Valaris Limited
Fleet Status Report
May 1, 2023

New Contracts and Extensions, Rig Sales and Other Updates Since Last Fleet Status Report

Floaters

•Three-year contract with Petrobras for drillship VALARIS DS-8. The rig is being reactivated for this contract. The total contract value is approximately $500 million, including a $30 million mobilization fee.

•100-day contract with a TotalEnergies affiliate for drillship VALARIS DS-12. The contract is expected to commence in second quarter 2023.

•Priced option exercised by TotalEnergies EP Brasil offshore Brazil for drillship VALARIS DS-15. Following the exercise of this priced option, the rig is expected to be under contract through second quarter 2024. There are no further options remaining under this contract. The operating day rate for the option period, which has an estimated duration of 100 days, is approximately $254,000.

Jackups

•Two-year contract extension with Harbour Energy in the UK North Sea for standard duty jackup VALARIS 92. The extension period is expected to commence in first quarter 2024 in direct continuation of the existing contract. The operating day rate for the extension period is $95,000, during which the rig is expected to be exclusively undertaking plug and abandonment (P&A) work.

•70-day contract with Beach Energy offshore New Zealand for heavy duty modern jackup VALARIS 107. The contract is expected to commence in third quarter 2023. The total contract value is approximately $26 million.

•One-well contract with NEO Energy in the UK North Sea for heavy duty ultra-harsh environment jackup VALARIS Norway. The contract is expected to commence in July 2023 and has an estimated duration of 20 days. The operating day rate is $105,000.

Rig Sale

•The previously announced sale of 40-year-old standard duty legacy jackup VALARIS 54 for $28.5 million has completed.

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

Page 1 of 12

Valaris Limited
Fleet Status Report
May 1, 2023

Contract Backlog(1) (2) ($ millions)			2023			2024			2025+			Total						Contracted Days(1) (2)			2023			2024			2025+
Drillships			$	483.5		$	641.8		$	373.7		$	1,499.0					Drillships			1,847			1,924			949
Semisubmersibles			122.5			137.6			10.1			270.2						Semisubmersibles			545			606			45
Floaters			$	606.0		$	779.4		$	383.8		$	1,769.2					Floaters			2,392			2,530			994
HD - Ultra-Harsh & Harsh			$	136.3		$	114.7		$	26.7		$	277.7					HD - Ultra-Harsh & Harsh			1,299			926			206
HD & SD - Modern			150.0			73.3			94.4			317.7						HD & SD - Modern			1,656			853			840
SD - Legacy			30.2			49.3			40.2			119.7						SD - Legacy			399			600			423
Jackups			$	316.5		$	237.3		$	161.3		$	715.1					Jackups			3,354			2,379			1,469
Other(3)			$	111.9		$	112.9		$	94.1		$	318.9					Other(3)			2,593			3,669			2,722
Total			$	1,034.4		$	1,129.6		$	639.2		$	2,803.2					Total			8,339			8,578			5,185
ARO Drilling(4)																		Average Day Rates(1) (2)			2023			2024			2025+
Owned Rigs			$	164.8		$	246.6		$	336.3		$	747.7					Drillships			$	262,000		$	334,000		$	394,000
Leased Rigs			206.3			352.2			326.2			884.7						Semisubmersibles			225,000			227,000			225,000
Total			$	371.1		$	598.8		$	662.5		$	1,632.4					Floaters			$	253,000		$	308,000		$	386,000
																		HD - Ultra-Harsh & Harsh			$	105,000		$	124,000		$	130,000
																		HD & SD - Modern			91,000			86,000			112,000
																		SD - Legacy			76,000			82,000			95,000
																		Jackups			$	94,000		$	100,000		$	110,000
(1) Contract backlog, contracted days and average day rates as of May 1, 2023. (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. Average day rates are adjusted to exclude suspension backlog and days. (3) Other represents contract backlog and contracted days related to bareboat charter agreements and management services contracts. (4) ARO Drilling contract backlog as of May 1, 2023. HD = Heavy Duty; SD = Standard Duty

Page 2 of 12

Valaris Limited
Fleet Status Report
May 1, 2023

Asset Category / Rig

Design

Year Delivered

Customer

Location

Contract Start Date

Contract End Date(1)

Day Rate(2)

Comments

Drillships

VALARIS DS-18

GustoMSC P10000

2015

Chevron

U.S. GOM

Aug 22

Jul 25

Contract includes MPD services. Additional rate charged when MPD services provided.

