EX-99.1 2 fsrex99_1october2024.htm EX-99.1

| Valaris Limited Fleet Status Report October 30, 2024 |

New Contracts, Extensions and Other Updates Since Last Fleet Status Report
Contract Backlog •Valaris has been awarded the following new contracts and contract extensions, with associated contract backlog of approximately $257 million, subsequent to issuing its most recent fleet status report on July 29, 2024. Contract backlog excludes lump sum payments such as mobilization fees and capital reimbursements. •Contract backlog decreased to approximately $4.1 billion from approximately $4.3 billion as of July 29, 2024. Floater Contract Awards •Six-month priced option exercised by ExxonMobil for drillship VALARIS DS-9. The six-month option will commence in July 2025 in direct continuation of the existing firm program. Jackup Contract Awards •Three-year contract extension with BP offshore Trinidad for jackup VALARIS 118. The three-year extension is expected to commence in the second quarter 2025 in direct continuation of the existing firm program. The total contract value for the three-year extension period is approximately $168 million. •300-day contract extension with Eni offshore Mexico for jackup VALARIS 117. The 300-day extension is expected to commence in mid-to-late first quarter 2025 following an out of service period to perform planned maintenance after completion of the rig’s existing program. The total contract value for the 300-day extension is $36 million. In addition, the contract extension includes a 150-day priced option. •One-well contract for an undisclosed operator offshore Australia for jackup VALARIS 247. The contract has an estimated duration of 60 days and is expected to commence in direct continuation of the rig’s existing programs. Other Fleet Status Updates •The contracts between ARO and Saudi Aramco for jackups VALARIS 147 and VALARIS 148 were suspended during the third quarter 2024. Subsequently, ARO elected to terminate these suspended contracts in October 2024. Upon termination of the contracts, the bareboat charter agreements between Valaris and ARO were also terminated and the rigs were returned to Valaris.

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| Valaris Limited Fleet Status Report October 30, 2024 |

Contract Backlog(1) (2) ($ millions) | 2024 | 2025 | 2026+ | Total |  | Contracted Days(1) (2) | 2024 | 2025 | 2026+
Drillships | $ | 190.0 |  | $ | 1,014.7 |  | $ | 1,085.0 |  | $ | 2,289.7 |  |  | Drillships | 520 |  | 2,667 |  | 2,289 |
Semisubmersibles | 27.7 |  | 78.3 |  | — |  | 106.0 |  |  | Semisubmersibles | 126 |  | 353 |  | — |
Floaters | $ | 217.7 |  | $ | 1,093.0 |  | $ | 1,085.0 |  | $ | 2,395.7 |  |  | Floaters | 646 |  | 3,020 |  | 2,289 |
HD - Harsh Environment | $ | 68.2 |  | $ | 341.1 |  | $ | 225.8 |  | $ | 635.1 |  |  | HD - Harsh Environment | 546 |  | 2,418 |  | 1,339 |
HD & SD - Modern | 37.3 |  | 270.3 |  | 277.6 |  | 585.2 |  |  | HD & SD - Modern | 359 |  | 2,098 |  | 1,822 |
SD - Legacy | 10.1 |  | 65.7 |  | 102.6 |  | 178.4 |  |  | SD - Legacy | 126 |  | 717 |  | 1,110 |
Jackups | $ | 115.6 |  | $ | 677.1 |  | $ | 606.0 |  | $ | 1,398.7 |  |  | Jackups | 1,031 |  | 5,233 |  | 4,271 |
Other(3) | $ | 25.4 |  | $ | 118.8 |  | $ | 166.2 |  | $ | 310.4 |  |  | Other(3) | 492 |  | 1,748 |  | 2,680 |
Total | $ | 358.7 |  | $ | 1,888.9 |  | $ | 1,857.2 |  | $ | 4,104.8 |  |  | Total | 2,169 |  | 10,001 |  | 9,240 |
ARO Drilling(4) |  |  |  |  |  | Average Day Rates(1) (2) | 2024 | 2025 | 2026+
Owned Rigs | $ | 63.5 |  | $ | 362.0 |  | $ | 811.4 |  | $ | 1,236.9 |  |  | Drillships | $ | 365,000 |  | $ | 380,000 |  | $ | 474,000 |
Leased Rigs | 37.2 |  | 100.4 |  | 206.8 |  | 344.4 |  |  | Semisubmersibles | 220,000 |  | 222,000 |  | — |
Total | $ | 100.7 |  | $ | 462.4 |  | $ | 1,018.2 |  | $ | 1,581.3 |  |  | Floaters | $ | 337,000 |  | $ | 362,000 |  | $ | 474,000 |
|  |  |  |  |  | HD - Harsh Environment | $ | 125,000 |  | $ | 141,000 |  | $ | 169,000 |
|  |  |  |  |  | HD & SD - Modern | 104,000 |  | 129,000 |  | 152,000 |
|  |  |  |  |  | SD - Legacy | 80,000 |  | 92,000 |  | 92,000 |
|  |  |  |  |  | Jackups | $ | 112,000 |  | $ | 129,000 |  | $ | 142,000 |
(1) Contract backlog, contracted days and average day rates as of October 30, 2024. (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 October 30, 2024. HD = Heavy Duty; SD = Standard Duty

