Document


New Contracts, Extensions and Other Updates Since Last Fleet Status Report
Contract Backlog •Valaris has been awarded the following new contracts and contract extensions, with associated contract backlog of more than $1.0 billion, subsequent to issuing its previous fleet status report on April 30, 2025. Contract backlog excludes lump sum payments such as mobilization fees and capital reimbursements. •Contract backlog increased to approximately $4.7 billion from approximately $4.2 billion as of April 30, 2025. Floater Contract Awards •940-day contract extension for drillship VALARIS DS-16, starting in June 2026, and a new 914-day contract for drillship VALARIS DS-18, that is expected to start in mid-fourth quarter 2026, with Anadarko Petroleum Corporation, a wholly-owned subsidiary of Occidental, in the Gulf of America. The combined addition to contracted revenue backlog is approximately $760 million. •Five-well contract offshore West Africa for drillship VALARIS DS-15. The contract is expected to commence in the third quarter 2026. The total contract value, based on an estimated duration of 250 days, is approximately $135 million, including upfront payments for rig upgrades and mobilization. The total contract value does not include the provision of additional services. The contract includes priced options for up to five wells with an estimated total duration of 80 to 100 days. Jackup Contract Awards •Four-year contract extension for jackup VALARIS 110 offshore Qatar. The contract extension is expected to commence in October 2025 in direct continuation of the existing contract. The contracted revenue backlog for the four-year extension is approximately $117 million. •150-day contract extension for jackup VALARIS Norway with Ithaca Energy in the UK North Sea. The contract extension is expected to commence in February 2026 in direct continuation of the existing contract. The contracted revenue backlog for the 150-day extension is approximately $18 million. •31-day contract extension for jackup VALARIS 122 with Shell in the UK North Sea. The contract extension is expected to commence in December 2025 in direct continuation of the existing contract. The contracted revenue backlog for the 31-day extension is over $3.5 million. The contract extension is for accommodation support and includes two 28-day priced options. Other Fleet Status Updates •Contract suspension notice received from Harbour Energy for jackup VALARIS 120. The contract suspension is effective on completion of Harbour Energy's current well, estimated to be during September 2025. Contract backlog includes amounts for this rig following the suspension effective date. •Amendment to a previously disclosed contract for jackup VALARIS 248 with Eni in the East Irish Sea (UK). VALARIS 120 will substitute for VALARIS 248 from September 2025 to April 2026, while VALARIS 248 completes another customer's program and a special periodic survey. •A previously disclosed contract with Anasuria Hibiscus UK Limited in the UK North Sea for jackup VALARIS 248 has been terminated by mutual agreement. •Valaris has agreed to sell jackup VALARIS 247 for cash proceeds of approximately $108 million. This sale is expected to close in the second half of 2025, subject to customary closing conditions.

Valaris Limited
Fleet Status Report
July 24, 2025


Contract Backlog(1) (2) ($ millions)	2025		2026		2027+		Total		Contracted Days(1) (2)	2025		2026		2027+
Drillships	$	394.1	$	977.6	$	1,337.1	$	2,708.8	Drillships	1,015		2,318		2,921
Semisubmersibles	35.4		—		—		35.4		Semisubmersibles	160		—		—
Floaters	$	429.5	$	977.6	$	1,337.1	$	2,744.2	Floaters	1,175		2,318		2,921

Harsh Environment	$	148.7	$	203.1	$	180.3	$	532.1	Harsh Environment	1,088		1,472		1,191
Benign Environment	135.5		242.6		295.1		673.2		Benign Environment	1,045		1,753		2,363
Legacy	26.4		72.6		49.5		148.5		Legacy	268		730		500
Jackups	$	310.6	$	518.3	$	524.9	$	1,353.8	Jackups	2,401		3,955		4,054

Other(3)	$	69.6	$	190.6	$	356.2	$	616.4	Other(3)	1,089		3,122		7,766

Total	$	809.7	$	1,686.5	$	2,218.2	$	4,714.4	Total	4,665		9,395		14,741

ARO Drilling(4)									Average Day Rates(1) (2)	2025		2026		2027+
Owned Rigs	$	158.7	$	204.6	$	606.8	$	970.1	Drillships	$	388,000	$	422,000	$	458,000
Leased Rigs	94.2		293.6		991.4		1,379.2		Semisubmersibles	221,000		—		—
Total	$	252.9	$	498.2	$	1,598.2	$	2,349.3	Floaters	$	366,000	$	422,000	$	458,000

