Document

Valaris Limited
Fleet Status Report
May 2, 2022


New Contracts and Extensions, Rig Sales and Other Updates Since Last Fleet Status Report
Floaters •Two-well contract with a major operator offshore Angola and the Republic of Congo for drillship VALARIS DS-12. The contract is expected to take place during the first quarter 2023 and has a total contract value of $26.2 million. •One-well contract extension with TotalEnergies EP Brazil offshore Brazil for drillship VALARIS DS-15. The option well is in direct continuation of the current firm program and has an estimated duration of 100 days. Jackups •One-well contract with an undisclosed operator offshore Australia for heavy duty modern jackup VALARIS 107. The contract is expected to commence in July 2022 with an estimated duration of 37 days. The operating rate is $112,000 per day. •One-well contract with Eni offshore Australia for heavy duty modern jackup VALARIS 107. The contract is expected to commence in August 2022 with an estimated duration of 70 days. The operating rate is $115,000 per day. •29-day contract extension with Harbour Energy in the UK North Sea for heavy duty ultra-harsh environment jackup VALARIS Norway. •14-day contract extension with BP in the UK North Sea for heavy duty ultra-harsh environment jackup VALARIS Norway. Other •Two-year contract extensions with BP in the U.S. Gulf of Mexico for managed rigs Mad Dog and Thunder Horse. The contract extensions were effective on January 27, 2022. •ARO Drilling awarded a three-year contract with Saudi Aramco for standard duty modern jackup VALARIS 140. This contract relates to the previously disclosed three-year bareboat charter agreement between Valaris and ARO Drilling. VALARIS DS-11 •The previously disclosed contract awarded to VALARIS DS-11 for an eight-well contract for a deepwater project in the U.S. Gulf of Mexico has been novated from TotalEnergies to Equinor. No material changes to the contract resulted from the novation, including with respect to the termination provisions in the event the project does not receive final investment decision (FID). Total contract backlog includes approximately $428 million related to this contract. Rig Sales •VALARIS 113 and 114 have been sold to ADES Saudi Limited for a total of $125 million. •VALARIS 67 has been sold and retired from the offshore drilling fleet. Day Rate Disclosures •Going forward, we intend to disclose day rates and other forms of contractual compensation, such as lump sum mobilization payments, for new contracts and extensions, unless such disclosures are restricted by confidentiality provisions.

New Disclosure: bolded text signifies items that have not been previously disclosed

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Valaris Limited
Fleet Status Report
May 2, 2022


Contract Backlog(1) (2) ($ millions)	2022		2023		2024+		Total		Contracted Days(1) (2)	2022		2023		2024+
Drillships(3)	$	314.4	$	337.7	$	638.8	$	1,290.9	Drillships(3)	1,484		1,499		2,122
Semisubmersibles	130.3		156.4		89.1		375.8		Semisubmersibles	643		712		391
Floaters	$	444.7	$	494.1	$	727.9	$	1,666.7	Floaters	2,127		2,211		2,513

HD - Ultra-Harsh & Harsh	$	182.3	$	36.5	$	—	$	218.8	HD - Ultra-Harsh & Harsh	1,711		363		—
HD & SD - Modern	131.1		74.5		20.1		225.7		HD & SD - Modern	1,674		894		298
SD - Legacy	36.8		33.9		—		70.7		SD - Legacy	534		469		—
Jackups	$	350.2	$	144.9	$	20.1	$	515.2	Jackups	3,919		1,726		298

Other(4)	$	88.0	$	126.5	$	57.0	$	271.5	Other(4)	2,017		2,555		1,939

Total	$	882.9	$	765.5	$	805.0	$	2,453.4	Total	8,063		6,492		4,750

ARO Drilling(5)									Average Day Rates(1) (2)	2022		2023		2024+
Owned Rigs	$	164.1	$	246.6	$	582.9	$	993.6	Drillships(3)	$	212,000	$	225,000	$	301,000
Leased Rigs	140.5		175.6		180.8		496.9		Semisubmersibles	203,000		220,000		228,000
Total	$	304.6	$	422.2	$	763.7	$	1,490.5	Floaters	$	209,000	$	223,000	$	290,000

