Document

Valaris Limited
Fleet Status Report
August 2, 2021


New Contracts and Extensions Since Last Fleet Status Report
Floaters •VALARIS DS-11 awarded an eight-well contract with TotalEnergies in the U.S. Gulf of Mexico. The contract is expected to commence in mid-2024 with an expected duration of three-and-a-half years •VALARIS DS-18 (Relentless) awarded a three-year contract with Chevron in the U.S. Gulf of Mexico, which is expected to commence in the first quarter of 2022 in direct continuation of the current contract •VALARIS DS-16 (Resolute) awarded a two-year contract with Occidental in the U.S. Gulf of Mexico from May 2022 to April 2024 •VALARIS DPS-1 awarded a 16-well contract with Woodside offshore Australia. The contract is expected to commence late in the first quarter or early in the second quarter of 2022 with an estimated duration of 300 days •VALARIS DPS-1 awarded a 420-day contract with Woodside offshore Australia, which is expected to commence upon completion of the previous campaign •VALARIS DS-12 awarded a one-well contract with TotalEnergies offshore Ivory Coast with an estimated duration of 28 days from July 2021 to August 2021 •VALARIS DS-12 awarded a four-well contract with BP offshore Mauritania and Senegal. The contract is expected to commence in the first quarter of 2022 with an estimated duration of 285 days •VALARIS DS-10 awarded a one-well contract with TotalEnergies offshore Nigeria with an estimated duration of 92 days from July 2021 to October 2021 •VALARIS DS-10 awarded a six-month contract with Shell offshore Nigeria from March 2022 to September 2022 •VALARIS MS-1 awarded a one-month contract with Santos offshore Australia from April 2022 to May 2022						Jackups •VALARIS JU-110 awarded a three-year contract with North Oil Company offshore Qatar, which is expected to commence in the fourth quarter of 2021 •VALARIS JU-108 contract with Saudi Aramco extended by one-year from November 2021 to November 2022 •VALARIS JU-115 contract with Mubadala Petroleum offshore Thailand extended by 240 days. The extension period is expected to commence in the first quarter of 2022 •VALARIS JU-250 (Bob Palmer) bareboat charter agreement with ARO Drilling extended by 200 days from June 2021 to December 2021. ARO Drilling's contract with Saudi Aramco has been extended for the same period •VALARIS JU-140 contract with Saudi Aramco extended by 183 days from July 2021 to December 2021 •VALARIS JU-141 contract with Saudi Aramco extended by 180 days from August 2021 to February 2022 •VALARIS JU-290 (Viking) or VALARIS JU-291 (Stavanger) awarded a three-well contract with Repsol offshore Norway. The contract is expected to commence in mid-2022 with an estimated duration of 167 days •VALARIS JU-291 (Stavanger) contract with Equinor offshore Norway extended due to the exercise of a two-well option with an estimated duration of 120 days from November 2021 to March 2022 •VALARIS JU-146 (EXL IV) bareboat charter agreement with ARO Drilling extended by 95 days from September 2021 to December 2021. ARO Drilling's contract with Saudi Aramco has been extended for the same period •VALARIS JU-143 (EXL I) bareboat charter agreement with ARO Drilling extended by 60 days from November 2021 to December 2021. ARO Drilling's contract with Saudi Aramco has been extended for the same period •VALARIS JU-117 (Ralph Coffman) awarded a contract with W&T Offshore in the U.S. Gulf of Mexico with an estimated duration of 45 days from July 2021 to August 2021 ARO Drilling •ARO 3003 (Scooter Yeargain) contract extended by 90 days from October 2021 to December 2021 •ARO 3004 (Hank Boswell) contract extended for 90 days from October 2021 to December 2021

New Disclosure: bolded text signifies contracts or extensions that have not been previously disclosed

Page 1 of 12

Valaris Limited
Fleet Status Report
August 2, 2021


Contract Backlog(1) (2) ($ millions)	2021		2022		2023		2024+		Total		Contracted Days(1) (2)	2021		2022		2023		2024+
Drillships	$	93.9	$	275.0	$	174.3	$	559.0	$	1,102.2	Drillships	486		1,288		730		1,771
Semisubmersibles	35.6		118.0		126.2		14.2		294.0		Semisubmersibles	200		594		571		63
Floaters	$	129.5	$	393.0	$	300.5	$	573.2	$	1,396.2	Floaters	686		1,882		1,301		1,834