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| Valaris Limited Fleet Status Report October 30, 2024 |

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 |  | US GOM |  | Aug 22 |  | Aug 25 |  |  |  | Additional rate charged when MPD services provided. Expect approx. 20 days out of service for planned maintenance in 3Q25
VALARIS DS-17 |  | GustoMSC P10000 |  | 2014 |  | Equinor Equinor Equinor |  | Brazil / Argentina Brazil Brazil |  | Sep 23 May 25 Sep 25 |  | Apr 25 Aug 25 Dec 27 |  | $447,000 $497,000 |  | Contract includes MPD and additional services Estimated total contract value of $498 million, inclusive of MPD, additional services and fees for mobilization and minor rig upgrades. Based on estimated duration of 852 days comprised of a 180-day standby period followed by a 672-day drilling program
VALARIS DS-16 |  | GustoMSC P10000 |  | 2014 |  | Occidental |  | US GOM |  | Jun 24 |  | Jun 26 |  |  |  | Additional rate charged when MPD services provided. 1-year priced option
VALARIS DS-15 |  | GustoMSC P10000 |  | 2014 |  | BP TotalEnergies TotalEnergies |  | Brazil Brazil Brazil |  | May 24 Sep 24 Jan 25 |  | Sep 24 Dec 24 Sep 25 |  | $410,000 $254,000 $400,000 |  | Additional rate charged when MPD services provided Additional rate charged when MPD services provided Additional rate charged when MPD and additional services provided. Two 160-day priced options and one 120-day priced option, with increased operating day rates for each option period. Total contract value for option periods if exercised, excluding the provision of MPD and additional services, is approximately $210 million.
VALARIS DS-12 |  | DSME 12000 |  | 2013 |  | BP |  | Egypt |  | Jan 24 |  | Feb 25 |  |  |  | Total contract value of $136 million based on initial estimated duration of 320 days
VALARIS DS-10 |  | Samsung GF12000 |  | 2017 |  | SNEPCo |  | Nigeria Spain |  | Apr 23 |  | Aug 24 |  | $231,000 |  | Rig is being warm stacked in Las Palmas, Spain
VALARIS DS-9 |  | Samsung GF12000 |  | 2015 |  | ExxonMobil |  | Angola / Egypt |  | Jul 22 |  | Jan 26 |  |  |  | Contract includes MPD services. One 6-month priced option remaining
VALARIS DS-8 |  | Samsung GF12000 |  | 2015 |  | Petrobras |  | Brazil |  | Dec 23 |  | Dec 26 |  | $428,000 |  | Plus mobilization fee of approx. $30 million. Contract includes additional services.
VALARIS DS-7 |  | Samsung 96K |  | 2013 |  | Undisclosed |  | West Africa |  | Jun 24 |  | Oct 26 |  |  |  | Total contract value estimated to be $364 million based on initial estimated duration of 850 days
VALARIS DS-4 |  | Samsung 96K |  | 2010 |  | Petrobras Petrobras |  | Brazil Brazil |  | Jul 22 Dec 24 |  | Sep 24 Nov 27 |  | $450,000 |  | Contract includes MPD and additional services. Expect approx. 60 days out of service for contract preparations in 4Q24 Plus mobilization fee of approx. $41 million. Contract includes MPD and additional services
Stacked |  |  |  |  |  |  |  |  |  |  |  |  |  |
VALARIS DS-14 |  | DSME 12000 |  | 2023 |  |  |  | Spain |  |  |  |  |  |  |  |
VALARIS DS-13 |  | DSME 12000 |  | 2023 |  |  |  | Spain |  |  |  |  |  |  |  |
VALARIS DS-11 |  | DSME 12000 |  | 2013 |  |  |  | Spain |  |  |  |  |  |  |  |