VALARIS DS-17

GustoMSC P10000

2014

Equinor

Brazil

Jun 23

Dec 24

Contract includes MPD and additional services. Total contract value of $327 million, including an upfront payment of approx. $86 million for mobilization, capital upgrades and a contribution towards reactivation costs. Two priced options each with an estimated duration of 60 days

VALARIS DS-16

GustoMSC P10000

2014

Occidental

U.S. GOM

May 22

May 24

Contract includes MPD services. Additional rate charged when MPD services provided. 1-year priced option

VALARIS DS-15

GustoMSC P10000

2014

TotalEnergies

Brazil

Jun 21 Jan 24

Dec 23 Apr 24

$254,000

Contract includes MPD services. Additional rate charged when MPD services provided.

VALARIS DS-12

DSME 12000

2014

BP Undisclosed TotalEnergies BP

Mauritania/Senegal Angola West Africa Egypt

Apr 22 Mar 23 Jun 23 Oct 23

Feb 23 May 23 Sep 23 Aug 24

Total contract value of $26.2 million Total contract value of $136 million

VALARIS DS-10

Samsung GF12000

2017

SNEPCo

Nigeria

Apr 22 Apr 23

Apr 23 Mar 24

$231,000

VALARIS DS-9

Samsung GF12000

2015

ExxonMobil

Angola

Jul 22

Jul 24

Contract includes MPD services. Four 6-month priced options

VALARIS DS-8

Samsung GF12000

2015

Petrobras

Brazil

$428,150

Three-year contract. Plus mobilization fee of approx. $30 million. Contract includes additional services. Rig being reactivated in Spain and is expected to mobilize to Brazil in mid 4Q23

VALARIS DS-4

Samsung 96K

2010

Petrobras

Brazil

Jul 22

Dec 23

Contract includes MPD and additional services. 6-month priced option

Stacked

VALARIS DS-11

DSME 12000

2013

Spain

VALARIS DS-7

Samsung 96K

2013

Spain

Purchase Options(3)

VALARIS DS-14

DSME 12000

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

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

Page 3 of 12

Valaris Limited
Fleet Status Report
May 1, 2023

Asset Category / Rig

Design

Year Delivered

Customer

Location

Contract Start Date

Contract End Date(1)

Day Rate(2)

Comments

Semisubmersibles

VALARIS DPS-5

ENSCO 8500 Series, DP + Moored

2012

Eni

Mexico

Jan 23

Jul 23

$313,500

Plus mobilization fee of approx. $1.2 million

VALARIS DPS-1

F&G ExD Millennium, DP

2012

Woodside

Australia

Apr 22 Sep 23

Aug 23 Feb 25

VALARIS MS-1

F&G ExD Millennium, Moored

2011

Santos Undisclosed

Australia Australia

Jul 22 Oct 23

Oct 23 Aug 24

Contract suspended. During the contract suspension period, the duration of which is currently unknown, we do not expect a material impact on revenues and earnings. Three priced options each with an estimated duration of 30 days

Stacked

VALARIS DPS-6

ENSCO 8500 Series, DP

2012

U.S. GOM

VALARIS DPS-3

ENSCO 8500 Series, DP + Moored

2010

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 1, 2023

Asset Category / Rig

Design

Year Delivered

Customer

Location

Contract Start Date

Contract End Date(1)

Day Rate(2)

Comments

Jackups

Heavy Duty Ultra-Harsh Environment(4)

VALARIS Norway

KFELS N Class

2011

BP Centrica Storage NEO Energy North Sea Natural Resources

UK UK UK UK

May 22 Feb 23 Jul 23 Aug 23

Jan 23 Jun 23 Aug 23 Oct 23

$105,000 $105,000

VALARIS Stavanger

KFELS N Class

2011

Available

UK

VALARIS 250

LT Super Gorilla XL

2003

Saudi Aramco

Saudi Arabia

Jun 18

Dec 24

Leased to ARO Drilling(5)

VALARIS 249

LT Super Gorilla

2002

OMV Undisclosed

New Zealand Trinidad

Feb 22 Jun 23

Mar 23 Jun 24

$125,000

Plus mobilization fee of $8.5 million and a daily rate of $64,000 while the rig is in transit from New Zealand to Trinidad

VALARIS 248

LT Super Gorilla

2000

Neptune

UK

Aug 20

Mar 24

VALARIS 247

LT Super Gorilla

1998

DNO Perenco

UK UK

May 21 Mar 23

Jan 23 Sep 23

One priced option with an estimated duration of 60 days

Stacked

VALARIS Viking

KFELS N Class

2010

Repsol

Norway UK

Jun 22

Jan 23

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

Page 5 of 12

Valaris Limited
Fleet Status Report
May 1, 2023

Asset Category / Rig

Design

Year Delivered

Customer

Location

Contract Start Date

Contract End Date(1)

