

Jun. 21

Leased to ARO Drilling⁽⁴⁾

VALARIS JU-249

(Gorilla VII)

LT Super Gorilla

2002

Chrysaor

May 18

May 20

-----

VALARIS JU-248

(Gorilla VI)

LT Super Gorilla

2000

Shell

Premier

Neptune

Trinidad

Apr. 18

Mar. 20

Sep. 20

Oct. 19

Sep. 20

Jan. 22

Contracted for accommodation services

Contracted for three wells

Contracted for four wells. Plus two 1-well options

VALARIS JU-247

(Gorilla V)

LT Super Gorilla

1998

Total

Sep. 17

Nov. 20

Plus one 3-month and one 6-month priced options

Changes: bolded rig names and underlined text signify changes in rig status from previous report

Page 5 of 12



			Valaris plc Fleet Status Report February 13, 2020

Segment /

Region / Rig

Design

Year Delivered

Customer/

Status

Location

Contract Start Date

Contract End Date⁽¹⁾

Comments

Jackups

Heavy Duty Harsh Environment⁽³⁾

VALARIS JU-123

KFELS Super A

2019

Premier

Aug. 19

Jun. 20

Jan. 20

Jul. 21

Contracted for three wells

Contracted for four wells. Plus three 1-well options

VALARIS JU-122

KFELS Super A

2014

Shell

Jan. 20

Apr. 21

Contracted for three wells. Plus six 1-well priced options

VALARIS JU-121

KFELS Super A

2013

ONE

Netherlands

Apr. 19

May 20

Contracted for three wells. Plus three 1-well options

VALARIS JU-120

KFELS Super A

2013

Chrysaor

Jul. 17

Jul. 22

VALARIS JU-102

KFELS MOD V-A

2002

W&T Offshore

GulfSlope

U.S. GOM

Aug. 19

Mar. 20

Oct. 19

May 20

Contracted for one well

VALARIS JU-101

KFELS MOD V-A

2000

Eni

Ithaca

Oct. 19

Mar. 20

Dec. 19

Apr. 20

Contracted for three wells

VALARIS JU-100

LT Gorilla

1987

Repsol-Sinopec

DNO

Jun. 19

Nov. 19

Oct. 19

Aug. 20

Contracted for nine P&A wells. Plus twelve 1-well options

Changes: bolded rig names and underlined text signify changes in rig status from previous report

Page 6 of 12



			Valaris plc Fleet Status Report February 13, 2020

Segment /

Region / Rig

Design

Year Delivered

Customer/

Status

Location

Contract Start Date

Contract End Date⁽¹⁾

Comments

Jackups

Heavy Duty - Modern⁽³⁾

VALARIS JU-118

(Joe Douglas)

LT 240-C

2011

Available

Trinidad

Aug. 16

Nov. 19

VALARIS JU-117

(Ralph Coffman)

LT 240-C

2009

Undisclosed Operator

Trinidad

Jul. 19

Apr. 20

Plus two 2-well priced options

VALARIS JU-116

(Mississippi)

LT 240-C

2008

Saudi Aramco

Saudi Arabia

Dec. 18

Dec. 21

Leased to ARO Drilling⁽⁴⁾. Planned maintenance for approx. 20 days in 1Q20

VALARIS JU-115

BM Pacific Class 400

2013

Mubadala Petroleum

Thailand

Mar. 19

Jul. 20

Plus two 4-month priced options

VALARIS JU-114

BM Pacific Class 400

2012

Cold Stacked

Philippines

VALARIS JU-113

BM Pacific Class 400

2012

Cold Stacked

Philippines

VALARIS JU-111

KFELS MOD V-B

2003

Cold Stacked

Malta

VALARIS JU-110

KFELS MOD V-B

2015

North Oil Company

Qatar

Sep. 17

Sep. 20

Plus two 1-year priced options

VALARIS JU-109

KFELS MOD V-Super B

2008

Chevron

Angola

Dec. 14

Jul. 21

VALARIS JU-108

KFELS MOD V-B

2007

Saudi Aramco

Saudi Arabia

Nov. 18

Nov. 21

VALARIS JU-107

KFELS MOD V-B

2006

Chevron

SapuraOMV

Jadestone

Australia

Sep. 19

May 20

Jun. 20

Mar. 20

Jun. 20

Sep. 20

Plus three 30-day priced options

Contracted for one well. Plus one 1-well priced option

Contracted for two wells. Plus two 1-well priced options

VALARIS JU-106

KFELS MOD V-B

2005

Indonesia

Jan. 18

Jan. 23

Plus 13 1-well priced options. Planned inspection for approx. 10 days in 1Q20 and 25 days in 3Q20