Changes: bolded rig names and underlined text signify changes in rig status from previous fleet status report
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| Valaris Limited Fleet Status Report October 30, 2024 |

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 US GOM |  | Mar 24 |  | Jul 24 |  | $345,000 |  | Plus $3 million mobilization fee Rig is being warm stacked in the US GOM
VALARIS DPS-1 |  | F&G ExD Millennium, DP |  | 2012 |  | Woodside |  | Australia |  | Jan 24 |  | Aug 25 |  |  |  |
VALARIS MS-1 |  | F&G ExD Millennium, Moored |  | 2011 |  | Santos |  | Australia |  | Jan 24 |  | Apr 25 |  |  |  |
Stacked |  |  |  |
VALARIS DPS-6 |  | ENSCO 8500 Series, DP |  | 2012 |  |  |  | US GOM |  |  |  |  |  |  |  |
VALARIS DPS-3 |  | ENSCO 8500 Series, DP + Moored |  | 2010 |  |  |  | US GOM |  |  |  |  |  |  |  |

Changes: bolded rig names and underlined text signify changes in rig status from previous fleet status report
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| Valaris Limited Fleet Status Report October 30, 2024 |

Asset Category / Rig |  | Design |  | Year Delivered |  | Customer |  | Location |  | Contract Start Date |  | Contract End Date(1) |  | Day Rate(2) |  | Comments |
Heavy Duty - Harsh Environment Jackups |
VALARIS Norway |  | KFELS N Class |  | 2011 |  | Eni ENI Energy E&P |  | UK UK |  | Jan 24 May 25 |  | Feb 25 Feb 26 |  |  |  | VALARIS Norway substitutes for VALARIS 72 until the rig completes its current contract Total contract value of approx. $39 million based on estimated duration of 292 days. Expect approx. 30 days out of service for planned maintenance in 2Q25 |
VALARIS Stavanger |  | KFELS N Class |  | 2011 |  | TotalEnergies |  | UK |  | May 24 |  | Jul 25 |  |  |  | Total contract value of approx. $52 million, including minor rig modifications, based on initial estimated duration of 360 days. Three priced options with a total estimated duration of 520 days |
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 |  | 2001 |  | Undisclosed Perenco Undisclosed Shell |  | Trinidad Trinidad Trinidad Trinidad |  | Jul 24 Jan 25 Mar 25 May 26 |  | Jan 25 Mar 25 Jan 26 May 27 |  | $125,000 $163,000 |  | Total contract value of approx. $66 million based on estimated duration of 365 days. Three priced options with an estimated duration of 50 days each |
VALARIS 248 |  | LT Super Gorilla |  | 2000 |  | ENI Energy E&P Hibiscus |  | UK UK |  | Aug 20 Jun 25 |  | Apr 25 Sep 25 |  |  |  | Expect approx. 50 days out of service for planned maintenance in 2Q25 Total contract value of $14.2 million based on estimated duration of 93 days |
VALARIS 247 |  | LT Super Gorilla |  | 1998 |  | Undisclosed Eni Undisclosed |  | Australia Australia Australia |  | Jul 24 Dec 24 Mar 25 |  | Dec 24 Feb 25 May 25 |  | $180,000 $180,000 |  | Plus mobilization and demobilization fees that cover moving and operating costs while the rig is in transit from/to the UK Expect approx. 15 days out of service for planned maintenance in 3Q25 |
VALARIS 123 |  | KFELS Super A |  | 2019 |  | Shell TAQA |  | UK Netherlands |  | Jul 24 Feb 25 |  | Feb 25 Oct 25 |  | $153,000 |  | Total contract value of approx. $21 million based on initial estimated duration of 154 days Options for up to nine wells with an estimated total duration of 150 days. Operating day rate increases to approx. $163,000 in 2026 |
VALARIS 122 |  | KFELS Super A |  | 2013 |  | Shell |  | UK |  | Sep 23 |  | Sep 25 |  |  |  | Total contract value of over $60 million based on initial estimated duration of 500 days |
VALARIS 121 |  | KFELS Super A |  | 2013 |  | Shell Shell |  | UK UK |  | Nov 23 Nov 24 |  | Oct 24 Dec 25 |  |  |  | Total contract value of over $25 million based on initial estimated duration of 210 days Total contract value of approx. $55 million based on estimated duration of 406 days. Plus two priced options. Expect approx. 30 days out of service for planned maintenance in 4Q25 |
VALARIS 120 |  | KFELS Super A |  | 2013 |  | Harbour Energy Harbour Energy |  | UK UK |  | Jul 23 Jul 25 |  | Jul 25 Jul 28 |  | $130,000 $166,000 |  |  |
Stacked |  |  |  |  |
VALARIS Viking |  | KFELS N Class |  | 2010 |  |  |  | UK |  |  |  |  |  |  |  |  |
VALARIS 102 |  | KFELS MOD V-A |  | 2002 |  |  |  | US GOM |  |  |  |  |  |  |  |  |

