EX-99.1 2 fsrex99_1october2025.htm EX-99.1

| Valaris Limited Fleet Status Report October 23, 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 $190 million, subsequent to issuing its previous fleet status report on July 24, 2025. Contract backlog excludes lump sum payments such as mobilization fees and capital reimbursements. •Contract backlog is approximately $4.5 billion as of October 23, 2025. Floater Contract Awards •Five-well contract with Bp Exploration Delta Limited for drillship VALARIS DS-12 in Egypt. The contract is expected to commence in the second quarter 2026 and has an estimated duration of 350 days. The estimated total contract value, inclusive of a mobilization fee, is approximately $140 million. The contract also includes three option wells. Jackup Contract Awards •194-day contract extension for jackup VALARIS 121 with Shell in the UK North Sea. The contract extension is expected to commence in February 2026 in direct continuation of the existing contract. The contracted revenue backlog for the 194-day extension is over $25 million. One further unpriced option remains. •150-day contract extension for jackup VALARIS Norway with Ithaca Energy in the UK North Sea. The contract extension is expected to commence in August 2026 in direct continuation of the existing contract. The contracted revenue backlog for the 150-day extension is approximately $18 million. •120-day contract for VALARIS 248 with GE Vernova in the UK North Sea to provide accommodation support services for an offshore wind project. The contract is expected to commence in November 2025 and will add over $8 million to contracted revenue backlog. The contract includes an additional six priced options with a total duration of 104 days. •Two 28-day contract extensions for jackup VALARIS 122 with Shell in the UK North Sea. The contract extension is expected to commence in January 2026 in direct continuation of the existing contract. The total contracted revenue backlog for the two 28-day extensions is over $6 million. The contract extensions are for accommodation support. One priced option remains. Other Fleet Status Updates •Jackup VALARIS 247 sold for cash proceeds of approximately $108 million in August 2025.

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| Valaris Limited Fleet Status Report October 23, 2025 |

Contract Backlog(1) (2) ($ millions) | 2025 | 2026 | 2027+ | Total |  | Contracted Days(1) (2) | 2025 | 2026 | 2027+
Drillships | $ | 163.5 |  | $ | 1,055.4 |  | $ | 1,398.9 |  | $ | 2,617.8 |  |  | Drillships | 420 |  | 2,545 |  | 3,079 |
Semisubmersibles | 7.3 |  | — |  | — |  | 7.3 |  |  | Semisubmersibles | 33 |  | — |  | — |
Floaters | $ | 170.8 |  | $ | 1,055.4 |  | $ | 1,398.9 |  | $ | 2,625.1 |  |  | Floaters | 453 |  | 2,545 |  | 3,079 |
Harsh Environment(3) | $ | 66.4 |  | $ | 258.7 |  | $ | 200.2 |  | $ | 525.3 |  |  | Harsh Environment(3) | 495 |  | 1,961 |  | 1,342 |
Benign Environment | 56.4 |  | 234.2 |  | 310.4 |  | 601.0 |  |  | Benign Environment | 420 |  | 1,671 |  | 2,479 |
Legacy | 13.9 |  | 72.6 |  | 50.1 |  | 136.6 |  |  | Legacy | 140 |  | 730 |  | 505 |
Jackups | $ | 136.7 |  | $ | 565.5 |  | $ | 560.7 |  | $ | 1,262.9 |  |  | Jackups | 1,055 |  | 4,362 |  | 4,326 |
Other(4) | $ | 32.7 |  | $ | 175.2 |  | $ | 354.4 |  | $ | 562.3 |  |  | Other(4) | 528 |  | 2,786 |  | 7,718 |
Total | $ | 340.2 |  | $ | 1,796.1 |  | $ | 2,314.0 |  | $ | 4,450.3 |  |  | Total | 2,036 |  | 9,693 |  | 15,123 |