VALARIS JU-105

KFELS MOD V-B

2002

Preservation

Stacked⁽²⁾

Singapore

VALARIS JU-104

KFELS MOD V-B

2002

ADNOC

UAE

Feb. 18

Jan. 20

Changes: bolded rig names and underlined text signify changes in rig status from previous report

Page 7 of 12



			Valaris plc Fleet Status Report February 13, 2020

Segment /

Region / Rig

Design

Year Delivered

Customer/

Status

Location

Contract Start Date

Contract End Date⁽¹⁾

Comments

Jackups

Standard Duty - Modern

VALARIS JU-148

(Earnest Dees)

LT Super 116-E

2013

Saudi Aramco

Saudi Arabia

Nov. 19

Nov. 22

Leased to ARO Drilling⁽⁴⁾

VALARIS JU-147

(Bess Brants)

LT Super 116-E

2013

Saudi Aramco

Saudi Arabia

Sep. 19

Sep. 22

Leased to ARO Drilling⁽⁴⁾

VALARIS JU-146

(EXL IV)

LT Super 116-E

2011

Saudi Aramco

Saudi Arabia

Sep. 18

Sep. 21

Leased to ARO Drilling⁽⁴⁾

VALARIS JU-145

(EXL III)

LT Super 116-E

2010

Available

U.S. GOM

VALARIS JU-144

(EXL II)

LT Super 116-E

2010

Repsol

Eni

Guyana

Mexico

Oct. 19

Sep. 20

Nov. 19

Sep. 22

VALARIS JU-143

(EXL I)

LT Super 116-E

2010

Saudi Aramco

Saudi Arabia

Oct. 18

Oct. 21

Leased to ARO Drilling⁽⁴⁾

VALARIS JU-142

(112)

LT Super 116-E

2008

Cold Stacked

Malta

VALARIS JU-141

LT Super 116-E

2016

Saudi Aramco

Saudi Arabia

Aug. 18

Aug. 21

VALARIS JU-140

LT Super 116-E

2016

Saudi Aramco

Saudi Arabia

Jul. 18

Jun. 21

VALARIS JU-76

LT Super 116-C

2000

Saudi Aramco

Saudi Arabia

Jan. 15

Dec. 22

Planned inspection for approx. 60 days in 1Q20

VALARIS JU-75

LT Super 116-C

1999

Walter Oil & Gas

W&T Offshore

U.S. GOM

Dec. 19

Feb. 20

Jan. 20

Mar. 20

Changes: bolded rig names and underlined text signify changes in rig status from previous report

Page 8 of 12



			Valaris plc Fleet Status Report February 13, 2020

Segment /

Region / Rig

Design

Year Delivered

Customer/

Status

Location

Contract Start Date

Contract End Date⁽¹⁾

Comments

Jackups

Standard Duty - Legacy

VALARIS JU-92

LT 116-C

1982

Chrysaor

Feb. 17

Dec. 22

Planned inspection for approx. 14 days in 3Q20

VALARIS JU-88

LT 82 SD-C

1982

Saudi Aramco

Saudi Arabia

Nov. 13

Apr. 20

Day rate of approx. $65,000

VALARIS JU-87

LT 116-C

1982

McMoRan

ExxonMobil

U.S. GOM

Sep. 19

Nov. 19

Oct. 19

Aug. 20

Contracted for 21 wells

VALARIS JU-84

LT 82 SD-C

1981

Saudi Aramco

Saudi Arabia

Jan. 17

Aug. 21

Day rate of approx. $72,000. Planned inspection for approx. 60 days in 3Q20 and 60 days in 4Q20

