Document

Valaris Limited
Fleet Status Report
October 27, 2021


New Contracts and Extensions, Rig Sales and Other Updates Since Last Fleet Status Report
Floaters •VALARIS DS-9 awarded a two-year contract with ExxonMobil offshore Angola. The contract is expected to commence in June 2022. •VALARIS DS-4 awarded a contract with Petrobras offshore Brazil. The contract is for a minimum term of 548 days and is expected to commence by early second quarter 2022. •VALARIS DS-10 awarded two 1-well contracts with Shell offshore Namibia and Sao Tome and Principe, respectively. The first of these two contracts is expected to commence in November 2021. The Sao Tome and Principe contract will follow on directly from the Namibia contract. The contracts have an estimated duration of 60 days each. •VALARIS MS-1 awarded a four-well P&A contract with Eni offshore Australia. The contract is expected to commence in November 2021 with an estimated duration of 90 days. Jackups •VALARIS 36 bareboat charter agreement with ARO Drilling extended by 211 days from September 2021 to March 2022. ARO Drilling's contract with Saudi Aramco has been extended for the same period. •VALARIS 123 awarded a contract with TAQA offshore the Netherlands. The contract is expected to commence in November 2021 with an estimated minimum duration of 60 days. •VALARIS 123 awarded a one-well contract with Cairn Energy in the UK North Sea. The contract is expected to commence in the second quarter of 2022 with an estimated duration of 72 days. •VALARIS 107 awarded a one-well contract with Carnarvon Petroleum offshore Timor-Leste. The contract is expected to commence in November 2021 with an estimated duration of 30 days. •VALARIS 107 awarded a two-well contract with Vermilion Oil & Gas offshore Australia. The contract is expected to commence in April 2022 with an estimated duration of 60 days. •VALARIS 144 awarded a 30-day contract with an undisclosed operator in the U.S. Gulf of Mexico. The contract is expected to commence late in the fourth quarter of 2021 or early in the first quarter of 2022. •VALARIS Norway awarded a contract for accommodation work with Harbour Energy in the UK North Sea. The contract is expected to commence in November 2021. Rig Sales •VALARIS 22 and 100 have been sold and retired from the offshore drilling fleet. •VALARIS 142 has been sold to an operator and can only be utilized on specific assets. Other •VALARIS 8503, 8505 and 8506 have been renamed VALARIS DPS-3, DPS-5 and DPS-6, respectively, in the Fleet Status Report. •VALARIS JU-290, JU-291 and JU-292 have been renamed VALARIS Viking, Stavanger and Norway, respectively, in the Fleet Status Report. •VALARIS JU-250 has been renamed VALARIS 250 in the Fleet Status Report. This naming convention applies to all Valaris jackups, except for VALARIS Viking, Stavanger and Norway.

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

Page 1 of 12

Valaris Limited
Fleet Status Report
October 27, 2021


Contract Backlog(1) (2) ($ millions)	2021		2022		2023		2024+		Total		Contracted Days(1) (2)	2021		2022		2023		2024+
Drillships	$	46.5	$	398.6	$	306.2	$	587.3	$	1,338.6	Drillships	239		1,885		1,369		1,917
Semisubmersibles	18.7		111.8		132.8		14.6		277.9		Semisubmersibles	126		569		602		65
Floaters	$	65.2	$	510.4	$	439.0	$	601.9	$	1,616.5	Floaters	365		2,454		1,971		1,982

HD - Ultra-Harsh & Harsh	$	52.5	$	213.9	$	41.2	$	—	$	307.6	HD - Ultra-Harsh & Harsh	533		1,993		435		—
HD & SD - Modern	42.0		158.1		53.9		20.5		274.5		HD & SD - Modern	581		2,202		708		304
SD - Legacy	13.2		68.7		3.6		—		85.5		SD - Legacy	195		980		55		—
Jackups	$	107.7	$	440.7	$	98.7	$	20.5	$	667.6	Jackups	1,309		5,175		1,198		304

Other(3)	$	22.8	$	11.1	$	—	$	—	$	33.9	Other(3)	573		678		—		—

Total	$	195.7	$	962.2	$	537.7	$	622.4	$	2,318.0	Total	2,247		8,307		3,169		2,286

ARO Drilling(4)											Average Day Rates(1) (2)	2021		2022		2023		2024+
Owned Rigs	$	46.3	$	173.6	$	173.6	$	363.9	$	757.4	Drillships	$	195,000	$	211,000	$	224,000	$	306,000
Leased Rigs	40.6		48.1		—		—		88.7		Semisubmersibles	148,000		196,000		221,000		225,000
Total	$	86.9	$	221.7	$	173.6	$	363.9	$	846.1	Floaters	$	179,000	$	208,000	$	223,000	$	304,000