Valaris 50% Share of ARO Owned Rigs	$	82.1	$	123.3	$	291.4	$	496.8	HD - Ultra-Harsh & Harsh	$	107,000	$	100,000	$	—
Adjusted Total(6)	$	965.0	$	888.8	$	1,096.4	$	2,950.2	HD & SD - Modern	78,000		83,000		68,000
									SD - Legacy	69,000		72,000		—
(1) Contract backlog, contracted days and average day rates as of May 2, 2022. (2) Contract backlog and average day rates exclude certain types of non-recurring revenues such as lump sum mobilization payments. Contract backlog and contracted days include backlog and days when a rig is under suspension. Contract backlog includes drilling contracts subject to final investment decision (FID) and drilling contracts which grant the customer termination rights if FID is not received with respect to projects for which the drilling rig is contracted. Average day rates are adjusted to exclude suspension backlog and days. (3) Total contract backlog includes approximately $428 million related to a contract for drillship VALARIS DS-11. In March 2022, the contract was novated from TotalEnergies to Equinor. No material changes to the contract resulted from the novation, including with respect to the termination provisions in the event the project does not receive final investment decision (FID).									Jackups	$	89,000	$	84,000	$	68,000

									(4) Other represents contract backlog and contracted days related to bareboat charter agreements and management services contracts. (5) ARO Drilling contract backlog as of May 2, 2022. (6) Adjusted total is Valaris consolidated total plus Valaris 50% share of ARO owned rigs. HD = Heavy Duty; SD = Standard Duty

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Valaris Limited
Fleet Status Report
May 2, 2022

Asset Category / Rig

Design

Year Delivered

Customer/
Status

Location

Contract Start Date

Contract End Date(1)

Day Rate

Comments

Drillships

VALARIS DS-18

GustoMSC P10000

2015

Chevron
Chevron

U.S. GOM
U.S. GOM

Aug 20

Jul 22

Jun 22
Jun 25

VALARIS DS-16

GustoMSC P10000

2014

Occidental

U.S. GOM

May 22

May 24

VALARIS DS-15

GustoMSC P10000

2014

TotalEnergies

Brazil

Jun 21

Dec 22

VALARIS DS-12

DSME 12000

2014

Undisclosed

Angola

Mauritania

Angola

Sep 21

Apr 22

Jan 23

Apr 22

Dec 22

Mar 23

Confidential

Total contract value of $26.2 million

VALARIS DS-10

Samsung GF12000

2017

Shell
Shell

Namibia
Nigeria

Nov 21
Apr 22

Apr 22
Oct 22

VALARIS DS-9

Samsung GF12000

2015

ExxonMobil

Angola

Jun 22

Jun 24

Rig being reactivated in Spain

VALARIS DS-4

Samsung 96K

2010

Petrobras

Brazil

Jun 22

Dec 23

Stacked

VALARIS DS-17

GustoMSC P10000

2014

Stacked

Spain

VALARIS DS-11

DSME 12000

2013

Equinor

U.S. GOM

Jul 24

Dec 27

Rig stacked in Spain. In March 2022, the contract was novated from TotalEnergies to Equinor. No material changes to the contract resulted from the novation, including with respect to the termination provisions in the event the project does not receive final investment decision (FID)

VALARIS DS-8

Samsung GF12000

2015

Stacked

Spain

VALARIS DS-7

Samsung 96K

2013

Stacked

Spain

Purchase Options(2)

VALARIS DS-14

DSME 12000

Under Construction

South Korea

Option to take delivery by year-end 2023. Purchase price of approx. $218 million assuming a Dec 31, 2023 delivery

VALARIS DS-13

DSME 12000

Under Construction

South Korea

Option to take delivery by year-end 2023. Purchase price of approx. $119 million assuming a Dec 31, 2023 delivery

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

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Valaris Limited
Fleet Status Report
May 2, 2022

Asset Category / Rig

Design

Year Delivered

Customer/
Status

Location

Contract Start Date

Contract End Date(1)