ARO Drilling(5) |  |  |  |  |  | Average Day Rates(1) (2) | 2025 | 2026 | 2027+
Owned Rigs | $ | 68.4 |  | $ | 204.6 |  | $ | 606.9 |  | $ | 879.9 |  |  | Drillships | $ | 389,000 |  | $ | 415,000 |  | $ | 454,000 |
Leased Rigs | 45.8 |  | 252.0 |  | 986.9 |  | 1,284.7 |  |  | Semisubmersibles | 222,000 |  | — |  | — |
Total | $ | 114.2 |  | $ | 456.6 |  | $ | 1,593.8 |  | $ | 2,164.6 |  |  | Floaters | $ | 377,000 |  | $ | 415,000 |  | $ | 454,000 |
|  |  |  |  |  | Harsh Environment(3) | $ | 134,000 |  | $ | 132,000 |  | $ | 149,000 |
|  |  |  |  |  | Benign Environment | 134,000 |  | 140,000 |  | 125,000 |
|  |  |  |  |  | Legacy | 100,000 |  | 100,000 |  | 99,000 |
|  |  |  |  |  | Jackups | $ | 130,000 |  | $ | 130,000 |  | $ | 130,000 |
(1) Contract backlog, contracted days and average day rates as of October 23, 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, except any backlog or days for rigs that are under a separate firm contract where backlog or days are otherwise included. Average day rates are adjusted to exclude suspension backlog and days. (3) Contract suspension notice received from Harbour Energy for jackup VALARIS 120. The contract suspension is effective on completion of Harbour Energy's well-in-progress, currently estimated to be in November 2025. Contract backlog includes approximately $125 million for this rig following the suspension effective date. (4) Other represents contract backlog and contracted days related to bareboat charter agreements and management services contracts. (5) ARO Drilling contract backlog as of October 23, 2025.

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| Valaris Limited Fleet Status Report October 23, 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 Occidental |  | Gulf of America Gulf of America |  | Aug 22 Nov 26 |  | Aug 25 May 29 |  |  |  | Additional rate charged when MPD services provided 914-day contract for DS-18 and 940-day contract extension for DS-16. Combined addition to contracted revenue backlog is approx. $760 million
VALARIS DS-17 |  | GustoMSC P10000 |  | 2014 |  | Equinor Equinor |  | Brazil Brazil |  | May 25 Jan 26 |  | Dec 25 Jan 28 |  | $497,000 |  | Expect approx. 25 days out of service for customer required upgrades in 1Q26 Estimated total contract value ("TCV") of $498 million, inclusive of MPD, additional services and fees for mobilization and minor rig upgrades. Based on initial 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 Occidental |  | Gulf of America Gulf of America |  | Jun 24 Jun 26 |  | Jun 26 Dec 28 |  |  |  | Additional rate charged when MPD services provided 940-day contract extension for DS-16 and 914-day contract for DS-18. Combined addition to contracted revenue backlog is approx. $760 million. Expect approx. 20 days out of service for planned maintenance in 4Q26
VALARIS DS-15 |  | GustoMSC P10000 |  | 2014 |  | TotalEnergies Undisclosed |  | Brazil Spain West Africa |  | Dec 24 Sep 26 |  | Aug 25 May 27 |  | $400,000 |  | Additional rate charged when MPD and additional services provided Rig is warm stacked in Las Palmas, Spain TCV, based on an estimated duration of 250 days, is approx. $135 million, including upfront payments for rig upgrades and mobilization. TCV does not include the provision of additional services. Priced options with a total estimated duration of 80 to 100 days
VALARIS DS-12 |  | DSME 12000 |  | 2013 |  | BP |  | Spain Egypt |  | May 26 |  | Apr 27 |  |  |  | Rig is warm stacked in Las Palmas, Spain TCV, based on estimated duration of 350 days, is approx. $140 million, inclusive of MPD and mobilization. Three option wells
