EX-99.1 2 ex99_1xmay2021.htm EX-99.1

|  |  | Valaris Limited Fleet Status Report May 3, 2021 |

Changes in Status Since Last Fleet Status Report
Contracts Awards, Extensions, Cancellations and Modifications •VALARIS DS-15 (Renaissance) awarded a contract with Total offshore Brazil with an expected duration of 400 days from June 2021 to August 2022 •VALARIS DS-18 (Relentless) contract with Chevron in the U.S. Gulf of Mexico extended by approximately 320 days from March 2021 to January 2022 •VALARIS DS-12 contract with BP offshore Angola extended by approximately 100 days from September 2021 to December 2021 •VALARIS DS-10 contract with Shell offshore Nigeria extended by approximately 90 days from March 2021 to June 2021 •VALARIS MS-1 awarded a contract with Santos offshore Australia with an expected duration of 450 days from May 2022 to July 2023 •VALARIS 8505 contract with Eni offshore Mexico extended by approximately 80 days from October 2021 to December 2021 •VALARIS JU-121 awarded a contract with Harbour Energy in the North Sea with an expected duration of two years from July 2021 to July 2023 •VALARIS JU-247 (Gorilla V) awarded a contract with DNO in the North Sea with an expected duration of 400 days from May 2021 to June 2022 •VALARIS JU-249 (Gorilla VII) awarded a contract with OMV offshore New Zealand with an expected duration of 400 days from December 2021 to January 2023 •VALARIS JU-67 contract with Pertamina offshore Indonesia extended by approximately 400 days from May 2020 to June 2021 •VALARIS JU-120 contract with Harbour Energy in the North Sea extended by one year from July 2022 to July 2023 •VALARIS JU-291 (Stavanger) contract with Equinor offshore Norway extended by approximately 280 days from January 2021 to October 2021 •VALARIS JU-115 awarded a contract with Mubadala offshore Thailand with an expected duration of approximately 240 days from February 2021 to September 2021 •VALARIS JU-122 contract with Shell in the North Sea extended by approximately 205 days from July 2021 to February 2022 •VALARIS JU-292 (Norway) contract with ConocoPhillips offshore Norway extended by approximately 90 days from June 2021 to September 2021 •VALARIS JU-290 (Viking) awarded a contract with Spirit Energy offshore Norway with an expected duration of approximately 30 days from November 2021 to December 2021 •VALARIS DS-7 contract for operations offshore Senegal/Mauritania from September 2020 to August 2021 has been terminated •VALARIS DPS-1 contract, which was scheduled to be completed in early September 2021 was early terminated and ended in September 2020 •VALARIS JU-117 (Ralph Coffman) expected to be on a standby rate from January 2021 to September 2021 •VALARIS JU-107 contract for operations offshore Australia, previously expected to commence May 2020, now expected to begin May 2021 •Mad Dog expected to be on a standby rate from April 2020 to October 2021, before returning to operating day rate until end of contract ARO Owned Rigs •ARO 2001, ARO 2003, ARO 3001, ARO 3002 and ARO 4001 each awarded five-year contract extensions with Saudi Aramco offshore Saudi Arabia from 1Q21 to 1Q26 (ARO owned rigs are not included in the backlog analysis on page 2) Rig Sales •VALARIS DS-3, VALARIS DS-5, and VALARIS DS-6 have been sold and retired from the offshore drilling fleet •VALARIS 5004, VALARIS 8500, VALARIS 8501, VALARIS 8502, and VALARIS 8504 have been sold and retired from the offshore drilling fleet •VALARIS JU-71, VALARIS JU-84, VALARIS JU-87, VALARIS JU-88, VALARIS JU-101, and VALARIS JU-105 have been sold and retired from the offshore drilling fleet

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|  |  | Valaris Limited Fleet Status Report May 3, 2021 |