									Harsh Environment	$	137,000	$	138,000	$	151,000
									Benign Environment	130,000		138,000		125,000
									Legacy	98,000		100,000		99,000
									Jackups	$	129,000	$	131,000	$	130,000

(1) Contract backlog, contracted days and average day rates as of July 24, 2025. (2) Contract backlog and average day rates exclude certain types of non-recurring revenues such as lump sum mobilization payments. Contract backlog and contracted days may include backlog and days when a rig is under suspension, except any backlog or days for rigs that are under a separate firm contract where backlog or days are otherwise included. Average day rates are adjusted to exclude suspension backlog and days. (3) Other represents contract backlog and contracted days related to bareboat charter agreements and management services contracts. (4) ARO Drilling contract backlog as of July 24, 2025.

Valaris Limited
Fleet Status Report
July 24, 2025

Asset Category / Rig

Design

Year Delivered

Customer

Location

Contract Start Date

Contract End Date(1)

Day Rate(2)

Comments

Drillships

VALARIS DS-18

GustoMSC P10000

2015

Chevron

Occidental

Gulf of America

Aug 22

Nov 26

Aug 25

May 29

Additional rate charged when MPD services provided. Expect approx. 20 days out of service for planned maintenance in 3Q25

914-day contract for DS-18 and 940-day contract extension for DS-16. Combined addition to contracted revenue backlog is approx. $760 million

VALARIS DS-17

GustoMSC P10000

2014

Equinor
Equinor
Equinor

Brazil
Brazil
Brazil

Sep 23

May 25

Nov 25

Apr 25

Nov 25

Jan 28

$447,000
$497,000

Contract includes MPD and additional services

Expect approx. 25 days out of service for customer required upgrades in 1Q26

Estimated total contract value ("TCV") of $498 million, inclusive of MPD, additional services and fees for mobilization and minor rig upgrades. Based on initial estimated duration of 852 days comprised of a 180-day standby period followed by a 672-day drilling program

VALARIS DS-16

GustoMSC P10000

2014

Occidental

Gulf of America

Jun 24

Jun 26

Dec 28

Additional rate charged when MPD services provided

940-day contract extension for DS-16 and 914-day contract for DS-18. Combined addition to contracted revenue backlog is approx. $760 million. Expect approx. 20 days out of service for planned maintenance in 3Q26

VALARIS DS-15

GustoMSC P10000

2014

TotalEnergies

Undisclosed

Brazil

West Africa

Dec 24

Aug 26

Aug 25

Apr 27

$400,000

Additional rate charged when MPD and additional services provided

TCV, based on an estimated duration of 250 days, is approx. $135 million, including upfront payments for rig upgrades and mobilization. TCV does not include the provision of additional services. Priced options with a total estimated duration of 80 to 100 days

VALARIS DS-12

DSME 12000

2013

Spain

Rig is warm stacked in Las Palmas, Spain

VALARIS DS-10

Samsung GF12000

2017

Undisclosed

Spain
West Africa

Jul 26

Jun 28

Rig is warm stacked in Las Palmas, Spain
TCV of $352 million based on duration of two years. TCV does not include the provision of additional services. Additional rate charged when MPD services provided

VALARIS DS-9

Samsung GF12000

2015

ExxonMobil

Angola

Jul 22

Jul 26

Contract includes MPD services

VALARIS DS-8

Samsung GF12000

2015

Petrobras

Brazil

Dec 23

Dec 26

$428,000

Plus mobilization fee of approx. $30 million. Contract includes additional services

VALARIS DS-7

Samsung 96K

2013

Azule Energy

Angola

Jun 24

Oct 26

TCV estimated to be $364 million based on initial estimated duration of 850 days

VALARIS DS-4

Samsung 96K

2010

Petrobras

Brazil

Dec 24

Nov 27

$450,000

Plus mobilization fee of approx. $41 million. Contract includes MPD and additional services

Stacked

VALARIS DS-14

DSME 12000

2023

Spain

VALARIS DS-13

DSME 12000

2023

Spain

VALARIS DS-11

DSME 12000

2013

Spain

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

Asset Category / Rig

Design

Year Delivered

Customer

Location

Contract Start Date

Contract End Date(1)

