# EDGAR Filing Document

**Accession Number:** 0000314808
**File Stem:** 0000314808-23-000014
**Filing Date:** 2023-2
**Character Count:** 50519
**Document Hash:** d8c664c27d252826d2e351ff59da18c2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000314808-23-000014.hdr.sgml**: 20230221

**ACCESSION NUMBER**: 0000314808-23-000014

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 18

**CONFORMED PERIOD OF REPORT**: 20230221

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230221

**DATE AS OF CHANGE**: 20230221

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Valaris Ltd
- **CENTRAL INDEX KEY:** 0000314808
- **STANDARD INDUSTRIAL CLASSIFICATION:** DRILLING OIL & GAS WELLS [1381]
- **IRS NUMBER:** 980635229
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-08097
- **FILM NUMBER:** 23645406

**BUSINESS ADDRESS:**
- **STREET 1:** CLARENDON HOUSE
- **STREET 2:** 2 CHURCH STREET
- **CITY:** HAMILTON
- **STATE:** D0
- **ZIP:** HM 11
- **BUSINESS PHONE:** 4402076594660

**MAIL ADDRESS:**
- **STREET 1:** CLARENDON HOUSE
- **STREET 2:** 2 CHURCH STREET
- **CITY:** HAMILTON
- **STATE:** D0
- **ZIP:** HM 11

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Valaris plc
- **DATE OF NAME CHANGE:** 20190801

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Ensco Rowan plc
- **DATE OF NAME CHANGE:** 20190410

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Ensco plc
- **DATE OF NAME CHANGE:** 20100331

?xml version="1.0" ? val-20230221

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**WASHINGTON, D.C. 20549** 

**FORM 8-K** 

**CURRENT REPORT** 

**Pursuant to Section 13 or 15(d) of the**

**Securities and Exchange Act of 1934** 

**Date of Report (Date of earliest event reported): February 21, 2023**

**Valaris Limited** 

**(Exact name of registrant as specified in its charter)** 

---

| | | |
|:---|:---|:---|
| **Bermuda** | **001-08097** | **98-1589854** |
| **(State or other jurisdiction of**<br>**incorporation)** | **(Commission**<br>**File Number)** | **(I.R.S. Employer**<br>**Identification No.)** |

---

**Claredon House, 2 Church Street** 

**Hamilton, Bermuda, HM 11**

**Registrant's telephone number, including area code: 44 (0) 20 7659 4660** 

**Not Applicable** 

**(Former name or former address, if changed since last report)** 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Ticker Symbol(s)** | **Name of each exchange on which registered** |
| Common Shares, $0.01 par value share | VAL | New York Stock Exchange |
| Warrants to purchase Common Shares | VAL WS | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**<u>**TABLE OF CONTENTS**</u>**

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| | |
|:---|:---|
| <u>[INFORMATION TO BE INCLUDED IN THE REPORT](#i7cd14441f8b240f394bca56eeedd5bf9_10)</u> | <u>[2](#i7cd14441f8b240f394bca56eeedd5bf9_10)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 7.01 Regulation FD Disclosure](#i7cd14441f8b240f394bca56eeedd5bf9_13)</u> | <u>[2](#i7cd14441f8b240f394bca56eeedd5bf9_13)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 9.01 Financial Statements and Exhibits](#i7cd14441f8b240f394bca56eeedd5bf9_19)</u> | <u>[3](#i7cd14441f8b240f394bca56eeedd5bf9_19)</u> |
| <u>[SIGNATURE](#i7cd14441f8b240f394bca56eeedd5bf9_22)</u> | <u>[4](#i7cd14441f8b240f394bca56eeedd5bf9_22)</u> |

---

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**INFORMATION TO BE INCLUDED IN THE REPORT** 

**Item 7.01 Regulation FD Disclosure**

The Fleet Status Report of the Company as of February 21, 2023 is furnished as Exhibit 99.1 to this report.

The information furnished in this Item 7.01 and the information attached to this Form 8-K as Exhibit 99.1 shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

------

**Item 9.01 Financial Statements and Exhibits** 

&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits

---

| | |
|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Description</u>** |
| 99.1 | <u>[Fleet Status Report of Valaris Limited as of February 21, 2023](fsrex99_1february2023.htm)</u> |
| 101 | Interactive data files pursuant to Rule 405 of Regulation S-T formatted in inline Extensible Business Reporting Language |
| 104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |

---

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**SIGNATURE** 

&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
| | **Valaris Limited** |
| February 21, 2023 | /s/ CHRISTOPHER T. WEBER |
| February 21, 2023 | Christopher T. Weber<br>Senior Vice President and Chief Financial Officer |