HD - Ultra-Harsh & Harsh	$	146.4	$	182.2	$	35.8	$	—	$	364.4	HD - Ultra-Harsh & Harsh	1,235		1,788		390		—
HD & SD - Modern	85.3		145.3		48.8		20.5		299.9		HD & SD - Modern	1,258		2,054		654		304
SD - Legacy	30.6		68.7		3.6		—		102.9		SD - Legacy	453		980		55		—
Jackups	$	262.3	$	396.2	$	88.2	$	20.5	$	767.2	Jackups	2,946		4,822		1,099		304

Other(3)	$	50.6	$	9.7	$	—	$	—	$	60.3	Other(3)	1,286		587		—		—

Total	$	442.4	$	798.9	$	388.7	$	593.7	$	2,223.7	Total	4,918		7,291		2,400		2,138

ARO Drilling(4)											Average Day Rates(1) (2)	2021		2022		2023		2024+
Owned Rigs	$	125.8	$	173.6	$	173.6	$	345.7	$	818.7	Drillships	$	193,000	$	214,000	$	239,000	$	316,000
Leased Rigs	92.5		42.0		—		—		134.5		Semisubmersibles	178,000		199,000		221,000		225,000
Total	$	218.3	$	215.6	$	173.6	$	345.7	$	953.2	Floaters	$	189,000	$	209,000	$	231,000	$	313,000

Valaris 50% Share of ARO Owned Rigs	$	62.9	$	86.8	$	86.8	$	172.9	$	409.4	HD - Ultra-Harsh & Harsh	$	119,000	$	102,000	$	92,000	$	—
Adjusted Total(5)	$	505.3	$	885.7	$	475.5	$	766.6	$	2,633.1	HD & SD - Modern	68,000		71,000		75,000		68,000
											SD - Legacy	68,000		70,000		65,000		—
(1) Contract backlog, contracted days and average day rates as of August 2, 2021. (2) Contract backlog and contracted days include backlog and days when a rig is under suspension. Contract backlog includes drilling contracts subject to final investment decision (FID) and drilling contracts which grant the customer termination rights if FID is not received with respect to projects for which the drilling rig is contracted. 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 August 2, 2021. (5) Adjusted total is Valaris consolidated total plus Valaris 50% share of ARO owned rigs.											Jackups	$	89,000	$	82,000	$	80,000	$	68,000



											HD = Heavy Duty; SD = Standard Duty

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Valaris Limited
Fleet Status Report
August 2, 2021

Asset Category / Rig

Design

Year Delivered

Customer/
Status

Location

Contract Start Date

Contract End Date(1)

Comments

Drillships

Marketed

VALARIS DS-18

(Relentless)

GustoMSC P10000

2015

Chevron

U.S. GOM

Aug 20

Jan 22

Jan 25

VALARIS DS-16

(Resolute)

GustoMSC P10000

2014

Occidental

U.S. GOM

May 22

Apr 24

Rig currently stacked in Spain

VALARIS DS-15

(Renaissance)

GustoMSC P10000

2014

TotalEnergies

Brazil

Jun 21

Aug 22

VALARIS DS-12

DSME 12000

2014

TotalEnergies

Ivory Coast

Angola

Mauritania / Senegal

Jul 21
Oct 21
Jan 22

Aug 21
Jan 22
Oct 22

VALARIS DS-11

DSME 12000

2013

TotalEnergies

U.S. GOM

Jul 24

Dec 27

Rig currently stacked in Spain. The contract contains early termination provisions should the project not receive a final investment decision (FID) by the customer

VALARIS DS-10

Samsung GF12000

2017

Shell

TotalEnergies

Shell

Nigeria

Mar 18

Jul 21

Mar 22

Jun 21

Oct 21

Sep 22

Stacked

VALARIS DS-17

(Reliance)

GustoMSC P10000

2014

Stacked

Spain

VALARIS DS-9

Samsung GF12000

2015

Stacked

Spain

VALARIS DS-8

Samsung GF12000

2015

Stacked

VALARIS DS-7

Samsung 96K

2013

Stacked

Spain

VALARIS DS-4

Samsung 96K

2010

Stacked

Purchase Options(2)

VALARIS DS-14

DSME 12000

Under Construction

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

Under Construction

South Korea

Option to take delivery by year-end 2023. Purchase price of approx. $119 million assuming a Dec 31, 2023 delivery

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

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Valaris Limited
Fleet Status Report
August 2, 2021

Asset Category / Rig

Design

Year Delivered

Customer/
Status

Location

Contract Start Date

Contract End Date(1)