Day Rate(2)

Comments

Harsh Environment Jackups

VALARIS Norway

KFELS N Class

2011

Ithaca Energy

Apr 25

Feb 26

Jul 26

TCV of approx. $39 million based on estimated duration of 292 days

Contracted revenue backlog of approx. $18 million based on duration of 150 days

VALARIS Stavanger

KFELS N Class

2011

TotalEnergies

TotalEnergies

UK

UK

May 24

Oct 25

Sep 25

May 27

TCV of approx. $52 million, including minor rig modifications, based on initial estimated duration of 360 days
TCV of over $75 million based on 600-day priced extension. Two 200-day priced options

VALARIS 249

LT Super Gorilla

2001

Undisclosed
BP
Shell

Trinidad
Trinidad
Trinidad

Apr 25
Mar 26
Jul 26

Jan 26
Jun 26
Jul 27

$163,000

TCV of $16.8 million based on duration of 100 days

Contracted revenue backlog of approx. $66 million based on estimated duration of 365 days Three priced options with an estimated duration of 50 days each. Expect approx. 30 days out of service for planned maintenance across 2Q26 and 3Q26

VALARIS 248

LT Super Gorilla

2000

Ithaca Energy
Eni

UK
UK

Aug 20

May 26

Aug 25
Sep 27

Expect approx. 50 days out of service for planned maintenance across 3Q25 and 4Q25

TCV of approx. $84 million for 730-day contract to perform P&A and CCS work. VALARIS 120 will substitute for VALARIS 248 from Sep 2025 to Apr 2026, while VALARIS 248 completes another customer's program and a special periodic survey

VALARIS 247

LT Super Gorilla

1998

Jadestone

Australia

Mar 25

Aug 25

Valaris has agreed to sell the rig for cash proceeds of approx. $108 million. This sale is expected to close in 2H25, subject to customary closing conditions

VALARIS 123

KFELS Super A

2019

TAQA

Netherlands

Mar 25

Oct 25

$153,000

VALARIS 122

KFELS Super A

2014

Shell

Sep 23

Dec 25

Nov 25
Dec 25

TCV of over $60 million based on initial estimated duration of 500 days

Contracted revenue backlog for the 31-day extension is over $3.5 million.The extension is for accommodation support. Two 28-day priced options

VALARIS 121

KFELS Super A

2014

Shell

Jan 25

Feb 26

TCV of approx. $55 million based on estimated duration of 406 days. Expect approx. 15 days out of service for planned maintenance in 1Q26. 200-day priced option

VALARIS 120

KFELS Super A

2013

Harbour Energy

Eni

Harbour Energy

Jul 23

Jul 25

Sep 25

Jul 25

Sep 25

Apr 26

$130,000
$166,000

Contract suspension notice received from Harbour Energy effective on completion of Harbour Energy's current well, estimated to be during Sep 2025

VALARIS 120 will substitute for VALARIS 248 from Sep 2025 to Apr 2026, while VALARIS 248 completes another customer's program and a special periodic survey

See comment above regarding contract suspension notice. Remainder of contract term runs from May 2026 to Jul 2028 at a day rate of $166,000

Stacked

VALARIS Viking

KFELS N Class

2010

VALARIS 102

KFELS MOD V-A

2002

Gulf of America

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

Asset Category / Rig

Design

Year Delivered

Customer

Location

Contract Start Date

Contract End Date(1)

Day Rate(2)

Comments

Benign Environment Jackups

VALARIS 144

LT Super 116-E

2010

Azule Energy
Azule Energy

Angola
Angola

Mar 25

Aug 25

Jul 25
Sep 27

TCV of approx. $8.5 million based on estimated duration of 45 days
TCV estimated to be between $149 million and $156 million based on contract duration of 730 to 770 days, including a mobilization fee from the Gulf of America

VALARIS 118

LT 240-C

2012

BP
BP

Trinidad
Trinidad

Apr 24

Sep 25

Sep 25
Aug 28

TCV of approx. $51 million based on initial estimated duration of 365 days
TCV of approx. $168 million based on duration of three years. Expect approx. 30 days out of service for planned maintenance in 3Q26

