EX-99.1 2 fsrex99_1april2025.htm EX-99.1

| Valaris Limited Fleet Status Report April 30, 2025 |

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 $1.0 billion, subsequent to issuing its previous fleet status report on February 18, 2025. Contract backlog excludes lump sum payments such as mobilization fees and capital reimbursements. •Contract backlog increased to approximately $4.2 billion from approximately $3.6 billion as of February 18, 2025. Floater Contract Awards •Two-year contract offshore West Africa for drillship VALARIS DS-10. The contract is expected to commence late in the second quarter or in the third quarter 2026. The total contract value for the firm term is $352 million. The total contract value does not include the provision of additional services. An additional rate will be charged when MPD services are provided. The contract includes two unpriced options, each with a duration of one year. •Six-month priced option exercised by ExxonMobil for drillship VALARIS DS-9. The six-month option will commence in January 2026 in direct continuation of the existing firm program. Jackup Contract Awards •Extensions of existing bareboat charter agreements ("BBC") through the end of April 2025, or completion of well in progress, for four jackups – VALARIS 116, 140, 146 and 250 – that are leased to ARO Drilling ("ARO") to undertake drilling contracts offshore Saudi Arabia. •Five-year BBC extensions for five jackups – VALARIS 116, 140, 141, 146 and 250 – that are leased to ARO to undertake drilling contracts offshore Saudi Arabia. The BBC extensions for VALARIS 116, 140, 146 and 250 are effective from May 2025, and for VALARIS 141 from August 2025, in direct continuation of their existing BBCs. ◦VALARIS 116 and 250 expected to be out of service at zero rate for approximately six months each from October 2025 to March 2026 to complete special periodic surveys and major equipment recertifications. These out-of-service periods are included within each rig’s five-year BBC duration. •545-day contract for jackup VALARIS 117 with an undisclosed operator offshore Trinidad. The contract is expected to commence in the third quarter 2026. The operating day rate is in line with recent market rates in the region. The contract includes a 185-day priced option. •730-day contract for VALARIS 248 in our North Sea operating region. The contract is expected to commence in November 2025. •180-day priced option exercised by Esso Australia Pty Ltd for jackup VALARIS 107. The priced option period is expected to commence in November 2025 in direct continuation of the current program. Other Fleet Status Updates •Semisubmersibles VALARIS DPS-3, DPS-5 and DPS-6 sold for recycling and retired from service in April 2025. Total sales proceeds were approximately $10 million.

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| Valaris Limited Fleet Status Report April 30, 2025 |

Contract Backlog(1) (2) ($ millions) | 2025 | 2026 | 2027+ | Total |  | Contracted Days(1) (2) | 2025 | 2026 | 2027+
Drillships | $ | 648.5 |  | $ | 835.3 |  | $ | 630.9 |  | $ | 2,114.7 |  |  | Drillships | 1,671 |  | 1,932 |  | 1,246 |
Semisubmersibles | 56.2 |  | — |  | — |  | 56.2 |  |  | Semisubmersibles | 254 |  | — |  | — |
Floaters | $ | 704.7 |  | $ | 835.3 |  | $ | 630.9 |  | $ | 2,170.9 |  |  | Floaters | 1,925 |  | 1,932 |  | 1,246 |
Harsh Environment | $ | 248.9 |  | $ | 211.7 |  | $ | 179.9 |  | $ | 640.5 |  |  | Harsh Environment | 1,738 |  | 1,481 |  | 1,208 |
Benign Environment | 204.7 |  | 213.4 |  | 190.9 |  | 609.0 |  |  | Benign Environment | 1,558 |  | 1,388 |  | 1,205 |
Legacy | 40.8 |  | 72.0 |  | 47.6 |  | 160.4 |  |  | Legacy | 431 |  | 723 |  | 481 |
Jackups | $ | 494.4 |  | $ | 497.1 |  | $ | 418.4 |  | $ | 1,409.9 |  |  | Jackups | 3,727 |  | 3,592 |  | 2,894 |
Other(3) | $ | 111.6 |  | $ | 189.0 |  | $ | 356.2 |  | $ | 656.8 |  |  | Other(3) | 1,784 |  | 3,103 |  | 7,766 |
Total | $ | 1,310.7 |  | $ | 1,521.4 |  | $ | 1,405.5 |  | $ | 4,237.6 |  |  | Total | 7,436 |  | 8,627 |  | 11,906 |
ARO Drilling(4) |  |  |  |  |  | Average Day Rates(1) (2) | 2025 | 2026 | 2027+
Owned Rigs | $ | 243.0 |  | $ | 204.6 |  | $ | 606.8 |  | $ | 1,054.4 |  |  | Drillships | $ | 388,000 |  | $ | 432,000 |  | $ | 506,000 |
Leased Rigs | 155.6 |  | 293.6 |  | 991.7 |  | 1,440.9 |  |  | Semisubmersibles | 221,000 |  | — |  | — |
Total | $ | 398.6 |  | $ | 498.2 |  | $ | 1,598.5 |  | $ | 2,495.3 |  |  | Floaters | $ | 366,000 |  | $ | 432,000 |  | $ | 506,000 |
|  |  |  |  |  | Harsh Environment | $ | 143,000 |  | $ | 143,000 |  | $ | 149,000 |
|  |  |  |  |  | Benign Environment | 131,000 |  | 154,000 |  | 158,000 |
|  |  |  |  |  | Legacy | 95,000 |  | 100,000 |  | 99,000 |
|  |  |  |  |  | Jackups | $ | 133,000 |  | $ | 138,000 |  | $ | 145,000 |
(1) Contract backlog, contracted days and average day rates as of April 30, 2025. (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 may 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 April 30, 2025. HD = Heavy Duty; SD = Standard Duty