Day Rate

Comments

Semisubmersibles

VALARIS DPS-5

ENSCO 8500 Series,
DP + Moored

2012

Kosmos
Apache
Murphy
Murphy

U.S. GOM
U.S. GOM
U.S. GOM
Mexico

Mar 22

Jul 22

Aug 22

Sep 22

Jul 22
Aug 22
Sep 22
Nov 22

VALARIS DPS-1

F&G ExD Millennium, DP

2012

Woodside
Woodside

Australia
Australia

Apr 22

Feb 23

Jun 24

VALARIS MS-1

F&G ExD Millennium, Moored

2011

Eni
Western Gas
Santos
Undisclosed

Australia
Australia
Australia
Australia

Nov 21

May 22

Jul 22

Oct 23

Feb 22

Jul 22

Oct 23

Aug 24

The October 2023 contract is subject to final investment decision (FID) by the customer

Stacked

VALARIS DPS-6

ENSCO 8500 Series, DP

2012

Stacked

U.S. GOM

VALARIS DPS-3

ENSCO 8500 Series,
DP + Moored

2010

Stacked

U.S. GOM

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

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Valaris Limited
Fleet Status Report
May 2, 2022

Asset Category / Rig

Design

Year Delivered

Customer/
Status

Location

Contract Start Date

Contract End Date(1)

Day Rate

Comments

Jackups

Heavy Duty Ultra-Harsh Environment(3)

VALARIS Norway

KFELS N Class

2011

Harbour Energy
BP
Centrica Storage

UK
UK
UK

Dec 21

May 22

Sep 22

Apr 22

Sep 22

Jan 23

Accommodation work

VALARIS Stavanger

KFELS N Class

2011

Equinor

Norway

Oct 19

Jul 22

VALARIS Viking

KFELS N Class

2010

Sval Energi
Repsol

Norway
Norway

Mar 22

Jun 22

May 22

Nov 22

VALARIS 250

LT Super Gorilla XL

2003

Saudi Aramco

Saudi Arabia

Jun 18

Dec 24

Leased to ARO Drilling(4)

VALARIS 249

LT Super Gorilla

2002

OMV

New Zealand

Feb 22

Mar 23

VALARIS 248

LT Super Gorilla

2000

Neptune

Aug 20

Feb 23

VALARIS 247

LT Super Gorilla

1998

DNO

May 21

Dec 22

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

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Valaris Limited
Fleet Status Report
May 2, 2022

Asset Category / Rig

Design

Year Delivered

Customer/
Status

Location

Contract Start Date

Contract End Date(1)

Day Rate

Comments

Jackups

Heavy Duty Harsh Environment(3)

VALARIS 123

KFELS Super A

2019

TAQA
Capricorn

Netherlands
UK

Jan 22
May 22

May 22

Aug 22

VALARIS 122

KFELS Super A

2014

Shell

Jan 20

Oct 22

VALARIS 121

KFELS Super A

2013

Harbour Energy

Jul 21

Jul 22

VALARIS 120

KFELS Super A

2013

Harbour Energy

Jul 17

Jul 23

Stacked

VALARIS 102

KFELS MOD V-A

2002

Stacked

U.S. GOM

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

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Valaris Limited
Fleet Status Report
May 2, 2022

Asset Category / Rig

Design

Year Delivered

Customer/
Status

Location

Contract Start Date

Contract End Date(1)

Day Rate

Comments

Jackups

Heavy Duty - Modern(3)

VALARIS 118

LT 240-C

2011

Fieldwood
BP

Mexico
Trinidad

Mar 20
Oct 22

May 22
Jun 23

VALARIS 117

LT 240-C

2009

Eni

Mexico

Dec 21

Dec 23

VALARIS 116

LT 240-C

2008

Saudi Aramco

Saudi Arabia

Dec 18

Dec 24

Leased to ARO Drilling(4)