VALARIS JU-72

Hitachi K1025N

1981

Eni

Jan. 20

Sep. 22

Contracted for 40-well P&A program. Planned inspection for 14 days in 2Q20

VALARIS JU-71

Hitachi K1032N

1982

Preservation

Stacked⁽²⁾

VALARIS JU-67

LT 84-CE

1976

Pertamina

Indonesia

Jan. 19

May 20

Contracted for 500 days

VALARIS JU-54

F&G L-780 Mod II-C

1982

Saudi Aramco

Saudi Arabia

Sep. 14

Sep. 22

Day rate of approx. $72,000, plus approx. $5,000 per day for upgrade costs and mobilization amortized through Sep. 22

VALARIS JU-37

(Arch Rowan)

LT 116-C

1981

Saudi Aramco

Saudi Arabia

Sep. 18

Sep. 21

Leased to ARO Drilling⁽⁴⁾

VALARIS JU-36

(Charles Rowan)

LT 116-C

1981

Saudi Aramco

Saudi Arabia

Sep. 18

Sep. 21

Leased to ARO Drilling⁽⁴⁾

VALARIS JU-22

(Middletown)

LT 116-C

1980

Saudi Aramco

Saudi Arabia

Sep. 18

Sep. 21

Leased to ARO Drilling⁽⁴⁾

Changes: bolded rig names and underlined text signify changes in rig status from previous report

Page 9 of 12



			Valaris plc Fleet Status Report February 13, 2020

Segment / Rig

Design

Customer/

Status

Location

Contract Start Date

Contract End Date⁽¹⁾

Comments

Other

Drilling Management

Thunder Horse

Deepwater Semisubmersible

U.S. GOM

Jan. 17

Jan. 22

Day rate of approx. $127,000 from Apr. 19. Plus five 1-year options

Mad Dog

Deepwater Spar Drilling Rig

U.S. GOM

Jan. 17

Jan. 22

Day rate of approx. $86,000 from Apr. 19. Plus five 1-year options

ARO Drilling

Jackup Rigs Owned by ARO Drilling

Gilbert Rowe

LT 116-C

Saudi Aramco

Saudi Arabia

Oct. 17

Oct. 20

Day rate of approx. $69,000

Bob Keller

LT Tarzan 225-C

Saudi Aramco

Saudi Arabia

Oct. 17

Oct. 20

Day rate of approx. $130,000. Planned inspection for approx. 45 days in 2Q20

J.P. Bussell

LT Tarzan 225-C

Saudi Aramco

Saudi Arabia

Oct. 17

Oct. 20

Day rate of approx. $130,000

Hank Boswell

LT Tarzan 225-C

Saudi Aramco

Saudi Arabia

Oct. 18

Oct. 21

Undisclosed day rate.

Scooter Yeargain

LT Tarzan 225-C

Saudi Aramco

Saudi Arabia

Oct. 18

Oct. 21

Undisclosed day rate. Inspection for approx. 45 days in 1Q20

SAR 201

BM 200-H

Saudi Aramco

Saudi Arabia

Feb. 18

Feb. 21

Day rate of approx. $79,000. Inspection for approx. 30 days in 1Q20

SAR 202

KFELS Super B

Saudi Aramco

Saudi Arabia

Oct. 17

Oct. 20

Day rate of approx. $195,000. Planned maintenance for approx. 15 days in 2Q20

Held for Sale

VALARIS 6002

Megathyst, DP

Sold

Upon completion of its contract in Jan. 20, the rig was sold and retired from the offshore drilling fleet

VALARIS 5006

Bingo 8000, Moored

Sold

VALARIS JU-96

Hitachi 250-C

Sold

Upon completion of its contract in Oct. 19, the rig was sold and retired from the offshore drilling fleet

VALARIS JU-70

Hitachi K1032N

Cold Stacked

VALARIS JU-68

LT 84-CE

Sold

Changes: bolded rig names and underlined text signify changes in rig status from previous report

⁽¹⁾ Contract duration does not include any unexercised optional extensions. Contract end dates can vary based on how long it takes to complete the wells subject to the contract.