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| Valaris Limited Fleet Status Report April 30, 2025 |

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. Gulf |  | 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 Brazil Brazil |  | Sep 23 May 25 Oct 25 |  | Apr 25 Oct 25 Jan 28 |  | $447,000 $497,000 |  | Contract includes MPD and additional services Expect approx. 25 days out of service for customer required upgrades in 4Q25 Estimated total contract value ("TCV") 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 |  | U.S. Gulf |  | Jun 24 |  | Jun 26 |  |  |  | Additional rate charged when MPD services provided. 1-year priced option
VALARIS DS-15 |  | GustoMSC P10000 |  | 2014 |  | TotalEnergies |  | Brazil |  | Dec 24 |  | Aug 25 |  | $400,000 |  | Additional rate charged when MPD and additional services provided
VALARIS DS-12 |  | DSME 12000 |  | 2013 |  | BP |  | Egypt Spain |  | Jan 24 |  | Mar 25 |  |  |  | TCV of $136 million based on initial estimated duration of 320 days Rig is being warm stacked in Las Palmas, Spain
VALARIS DS-10 |  | Samsung GF12000 |  | 2017 |  | Undisclosed |  | Spain West Africa |  | Jul 26 |  | Jun 28 |  |  |  | Rig is warm stacked in Las Palmas, Spain TCV of $352 million based on duration of two years. TCV does not include the provision of additional services. Additional rate charged when MPD services provided
VALARIS DS-9 |  | Samsung GF12000 |  | 2015 |  | ExxonMobil |  | Cyprus / Angola |  | Jul 22 |  | Jul 26 |  |  |  | Contract includes MPD services. Rig expected to return to Angola in 3Q25
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 |  |  |  | TCV estimated to be $364 million based on initial estimated duration of 850 days
VALARIS DS-4 |  | Samsung 96K |  | 2010 |  | Petrobras |  | Brazil |  | Dec 24 |  | Nov 27 |  | $450,000 |  | 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 April 30, 2025 |

Asset Category / Rig |  | Design |  | Year Delivered |  | Customer |  | Location |  | Contract Start Date |  | Contract End Date(1) |  | Day Rate(2) |  | Comments
Semisubmersibles |  |  |  |  |  |  |  |  |  |  |  |  |  |
VALARIS DPS-1 |  | F&G ExD Millennium, Moored |  | 2012 |  | Woodside |  | Australia |  | Jan 24 |  | Sep 25 |  |  |  |
VALARIS MS-1 |  | F&G ExD Millennium, Moored |  | 2011 |  | Santos |  | Australia |  | Jan 24 |  | Aug 25 |  |  |  |
Sold |  |  |  |
VALARIS DPS-6 |  | ENSCO 8500 Series, DP |  | 2012 |  |  |  |  |  |  |  |  |  |  |  | Rig sold for recycling and retired from service in April 2025
VALARIS DPS-5 |  | ENSCO 8500 Series, DP + Moored |  | 2012 |  |  |  |  |  |  |  |  |  |  |  | Rig sold for recycling and retired from service in April 2025
VALARIS DPS-3 |  | ENSCO 8500 Series, DP + Moored |  | 2010 |  |  |  |  |  |  |  |  |  |  |  | Rig sold for recycling and retired from service in April 2025