---

## Exhibit 99.1

&nbsp;&nbsp;&nbsp;&nbsp;

![fscoverpage_02152023a.jpg](fscoverpage_02152023a.jpg)

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&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| ![image3.jpg](image3.jpg) | **Valaris Limited<br>Fleet Status Report<br>February 21, 2023** |

---

---

| |
|:---|
| **New Contracts and Extensions, Rig Sales and Other Updates Since Last Fleet Status Report** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Floaters</u>**<br>• 330-day priced option exercised by Shell Nigeria Exploration and Production Company (SNEPCo) offshore Nigeria for drillship VALARIS DS-10. Following the exercise of this option, the rig is under contract through March 2024. The operating day rate for the option period is $231,000.<br>**&nbsp;&nbsp;&nbsp;&nbsp; <u>Jackups</u>**<br>• One-year contract with an undisclosed operator offshore Trinidad for heavy duty ultra-harsh environment jackup VALARIS 249. The contract is expected to commence late in second quarter or early in third quarter 2023. The operating day rate is $125,000. We will receive a mobilization fee of $8.5 million, plus a daily rate of $64,000 while the rig is in transit from New Zealand to Trinidad.<br>• One-well option exercised by Eni offshore Australia for heavy duty modern jackup VALARIS 107. The option period commenced in February 2023 in direct continuation of the existing contract. The operating day rate for the option period is $126,500.<br>**<u>ARO Drilling</u>**<br>• Five-year contract offshore Saudi Arabia for standard duty modern jackup VALARIS 76. The contract is expected to commence in first quarter 2024. Valaris will bareboat charter VALARIS 76 to ARO.<br>• Three-year contract offshore Saudi Arabia for heavy duty modern jackup VALARIS 108. The contract is expected to commence in third quarter 2023. Valaris will bareboat charter VALARIS 108 to ARO. |