VALARIS DS-10 |  | Samsung GF12000 |  | 2017 |  | Undisclosed |  | Spain West Africa |  | Jun 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 |  | Angola |  | Jul 22 |  | Jul 26 |  |  |  | Contract includes MPD services
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 |  | Azule Energy |  | Angola |  | 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 October 23, 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, DP |  | 2012 |  | Woodside |  | Australia |  | Jan 24 |  | Nov 25 |  |  |  |
VALARIS MS-1 |  | F&G ExD Millennium, Moored |  | 2011 |  | Santos |  | Australia |  | Jan 24 |  | Oct 25 |  |  |  |

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 23, 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 |  | Ithaca Energy Ithaca Energy |  | UK UK |  | Apr 25 Mar 26 |  | Mar 26 Jan 27 |  |  |  | TCV of approx. $39 million based on estimated duration of 292 days Contracted revenue backlog of approx. $36 million based on duration of 300 days |
VALARIS Stavanger |  | KFELS N Class |  | 2011 |  | TotalEnergies TotalEnergies |  | UK UK |  | May 24 Nov 25 |  | Nov 25 Jul 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 BP Shell |  | Trinidad Trinidad Trinidad |  | Apr 25 Mar 26 Sep 26 |  | Feb 26 Jul 26 Sep 27 |  | $163,000 |  | TCV of $16.8 million based on duration of 100 days. Expect approx. 60 days out of service for planned maintenance in 3Q26 Contracted revenue backlog 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 |  | Ithaca Energy GE Vernova Eni |  | UK UK UK |  | Aug 20 Nov 25 Jun 26 |  | Oct 25 Mar 26 Nov 27 |  |  |  | Expect approx. 30 days out of service for planned maintenance in 4Q25 Contracted revenue backlog of over $8 million for 120-day contract to provide accommodation support services. Six priced options with a total duration of 104 days. Expect approx 30 days out of service for planned maintenance in 2Q26 TCV of approx. $84 million for 730-day contract to perform P&A and CCS work. VALARIS 120 will substitute for VALARIS 248 from Nov 2025 to Jun 2026, while VALARIS 248 completes another customer's program and a special periodic survey |
VALARIS 123 |  | KFELS Super A |  | 2019 |  | TAQA TAQA |  | Netherlands Netherlands |  | Mar 25 Jan 26 |  | Dec 25 Jan 26 |  | $153,000 $163,000 |  |  |
VALARIS 122 |  | KFELS Super A |  | 2014 |  | Shell Shell Shell |  | UK UK UK |  | Sep 23 Dec 25 Jan 26 |  | Nov 25 Dec 25 Feb 26 |  |  |  | TCV of over $60 million based on initial estimated duration of 500 days Contracted revenue backlog for the 31-day extension is over $3.5 million.The extension is for accommodation support Contracted revenue backlog for two 28-day extensions is over $6 million.The extensions are for accommodation support. One priced option remains |
VALARIS 121 |  | KFELS Super A |  | 2014 |  | Shell Shell |  | UK UK |  | Jan 25 Feb 26 |  | Feb 26 Aug 26 |  |  |  | TCV of approx. $55 million based on estimated duration of 406 days. Expect approx. 15 days out of service for planned maintenance in 1Q26 Contracted revenue backlog for 194-day extension is over $25 million |
VALARIS 120 |  | KFELS Super A |  | 2013 |  | Harbour Energy Eni |  | UK UK |  | Jul 25 Nov 25 |  | Nov 25 Jun 26 |  | $166,000 |  | Contract suspension notice received from Harbour Energy effective on completion of Harbour Energy's current well, estimated to be in Nov 2025 VALARIS 120 will substitute for VALARIS 248 from Nov 2025 to Jun 2026, while VALARIS 248 completes another customer's program and a special periodic survey |