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 April 30, 2025 |

Asset Category / Rig |  | Design |  | Year Delivered |  | Customer |  | Location |  | Contract Start Date |  | Contract End Date(1) |  | Day Rate(2) |  | Comments |
Harsh Environment Jackups |
VALARIS Norway |  | KFELS N Class |  | 2011 |  | Eni Ithaca Energy |  | UK UK |  | Jan 24 Apr 25 |  | Mar 25 Feb 26 |  |  |  | Period of substitution for VALARIS 72 TCV of approx. $39 million based on estimated duration of 292 days |
VALARIS Stavanger |  | KFELS N Class |  | 2011 |  | TotalEnergies TotalEnergies |  | UK UK |  | May 24 Sep 25 |  | Sep 25 Apr 27 |  |  |  | TCV of approx. $52 million, including minor rig modifications, based on initial estimated duration of 360 days TCV of over $75 million based on 600-day priced extension. Two 200-day priced options |
VALARIS 249 |  | LT Super Gorilla |  | 2001 |  | Undisclosed Perenco Undisclosed BP Shell |  | Trinidad Trinidad Trinidad Trinidad Trinidad |  | Jul 24 Jan 25 Apr 25 Mar 26 Jul 26 |  | Jan 25 Feb 25 Jan 26 Jun 26 Jul 27 |  | $125,000 $163,000 |  | TCV of $16.8 million based on duration of 100 days TCV of approx. $66 million based on estimated duration of 365 days. Three priced options with an estimated duration of 50 days each. Expect approx. 30 days out of service for planned maintenance in 2Q26 |
VALARIS 248 |  | LT Super Gorilla |  | 2000 |  | Ithaca Energy Hibiscus Undisclosed |  | UK UK North Sea |  | Aug 20 Aug 25 Nov 25 |  | Jun 25 Oct 25 Nov 27 |  |  |  | Expect approx. 50 days out of service for planned maintenance across 2Q25 and 3Q25 TCV of $14.2 million based on estimated duration of 93 days |
VALARIS 247 |  | LT Super Gorilla |  | 1998 |  | Eni Jadestone |  | Australia Australia |  | Dec 24 Mar 25 |  | Mar 25 Jun 25 |  | $180,000 |  |  |
VALARIS 123 |  | KFELS Super A |  | 2019 |  | Shell TAQA |  | UK Netherlands |  | Jul 24 Mar 25 |  | Feb 25 Sep 25 |  | $153,000 |  | TCV of approx. $21 million based on initial estimated duration of 154 days |
VALARIS 122 |  | KFELS Super A |  | 2014 |  | Shell |  | UK |  | Sep 23 |  | Sep 25 |  |  |  | TCV of over $60 million based on initial estimated duration of 500 days |
VALARIS 121 |  | KFELS Super A |  | 2014 |  | Shell Shell |  | UK UK |  | Nov 23 Jan 25 |  | Jan 25 Feb 26 |  |  |  | TCV of over $25 million based on initial estimated duration of 210 days TCV of approx. $55 million based on estimated duration of 406 days. Expect approx. 30 days out of service for planned maintenance in 1Q26. Plus two 1-well priced options with an estimated duration of 120 days each |
VALARIS 120 |  | KFELS Super A |  | 2013 |  | Harbour Energy Harbour Energy |  | UK UK |  | Jul 23 Jul 25 |  | Jul 25 Jul 28 |  | $130,000 $166,000 |  | Expect approx. 25 days out of service for planned maintenance in 4Q25 |
Stacked |  |  |  |  |
VALARIS Viking |  | KFELS N Class |  | 2010 |  |  |  | UK |  |  |  |  |  |  |  |  |
VALARIS 102 |  | KFELS MOD V-A |  | 2002 |  |  |  | U.S. Gulf |  |  |  |  |  |  |  |  |