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Page 1 of 12

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&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| ![image3.jpg](image3.jpg) | **Valaris Limited<br>Fleet Status Report<br>February 21, 2023** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Contract Backlog**<sup>(1) (2)</sup><br>**($ millions)** | **2023** | **2024** | **2025+** | **Total** | **Contracted Days**<sup>(1) (2)</sup> | **2023** | **2024** | **2025+** |
| Drillships | $554.5 | $446.7 | $61.1 | $1062.3 | Drillships | 2210 | 1412 | 219 |
| Semisubmersibles | 199.1 | 115.5 |  | 314.6 | Semisubmersibles | 825 | 508 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Floaters** | $**753.6** | $**562.2** | $**61.1** | $**1376.9** | &nbsp;&nbsp;&nbsp;&nbsp;**Floaters** | **3035** | **1920** | **219** |
| HD - Ultra-Harsh & Harsh | $196.7 | $125.2 | $26.4 | $348.3 | HD - Ultra-Harsh & Harsh | 1871 | 986 | 203 |
| HD & SD - Modern | 189.7 | 58.7 | 92.7 | 341.1 | HD & SD - Modern | 2126 | 684 | 823 |
| SD - Legacy | 41.6 | 11.3 |  | 52.9 | SD - Legacy | 560 | 174 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Jackups** | $**428.0** | $**195.2** | $**119.1** | $**742.3** | &nbsp;&nbsp;&nbsp;&nbsp;**Jackups** | **4557** | **1844** | **1026** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Other**<sup>(3)</sup> | $**141.9** | $**112.8** | $**89.3** | $**344.0** | &nbsp;&nbsp;&nbsp;&nbsp;**Other**<sup>(3)</sup> | **3344** | **3700** | **2661** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $**1323.5** | $**870.2** | $**269.5** | $**2463.2** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** | **10936** | **7464** | **3906** |
| **ARO Drilling**<sup>(4)</sup> |  |  |  |  | **Average Day Rates**<sup>(1) (2)</sup> | **2023** | **2024** | **2025+** |
| Owned Rigs | $211.4 | $246.6 | $336.3 | $794.3 | Drillships | $251000 | $316000 | $279000 |
| Leased Rigs | 259.1 | 352.2 | 326.2 | 937.5 | Semisubmersibles | 241000 | 227000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $**470.5** | $**598.8** | $**662.5** | $**1731.8** | &nbsp;&nbsp;&nbsp;&nbsp;**Floaters** | $**248000** | $**293000** | $**279000** |
|  |  |  |  |  | HD - Ultra-Harsh & Harsh | $105000 | $127000 | $130000 |
|  |  |  |  |  | HD & SD - Modern | 89000 | 86000 | 113000 |
|  |  |  |  |  | SD - Legacy | 74000 | 65000 |  |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**Jackups** | $**94000** | $**106000** | $**116000** |
| (1) Contract backlog, contracted days and average day rates as of February 21, 2023.<br>(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.<br>(3) Other represents contract backlog and contracted days related to bareboat charter agreements and management services contracts.<br>(4) ARO Drilling contract backlog as of February 21, 2023.<br>HD = Heavy Duty; SD = Standard Duty | (1) Contract backlog, contracted days and average day rates as of February 21, 2023.<br>(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.<br>(3) Other represents contract backlog and contracted days related to bareboat charter agreements and management services contracts.<br>(4) ARO Drilling contract backlog as of February 21, 2023.<br>HD = Heavy Duty; SD = Standard Duty | (1) Contract backlog, contracted days and average day rates as of February 21, 2023.<br>(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.<br>(3) Other represents contract backlog and contracted days related to bareboat charter agreements and management services contracts.<br>(4) ARO Drilling contract backlog as of February 21, 2023.<br>HD = Heavy Duty; SD = Standard Duty | (1) Contract backlog, contracted days and average day rates as of February 21, 2023.<br>(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.<br>(3) Other represents contract backlog and contracted days related to bareboat charter agreements and management services contracts.<br>(4) ARO Drilling contract backlog as of February 21, 2023.<br>HD = Heavy Duty; SD = Standard Duty | (1) Contract backlog, contracted days and average day rates as of February 21, 2023.<br>(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.<br>(3) Other represents contract backlog and contracted days related to bareboat charter agreements and management services contracts.<br>(4) ARO Drilling contract backlog as of February 21, 2023.<br>HD = Heavy Duty; SD = Standard Duty | (1) Contract backlog, contracted days and average day rates as of February 21, 2023.<br>(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.<br>(3) Other represents contract backlog and contracted days related to bareboat charter agreements and management services contracts.<br>(4) ARO Drilling contract backlog as of February 21, 2023.<br>HD = Heavy Duty; SD = Standard Duty | (1) Contract backlog, contracted days and average day rates as of February 21, 2023.<br>(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.<br>(3) Other represents contract backlog and contracted days related to bareboat charter agreements and management services contracts.<br>(4) ARO Drilling contract backlog as of February 21, 2023.<br>HD = Heavy Duty; SD = Standard Duty | (1) Contract backlog, contracted days and average day rates as of February 21, 2023.<br>(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.<br>(3) Other represents contract backlog and contracted days related to bareboat charter agreements and management services contracts.<br>(4) ARO Drilling contract backlog as of February 21, 2023.<br>HD = Heavy Duty; SD = Standard Duty | (1) Contract backlog, contracted days and average day rates as of February 21, 2023.<br>(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.<br>(3) Other represents contract backlog and contracted days related to bareboat charter agreements and management services contracts.<br>(4) ARO Drilling contract backlog as of February 21, 2023.<br>HD = Heavy Duty; SD = Standard Duty |