VALARIS 115

BM Pacific Class 400

2013

Mubadala Petroleum

Thailand

Feb 22

Sep 22

VALARIS 110

KFELS MOD V-B

2015

North Oil Company

Qatar

Oct 21

Oct 24

VALARIS 108

KFELS MOD V-B

2007

Saudi Aramco

Saudi Arabia

Nov 18

Nov 22

VALARIS 107

KFELS MOD V-B

2006

Carnarvon Petroleum

Vermilion Oil & Gas

Undisclosed

Eni

Timor-Leste

Australia

Jan 22

May 22

Jul 22

Aug 22

Feb 22

Jul 22

Aug 22

Oct 22

$112,000

$115,000

VALARIS 106

KFELS MOD V-B

2005

Indonesia

Jan 18

Jan 23

Stacked

VALARIS 111

KFELS MOD V-B

2003

Stacked

Croatia

VALARIS 109

KFELS MOD V-Super B

2008

Stacked

Namibia

VALARIS 104

KFELS MOD V-B

2002

Stacked

UAE

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

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Valaris Limited
Fleet Status Report
May 2, 2022

Asset Category / Rig

Design

Year Delivered

Customer/
Status

Location

Contract Start Date

Contract End Date(1)

Day Rate

Comments

Jackups

Standard Duty - Modern

VALARIS 148

LT Super 116-E

2013

Saudi Aramco

Saudi Arabia

Nov 19

Nov 22

Leased to ARO Drilling(4)

VALARIS 147

LT Super 116-E

2013

Saudi Aramco

Saudi Arabia

Sep 19

Aug 22

Leased to ARO Drilling(4)

VALARIS 146

LT Super 116-E

2011

Saudi Aramco

Saudi Arabia

Sep 18

Dec 24

Leased to ARO Drilling(4)

VALARIS 144

LT Super 116-E

2010

W&T Offshore
Undisclosed
Undisclosed

U.S. GOM
U.S. GOM
U.S. GOM

Dec 21

Feb 22

Apr 22

Feb 22
Apr 22
Jul 22

VALARIS 143

LT Super 116-E

2010

Saudi Aramco

Saudi Arabia

Oct 18

Dec 24

Leased to ARO Drilling(4)

VALARIS 141

LT Super 116-E

2016

Saudi Aramco

Saudi Arabia

Aug 18

Apr 22

VALARIS 140

LT Super 116-E

2016

Saudi Aramco

Saudi Arabia

Mar 22

Mar 25

Leased to ARO Drilling(4)

VALARIS 76

LT Super 116-C

2000

Saudi Aramco

Saudi Arabia

Jan 15

Dec 22

Stacked

VALARIS 145

LT Super 116-E

2010

Stacked

U.S. GOM

VALARIS 75

LT Super 116-C

1999

Stacked

U.S. GOM

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

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Valaris Limited
Fleet Status Report
May 2, 2022

Asset Category / Rig

Design

Year Delivered

Customer/
Status

Location

Contract Start Date

Contract End Date(1)

Day Rate

Comments

Jackups

Standard Duty - Legacy

VALARIS 92

LT 116-C

1982

Harbour Energy

Feb 17

Jul 23

Planned maintenance for approx. 30 days in 2Q22

VALARIS 72

Hitachi K1025N

1981

Eni

Jan 20

Aug 23

Planned maintenance for approx. 30 days in 4Q22

VALARIS 54

F&G L-780 Mod II-C

1982

Saudi Aramco

Saudi Arabia

Sep 14

Sep 22

VALARIS 36

LT 116-C

1981

Saudi Aramco

Saudi Arabia

Sep 18

May 22

Leased to ARO Drilling(4)

Sold / Held for Sale

VALARIS 114

BM Pacific Class 400

2012

Sold

VALARIS 113

BM Pacific Class 400

2012

Sold

VALARIS 67

LT 84-CE

1976

Sold

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

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Valaris Limited
Fleet Status Report
May 2, 2022

Asset Category / Rig

Design

Customer/
Status

Location

Contract Start Date

Contract End Date(1)