Contract Backlog(1) (2) (3) ($ millions) | 2021 | 2022 | 2023 | Total |  | Contracted Days(1) (2) (3) | 2021 | 2022 | 2023
Drillships | $ | 112.6 |  | $ | 44.2 |  | $ | — |  | $ | 156.8 |  |  | Drillships | 584 |  | 259 |  | — |
Semisubmersibles | 67.5 |  | 61.6 |  | 37.6 |  | 166.7 |  |  | Semisubmersibles | 374 |  | 291 |  | 175 |
Floaters | $ | 180.1 |  | $ | 105.8 |  | $ | 37.6 |  | $ | 323.5 |  |  | Floaters | 958 |  | 550 |  | 175 |
HD - Ultra-Harsh & Harsh | $ | 232.7 |  | $ | 145.2 |  | $ | 34.5 |  | $ | 412.4 |  |  | HD - Ultra-Harsh & Harsh | 1,907 |  | 1,518 |  | 375 |
HD & SD - Modern | 119.1 |  | 88.2 |  | 21.8 |  | 229.1 |  |  | HD & SD - Modern | 1,786 |  | 1,095 |  | 260 |
SD - Legacy | 53.7 |  | 69.0 |  | 3.6 |  | 126.3 |  |  | SD - Legacy | 796 |  | 980 |  | 55 |
Jackups | $ | 405.5 |  | $ | 302.4 |  | $ | 59.9 |  | $ | 767.8 |  |  | Jackups | 4,489 |  | 3,593 |  | 690 |
Other(4) | $ | 70.5 |  | $ | 9.6 |  | $ | — |  | $ | 80.1 |  |  | Other(4) | 1,964 |  | 587 |  | — |
Total | $ | 656.1 |  | $ | 417.8 |  | $ | 97.5 |  | $ | 1,171.4 |  |  | Total | 7,411 |  | 4,730 |  | 865 |
|  |  |  |  |  | Average Day Rates(1) (3) | 2021 | 2022 | 2023
HD = Heavy Duty; SD = Standard Duty (1) Contract backlog, contracted days and average day rates as of April 30, 2021. (2) Contract backlog does not include ARO Drilling backlog. ARO Drilling backlog, excluding backlog on rigs leased from Valaris, was $869.5 million as of March 31, 2021. (3) Contract backlog and contracted days include backlog and days when a rig is under suspension. Average day rates are adjusted to exclude suspension backlog and days. (4) Other represents contract backlog and contracted days related to bareboat charter agreements and management services contracts. |  | Drillships | $ | 193,000 |  | $ | 171,000 |  | $ | — |
| Semisubmersibles | 180,000 |  | 212,000 |  | 215,000 |
| Floaters | $ | 188,000 |  | $ | 192,000 |  | $ | 215,000 |
| HD - Ultra-Harsh & Harsh | $ | 122,000 |  | $ | 96,000 |  | $ | 92,000 |
| HD & SD - Modern | 71,000 |  | 81,000 |  | 84,000 |
| SD - Legacy | 68,000 |  | 70,000 |  | 65,000 |
| Jackups | $ | 93,000 |  | $ | 84,000 |  | $ | 87,000 |

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|  |  | Valaris Limited Fleet Status Report May 3, 2021 |

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 |  | Chevron |  | U.S. GOM |  | Aug 20 |  | Jan 22 |  |
VALARIS DS-15 (Renaissance) |  | GustoMSC P10000 |  | 2014 |  | Total |  | Brazil |  | Jun 21 |  | Aug 22 |  |
VALARIS DS-12 |  | DSME 12000 |  | 2014 |  | BP |  | Angola |  | Sep 21 |  | Dec 21 |  |
VALARIS DS-10 |  | Samsung GF12000 |  | 2017 |  | Shell |  | Nigeria |  | Mar 18 |  | Jun 21 |  |
Stacked |  |  |  |  |  |  |  |  |  |  |  |
VALARIS DS-17 (Reliance) |  | GustoMSC P10000 |  | 2014 |  | Stacked |  | Spain |  |  |  |  |  |
VALARIS DS-16 (Resolute) |  | GustoMSC P10000 |  | 2014 |  | Stacked |  | Spain |  |  |  |  |  |
VALARIS DS-11 |  | DSME 12000 |  | 2013 |  | Stacked |  | Spain |  |  |  |  |  |
VALARIS DS-9 |  | Samsung GF12000 |  | 2015 |  | Stacked |  | Spain |  |  |  |  |  |
VALARIS DS-8 |  | Samsung GF12000 |  | 2015 |  | Stacked |  | UK |  |  |  |  |  |
VALARIS DS-7 |  | Samsung 96K |  | 2013 |  | Stacked |  | Spain |  |  |  |  |  |
VALARIS DS-4 |  | Samsung 96K |  | 2010 |  | Stacked |  | UK |  |  |  |  |  |
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