VALARIS 117

LT 240-C

2009

Eni

Undisclosed

Mexico

Trinidad

Apr 25

Aug 26

Jan 26

Jan 28

TCV of approx. $36 million based on duration of 300 days. 150-day priced option. Expect approx. 20 days out of service for planned maintenance in 3Q26
185-day priced option

VALARIS 115

BM Pacific Class 400

2013

Shell

Brunei

Apr 23

Apr 27

TCV of approx. $159 million based on duration of four years

VALARIS 110

KFELS MOD V-B

2015

NOC

Undisclosed

Qatar

Oct 21

Oct 25

Oct 29

1-year priced option

Contracted revenue backlog for the four-year extension is approx. $117 million. 1-year priced option. Expect approx. 45 days of out service for planned maintenance in 2Q26

VALARIS 107

KFELS MOD V-B

2006

ExxonMobil
ExxonMobil

Australia
Australia

Nov 24
Nov 25

Nov 25
May 26

$153,000
$163,000

180-day priced option

VALARIS 106

KFELS MOD V-B

2005

Indonesia

Jun 25

Oct 25

$95,000

Stacked

VALARIS 148

LT Super 116-E

2013

UAE

VALARIS 147

LT Super 116-E

2013

UAE

VALARIS 145

LT Super 116-E

2010

Gulf of America

VALARIS 143

LT Super 116-E

2010

UAE

VALARIS 111

KFELS MOD V-B

2003

Croatia

VALARIS 109

KFELS MOD V-Super B

2008

Namibia

VALARIS 104

KFELS MOD V-B

2002

UAE

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

Asset Category / Rig

Design

Year Delivered

Customer

Location

Contract Start Date

Contract End Date(1)

Day Rate(2)

Comments

Legacy Jackups

VALARIS 92

LT 116-C

1982

Harbour Energy
Shell

UK
UK

Mar 24

Aug 25

Jul 25
Aug 27

$95,000

TCV of approx. $75 million based on duration of 730 days

VALARIS 72

Hitachi 300C

1981

Eni
Eni

UK
UK

Jan 20

Sep 25

Aug 25
Sep 27

TCV of approx. $71 million for 730-day contract to perform P&A and CCS work

Other - Jackups Leased to ARO Drilling(3)

VALARIS 250

LT Super Gorilla XL

2003

ARO Drilling

Saudi Arabia

May 25

Apr 30

Expect approx. 180 days out of service for planned maintenance across 4Q25 and 1Q26

VALARIS 146

LT Super 116-E

2011

ARO Drilling

Saudi Arabia

May 25

Apr 30

Expect approx. 50 days out of service for planned maintenance in 1Q26

VALARIS 141

LT Super 116-E

2016

ARO Drilling

Saudi Arabia

Aug 22
Aug 25

Aug 25
Aug 30

VALARIS 140

LT Super 116-E

2016

ARO Drilling

Saudi Arabia

May 25

Apr 30

VALARIS 116

LT 240-C

2008

ARO Drilling

Saudi Arabia

May 25

Apr 30

Expect approx. 180 days out of service for planned maintenance across 4Q25 and 1Q26

VALARIS 108

KFELS MOD V-B

2007

ARO Drilling

Saudi Arabia

Mar 24

Mar 27

VALARIS 76

LT Super 116-C

2000

ARO Drilling

Saudi Arabia

Jan 26

Dec 30

Other - Managed Rigs

Thunder Horse

Deepwater Semisubmersible

Gulf of America

Jan 24

Jan 27

TCV of approx. $153 million

Mad Dog

Deepwater Spar Drilling Rig

Gulf of America

Jan 24

Jan 27

TCV of approx. $106 million

Asset Category / Rig

Design

Customer

Location

Contract Start Date

Contract End Date(1)

Day Rate(2)

Comments

ARO Drilling

Jackup Rigs Owned by ARO Drilling

Gilbert Rowe

LT 116-C

Saudi Aramco

Saudi Arabia

Oct 17

Jan 26

Expect approx. 15 days out of service for planned maintenance in 4Q25

SAR 201

BM 200-H

Saudi Aramco

Saudi Arabia

Feb 18

Feb 26

Bob Keller

LT Tarzan 225-C

Saudi Aramco

Saudi Arabia

Oct 17

Jan 26

Expect approx. 10 days out of service for planned maintenance in 3Q25 and approx. 100 days out of service for planned maintenance across 1Q26 and 2Q26