Comments

Semisubmersibles

Marketed

VALARIS DPS-1

F&G ExD Millennium, DP

2012

Woodside
Woodside

Australia
Australia

Mar 22
Jan 23

Jan 23
Mar 24

Rig currently warm stacked in Malaysia
The January 2023 contract is subject to final investment decision (FID) by the customer

VALARIS MS-1

F&G ExD Millennium, Moored

2011

Santos

Australia

May 21

Apr 22

May 22

Oct 21

May 22

Jul 23

VALARIS 8505

ENSCO 8500 Series,
DP + Moored

2012

Eni
Lukoil
Eni

Mexico
Mexico
Mexico

Jan 19
Jul 21
Oct 21

Jul 21
Oct 21
Dec 21

Stacked

VALARIS 8506

ENSCO 8500 Series, DP

2012

Stacked

U.S. GOM

VALARIS 8503

ENSCO 8500 Series,
DP + Moored

2010

Stacked

U.S. GOM

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

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Valaris Limited
Fleet Status Report
August 2, 2021

Asset Category / Rig

Design

Year Delivered

Customer/
Status

Location

Contract Start Date

Contract End Date(1)

Comments

Jackups

Heavy Duty Ultra-Harsh Environment(3)

VALARIS JU-292

(Norway)

KFELS N Class

2011

ConocoPhillips

Norway

Nov 19

Sep 21

VALARIS JU-291

(Stavanger)

KFELS N Class

2011

Equinor

Norway

Oct 19

Mar 22

VALARIS JU-290

(Viking)

KFELS N Class

2010

Lundin

Spirit

Repsol

Norway

May 20

Nov 21

May 22

Oct 21

Dec 21

Oct 22

Repsol contract could be performed by VALARIS JU-290 (Viking) or VALARIS JU-291 (Stavanger)

VALARIS JU-250

(Bob Palmer)

LT Super Gorilla XL

2003

Saudi Aramco

Saudi Arabia

Jun 18

Dec 21

Leased to ARO Drilling(4)

VALARIS JU-249

(Gorilla VII)

LT Super Gorilla

2002

OMV

New Zealand

Dec 21

Jan 23

Rig currently in UK being reactivated

VALARIS JU-248

(Gorilla VI)

LT Super Gorilla

2000

Neptune

Aug 20

Aug 22

VALARIS JU-247

(Gorilla V)

LT Super Gorilla

1998

DNO

May 21

Aug 22

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

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Valaris Limited
Fleet Status Report
August 2, 2021

Asset Category / Rig

Design

Year Delivered

Customer/
Status

Location

Contract Start Date

Contract End Date(1)

Comments

Jackups

Heavy Duty Harsh Environment(3)

VALARIS JU-123

KFELS Super A

2019

Harbour Energy

Oct 20

Oct 21

VALARIS JU-122

KFELS Super A

2014

Shell

Jan 20

May 22

VALARIS JU-121

KFELS Super A

2013

Harbour Energy

Jul 21

Jul 23

VALARIS JU-120

KFELS Super A

2013

Harbour Energy

Jul 17

Jul 23

Stacked

VALARIS JU-102

KFELS MOD V-A

2002

Stacked

U.S. GOM

VALARIS JU-100

LT Gorilla

1987

Stacked

Denmark

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

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Valaris Limited
Fleet Status Report
August 2, 2021

Asset Category / Rig

Design

Year Delivered

Customer/
Status

Location

Contract Start Date

Contract End Date(1)

Comments

Jackups

Heavy Duty - Modern(3)

VALARIS JU-118

(Joe Douglas)

LT 240-C

2011

Fieldwood

Mexico

Mar 20

Oct 21

VALARIS JU-117

(Ralph Coffman)

LT 240-C

2009

W&T Offshore

Eni

U.S. GOM

Mexico

Jul 21

Sep 21

Aug 21

Sep 23

On a standby rate from Jan 21 to Jul 21

VALARIS JU-116

(Mississippi)

LT 240-C

2008

Saudi Aramco

Saudi Arabia

Dec 18

Dec 21

Leased to ARO Drilling(4)