| (1) Contract backlog, contracted days and average day rates as of February 21, 2023.<br>(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.<br>(3) Other represents contract backlog and contracted days related to bareboat charter agreements and management services contracts.<br>(4) ARO Drilling contract backlog as of February 21, 2023.<br>HD = Heavy Duty; SD = Standard Duty | (1) Contract backlog, contracted days and average day rates as of February 21, 2023.<br>(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.<br>(3) Other represents contract backlog and contracted days related to bareboat charter agreements and management services contracts.<br>(4) ARO Drilling contract backlog as of February 21, 2023.<br>HD = Heavy Duty; SD = Standard Duty | (1) Contract backlog, contracted days and average day rates as of February 21, 2023.<br>(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.<br>(3) Other represents contract backlog and contracted days related to bareboat charter agreements and management services contracts.<br>(4) ARO Drilling contract backlog as of February 21, 2023.<br>HD = Heavy Duty; SD = Standard Duty | (1) Contract backlog, contracted days and average day rates as of February 21, 2023.<br>(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.<br>(3) Other represents contract backlog and contracted days related to bareboat charter agreements and management services contracts.<br>(4) ARO Drilling contract backlog as of February 21, 2023.<br>HD = Heavy Duty; SD = Standard Duty | (1) Contract backlog, contracted days and average day rates as of February 21, 2023.<br>(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.<br>(3) Other represents contract backlog and contracted days related to bareboat charter agreements and management services contracts.<br>(4) ARO Drilling contract backlog as of February 21, 2023.<br>HD = Heavy Duty; SD = Standard Duty | (1) Contract backlog, contracted days and average day rates as of February 21, 2023.<br>(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.<br>(3) Other represents contract backlog and contracted days related to bareboat charter agreements and management services contracts.<br>(4) ARO Drilling contract backlog as of February 21, 2023.<br>HD = Heavy Duty; SD = Standard Duty | (1) Contract backlog, contracted days and average day rates as of February 21, 2023.<br>(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.<br>(3) Other represents contract backlog and contracted days related to bareboat charter agreements and management services contracts.<br>(4) ARO Drilling contract backlog as of February 21, 2023.<br>HD = Heavy Duty; SD = Standard Duty | (1) Contract backlog, contracted days and average day rates as of February 21, 2023.<br>(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.<br>(3) Other represents contract backlog and contracted days related to bareboat charter agreements and management services contracts.<br>(4) ARO Drilling contract backlog as of February 21, 2023.<br>HD = Heavy Duty; SD = Standard Duty | (1) Contract backlog, contracted days and average day rates as of February 21, 2023.<br>(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.<br>(3) Other represents contract backlog and contracted days related to bareboat charter agreements and management services contracts.<br>(4) ARO Drilling contract backlog as of February 21, 2023.<br>HD = Heavy Duty; SD = Standard Duty |
| (1) Contract backlog, contracted days and average day rates as of February 21, 2023.<br>(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.<br>(3) Other represents contract backlog and contracted days related to bareboat charter agreements and management services contracts.<br>(4) ARO Drilling contract backlog as of February 21, 2023.<br>HD = Heavy Duty; SD = Standard Duty | (1) Contract backlog, contracted days and average day rates as of February 21, 2023.<br>(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.<br>(3) Other represents contract backlog and contracted days related to bareboat charter agreements and management services contracts.<br>(4) ARO Drilling contract backlog as of February 21, 2023.<br>HD = Heavy Duty; SD = Standard Duty | (1) Contract backlog, contracted days and average day rates as of February 21, 2023.<br>(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.<br>(3) Other represents contract backlog and contracted days related to bareboat charter agreements and management services contracts.<br>(4) ARO Drilling contract backlog as of February 21, 2023.<br>HD = Heavy Duty; SD = Standard Duty | (1) Contract backlog, contracted days and average day rates as of February 21, 2023.<br>(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.<br>(3) Other represents contract backlog and contracted days related to bareboat charter agreements and management services contracts.<br>(4) ARO Drilling contract backlog as of February 21, 2023.<br>HD = Heavy Duty; SD = Standard Duty | (1) Contract backlog, contracted days and average day rates as of February 21, 2023.<br>(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.<br>(3) Other represents contract backlog and contracted days related to bareboat charter agreements and management services contracts.<br>(4) ARO Drilling contract backlog as of February 21, 2023.<br>HD = Heavy Duty; SD = Standard Duty | (1) Contract backlog, contracted days and average day rates as of February 21, 2023.<br>(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.<br>(3) Other represents contract backlog and contracted days related to bareboat charter agreements and management services contracts.<br>(4) ARO Drilling contract backlog as of February 21, 2023.<br>HD = Heavy Duty; SD = Standard Duty | (1) Contract backlog, contracted days and average day rates as of February 21, 2023.<br>(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.<br>(3) Other represents contract backlog and contracted days related to bareboat charter agreements and management services contracts.<br>(4) ARO Drilling contract backlog as of February 21, 2023.<br>HD = Heavy Duty; SD = Standard Duty | (1) Contract backlog, contracted days and average day rates as of February 21, 2023.<br>(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.<br>(3) Other represents contract backlog and contracted days related to bareboat charter agreements and management services contracts.<br>(4) ARO Drilling contract backlog as of February 21, 2023.<br>HD = Heavy Duty; SD = Standard Duty | (1) Contract backlog, contracted days and average day rates as of February 21, 2023.<br>(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.<br>(3) Other represents contract backlog and contracted days related to bareboat charter agreements and management services contracts.<br>(4) ARO Drilling contract backlog as of February 21, 2023.<br>HD = Heavy Duty; SD = Standard Duty |