Day Rate(2)

Comments

Jackups

Heavy Duty Harsh Environment(4)

VALARIS 123

KFELS Super A

2019

Kistos ONE-Dyas

Netherlands Netherlands

Nov 22 Mar 23

Mar 23 Sep 23

VALARIS 122

KFELS Super A

2014

Shell

UK

Nov 22 Sep 23

Aug 23 Jan 25

Total contract value of over $60 million based on estimated duration of 500 days

VALARIS 121

KFELS Super A

2013

Harbour Energy Petrofac Shell

UK UK UK

Jul 21 Jul 23 Oct 23

Jan 23 Sep 23 Apr 24

Total contract value of over $25 million. Four priced options

VALARIS 120

KFELS Super A

2013

Harbour Energy

UK

Jul 17 Jul 23

Jul 23 Jul 25

$130,000

Stacked

VALARIS 102

KFELS MOD V-A

2002

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 1, 2023

Asset Category / Rig

Design

Year Delivered

Customer

Location

Contract Start Date

Contract End Date(1)

Day Rate(2)

Comments

Jackups

Heavy Duty - Modern(4)

VALARIS 118

LT 240-C

2011

BP

Trinidad

Oct 22 Jul 23

Jun 23 Jan 24

Total contract value of approx. $24 million

VALARIS 117

LT 240-C

2009

Eni

Mexico

Dec 21

Jun 24

VALARIS 116

LT 240-C

2008

Saudi Aramco

Saudi Arabia

Dec 18

Dec 24

Leased to ARO Drilling(5)

VALARIS 115

BM Pacific Class 400

2013

Shell

Brunei

Apr 23

Apr 27

Total contract value of approx. $159 million

VALARIS 110

KFELS MOD V-B

2015

North Oil Company

Qatar

Oct 21

Oct 24

Two 1-year priced options

VALARIS 108

KFELS MOD V-B

2007

Saudi Aramco

Saudi Arabia

Nov 18 Jul 23

Mar 23 Jul 26

Leased to ARO Drilling(5)

VALARIS 107

KFELS MOD V-B

2006

Eni Eni GB Energy Undisclosed Beach Energy

Australia Australia Australia Australia New Zealand

Nov 22 Mar 23 May 23 Jul 23 Aug 23

Mar 23 May 23 Jul 23 Aug 23 Dec 23

$115,000 $126,500 $118,000 $120,000

Total contract value of approx. $26 million

VALARIS 106

KFELS MOD V-B

2005

BP

Indonesia

Jan 18

Jan 24

Seven priced options each with an estimated duration of 90 days

Stacked

VALARIS 111

KFELS MOD V-B

2003

Croatia

VALARIS 109

KFELS MOD V-Super B

2008

Namibia

VALARIS 104

KFELS MOD V-B

2002

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 1, 2023

Asset Category / Rig

Design

Year Delivered

Customer

Location

Contract Start Date

Contract End Date(1)

Day Rate(2)

Comments

Jackups

Standard Duty - Modern

VALARIS 148

LT Super 116-E

2013

Saudi Aramco

Saudi Arabia

Nov 19

Feb 26

Leased to ARO Drilling(5)

VALARIS 147

LT Super 116-E

2013

Saudi Aramco

Saudi Arabia

Sep 19

Dec 25

Leased to ARO Drilling(5)

VALARIS 146

LT Super 116-E

2011

Saudi Aramco

Saudi Arabia

Sep 18

Dec 24

Leased to ARO Drilling(5)

VALARIS 144

LT Super 116-E

2010

Cantium Cantium Talos

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

Dec 22 Apr 23 Jul 23

Mar 23 Jun 23 Sep 23

$80,000 $85,000 $86,900

VALARIS 143

LT Super 116-E

2010

Saudi Aramco

Saudi Arabia

Oct 18

Dec 24

Leased to ARO Drilling(5)

VALARIS 141

LT Super 116-E

2016

Saudi Aramco

Saudi Arabia

Aug 22

Aug 25

Leased to ARO Drilling(5)

VALARIS 140

LT Super 116-E

2016

Saudi Aramco

Saudi Arabia

Mar 22

Mar 25

Leased to ARO Drilling(5)