Valaris 50% Share of ARO Owned Rigs	$	23.2	$	86.8	$	86.8	$	181.9	$	378.7	HD - Ultra-Harsh & Harsh	$	98,000	$	107,000	$	95,000	$	—
Adjusted Total(5)	$	218.9	$	1,049.0	$	624.5	$	804.3	$	2,696.7	HD & SD - Modern	72,000		72,000		76,000		68,000
											SD - Legacy	68,000		70,000		65,000		—
(1) Contract backlog, contracted days and average day rates as of October 27, 2021. (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. 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 October 27, 2021. (5) Adjusted total is Valaris consolidated total plus Valaris 50% share of ARO owned rigs.											Jackups	$	82,000	$	85,000	$	82,000	$	68,000



											HD = Heavy Duty; SD = Standard Duty

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Valaris Limited
Fleet Status Report
October 27, 2021

Asset Category / Rig

Design

Year Delivered

Customer/
Status

Location

Contract Start Date

Contract End Date(1)

Comments

Drillships

VALARIS DS-18

GustoMSC P10000

2015

Chevron
Chevron

U.S. GOM
U.S. GOM

Aug 20
Jan 22

Jan 22
Jan 25

VALARIS DS-16

GustoMSC P10000

2014

Occidental

U.S. GOM

May 22

Apr 24

Rig currently in Spain being reactivated

VALARIS DS-15

GustoMSC P10000

2014

TotalEnergies

Brazil

Jun 21

Aug 22

VALARIS DS-12

DSME 12000

2014

TotalEnergies
BP
BP

Ivory Coast
Angola
Mauritania / Senegal

Jul 21

Sep 21

Feb 22

Aug 21

Jan 22

Nov 22

VALARIS DS-10

Samsung GF12000

2017

TotalEnergies

Shell

Nigeria

Namibia

Sao Tome & Principe

Nigeria

Jul 21

Nov 21

Feb 22

Apr 22

Nov 21

Jan 22

Apr 22

Oct 22

Stacked

VALARIS DS-17

GustoMSC P10000

2014

Stacked

Spain

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-9

Samsung GF12000

2015

ExxonMobil

Angola

Jun 22

May 24

Rig currently stacked in Spain

VALARIS DS-8

Samsung GF12000

2015

Stacked

VALARIS DS-7

Samsung 96K

2013

Stacked

Spain

VALARIS DS-4

Samsung 96K

2010

Petrobras

Brazil

Apr 22

Oct 23

Rig currently in transit from UK to Spain where it will be reactivated

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
October 27, 2021

Asset Category / Rig

Design

Year Delivered

Customer/
Status

Location

Contract Start Date

Contract End Date(1)

Comments

Semisubmersibles

VALARIS DPS-5

ENSCO 8500 Series,
DP + Moored

2012

Lukoil
Eni

Mexico
Mexico

Jul 21
Oct 21

Oct 21
Dec 21

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

Eni

Santos

Australia

May 21

Nov 21

May 22

Jun 22

Oct 21

Feb 22

May 22

Aug 23

Stacked

VALARIS DPS-6

ENSCO 8500 Series, DP

2012

Stacked

U.S. GOM

VALARIS DPS-3

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
October 27, 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 Norway

KFELS N Class

2011

ConocoPhillips

Harbour Energy

Norway

Nov 19

Nov 21

Aug 21
Jan 22

Accommodation work

VALARIS Stavanger

KFELS N Class

2011

Equinor

Norway

Oct 19

May 22

VALARIS Viking

KFELS N Class

2010

Lundin
Spirit
Repsol

Norway
Norway
Norway

May 20

Oct 21

May 22

Oct 21

Nov 21

Oct 22

Repsol contract could be performed by VALARIS Viking or VALARIS Stavanger

VALARIS 250

LT Super Gorilla XL

2003

Saudi Aramco

Saudi Arabia

Jun 18

Dec 21

Leased to ARO Drilling(4)

VALARIS 249

LT Super Gorilla

2002

OMV

New Zealand

Jan 22

Feb 23

Rig currently mobilizing to New Zealand

VALARIS 248

LT Super Gorilla

2000

Neptune

Aug 20

Aug 22

VALARIS 247

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
October 27, 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 123

KFELS Super A

2019

Harbour Energy

TAQA

Cairn Energy

Netherlands

Oct 20

Nov 21

Apr 22

Oct 21

Jan 22

Jun 22

VALARIS 122

KFELS Super A

2014

Shell

Jan 20

May 22

VALARIS 121

KFELS Super A

2013

Harbour Energy

Jul 21

Jul 23

VALARIS 120

KFELS Super A

2013

Harbour Energy

Jul 17

Jul 23

Stacked

VALARIS 102

KFELS MOD V-A

2002

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
October 27, 2021

Asset Category / Rig

Design

Year Delivered

Customer/
Status

Location

Contract Start Date

Contract End Date(1)