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Page 2 of 12

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| | |
|:---|:---|
| ![image3.jpg](image3.jpg) | **Valaris Limited<br>Fleet Status Report<br>February 21, 2023** |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Asset Category / Rig** | **Design** | **Year Delivered** | **Customer** | **Location** | **Contract Start Date** | **Contract End Date**<sup>(1)</sup> | **Day Rate**<sup>(2)</sup> | **Comments** |
| **Drillships** | | | | | | | | |
| VALARIS DS-18 | GustoMSC P10000 | 2015 | Chevron | U.S. GOM | Aug 22 | Jul 25 |  | Contract includes MPD services |
| VALARIS DS-17 | GustoMSC P10000 | 2014 | Equinor | Brazil | Jun 23 | Dec 24 |  | Contract includes MPD and additional services. Rig being reactivated in Spain. 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. 1-year priced option |
| VALARIS DS-15 | GustoMSC P10000 | 2014 | TotalEnergies | Brazil | Jun 21 | Dec 23 |  | Contract includes MPD services. Priced option with an estimated duration of 100 days |
| VALARIS DS-12 | DSME 12000 | 2014 | BP<br>Undisclosed<br>BP | Mauritania/Senegal<br>Angola<br>Egypt | Apr 22<br>Mar 23<br>Oct 23 | Feb 23<br>May 23<br>Aug 24 |  | <br>Total contract value of $26.2 million<br>Total contract value of $136 million |
| **VALARIS DS-10** | Samsung GF12000 | 2017 | SNEPCo | Nigeria | Apr 22<br><u>Apr 23</u> | Apr 23<br><u>Mar 24</u> | <br><u>$231000</u> |  |
| VALARIS DS-9 | Samsung GF12000 | 2015 | ExxonMobil | Angola | Jul 22 | Jul 24 |  | Contract includes MPD services. Four 6-month priced options |
| VALARIS DS-4 | Samsung 96K | 2010 | Petrobras | Brazil | Jul 22 | Dec 23 |  | Contract includes MPD and additional services. 6-month priced option |
| **<u>Stacked</u>** | **<u>Stacked</u>** |  |  |  |  |  |  |  |
| VALARIS DS-11 | DSME 12000 | 2013 |  | Spain |  |  |  |  |
| VALARIS DS-8 | Samsung GF12000 | 2015 |  | Spain |  |  |  |  |
| VALARIS DS-7 | Samsung 96K | 2013 |  | Spain |  |  |  |  |
| **<u>Purchase Options</u>**<sup>(3)</sup> | **<u>Purchase Options</u>**<sup>(3)</sup> |  |  |  |  |  |  |  |
| 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 |

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

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| ![image3.jpg](image3.jpg) | **Valaris Limited<br>Fleet Status Report<br>February 21, 2023** |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Asset Category / Rig** | **Design** | **Year Delivered** | **Customer** | **Location** | **Contract Start Date** | **Contract End Date**<sup>(1)</sup> | **Day Rate**<sup>(2)</sup> | **Comments** |
| **Semisubmersibles** | **Semisubmersibles** | | | | | | | |
| VALARIS DPS-5 | ENSCO 8500 Series, <br>DP + Moored | 2012 | Murphy<br>Eni | Mexico<br>Mexico | Oct 22<br>Jan 23 | Dec 22<br>Aug 23 | <br>$313500 | <br>Plus mobilization fee of approx. $1.2 million |
| VALARIS DPS-1 | F&G ExD Millennium, DP | 2012 | Woodside | Australia | Apr 22<br>Mar 23 | Mar 23<br>Sep 24 |  |  |
| VALARIS MS-1 | F&G ExD Millennium, Moored | 2011 | Santos<br>Undisclosed | Australia<br>Australia | Jul 22<br>Oct 23 | Oct 23<br>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 |
| **<u>Stacked</u>** | **<u>Stacked</u>** | **<u>Stacked</u>** | **<u>Stacked</u>** | **<u>Stacked</u>** | **<u>Stacked</u>** | **<u>Stacked</u>** |  |  |
| VALARIS DPS-6 | ENSCO 8500 Series, DP | 2012 |  | U.S. GOM |  |  |  |  |
| VALARIS DPS-3 | ENSCO 8500 Series, <br>DP + Moored | 2010 |  | U.S. GOM |  |  |  |  |