Changes: bolded rig names and underlined text signify changes in rig status from previous fleet status report
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| Valaris Limited Fleet Status Report October 30, 2024 |

Asset Category / Rig |  | Design |  | Year Delivered |  | Customer |  | Location |  | Contract Start Date |  | Contract End Date(1) |  | Day Rate(2) |  | Comments
Heavy Duty - Modern Jackups(3)
VALARIS 118 |  | LT 240-C |  | 2012 |  | BP BP |  | Trinidad Trinidad |  | Apr 24 Apr 25 |  | Apr 25 Apr 28 |  |  |  | Total contract value of approx. $51 million based on initial estimated duration of 365 days Total contract value of approx. $168 million based on duration of three years
VALARIS 117 |  | LT 240-C |  | 2009 |  | Eni Eni |  | Mexico Mexico |  | Dec 21 Apr 25 |  | Mar 25 Jan 26 |  |  |  | Expect approx. 30 days out of service for planned maintenance in 1Q25 Total contract value of approx. $36 million based on initial estimated duration of 300 days. One priced option with an estimated duration of 150 days
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 |  | Shell |  | Brunei |  | Apr 23 |  | Apr 27 |  |  |  | Total contract value of approx. $159 million based on duration of four years
VALARIS 110 |  | KFELS MOD V-B |  | 2015 |  | North Oil Company |  | Qatar |  | Oct 21 |  | Oct 25 |  |  |  | 1-year priced option
VALARIS 108 |  | KFELS MOD V-B |  | 2007 |  | Saudi Aramco |  | Saudi Arabia |  | Mar 24 |  | Mar 27 |  |  |  | Leased to ARO Drilling(4)
VALARIS 107 |  | KFELS MOD V-B |  | 2006 |  | Undisclosed ExxonMobil |  | Australia Australia |  | Mar 24 Nov 24 |  | Oct 24 Nov 25 |  | $150,000 $153,000 |  | Two 180-day priced options
VALARIS 106 |  | KFELS MOD V-B |  | 2005 |  | BP BP |  | Indonesia Indonesia |  | Jan 24 Apr 25 |  | Jan 25 May 25 |  | $85,000 $95,000 |  | Expect approx. 90 days out of service for planned maintenance in 1Q25. Priced options for work into 1Q26
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 fleet status report
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| Valaris Limited Fleet Status Report October 30, 2024 |