VALARIS 76

LT Super 116-C

2000

Saudi Aramco

Saudi Arabia

Jan 15 Feb 24

Oct 23 Feb 29

Leased to ARO Drilling(5)

Stacked

VALARIS 145

LT Super 116-E

2010

U.S. GOM

VALARIS 75

LT Super 116-C

1999

U.S. GOM

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

Page 8 of 12

Valaris Limited
Fleet Status Report
May 1, 2023

Asset Category / Rig

Design

Year Delivered

Customer

Location

Contract Start Date

Contract End Date(1)

Day Rate(2)

Comments

Jackups

Standard Duty - Legacy

VALARIS 92

LT 116-C

1982

Harbour Energy

UK

Feb 17 Mar 24

Feb 24 Feb 26

$95,000

VALARIS 72

Hitachi K1025N

1981

Eni

UK

Jan 20

Jun 24

Sold

VALARIS 54

F&G L-780 Mod II-C

1982

Saudi Aramco Sold

Saudi Arabia

Sep 14

Mar 23

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

Page 9 of 12

Valaris Limited
Fleet Status Report
May 1, 2023

Asset Category / Rig

Design

Customer

Location

Contract Start Date

Contract End Date(1)

Day Rate(2)

Comments

Other

Drilling Management

Thunder Horse

Deepwater Semisubmersible

BP

U.S. GOM

Jan 17

Jan 24

Mad Dog

Deepwater Spar Drilling Rig

BP

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

ARO 3002

LT Tarzan 225-C

Saudi Aramco

Saudi Arabia

Oct 17

Jan 26

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

ARO 2005

LT 116-C

Saudi Arabia

Under construction. Delivery expected in 2023

ARO 2006

LT 116-C

Saudi Arabia

Under construction. Delivery expected in 2023

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) Day rates are provided unless such disclosures are restricted by confidentiality provisions.

(3) 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.

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

(5) 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 Limited
Fleet Status Report
May 1, 2023

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.

Total Contract Value. Total contract value is the estimated total compensation expected to be received for a contract, including the operating day rate over the estimated firm term of the contract and any non-recurring lump sum payments for items such as mobilization, reactivation and capital upgrades.

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 expected financial performance; expected utilization, day rates, revenues, operating expenses, cash flows, contract status, terms and duration, contract backlog, capital expenditures, insurance, financing and funding; the offshore drilling market, including supply and demand, customer drilling programs, stacking of rigs, effects of new rigs on the market and effect of the volatility of commodity prices; expected work commitments, awards, contracts and letters of intent; scheduled delivery dates for rigs; performance of our joint ventures, including our joint venture with Saudi Aramco; the availability, delivery, mobilization, contract commencement, availability, relocation or other movement of rigs and the timing thereof; rig reactivations; suitability of rigs for future contracts; divestitures of assets; general economic, market, business and industry conditions, including inflation and recessions, trends and outlook; general political conditions, including political tensions, conflicts and war (such as the ongoing conflict in Ukraine); cybersecurity attacks and threats; impacts and effects of public health crises, pandemics and epidemics, such as the COVID-19 pandemic; future operations; increasing regulatory complexity; targets, progress, plans and goals related to environmental, social and governance (“ESG”) matters; the outcome of tax disputes; assessments and settlements; and expense management. The forward-looking statements contained in this Fleet Status Report are subject to numerous risks, uncertainties and assumptions that may cause actual results to vary materially from those indicated, including cancellation, suspension, renegotiation or termination of drilling contracts and programs; 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; future share repurchases; actions by regulatory authorities, or other third parties; actions by our security holders; internal control risk; commodity price fluctuations and volatility, customer demand, loss of a significant customer or customer contract, downtime and other risks associated with offshore rig operations; adverse weather, including hurricanes; changes in worldwide rig supply, including as a result of reactivations and newbuilds; and demand, competition and technology; supply chain and logistics challenges; consumer preferences for alternative fuels and forecasts or expectations regarding the global energy transition; increased scrutiny of our ESG targets, including our Scope 1 emissions intensity reduction target, initiatives and reporting and our ability to achieve such targets or initiatives; changes in customer strategy; future levels of offshore drilling activity; governmental action, civil unrest and political and economic uncertainties, including recessions, volatility affecting the banking system and financial markets, inflation and adverse changes in the level of international trade activity; 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; compliance with our debt agreements and debt restrictions that may limit our liquidity and flexibility; cybersecurity risks and threats; and changes in foreign currency exchange rates. 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 Securities and Exchange Commission'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.

Page 12 of 12