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

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| ![image3.jpg](image3.jpg) | **Valaris Limited<br>Fleet Status Report<br>February 21, 2023** |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Asset Category / Rig** | **Design** | **Year Delivered** | **Customer** | **Location** | **Contract Start Date** | **Contract End Date**<sup>(1)</sup> | **Day Rate**<sup>(2)</sup> | **Comments** |
| **Jackups** | | | | | | | | |
| **<u>Heavy Duty Ultra-Harsh Environment</u>**<sup>(4)</sup> | **<u>Heavy Duty Ultra-Harsh Environment</u>**<sup>(4)</sup> | **<u>Heavy Duty Ultra-Harsh Environment</u>**<sup>(4)</sup> | **<u>Heavy Duty Ultra-Harsh Environment</u>**<sup>(4)</sup> | **<u>Heavy Duty Ultra-Harsh Environment</u>**<sup>(4)</sup> | **<u>Heavy Duty Ultra-Harsh Environment</u>**<sup>(4)</sup> | **<u>Heavy Duty Ultra-Harsh Environment</u>**<sup>(4)</sup> | | |
| **VALARIS Norway** | KFELS N Class | 2011 | BP<br>Centrica Storage<br>North Sea Natural Resources | UK<br>UK<br>UK | May 22<br><u>Feb 23</u><br>Aug 23 | <u>Jan 23</u><br><u>May 23</u><br>Sep 23 | <br>$105000 |  |
| VALARIS Stavanger | KFELS N Class | 2011 | Equinor | Norway<br>UK | Oct 19 | Nov 22 |  |  |
| VALARIS 250 | LT Super Gorilla XL | 2003 | Saudi Aramco | Saudi Arabia | Jun 18 | Dec 24 |  | Leased to ARO Drilling<sup>(5)</sup> |
| **VALARIS 249** | LT Super Gorilla | 2002 | OMV<br><u>Undisclosed</u> | New Zealand<br><u>Trinidad</u> | Feb 22<br><u>Jun 23</u> | <u>Mar 23<br>Jun 24</u> | <br><u>$125000</u> | <br><u>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</u> |
| VALARIS 248 | LT Super Gorilla | 2000 | Neptune | UK | Aug 20 | Dec 23 |  |  |
| VALARIS 247 | LT Super Gorilla | 1998 | DNO<br>Perenco | UK<br>UK | May 21<br>Mar 23 | Jan 23<br>Sep 23 |  | <br>One priced option with an estimated duration of 60 days |
| **<u>Stacked</u>** | **<u>Stacked</u>** | **<u>Stacked</u>** | **<u>Stacked</u>** | **<u>Stacked</u>** | **<u>Stacked</u>** | **<u>Stacked</u>** |  |  |
| **VALARIS Viking** | KFELS N Class | 2010 | Repsol | Norway<br><u>UK</u> | Jun 22 | Jan 23 |  |  |

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

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| ![image3.jpg](image3.jpg) | **Valaris Limited<br>Fleet Status Report<br>February 21, 2023** |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Asset Category / Rig** | **Design** | **Year Delivered** | **Customer** | **Location** | **Contract Start Date** | **Contract End Date**<sup>(1)</sup> | **Day Rate**<sup>(2)</sup> | **Comments** |
| **Jackups** | | | | | | | | |
| **<u>Heavy Duty Harsh Environment</u>**<sup>(4)</sup> | **<u>Heavy Duty Harsh Environment</u>**<sup>(4)</sup> | **<u>Heavy Duty Harsh Environment</u>**<sup>(4)</sup> | **<u>Heavy Duty Harsh Environment</u>**<sup>(4)</sup> | **<u>Heavy Duty Harsh Environment</u>**<sup>(4)</sup> | **<u>Heavy Duty Harsh Environment</u>**<sup>(4)</sup> | **<u>Heavy Duty Harsh Environment</u>**<sup>(4)</sup> | | |
| VALARIS 123 | KFELS Super A | 2019 | Kistos<br>ONE-Dyas | Netherlands<br>Netherlands | Nov 22<br>Feb 23 | Feb 23<br>Aug 23 |  |  |
| **VALARIS 122** | KFELS Super A | 2014 | Shell | UK | Nov 22<br><u>Sep 23</u> | <u>Aug 23<br>Jan 25</u> |  | <br>Total contract value of over $60 million based on estimated duration of 500 days |
| VALARIS 121 | KFELS Super A | 2013 | Harbour Energy<br>Petrofac<br>Shell | UK<br>UK<br>UK | Jul 21<br>Jul 23<br>Oct 23 | Jan 23<br>Sep 23<br>Apr 24 |  | <br>Total contract value of over $25 million. Four priced options |
| VALARIS 120 | KFELS Super A | 2013 | Harbour Energy | UK | Jul 17<br>Jul 23 | Jul 23<br>Jul 25 |  |  |
| **<u>Stacked</u>** | **<u>Stacked</u>** | **<u>Stacked</u>** | **<u>Stacked</u>** | **<u>Stacked</u>** | **<u>Stacked</u>** | **<u>Stacked</u>** |  |  |
| VALARIS 102 | KFELS MOD V-A | 2002 |  | U.S. GOM |  |  |  |  |