Asset Category / Rig |  | Design |  | Year Delivered |  | Customer |  | Location |  | Contract Start Date |  | Contract End Date(1) |  | Day Rate(2) |  | Comments
Standard Duty - Modern Jackups(3) |  |  |  |
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 |  | Undisclosed Undisclosed |  | Angola Angola |  | Feb 25 Apr 25 |  | Mar 25 May 27 |  |  |  | Out of service for contract preparations and mobilization in 3Q24, 4Q24 and 1Q25. Total contract value of approx. $8.5 million based on estimated duration of 45 days Total contract value estimated to be between $149 million and $156 million, including a mobilization fee from the U.S. Gulf of Mexico.
VALARIS 141 |  | LT Super 116-E |  | 2016 |  | Saudi Aramco |  | Saudi Arabia |  | Aug 22 |  | Aug 25 |  |  |  | Leased to ARO Drilling(4)
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 25 |  | Dec 29 |  |  |  | Leased to ARO Drilling(4)
Stacked |  |  |  |  |  |
VALARIS 148 |  | LT Super 116-E |  | 2013 |  |  |  | UAE |  |  |  |  |  |  |  | Contract between ARO and Saudi Aramco suspended during 3Q24. Subsequently, ARO elected to terminate the contract in Oct 2024. Bareboat charter agreement between Valaris and ARO also terminated and rig returned to Valaris
VALARIS 147 |  | LT Super 116-E |  | 2013 |  |  |  | UAE |  |  |  |  |  |  |  | Contract between ARO and Saudi Aramco suspended during 3Q24. Subsequently, ARO elected to terminate the contract in Oct 2024. Bareboat charter agreement between Valaris and ARO also terminated and rig returned to Valaris
VALARIS 145 |  | LT Super 116-E |  | 2010 |  |  |  | US GOM |  |  |  |  |  |  |  |
VALARIS 143 |  | LT Super 116-E |  | 2010 |  |  |  | UAE |  |  |  |  |  |  |  |
VALARIS 75 |  | LT Super 116-C |  | 1999 |  |  |  | US GOM |  |  |  |  |  |  |  |

Changes: bolded rig names and underlined text signify changes in rig status from previous fleet status report
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| Valaris Limited Fleet Status Report October 30, 2024 |

Asset Category / Rig |  | Design |  | Year Delivered |  | Customer |  | Location |  | Contract Start Date |  | Contract End Date(1) |  | Day Rate(2) |  | Comments
Standard Duty - Legacy Jackups |  |  |  |
VALARIS 92 |  | LT 116-C |  | 1982 |  | Harbour Energy Shell |  | UK UK |  | Mar 24 May 25 |  | Apr 25 Apr 27 |  | $95,000 |  | Total contract value of approx. $75 million based on duration of two years
VALARIS 72 |  | Hitachi 300C |  | 1981 |  | Eni Eni |  | UK UK |  | Jan 20 Feb 25 |  | Jan 25 Sep 27 |  |  |  |
Other - Managed Rigs |  |  |  |  |  |
Thunder Horse |  | Deepwater Semisubmersible |  |  |  | BP |  | US GOM |  | Jan 24 |  | Jan 27 |  |  |  | Total contract value of approx. $153 million
Mad Dog |  | Deepwater Spar Drilling Rig |  |  |  | BP |  | US GOM |  | Jan 24 |  | Jan 27 |  |  |  | Total contract value of approx. $106 million

Changes: bolded rig names and underlined text signify changes in rig status from previous fleet status report
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| Valaris Limited Fleet Status Report October 30, 2024 |