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|  |  | Valaris Limited Fleet Status Report May 3, 2021 |

Asset Type / Status / Rig |  | Design |  | Year Delivered |  | Customer/ Status |  | Location |  | Contract Start Date |  | Contract End Date(1) |  | Comments
Semisubmersibles |  |  |  |  |  |  |  |  |  |  |  |
Marketed |  |  |  |  |  |  |  |  |  |
VALARIS DPS-1 |  | F&G ExD Millennium, DP |  | 2012 |  | Available |  | Malaysia |  |  |  |  |  |
VALARIS MS-1 |  | F&G ExD Millennium, Moored |  | 2011 |  | Santos Santos |  | Australia Australia |  | May 21 May 22 |  | Oct 21 Jul 23 |  |
VALARIS 8505 |  | ENSCO 8500 Series, DP + Moored |  | 2012 |  | Eni Lukoil Eni |  | Mexico Mexico Mexico |  | Jan 19 Jul 21 Oct 21 |  | Jul 21 Oct 21 Dec 21 |  |
Stacked |  |
VALARIS 8506 |  | ENSCO 8500 Series, DP |  | 2012 |  | Stacked |  | U.S. GOM |  |  |  |  |  |
VALARIS 8503 |  | ENSCO 8500 Series, DP + Moored |  | 2010 |  | Stacked |  | U.S. GOM |  |  |  |  |  |

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|  |  | Valaris Limited Fleet Status Report May 3, 2021 |

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 |  | Sep 21 |  |
VALARIS JU-291 (Stavanger) |  | KFELS N Class |  | 2011 |  | Equinor |  | Norway |  | Oct 19 |  | Oct 21 |  |
VALARIS JU-290 (Viking) |  | KFELS N Class |  | 2010 |  | Lundin Spirit |  | Norway Norway |  | May 20 Nov 21 |  | Oct 21 Dec 21 |  |
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 |  | OMV |  | New Zealand |  | Dec 21 |  | Jan 23 |  | Rig currently in UK being reactivated
VALARIS JU-248 (Gorilla VI) |  | LT Super Gorilla |  | 2000 |  | Neptune |  | UK |  | Aug 20 |  | Aug 22 |  |
VALARIS JU-247 (Gorilla V) |  | LT Super Gorilla |  | 1998 |  | DNO |  | UK |  | May 21 |  | Jun 22 |  |

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|  |  | Valaris Limited Fleet Status Report May 3, 2021 |

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 |  | Harbour Energy |  | UK |  | Oct 20 |  | Oct 21 |  |
VALARIS JU-122 |  | KFELS Super A |  | 2014 |  | Shell |  | UK |  | Jan 20 |  | Feb 22 |  |
VALARIS JU-121 |  | KFELS Super A |  | 2013 |  | Harbour Energy |  | UK |  | Jul 21 |  | Jul 23 |  |
VALARIS JU-120 |  | KFELS Super A |  | 2013 |  | Harbour Energy |  | UK |  | Jul 17 |  | Jul 23 |  |
Stacked |  |
VALARIS JU-102 |  | KFELS MOD V-A |  | 2002 |  | Stacked |  | U.S. GOM |  |  |  |  |  |
VALARIS JU-100 |  | LT Gorilla |  | 1987 |  | Stacked |  | Denmark |  |  |  |  |  |

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|  |  | Valaris Limited Fleet Status Report May 3, 2021 |