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

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| ![image3.jpg](image3.jpg) | **Valaris Limited<br>Fleet Status Report<br>February 21, 2023** |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Asset Category / Rig** | **Design** | **Year Delivered** | **Customer** | **Location** | **Contract Start Date** | **Contract End Date**<sup>(1)</sup> | **Day Rate**<sup>(2)</sup> | **Comments** |
| **Jackups** | | | | | | | | |
| **<u>Heavy Duty - Modern</u>**<sup>(4)</sup> | **<u>Heavy Duty - Modern</u>**<sup>(4)</sup> | **<u>Heavy Duty - Modern</u>**<sup>(4)</sup> | **<u>Heavy Duty - Modern</u>**<sup>(4)</sup> | **<u>Heavy Duty - Modern</u>**<sup>(4)</sup> | **<u>Heavy Duty - Modern</u>**<sup>(4)</sup> | **<u>Heavy Duty - Modern</u>**<sup>(4)</sup> | | |
| VALARIS 118 | LT 240-C | 2011 | BP | Trinidad | Oct 22<br>Jul 23 | Jun 23<br>Jan 24 |  | <br>Total contract value of approx. $24 million |
| VALARIS 117 | LT 240-C | 2009 | Eni | Mexico | Dec 21 | Dec 23 |  |  |
| VALARIS 116 | LT 240-C | 2008 | Saudi Aramco | Saudi Arabia | Dec 18 | Dec 24 |  | Leased to ARO Drilling<sup>(5)</sup> |
| VALARIS 115 | BM Pacific Class 400 | 2013 | Mubadala Petroleum<br>Shell | Thailand<br>Singapore<br>Brunei | Feb 22<br>Apr 23 | Nov 22<br>Apr 27 |  | <br>SPS and contract preparations<br>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<br><u>Jul 23</u> | Mar 23<br><u>Jul 26</u> |  | <br><u>Leased to ARO Drilling</u><sup>(5)</sup> |
| **VALARIS 107** | KFELS MOD V-B | 2006 | Undisclosed<br>Eni<br><u>Eni</u><br>GB Energy<br>Undisclosed | Australia<br>Australia<br><u>Australia</u><br>Australia<br>Australia | Aug 22<br>Nov 22<br><u>Mar 23</u><br><u>Apr 23</u><br><u>Jun 23</u> | Nov 22<br><u>Mar 23</u><br><u>Apr 23</u><br><u>Jun 23</u><br><u>Sep 23</u> | $112000<br>$115000<br><u>$126500</u><br>$118000<br>$120000 |  |
| VALARIS 106 | KFELS MOD V-B | 2005 | BP | Indonesia | Jan 18 | Jan 24 |  | Eight priced options each with an estimated duration of 90 days |
| **<u>Stacked</u>** | **<u>Stacked</u>** | **<u>Stacked</u>** | **<u>Stacked</u>** | **<u>Stacked</u>** | **<u>Stacked</u>** | **<u>Stacked</u>** |  |  |
| 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 |  |  |  |  |

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

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| ![image3.jpg](image3.jpg) | **Valaris Limited<br>Fleet Status Report<br>February 21, 2023** |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Asset Category / Rig** | **Design** | **Year Delivered** | **Customer** | **Location** | **Contract Start Date** | **Contract End Date**<sup>(1)</sup> | **Day Rate**<sup>(2)</sup> | **Comments** |
| **Jackups** | | | | | | | | |
| **<u>Standard Duty - Modern</u>** | **<u>Standard Duty - Modern</u>** | **<u>Standard Duty - Modern</u>** | **<u>Standard Duty - Modern</u>** | **<u>Standard Duty - Modern</u>** | **<u>Standard Duty - Modern</u>** | **<u>Standard Duty - Modern</u>** | | |
| VALARIS 148 | LT Super 116-E | 2013 | Saudi Aramco | Saudi Arabia | Nov 19 | Feb 26 |  | Leased to ARO Drilling<sup>(5)</sup> |
| VALARIS 147 | LT Super 116-E | 2013 | Saudi Aramco | Saudi Arabia | Sep 19 | Dec 25 |  | Leased to ARO Drilling<sup>(5)</sup>  |
| VALARIS 146 | LT Super 116-E | 2011 | Saudi Aramco | Saudi Arabia | Sep 18 | Dec 24 |  | Leased to ARO Drilling<sup>(5)</sup> |
| VALARIS 144 | LT Super 116-E | 2010 | Undisclosed<br>Cantium<br>Cantium<br>Talos | U.S. GOM<br>U.S. GOM<br>U.S. GOM<br>U.S. GOM | Aug 22<br>Dec 22<br>Apr 23<br>Jul 23 | Nov 22<br>Mar 23<br>Jun 23<br>Sep 23 | <br>$80000<br>$85000<br>$86900 | Total contract value of approx. $5 million<br>90-day priced option |
| VALARIS 143 | LT Super 116-E | 2010 | Saudi Aramco | Saudi Arabia | Oct 18 | Dec 24 |  | Leased to ARO Drilling<sup>(5)</sup> |
| VALARIS 141 | LT Super 116-E | 2016 | Saudi Aramco | Saudi Arabia | Aug 22 | Aug 25 |  | Leased to ARO Drilling<sup>(5)</sup> |
| VALARIS 140 | LT Super 116-E | 2016 | Saudi Aramco | Saudi Arabia | Mar 22 | Mar 25 |  | Leased to ARO Drilling<sup>(5)</sup> |
| **VALARIS 76** | LT Super 116-C | 2000 | Saudi Aramco | Saudi Arabia | Jan 15<br><u>Feb 24</u> | Oct 23<br><u>Feb 29</u> |  | <br><u>Leased to ARO Drilling</u><sup>(5)</sup> |
| **<u>Stacked</u>** | **<u>Stacked</u>** | **<u>Stacked</u>** | **<u>Stacked</u>** | **<u>Stacked</u>** | **<u>Stacked</u>** | **<u>Stacked</u>** |  |  |
| VALARIS 145 | LT Super 116-E | 2010 |  | U.S. GOM |  |  |  |  |
| VALARIS 75 | LT Super 116-C | 1999 |  | U.S. GOM |  |  |  |  |