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 April 30, 2025 |

Asset Category / Rig |  | Design |  | Year Delivered |  | Customer |  | Location |  | Contract Start Date |  | Contract End Date(1) |  | Day Rate(2) |  | Comments
Benign Environment Jackups
VALARIS 144 |  | LT Super 116-E |  | 2010 |  | Undisclosed Undisclosed |  | Angola Angola |  | Mar 25 May 25 |  | May 25 Jul 27 |  |  |  | TCV of approx. $8.5 million based on estimated duration of 45 days TCV estimated to be between $149 million and $156 million, including a mobilization fee from the U.S. Gulf.
VALARIS 118 |  | LT 240-C |  | 2012 |  | BP BP |  | Trinidad Trinidad |  | Apr 24 Jun 25 |  | Jun 25 Jun 28 |  |  |  | TCV of approx. $51 million based on initial estimated duration of 365 days TCV of approx. $168 million based on duration of three years. Expect approx. 30 days out of service for planned maintenance in 3Q26
VALARIS 117 |  | LT 240-C |  | 2009 |  | Eni Eni Undisclosed |  | Mexico Mexico Trinidad |  | Dec 21 Apr 25 Jul 26 |  | Mar 25 Jan 26 Jan 28 |  |  |  | TCV of approx. $36 million based on duration of 300 days. 150-day priced option. Expect approx. 20 days out of service for planned maintenance in 3Q26 185-day priced option
VALARIS 115 |  | BM Pacific Class 400 |  | 2013 |  | Shell |  | Brunei |  | Apr 23 |  | Apr 27 |  |  |  | TCV 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 107 |  | KFELS MOD V-B |  | 2006 |  | ExxonMobil ExxonMobil |  | Australia Australia |  | Nov 24 Nov 25 |  | Nov 25 May 26 |  | $153,000 $163,000 |  | 180-day priced option
VALARIS 106 |  | KFELS MOD V-B |  | 2005 |  | BP BP |  | Indonesia Indonesia |  | Jan 24 Jun 25 |  | Mar 25 Nov 25 |  | $85,000 $95,000 |  | Expect approx. 90 days out of service for planned maintenance across 1Q25 and 2Q25 Priced options for work into 1Q26
Stacked |  |  |  |
VALARIS 148 |  | LT Super 116-E |  | 2013 |  |  |  | UAE |  |  |  |  |  |  |  |
VALARIS 147 |  | LT Super 116-E |  | 2013 |  |  |  | UAE |  |  |  |  |  |  |  |
VALARIS 145 |  | LT Super 116-E |  | 2010 |  |  |  | U.S. Gulf |  |  |  |  |  |  |  |
VALARIS 143 |  | LT Super 116-E |  | 2010 |  |  |  | UAE |  |  |  |  |  |  |  |
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 April 30, 2025 |

Asset Category / Rig |  | Design |  | Year Delivered |  | Customer |  | Location |  | Contract Start Date |  | Contract End Date(1) |  | Day Rate(2) |  | Comments
Legacy Jackups |  |  |  |
VALARIS 92 |  | LT 116-C |  | 1982 |  | Harbour Energy Shell |  | UK UK |  | Mar 24 Jun 25 |  | Jun 25 Jun 27 |  | $95,000 |  | TCV of approx. $75 million based on duration of two years
VALARIS 72 |  | Hitachi 300C |  | 1981 |  | Eni Eni |  | UK UK |  | Jan 20 May 25 |  | May 25 Oct 27 |  |  |  |
Other - Jackups Leased to ARO Drilling(3) |  |  |  |
VALARIS 250 |  | LT Super Gorilla XL |  | 2003 |  | ARO Drilling |  | Saudi Arabia |  | Jun 18 May 25 |  | Apr 25 Apr 30 |  |  |  | Expect approx. 40 days out of service for planned maintenance in 2Q25 Expect approx. 180 days out of service for planned maintenance across 4Q25 and 1Q26
VALARIS 146 |  | LT Super 116-E |  | 2011 |  | ARO Drilling |  | Saudi Arabia |  | Sep 18 May 25 |  | Apr 25 Apr 30 |  |  |  | Expect approx. 50 days out of service for planned maintenance across 2Q25 and 3Q25
VALARIS 141 |  | LT Super 116-E |  | 2016 |  | ARO Drilling |  | Saudi Arabia |  | Aug 22 Aug 25 |  | Aug 25 Aug 30 |  |  |  |
VALARIS 140 |  | LT Super 116-E |  | 2016 |  | ARO Drilling |  | Saudi Arabia |  | Mar 22 May 25 |  | Apr 25 Apr 30 |  |  |  | Expect approx. 15 days out of service for planned maintenance in 2Q25
VALARIS 116 |  | LT 240-C |  | 2008 |  | ARO Drilling |  | Saudi Arabia |  | Dec 18 May 25 |  | Apr 25 Apr 30 |  |  |  | Expect approx. 180 days out of service for planned maintenance across 4Q25 and 1Q26
VALARIS 108 |  | KFELS MOD V-B |  | 2007 |  | ARO Drilling |  | Saudi Arabia |  | Mar 24 |  | Mar 27 |  |  |  |
VALARIS 76 |  | LT Super 116-C |  | 2000 |  | ARO Drilling |  | Saudi Arabia |  | Jan 26 |  | Dec 30 |  |  |  |
Other - Managed Rigs |  |  |  |  |  |
Thunder Horse |  | Deepwater Semisubmersible |  |  |  | BP |  | U.S. Gulf |  | Jan 24 |  | Jan 27 |  |  |  | TCV of approx. $153 million
Mad Dog |  | Deepwater Spar Drilling Rig |  |  |  | BP |  | U.S. Gulf |  | Jan 24 |  | Jan 27 |  |  |  | TCV 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 April 30, 2025 |