Asset Category / Rig |  | Design |  | Customer |  | Location |  | Contract Start Date |  | Contract End Date(1) |  | Day Rate(2) |  | Comments
ARO Drilling |  |  |  |  |  |  |  |  |  |  |  |  |  |
Jackup Rigs Owned by ARO Drilling |  |  |  |
Gilbert Rowe |  | LT 116-C |  | Saudi Aramco |  | Saudi Arabia |  | Oct 17 |  | Jan 26 |  |  |  | Expect approx. 15 days out of service for planned maintenance in 1Q25
SAR 201 |  | BM 200-H |  | Saudi Aramco |  | Saudi Arabia |  | Feb 18 |  | Feb 26 |  |  |  | Expect approx. 25 days out of service for planned maintenance in 4Q24
Bob Keller |  | LT Tarzan 225-C |  | Saudi Aramco |  | Saudi Arabia |  | Oct 17 |  | Jan 26 |  |  |  | Expect approx. 10 days out of service for planned maintenance in 3Q25
J.P. Bussell |  | LT Tarzan 225-C |  | Saudi Aramco |  | Saudi Arabia |  | Oct 17 |  | Jan 26 |  |  |  |
Scooter Yeargain |  | LT Tarzan 225-C |  | Saudi Aramco |  | Saudi Arabia |  | Oct 18 |  | Dec 26 |  |  |  | Expect approx. 100 days out of service for planned maintenance across 3Q25 and 4Q25
Hank Boswell |  | LT Tarzan 225-C |  | Saudi Aramco |  | Saudi Arabia |  | Oct 18 |  | Dec 26 |  |  |  | Expect approx. 10 days out of service for planned maintenance in 1Q25
SAR 202 |  | KFELS Super B |  | Saudi Aramco |  | Saudi Arabia |  | Oct 17 |  | Jan 26 |  |  |  |
Kingdom 1 |  | LT 116-C |  | Saudi Aramco |  | Saudi Arabia |  | Nov 23 |  | Nov 31 |  |  |  |
Kingdom 2 |  | LT 116-C |  | Saudi Aramco |  | Saudi Arabia |  | Aug 24 |  | Aug 32 |  |  |  |

Changes: bolded rig names and underlined text signify changes in rig status from previous fleet status 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 reported to the nearest thousand and reflect the operating day rates charged to customers, excluding certain types of non-recurring revenues such as lump sum mobilization payments. Day rates are provided unless such disclosures are restricted by confidentiality provisions.
(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 October 30, 2024 |

Out of Service Days (1) |  |  |  |  |  |  |  |  |  |
Rig |  | Asset Category |  | Q4 2024 |  | Q1 2025 |  | Q2 2025 |  | Q3 2025 |  | Q4 2025
VALARIS DS-18 |  | Floater - Drillship |  |  |  |  |  |  |  | 20 |  |
VALARIS DS-4 |  | Floater - Drillship |  | 60 |  |  |  |  |  |  |  |
VALARIS Norway |  | Jackup - Heavy Duty Harsh Environment |  |  |  |  |  | 30 |  |  |  |
VALARIS 248 |  | Jackup - Heavy Duty Harsh Environment |  |  |  |  |  | 50 |  |  |  |
VALARIS 247 |  | Jackup - Heavy Duty Harsh Environment |  |  |  |  |  |  |  | 15 |  |
VALARIS 121 |  | Jackup - Heavy Duty Harsh Environment |  |  |  |  |  |  |  |  |  | 30
VALARIS 117 |  | Jackup - Heavy Duty Modern |  |  |  | 30 |  |  |  |  |  |
VALARIS 106 |  | Jackup - Heavy Duty Modern |  |  |  | 90 |  |  |  |  |  |
VALARIS 144 |  | Jackup - Standard Duty Modern |  | 90 |  | 45 |  |  |  |  |  |

(1) Table shows expected out of service days for planned maintenance, e.g. special periodic surveys and contract preparation, excluding rigs undergoing reactivation projects. Excludes ARO owned rigs.
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| Valaris Limited Fleet Status Report October 30, 2024 |

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 include 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 that are recognized during the contract term. 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 and the attainment of requisite permits for such 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; timing of the delivery of the Saudi Aramco Rowan Offshore Drilling Company ("ARO") newbuild rigs and the timing of additional newbuild orders; 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; cybersecurity attacks and threats; impacts and effects of public health crises, pandemics and epidemics; future operations; ability to renew expiring contracts or obtain new contracts, including for VALARIS DS-13 and DS-14; increasing regulatory complexity; targets, progress, plans and goals related to sustainability 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 sustainability targets, 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, including in any return of capital plans; 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 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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