VALARIS JU-115

BM Pacific Class 400

2013

Mubadala Petroleum

Thailand

Feb 21

Feb 22

Sep 21

Sep 22

VALARIS JU-110

KFELS MOD V-B

2015

North Oil Company

Qatar

Sep 17

Oct 21

Sep 21

Oct 24

VALARIS JU-108

KFELS MOD V-B

2007

Saudi Aramco

Saudi Arabia

Nov 18

Nov 22

VALARIS JU-107

KFELS MOD V-B

2006

SapuraOMV
Jadestone

Australia

May 21

Jun 21

Oct 21

VALARIS JU-106

KFELS MOD V-B

2005

Indonesia

Jan 18

Jan 23

Stacked

VALARIS JU-114

BM Pacific Class 400

2012

Stacked

Philippines

VALARIS JU-113

BM Pacific Class 400

2012

Stacked

Philippines

VALARIS JU-111

KFELS MOD V-B

2003

Stacked

Croatia

VALARIS JU-109

KFELS MOD V-Super B

2008

Stacked

Namibia

VALARIS JU-104

KFELS MOD V-B

2002

Stacked

UAE

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

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Valaris Limited
Fleet Status Report
August 2, 2021

Asset Category / Rig

Design

Year Delivered

Customer/
Status

Location

Contract Start Date

Contract End Date(1)

Comments

Jackups

Standard Duty - Modern

VALARIS JU-148

(Earnest Dees)

LT Super 116-E

2013

Saudi Aramco

Saudi Arabia

Nov 19

Nov 22

Leased to ARO Drilling(4)

VALARIS JU-147

(Bess Brants)

LT Super 116-E

2013

Saudi Aramco

Saudi Arabia

Sep 19

Aug 22

Leased to ARO Drilling(4)

VALARIS JU-146

(EXL IV)

LT Super 116-E

2011

Saudi Aramco

Saudi Arabia

Sep 18

Dec 21

Leased to ARO Drilling(4)

VALARIS JU-144

(EXL II)

LT Super 116-E

2010

Fieldwood

Mexico

May 20

Aug 21

VALARIS JU-143

(EXL I)

LT Super 116-E

2010

Saudi Aramco

Saudi Arabia

Oct 18

Dec 21

Leased to ARO Drilling(4). Contract between ARO Drilling and customer suspended from May 21 to Jul 21 for suspension and maintenance period. Then expected to return to operating day rate until end of contract

VALARIS JU-141

LT Super 116-E

2016

Saudi Aramco

Saudi Arabia

Aug 18

Feb 22

VALARIS JU-140

LT Super 116-E

2016

Saudi Aramco

Saudi Arabia

Jul 18

Dec 21

VALARIS JU-76

LT Super 116-C

2000

Saudi Aramco

Saudi Arabia

Jan 15

Apr 23

Contract suspended from Sep 20 to Jul 21, then expected to return to operating day rate until end of contract

Stacked

VALARIS JU-145

(EXL III)

LT Super 116-E

2010

Stacked

U.S. GOM

VALARIS JU-142

(112)

LT Super 116-E

2008

Stacked

Croatia

VALARIS JU-75

LT Super 116-C

1999

Stacked

U.S. GOM

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

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Valaris Limited
Fleet Status Report
August 2, 2021

Asset Category / Rig

Design

Year Delivered

Customer/
Status

Location

Contract Start Date

Contract End Date(1)

Comments

Jackups

Standard Duty - Legacy

VALARIS JU-92

LT 116-C

1982

Harbour Energy

Feb 17

Dec 22

VALARIS JU-72

Hitachi K1025N

1981

Eni

Jan 20

Jan 23

VALARIS JU-67

LT 84-CE

1976

Pertamina

Indonesia

Jan 19

Jul 21

VALARIS JU-54

F&G L-780 Mod II-C

1982

Saudi Aramco

Saudi Arabia

Sep 14

Sep 22

Contract suspended from Oct 21 to Dec 21, then expected to return to operating day rate until end of contract

VALARIS JU-37

(Arch Rowan)

LT 116-C

1981

Saudi Aramco

Saudi Arabia

Sep 18

Sep 21

Leased to ARO Drilling(4)

VALARIS JU-36

(Charles Rowan)

LT 116-C

1981

Saudi Aramco

Saudi Arabia

Sep 18

Sep 21

Leased to ARO Drilling(4)

VALARIS JU-22

(Middletown)

LT 116-C

1980

Saudi Aramco

Saudi Arabia

Sep 18

Sep 21

Leased to ARO Drilling(4)

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

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Valaris Limited
Fleet Status Report
August 2, 2021

Asset Category / Rig

Design

Customer/
Status

Location

Contract Start Date

Contract End Date(1)

Comments

Other

Drilling Management

Thunder Horse

Deepwater Semisubmersible

U.S. GOM

Jan 17

Jan 22

Mad Dog

Deepwater Spar Drilling Rig

U.S. GOM

Jan 17

Jan 22

On a standby rate from Apr 20 to Oct 21, and then return to operating day rate until end of contract

ARO Drilling

Jackup Rigs Owned by ARO Drilling

ARO 2001

(Gilbert Rowe)