Comments

Jackups

Heavy Duty - Modern(3)

VALARIS 118

LT 240-C

2011

Fieldwood

Mexico

Mar 20

Mar 22

VALARIS 117

LT 240-C

2009

Eni

Mexico

Oct 21

Oct 23

VALARIS 116

LT 240-C

2008

Saudi Aramco

Saudi Arabia

Dec 18

Dec 21

Leased to ARO Drilling(4)

VALARIS 115

BM Pacific Class 400

2013

Mubadala Petroleum
Mubadala Petroleum

Thailand
Thailand

Feb 21
Feb 22

Nov 21

Sep 22

VALARIS 110

KFELS MOD V-B

2015

North Oil Company
North Oil Company

Qatar
Qatar

Sep 17
Oct 21

Sep 21
Oct 24

VALARIS 108

KFELS MOD V-B

2007

Saudi Aramco

Saudi Arabia

Nov 18

Nov 22

VALARIS 107

KFELS MOD V-B

2006

Jadestone

Carnarvon Petroleum

Vermilion Oil & Gas

Australia

Timor-Leste

Australia

Jun 21

Nov 21

Apr 22

Nov 21
Dec 21
Jun 22

VALARIS 106

KFELS MOD V-B

2005

Indonesia

Jan 18

Jan 23

Stacked

VALARIS 114

BM Pacific Class 400

2012

Stacked

Philippines

VALARIS 113

BM Pacific Class 400

2012

Stacked

Philippines

VALARIS 111

KFELS MOD V-B

2003

Stacked

Croatia

VALARIS 109

KFELS MOD V-Super B

2008

Stacked

Namibia

VALARIS 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
October 27, 2021

Asset Category / Rig

Design

Year Delivered

Customer/
Status

Location

Contract Start Date

Contract End Date(1)

Comments

Jackups

Standard Duty - Modern

VALARIS 148

LT Super 116-E

2013

Saudi Aramco

Saudi Arabia

Nov 19

Nov 22

Leased to ARO Drilling(4)

VALARIS 147

LT Super 116-E

2013

Saudi Aramco

Saudi Arabia

Sep 19

Aug 22

Leased to ARO Drilling(4)

VALARIS 146

LT Super 116-E

2011

Saudi Aramco

Saudi Arabia

Sep 18

Dec 21

Leased to ARO Drilling(4)

VALARIS 144

LT Super 116-E

2010

Fieldwood

W&T Offshore

Undisclosed Operator

Mexico

U.S. GOM

May 20

Nov 21

Dec 21

Oct 21
Dec 21
Jan 22

Contract transferred from VALARIS JU-117

VALARIS 143

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 returned to operating day rate in Aug 21

VALARIS 141

LT Super 116-E

2016

Saudi Aramco

Saudi Arabia

Aug 18

Feb 22

VALARIS 140

LT Super 116-E

2016

Saudi Aramco

Saudi Arabia

Jul 18

Dec 21

VALARIS 76

LT Super 116-C

2000

Saudi Aramco

Saudi Arabia

Jan 15

Apr 23

Contract suspended from Sep 20 to Sep 21, then returned to operating day rate

Stacked

VALARIS 145

LT Super 116-E

2010

Stacked

U.S. GOM

VALARIS 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
October 27, 2021

Asset Category / Rig

Design

Year Delivered

Customer/
Status

Location

Contract Start Date

Contract End Date(1)

Comments

Jackups

Standard Duty - Legacy

VALARIS 92

LT 116-C

1982

Harbour Energy

Feb 17

Dec 22

VALARIS 72

Hitachi K1025N

1981

Eni

Jan 20

Jan 23

VALARIS 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 36

LT 116-C

1981

Saudi Aramco

Saudi Arabia

Sep 18

Mar 22

Leased to ARO Drilling(4)

Stacked

VALARIS 67

LT 84-CE

1976

Stacked

Indonesia

VALARIS 37

LT 116-C

1981

Stacked

Bahrain

Upon completion of its contract with ARO Drilling in Oct 21, the rig was returned to Valaris and stacked

Sold / Held for Sale

VALARIS 142

LT Super 116-E

2008

Sold

VALARIS 100

LT Gorilla

1987

Sold

VALARIS 22

LT 116-C

1980

Sold

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

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Valaris Limited
Fleet Status Report
October 27, 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

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 21

ARO 3004

LT Tarzan 225-C

Saudi Aramco

Saudi Arabia

Oct 18

Dec 21

ARO 4001

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
October 27, 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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