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 4 Q25
SAR 201 |  | BM 200-H |  | Saudi Aramco |  | Saudi Arabia |  | Feb 18 |  | Feb 26 |  |  |  |
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 and approx. 100 days out of service for planned maintenance across 1Q26 and 2Q26
J.P. Bussell |  | LT Tarzan 225-C |  | Saudi Aramco |  | Saudi Arabia |  | Oct 17 |  | Jan 26 |  |  |  | Expect approx. 10 days out of service for planned maintenance in 1Q26
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 |  |  |  |
SAR 202 |  | KFELS Super B |  | Saudi Aramco |  | Saudi Arabia |  | Oct 17 |  | Jan 26 |  |  |  | Expect approx. 10 days out of service for planned maintenance in 1Q26
Kingdom 1 |  | LT 116-C |  | Saudi Aramco |  | Saudi Arabia |  | Nov 23 |  | Nov 31 |  |  |  | Expect approx. 10 days and 20 days out of service for planned maintenance in 2Q25 and 3Q26, respectively
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) 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 April 30, 2025 |

Out of Service Days (1) |  |  |  |  |  |  |  |  |  |  |  |
Rig |  | Segment / Asset Category |  | Q2 2025 |  | Q3 2025 |  | Q4 2025 |  | Q1 2026 |  | Q2 2026 |  | Q3 2026
VALARIS DS-18 |  | Floater - Drillship |  |  |  | 20 |  |  |  |  |  |  |  |
VALARIS DS-17 |  | Floater - Drillship |  |  |  |  |  | 25 |  |  |  |  |  |
VALARIS 249 |  | Jackup - Harsh Environment |  |  |  |  |  |  |  |  |  | 30 |  |
VALARIS 248 |  | Jackup - Harsh Environment |  | 20 |  | 30 |  |  |  |  |  |  |  |
VALARIS 121 |  | Jackup - Harsh Environment |  |  |  |  |  |  |  | 30 |  |  |  |
VALARIS 120 |  | Jackup - Harsh Environment |  |  |  |  |  | 25 |  |  |  |  |  |
VALARIS 118 |  | Jackup - Benign Environment |  |  |  |  |  |  |  |  |  |  |  | 30
VALARIS 117 |  | Jackup - Benign Environment |  |  |  |  |  |  |  |  |  |  |  | 20
VALARIS 106 |  | Jackup - Benign Environment |  | 70 |  |  |  |  |  |  |  |  |  |
VALARIS 250 |  | Other - Jackups Leased to ARO Drilling |  | 40 |  |  |  | 90 |  | 90 |  |  |  |
VALARIS 146 |  | Other - Jackups Leased to ARO Drilling |  | 30 |  | 20 |  |  |  |  |  |  |  |
VALARIS 140 |  | Other - Jackups Leased to ARO Drilling |  | 15 |  |  |  |  |  |  |  |  |  |
VALARIS 116 |  | Other - Jackups Leased to ARO Drilling |  |  |  |  |  | 90 |  | 90 |  |  |  |

(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 April 30, 2025 |

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," "outlook," "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 and expected benefits 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 ARO 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 changing tariff policies, trade disputes, inflation and recessions, trends and outlook; general political conditions, including political tensions, conflicts and war; cybersecurity attacks and threats; uncertainty around the use and impacts of artificial intelligence applications; impacts and effects of public health crises, pandemics and epidemics; future operations; ability to renew expiring contracts or obtain new contracts; 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; 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 financial markets and the banking system, changing tariff policies, trade disputes, and adverse changes in the level of international trade activity; terrorism, piracy and military action; risks inherent to shipyard upgrade, repair, maintenance, enhancement or rig reactivation; 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; the use of artificial intelligence by us, third-party service providers or our competitors; 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 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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