Stacked |  |  |  |  |
VALARIS Viking |  | KFELS N Class |  | 2010 |  |  |  | UK |  |  |  |  |  |  |  |  |
VALARIS 102 |  | KFELS MOD V-A |  | 2002 |  |  |  | Gulf of America |  |  |  |  |  |  |  |  |
Sold |  |  |  |  |
VALARIS 247 |  | LT Super Gorilla |  | 1998 |  | Jadestone |  | Australia |  | Mar 25 |  | Aug 25 |  |  |  | Sold for cash proceeds of approximately $108 million in August 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 October 23, 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 |  | Azule Energy Azule Energy |  | Angola Angola |  | Mar 25 Sep 25 |  | Sep 25 Oct 27 |  |  |  | TCV of approx. $8.5 million based on estimated duration of 45 days TCV estimated to be between $149 million and $156 million based on contract duration of 730 to 770 days, including a mobilization fee from the Gulf of America
VALARIS 118 |  | LT 240-C |  | 2012 |  | BP BP |  | Trinidad Trinidad |  | Apr 24 Nov 25 |  | Oct 25 Jul 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 2Q26
VALARIS 117 |  | LT 240-C |  | 2009 |  | Eni Undisclosed |  | Mexico Trinidad |  | Apr 25 Aug 26 |  | Jan 26 Feb 28 |  |  |  | TCV of approx. $36 million based on duration of 300 days. Up to 150 days of priced options Expect approx. 45 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 |  | NOC Undisclosed |  | Qatar Qatar |  | Oct 21 Oct 25 |  | Oct 25 Oct 29 |  |  |  | 1-year priced option Contracted revenue backlog for the four-year extension is approx. $117 million. 1-year priced option. Expect approx. 60 days of out service for planned maintenance in 2Q26
VALARIS 107 |  | KFELS MOD V-B |  | 2006 |  | ExxonMobil ExxonMobil |  | Australia Australia |  | Nov 24 Nov 25 |  | Nov 25 May 26 |  | $153,000 $163,000 |  | 45-day priced option
VALARIS 106 |  | KFELS MOD V-B |  | 2005 |  | BP |  | Indonesia |  | Jun 25 |  | Oct 25 |  | $95,000 |  |
Stacked |  |  |  |
VALARIS 148 |  | LT Super 116-E |  | 2013 |  |  |  | UAE |  |  |  |  |  |  |  |
VALARIS 147 |  | LT Super 116-E |  | 2013 |  |  |  | UAE |  |  |  |  |  |  |  |
VALARIS 145 |  | LT Super 116-E |  | 2010 |  |  |  | Gulf of America |  |  |  |  |  |  |  |
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 October 23, 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 Aug 25 |  | Jul 25 Aug 27 |  | $95,000 |  | TCV of approx. $75 million based on duration of 730 days
VALARIS 72 |  | Hitachi 300C |  | 1981 |  | Eni Eni |  | UK UK |  | Jan 20 Oct 25 |  | Sep 25 Sep 27 |  |  |  | TCV of approx. $71 million for 730-day contract to perform P&A and CCS work
Other - Jackups Leased to ARO Drilling(3) |  |  |  |
VALARIS 250 |  | LT Super Gorilla XL |  | 2003 |  | ARO Drilling |  | Saudi Arabia |  | May 25 |  | Apr 30 |  |  |  | Expect approx. 180 days out of service for planned maintenance across 4Q25, 1Q26 and 2Q26
VALARIS 146 |  | LT Super 116-E |  | 2011 |  | ARO Drilling |  | Saudi Arabia |  | May 25 |  | Apr 30 |  |  |  | Expect approx. 90 days out of service for planned maintenance across 1Q26 and 2Q26
VALARIS 141 |  | LT Super 116-E |  | 2016 |  | ARO Drilling |  | Saudi Arabia |  | Aug 22 Aug 25 |  | Aug 25 Aug 30 |  |  |  | Expect approx. 25 days out of service for planned maintenance across 4Q25 and 1Q26 and 65 days out of service for planned maintenance in 3Q26