LT 116-C

Saudi Aramco

Saudi Arabia

Oct 17

Jan 26

ARO 2003

(SAR 201)

BM 200-H

Saudi Aramco

Saudi Arabia

Feb 18

Feb 26

ARO 3001

(Bob Keller)

LT Tarzan 225-C

Saudi Aramco

Saudi Arabia

Oct 17

Jan 26

ARO 3002

(J.P. Bussell)

LT Tarzan 225-C

Saudi Aramco

Saudi Arabia

Oct 17

Jan 26

ARO 3003

(Scooter Yeargain)

LT Tarzan 225-C

Saudi Aramco

Saudi Arabia

Oct 18

Dec 21

ARO 3004

(Hank Boswell)

LT Tarzan 225-C

Saudi Aramco

Saudi Arabia

Oct 18

Dec 21

ARO 4001

(SAR 202)

KFELS Super B

Saudi Aramco

Saudi Arabia

Oct 17

Jan 26

ARO 2005

LT 116-C

Under Construction

Saudi Arabia

Delivery expected in 2022

ARO 2006

LT 116-C

Under Construction

Saudi Arabia

Delivery expected in 2022

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

(1) Contract duration does not include any unexercised optional extensions. Contract end dates can vary based on how long it takes to complete the wells subject to the contract.

(2) 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.

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

(4) Rigs leased to ARO Drilling via bareboat charter agreements to fulfill contracts between ARO Drilling and Saudi Aramco.

Page 10 of 12

Page 11 of 12

Valaris Limited
Fleet Status Report
August 2, 2021

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.

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 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements include words or phrases such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “project,” “could,” “may,” “might,” “should,” “will” and similar words and specifically include statements involving future rig day rates including adjustments with the customer; future levels of offshore drilling activity; discussions with the customer; backlog; cost adjustments; utilization; estimated rig availability; expected work commitments and contracts; contract duration, status, terms and other contract commitments; letters of intent, letters of award or other correspondence indicating an award; rig enhancement projects; new rig commitments; the expected period of time and number of rigs that will be in a shipyard for repairs, maintenance, enhancement or construction; sale leaseback transactions; scheduled delivery dates for rigs; performance of our joint venture with Saudi Aramco; the timing of delivery, mobilization, contract commencement, relocation or other movement of rigs; and our intent to sell or scrap rigs. Such statements are subject to numerous risks, uncertainties and assumptions that may cause actual results to vary materially from those indicated, including the effects of the chapter 11 cases on the Company's business, relationships, comparability of our financial results, ability to access financing sources, the COVID-19 outbreak and global pandemic, the related public health measures implemented by governments worldwide, which may, among other things, impact our ability to staff rigs and rotate crews; cancellation, suspension, renegotiation or termination of drilling contracts and programs including drilling contracts which grant the customer termination rights if final investment decision (FID) is not received with respect to projects for which the drilling rig is contracted; potential additional asset impairments; our failure to satisfy our debt obligations; our ability to obtain financing, service our debt, fund negative cash flow and capital expenditures and pursue other business opportunities; adequacy of sources of liquidity for us and our customers; actions by regulatory authorities, rating agencies or other third parties; actions by our security holders; availability and terms of any financing; commodity price fluctuations, customer demand, new rig supply, downtime and other risks associated with offshore rig operations; severe weather or hurricanes; changes in worldwide rig supply and demand, competition and technology; future levels of offshore drilling activity; governmental action, civil unrest and political and economic 3 uncertainties; terrorism, piracy and military action; risks inherent to shipyard rig construction, repair, maintenance or enhancement; our ability to enter into, and the terms of, future drilling contracts; the cancellation of letters of intent or letters of award or any failure to execute definitive contracts following announcements of letters of intent, letters of award or other expected work commitments; the outcome of litigation, legal proceedings, investigations or other claims or contract disputes; governmental regulatory, legislative and permitting requirements affecting drilling operations; our ability to attract and retain skilled personnel on commercially reasonable terms; environmental or other liabilities, risks or losses; debt restrictions that may limit our liquidity and flexibility; and cybersecurity risks and threats. In particular, the unprecedented nature of the current economic downturn, pandemic, and industry decline may make it particularly difficult to identify risks or predict the degree to which identified risks will impact the Company's business and financial condition. 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, as updated in our subsequent quarterly reports on Form 10-Q, which are 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 contained herein speaks only as of the date of this Fleet Status Report, and we undertake no obligation to publicly update or revise any forward looking statements, except as required by law.

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