⁽²⁾ Prior to stacking, upfront steps are taken to preserve the rig. This may include a quayside power source to dehumidify key equipment and/or provide electrical current to the hull to prevent corrosion. Also, certain equipment may be removed from the rig for storage in a temperature-controlled environment. While stacked, large equipment that remains on the rig is periodically inspected and maintained by Valaris personnel. These steps are designed to reduce the time and lower cost to reactivate the rig when market conditions improve.

⁽³⁾ Heavy duty jackups are well-suited for operations in tropical revolving storm areas.

⁽⁴⁾Rigs leased to ARO Drilling via bareboat charter agreements to fulfill contracts between ARO Drilling and Saudi Aramco.

Page 10 of 12

Page 11 of 12



			Valaris plc Fleet Status Report February 13, 2020

Additional Information Regarding this Fleet Status Report

Day Rate and Terms. The day rates reflected in this Fleet Status Report are stated in U.S. dollars and are the operating day rates charged to customers, which may include estimated contractual adjustments for changes in operating costs and/or reimbursable cost adjustments for ongoing expenses such as crew, catering, insurance and taxes. The day rates, however, do not include certain types of non-recurring revenues such as lump sum mobilization payments, revenues earned during mobilizations, revenues associated with contract preparation and other non-recurring reimbursable items such as mobilizations and capital enhancements, and the impact of the fair market value adjustments to previously acquired drilling contracts. Routine and non-routine downtime may reduce the actual revenues recognized during the contract term. Additionally, we sometimes negotiate special rates and/or day rate adjustments with customers that may reduce revenues recognized.

Forward Looking Statements. Statements contained in this Fleet Status Report that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements include words or phrases such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “project,” “could,” “may,” “might,” “should,” “will” and similar words and specifically include statements involving future rig day rates including adjustments with the customer; discussions with the customer; backlog; cost adjustments; utilization; estimated rig availability; expected work commitments and contracts; contract duration, status, terms and other contract commitments; letters of intent, letters of award or other correspondence indicating an award; rig enhancement projects; new rig commitments; the expected period of time and number of rigs that will be in a shipyard for repairs, maintenance, enhancement or construction; sale leaseback transactions; scheduled delivery dates for new rigs; and the timing of delivery, mobilization, contract commencement, relocation or other movement of rigs. Such statements are subject to numerous risks, uncertainties and assumptions that may cause actual results to vary materially from those indicated, including commodity price fluctuations, customer demand, new rig supply, downtime and other risks associated with offshore rig operations; relocations; costs and difficulties related to the integration of Ensco plc and Rowan Companies plc; risks related to our joint venture with Saudi Aramco, including the timing and amount of future distributions from the joint venture or contributions to the joint venture; severe weather or hurricanes; changes in worldwide rig supply and demand, competition and technology; future levels of offshore drilling activity; governmental action, civil unrest and political and economic uncertainties; terrorism, piracy and military action; risks inherent to shipyard rig construction, repair, maintenance or enhancement; possible cancellation, suspension, repudiation, or termination of drilling contracts, including termination for convenience (without cause), as a result of mechanical difficulties, performance, customer liquidity and finances, the decline or the perceived risk of a further decline in oil and/or natural gas prices, or other reasons; our ability to enter into, and the terms of, future drilling contracts; the cancellation of letters of intent or any failure to execute definitive contracts following announcements of letters of intent, letters of award or other expected work commitments or awards; the outcome of litigation, legal proceedings, investigations or other claims or contract disputes; governmental regulatory, legislative and permitting requirements affecting drilling operations; our ability to attract and retain skilled personnel on commercially reasonable terms; environmental or other liabilities, risks or losses; debt restrictions that may limit our liquidity and flexibility; and cybersecurity risks and threats. In addition to the numerous factors described above, you should also carefully read and consider “Item 1A. Risk Factors” in Part I and “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II of our most recent annual report on Form 10-K, as updated in our subsequent quarterly reports on Form 10-Q, which are available on the SEC’s website at www.sec.gov or on the Investor Relations section of our website at www.valaris.com. Each forward-looking statement contained herein speaks only as of the date of this Fleet Status Report, and we undertake no obligation to publicly update or revise any forward looking statements, except as required by law.

Page 12 of 12