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

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| ![image3.jpg](image3.jpg) | **Valaris Limited<br>Fleet Status Report<br>February 21, 2023** |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Asset Category / Rig** | **Design** | **Year Delivered** | **Customer** | **Location** | **Contract Start Date** | **Contract End Date**<sup>(1)</sup> | **Day Rate**<sup>(2)</sup> | **Comments** |
| **Jackups** | | | | | | | | |
| **<u>Standard Duty - Legacy</u>** | **<u>Standard Duty - Legacy</u>** | **<u>Standard Duty - Legacy</u>** | **<u>Standard Duty - Legacy</u>** | **<u>Standard Duty - Legacy</u>** | **<u>Standard Duty - Legacy</u>** | **<u>Standard Duty - Legacy</u>** | | |
| VALARIS 92 | LT 116-C | 1982 | Harbour Energy | UK | Feb 17 | Dec 23 |  |  |
| VALARIS 72 | Hitachi K1025N | 1981 | Eni | UK | Jan 20 | Jun 24 |  |  |
| VALARIS 54 | F&G L-780 Mod II-C | 1982 | Saudi Aramco | Saudi Arabia | Sep 14 | Mar 23 |  |  |

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

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| ![image3.jpg](image3.jpg) | **Valaris Limited<br>Fleet Status Report<br>February 21, 2023** |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Asset Category / Rig** | **Design** | **Customer** | **Location** | **Contract Start Date** | **Contract End Date**<sup>(1)</sup> | **Day Rate**<sup>(2)</sup> | **Comments** |
| **Other** | | | | | | | |
| **<u>Drilling Management</u>** | **<u>Drilling Management</u>** | **<u>Drilling Management</u>** | **<u>Drilling Management</u>** | **<u>Drilling Management</u>** | **<u>Drilling Management</u>** | | |
| 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** |  |  |  |  |  |  |  |
| **<u>Jackup Rigs Owned by ARO Drilling</u>** | **<u>Jackup Rigs Owned by ARO Drilling</u>** | **<u>Jackup Rigs Owned by ARO Drilling</u>** | **<u>Jackup Rigs Owned by ARO Drilling</u>** | **<u>Jackup Rigs Owned by ARO Drilling</u>** | **<u>Jackup Rigs Owned by ARO Drilling</u>** |  |  |
| 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 |

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

<sup>(</sup><sup>1)</sup> 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.

<sup>(2)</sup> Day rates are provided unless such disclosures are restricted by confidentiality provisions.

<sup>(3)</sup> 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.

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

<sup>(5)</sup> Rigs leased to ARO Drilling via bareboat charter agreements to fulfill contracts between ARO Drilling and Saudi Aramco.

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| ![image3.jpg](image3.jpg) | **Valaris Limited<br>Fleet Status Report<br>February 21, 2023** |

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**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; 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; the effect, impact, potential duration and other implications of COVID-19; future operations; increasing regulatory complexity; 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; 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; increased scrutiny of our Environmental, Social and Governance practices, initiatives and reporting responsibilities; changes in customer strategy, including increased focus on renewable energy projects; future levels of offshore drilling activity; governmental action, civil unrest and political and economic uncertainties; terrorism, piracy and military action; risks inherent to shipyard rig reactivation, construction, upgrade, repair, maintenance or enhancement; our ability to enter into, and the terms of, future drilling contracts; the outcome of litigation, legal proceedings, investigations or other claims or contract disputes; governmental regulatory, legislative and permitting requirements affecting drilling operations; our ability to attract and retain skilled personnel on commercially reasonable terms; environmental or other liabilities, risks or losses; debt restrictions that may limit our liquidity and flexibility; and 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 SEC'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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