Day Rate

Comments

Other

Drilling Management

Thunder Horse

Deepwater Semisubmersible

U.S. GOM

Jan 17

Jan 24

Mad Dog

Deepwater Spar Drilling Rig

U.S. GOM

Jan 17

Jan 24

ARO Drilling

Jackup Rigs Owned by ARO Drilling

ARO 2001

LT 116-C

Saudi Aramco

Saudi Arabia

Oct 17

Jan 26

ARO 2003

BM 200-H

Saudi Aramco

Saudi Arabia

Feb 18

Feb 26

ARO 3001

LT Tarzan 225-C

Saudi Aramco

Saudi Arabia

Oct 17

Jan 26

Planned maintenance for approx. 60 days in 3Q22

ARO 3002

LT Tarzan 225-C

Saudi Aramco

Saudi Arabia

Oct 17

Jan 26

Planned maintenance for approx. 55 days in 3Q22

ARO 3003

LT Tarzan 225-C

Saudi Aramco

Saudi Arabia

Oct 18

Dec 26

ARO 3004

LT Tarzan 225-C

Saudi Aramco

Saudi Arabia

Oct 18

Dec 26

ARO 4001

KFELS Super B

Saudi Aramco

Saudi Arabia

Oct 17

Jan 26

Planned maintenance for approx. 45 days in 3Q22

ARO 2005

LT 116-C

Under Construction

Saudi Arabia

Delivery expected in 1H23

ARO 2006

LT 116-C

Under Construction

Saudi Arabia

Delivery expected in 1H23

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) Valaris has the right, but not the obligation, to take delivery of either or both rigs on or before December 31, 2023. Not included in Valaris' fleet count.

(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.

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Valaris Limited
Fleet Status Report
May 2, 2022

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, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include words or phrases such as "anticipate," "believe," "estimate," "expect," "intend," "likely," "plan," "project," "could," "may," "might," "should," "will" and similar words and specifically include statements regarding future rig day rates, including adjustments with customers; future levels of offshore drilling activity; expected utilization, day rates, revenues, operating expenses, rig commitments and availability, cash flow, contract status, terms and duration, contract backlog, capital expenditures, insurance, financing and funding; the effect, impact, potential duration and other implications of the ongoing COVID-19 pandemic; impact of our emergence from bankruptcy; the offshore drilling market, including supply and demand, customer drilling programs, stacking and reactivation of rigs, effects of new and reactivated rigs on the market and effects of volatility in commodity prices; expected work commitments, awards and contracts; letters of intent; scheduled delivery dates for rigs; performance of our joint venture with Saudi Aramco; the timing of delivery, mobilization, contract commencement, availability, relocation or other movement of rigs; expected divestitures of assets; general market, business and industry conditions, trends and outlook; general political conditions, including political tensions, conflicts and war (such as the ongoing conflict in Ukraine); future operations; increasing regulatory complexity; and expense management. The forward-looking statements contained in this press release are subject to numerous risks, uncertainties and assumptions that may cause actual results to vary materially from those indicated, including the COVID-19 outbreak and global pandemic and the related public health measures implemented by governments worldwide, which may, among other things, impact our ability to staff rigs and rotate crews; cancellation, suspension, renegotiation or termination of drilling contracts and programs, including drilling contracts which grant the customer termination rights if final investment decision (FID) is not received with respect to projects for which the drilling rig is contracted; potential additional asset impairments; failure to satisfy our debt obligations; our ability to obtain financing, service our debt, fund capital expenditures and pursue other business opportunities; adequacy of sources of liquidity for us and our customers; the effects of our emergence from bankruptcy on the Company's business, relationships, comparability of our financial results and ability to access financing sources; actions by regulatory authorities, or other third parties; actions by our security holders; commodity price fluctuations and volatility, customer demand, new rig supply, downtime and other risks associated with offshore rig operations; severe weather or hurricanes; changes in worldwide rig supply and demand, competition and technology; consumer preferences for alternative fuels; increased scrutiny of our Environmental, Social and Governance ("ESG") practices and reporting responsibilities; changes in customer strategy; governmental action, civil unrest and political and economic uncertainties; terrorism, piracy and military action; risks inherent to shipyard rig reactivation, upgrade, repair, maintenance or enhancement; our ability to enter into, and the terms of, future drilling contracts; suitability of rigs for future contracts; the cancellation of letters of intent or letters of award or any failure to execute definitive contracts following announcements of letters of intent, letters of award or other expected work commitments; 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, which is 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 speaks only as of the date of the particular statement, and we undertake no obligation to update or revise any forward-looking statements, except as required by law.

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