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 |  | Fieldwood |  | Mexico |  | Mar 20 |  | Oct 21 |  |
VALARIS JU-117 (Ralph Coffman) |  | LT 240-C |  | 2009 |  | Available Eni |  | U.S. GOM Mexico |  | Jan 21 |  | Sep 23 |  | On a standby rate from Jan 21 to Sep 21, when rig is expected to commence contract
VALARIS JU-116 (Mississippi) |  | LT 240-C |  | 2008 |  | Saudi Aramco |  | Saudi Arabia |  | Dec 18 |  | Dec 21 |  | Leased to ARO Drilling(4)
VALARIS JU-115 |  | BM Pacific Class 400 |  | 2013 |  | Mubadala Petroleum |  | Thailand |  | Feb 21 |  | Sep 21 |  |
VALARIS JU-110 |  | KFELS MOD V-B |  | 2015 |  | North Oil Company |  | Qatar |  | Sep 17 |  | Sep 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 |  | SapuraOMV Jadestone |  | Australia Australia |  | May 21 Jun 21 |  | Jun 21 Oct 21 |  |
VALARIS JU-106 |  | KFELS MOD V-B |  | 2005 |  | BP |  | Indonesia |  | Jan 18 |  | Jan 23 |  |
Stacked |  |
VALARIS JU-114 |  | BM Pacific Class 400 |  | 2012 |  | Stacked |  | Philippines |  |  |  |  |  |
VALARIS JU-113 |  | BM Pacific Class 400 |  | 2012 |  | Stacked |  | Philippines |  |  |  |  |  |
VALARIS JU-111 |  | KFELS MOD V-B |  | 2003 |  | Stacked |  | Croatia |  |  |  |  |  |
VALARIS JU-109 |  | KFELS MOD V-Super B |  | 2008 |  | Stacked |  | Namibia |  |  |  |  |  |
VALARIS JU-104 |  | KFELS MOD V-B |  | 2002 |  | Stacked |  | UAE |  |  |  |  |  |

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|  |  | Valaris Limited Fleet Status Report May 3, 2021 |

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 |  | Aug 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-144 (EXL II) |  | LT Super 116-E |  | 2010 |  | Fieldwood |  | Mexico |  | May 20 |  | Jun 21 |  |
VALARIS JU-143 (EXL I) |  | LT Super 116-E |  | 2010 |  | Saudi Aramco |  | Saudi Arabia |  | Oct 18 |  | Oct 21 |  | Leased to ARO Drilling(4). Contract between ARO Drilling and customer suspended from Oct 20 to Jun 21, then expected to return to operating day rate until end of contract
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 |  | Apr 23 |  | Contract suspended from Sep 20 to May 21, then expected to return to operating day rate until end of contract
Stacked |  |
VALARIS JU-145 (EXL III) |  | LT Super 116-E |  | 2010 |  | Stacked |  | U.S. GOM |  |  |  |  |  |
VALARIS JU-142 (112) |  | LT Super 116-E |  | 2008 |  | Stacked |  | Croatia |  |  |  |  |  |
VALARIS JU-75 |  | LT Super 116-C |  | 1999 |  | Stacked |  | U.S. GOM |  |  |  |  |  |

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|  |  | Valaris Limited Fleet Status Report May 3, 2021 |

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 |  | Harbour Energy |  | UK |  | Feb 17 |  | Dec 22 |  |
VALARIS JU-72 |  | Hitachi K1025N |  | 1981 |  | Eni |  | UK |  | Jan 20 |  | Jan 23 |  |
VALARIS JU-67 |  | LT 84-CE |  | 1976 |  | Pertamina |  | Indonesia |  | Jan 19 |  | Jun 21 |  |
VALARIS JU-54 |  | F&G L-780 Mod II-C |  | 1982 |  | Saudi Aramco |  | Saudi Arabia |  | Sep 14 |  | Sep 22 |  | Contract suspended from Oct 21 to Dec 21, then expected to return to operating day rate until end of contract
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)

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|  |  | Valaris Limited Fleet Status Report May 3, 2021 |