VALARIS 140 |  | LT Super 116-E |  | 2016 |  | ARO Drilling |  | Saudi Arabia |  | May 25 |  | Apr 30 |  |  |  | Expect approx. 15 days out of service for planned maintenance in 4Q25 and 65 days out of service for planned maintenance in 3Q26
VALARIS 116 |  | LT 240-C |  | 2008 |  | ARO Drilling |  | Saudi Arabia |  | May 25 |  | Apr 30 |  |  |  | Expect approx. 180 days out of service for planned maintenance across 4Q25, 1Q26 and 2Q26
VALARIS 108 |  | KFELS MOD V-B |  | 2007 |  | ARO Drilling |  | Saudi Arabia |  | Mar 24 |  | Mar 27 |  |  |  | Expect approx. 15 days out of service for planned maintenance in 2Q26
VALARIS 76 |  | LT Super 116-C |  | 2000 |  | ARO Drilling |  | Saudi Arabia |  | Nov 25 |  | Nov 30 |  |  |  |
Other - Managed Rigs |  |  |  |  |  |
Thunder Horse |  | Deepwater Semisubmersible |  |  |  | BP |  | Gulf of America |  | Jan 24 |  | Jan 27 |  |  |  | TCV of approx. $153 million
Mad Dog |  | Deepwater Spar Drilling Rig |  |  |  | BP |  | Gulf of America |  | 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 October 23, 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. 30 days out of service for planned maintenance in 1Q26
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. 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. 210 days out of service for planned maintenance across 4Q25, 1Q26 and 2Q26
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. 15 days out of service for planned maintenance in 3Q26
Kingdom 1 |  | LT 116-C |  | Saudi Aramco |  | Saudi Arabia |  | Nov 23 |  | Nov 31 |  |  |  | Expect approx. 30 days out of service for planned maintenance in 3Q26
Kingdom 2 |  | LT 116-C |  | Saudi Aramco |  | Saudi Arabia |  | Aug 24 |  | Aug 32 |  |  |  | Expect approx. 25 days out of service for planned maintenance in 4Q26

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 October 23, 2025 |

Out of Service Days (1) |  |  |  |  |  |  |  |  |  |  |  |
Rig |  | Segment / Asset Category |  | Q4 2025 |  | Q1 2026 |  | Q2 2026 |  | Q3 2026 |  | Q4 2026 |  | Q1 2027
VALARIS DS-17 |  | Floater - Drillship |  |  |  | 25 |  |  |  |  |  |  |  |
VALARIS DS-16 |  | Floater - Drillship |  |  |  |  |  |  |  |  |  | 20 |  |
VALARIS 249 |  | Jackup - Harsh Environment |  |  |  |  |  |  |  | 60 |  |  |  |
VALARIS 248 |  | Jackup - Harsh Environment |  | 30 |  |  |  | 30 |  |  |  |  |  |
VALARIS 121 |  | Jackup - Harsh Environment |  |  |  | 15 |  |  |  |  |  |  |  |
VALARIS 118 |  | Jackup - Benign Environment |  |  |  |  |  | 30 |  |  |  |  |  |
VALARIS 117 |  | Jackup - Benign Environment |  |  |  |  |  |  |  | 45 |  |  |  |
VALARIS 110 |  | Jackup - Benign Environment |  |  |  |  |  | 60 |  |  |  |  |  |
VALARIS 250 |  | Other - Jackups Leased to ARO Drilling |  | 75 |  | 90 |  | 15 |  |  |  |  |  |
VALARIS 146 |  | Other - Jackups Leased to ARO Drilling |  |  |  | 30 |  | 60 |  |  |  |  |  |
VALARIS 141 |  | Other - Jackups Leased to ARO Drilling |  | 15 |  | 10 |  |  |  | 65 |  |  |  |
VALARIS 140 |  | Other - Jackups Leased to ARO Drilling |  | 15 |  |  |  |  |  | 65 |  |  |  |
VALARIS 116 |  | Other - Jackups Leased to ARO Drilling |  | 30 |  | 90 |  | 60 |  |  |  |  |  |
VALARIS 108 |  | Other - Jackups Leased to ARO Drilling |  |  |  |  |  | 15 |  |  |  |  |  |

(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 23, 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, 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, inflation, 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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