Segment / Rig |  | Design |  | Customer/ Status |  | Location |  | Contract Start Date |  | Contract End Date(1) |  | Comments |  |
Other |  |  |  |  |  |  |  |  |  |  |  |  |  |
Drilling Management |  |  |  |
Thunder Horse |  | Deepwater Semisubmersible |  | BP |  | U.S. GOM |  | Jan 17 |  | Jan 22 |  |  |  |
Mad Dog |  | Deepwater Spar Drilling Rig |  | BP |  | U.S. GOM |  | Jan 17 |  | Jan 22 |  | On a standby rate from Apr 20 to Oct 21, and then return to operating day rate until end of contract |  |
ARO Drilling |  |  |  |  |  |  |  |  |  |  |  |  |  |
Jackup Rigs Owned by ARO Drilling |  |  |  |
ARO 2001 (Gilbert Rowe) |  | LT 116-C |  | Saudi Aramco |  | Saudi Arabia |  | Oct 17 |  | Jan 26 |  |  |  |
ARO 2003 (SAR 201) |  | BM 200-H |  | Saudi Aramco |  | Saudi Arabia |  | Feb 18 |  | Feb 26 |  |  |  |
ARO 3001 (Bob Keller) |  | LT Tarzan 225-C |  | Saudi Aramco |  | Saudi Arabia |  | Oct 17 |  | Jan 26 |  |  |  |
ARO 3002 (J.P. Bussell) |  | LT Tarzan 225-C |  | Saudi Aramco |  | Saudi Arabia |  | Oct 17 |  | Jan 26 |  |  |  |
ARO 3003 (Scooter Yeargain) |  | LT Tarzan 225-C |  | Saudi Aramco |  | Saudi Arabia |  | Oct 18 |  | Oct 21 |  |  |  |
ARO 3004 (Hank Boswell) |  | LT Tarzan 225-C |  | Saudi Aramco |  | Saudi Arabia |  | Oct 18 |  | Oct 21 |  |  |  |
ARO 4001 (SAR 202) |  | KFELS Super B |  | Saudi Aramco |  | Saudi Arabia |  | Oct 17 |  | Jan 26 |  |  |  |
ARO 2005 |  | LT 116-C |  | Under Construction |  | Saudi Arabia |  |  |  |  |  | Delivery expected in 2022 |  |
ARO 2006 |  | LT 116-C |  | Under Construction |  | Saudi Arabia |  |  |  |  |  | Delivery expected in 2022 |  |

(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 3, 2021 |

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; future levels of offshore drilling activity; 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 rigs; performance of our joint venture with Saudi Aramco; the timing of delivery, mobilization, contract commencement, relocation or other movement of rigs; and our intent to sell or scrap rigs. Such statements are subject to numerous risks, uncertainties and assumptions that may cause actual results to vary materially from those indicated, including the Company's debt levels, liquidity and ability to access financing sources, the COVID-19 outbreak and global pandemic, the related public health measures implemented by governments worldwide, which may, among other things, impact our ability to staff rigs and rotate crews; the decline in oil prices during 2020, caused in part by the COVID-19 pandemic and the decisions by certain oil producers to reduce export prices and increase oil production; and its effects; cancellation, suspension, renegotiation or termination of drilling contracts and programs; potential additional asset impairments; our failure to satisfy our debt obligations; our ability to obtain financing, service our debt, fund negative cash flow and capital expenditures and pursue other business opportunities; adequacy of sources of liquidity for us and our customers; actions by regulatory authorities, rating agencies or other third parties; actions by our security holders; availability and terms of any financing; commodity price fluctuations, 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; future levels of offshore drilling activity; governmental action, civil unrest and political and economic 3 uncertainties; terrorism, piracy and military action; risks inherent to shipyard rig construction, repair, maintenance or enhancement; our ability to enter into, and the terms of, future drilling 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 particular, the unprecedented nature of the current economic downturn, pandemic, and industry decline may make it particularly difficult to identify risks or predict the degree to which identified risks will impact the Company's business and financial condition. 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.
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