J.P. Bussell

LT Tarzan 225-C

Saudi Aramco

Saudi Arabia

Oct 17

Jan 26

Expect approx. 10 days out of service for planned maintenance in 1Q26

Scooter Yeargain

LT Tarzan 225-C

Saudi Aramco

Saudi Arabia

Oct 18

Dec 26

Expect approx. 100 days out of service for planned maintenance across 3Q25 and 4Q25

Hank Boswell

LT Tarzan 225-C

Saudi Aramco

Saudi Arabia

Oct 18

Dec 26

SAR 202

KFELS Super B

Saudi Aramco

Saudi Arabia

Oct 17

Jan 26

Expect approx. 10 days out of service for planned maintenance in 1Q26

Kingdom 1

LT 116-C

Saudi Aramco

Saudi Arabia

Nov 23

Nov 31

Expect approx. 30 days out of service for planned maintenance in 3Q26

Kingdom 2

LT 116-C

Saudi Aramco

Saudi Arabia

Aug 24

Aug 32

Expect approx. 25 days out of service for planned maintenance in 4Q26

Forward-Looking Statements. Statements contained in this Fleet Status Report that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include words or phrases such as "anticipate," "believe," "estimate," "expect," "intend," "likely," "outlook," "plan," "project," "could," "may," "might," "should," "will" and similar words and specifically include statements regarding expected financial performance; expected utilization, day rates, revenues, operating expenses, cash flows, contract status, terms and duration, contract backlog, capital expenditures, insurance, financing and funding; the offshore drilling market, including supply and demand, customer drilling programs and the attainment of requisite permits for such programs, stacking of rigs, effects of new rigs on the market and effect of the volatility of commodity prices; expected work commitments, awards, contracts and letters of intent; scheduled delivery dates for rigs; performance and expected benefits of our joint ventures, including our joint venture with Saudi Aramco; timing of the delivery of the Saudi Aramco Rowan Offshore Drilling Company ("ARO") newbuild rigs and the timing of additional ARO newbuild orders; the availability, delivery, mobilization, contract commencement, availability, relocation or other movement of rigs and the timing thereof; rig reactivations; suitability of rigs for future contracts; divestitures of assets, including the expected sale of VALARIS 247; general economic, market, business and industry conditions, trends and outlook; general political conditions, including political tensions, conflicts and war; cybersecurity attacks and threats; uncertainty around the use and impacts of artificial intelligence applications; impacts and effects of public health crises, pandemics and epidemics; future operations; ability to renew expiring contracts or obtain new contracts; increasing regulatory complexity; targets, progress, plans and goals related to sustainability matters; the outcome of tax disputes; assessments and settlements; and expense management. The forward-looking statements contained in this Fleet Status Report are subject to numerous risks, uncertainties and assumptions that may cause actual results to vary materially from those indicated, including cancellation, suspension, renegotiation or termination of drilling contracts and programs; our ability to obtain financing, service our debt, fund capital expenditures and pursue other business opportunities; adequacy of sources of liquidity for us and our customers; future share repurchases; actions by regulatory authorities, or other third parties; actions by our security holders; internal control risk; commodity price fluctuations and volatility, customer demand, loss of a significant customer or customer contract, downtime and other risks associated with offshore rig operations; adverse weather, including hurricanes; changes in worldwide rig supply; and demand, competition and technology; supply chain and logistics challenges; consumer preferences for alternative fuels and forecasts or expectations regarding the global energy transition; increased scrutiny of our sustainability targets, initiatives and reporting and our ability to achieve such targets or initiatives; changes in customer strategy; future levels of offshore drilling activity; governmental action, civil unrest and political and economic uncertainties, including recessions, inflation, volatility affecting financial markets and the banking system, changing tariff policies, trade disputes, and adverse changes in the level of international trade activity; terrorism, piracy and military action; risks inherent to shipyard upgrade, repair, maintenance, enhancement or rig reactivation; our ability to enter into, and the terms of, future drilling contracts; suitability of rigs for future contracts; the cancellation of letters of intent or letters of award or any failure to execute definitive contracts following announcements of letters of intent, letters of award or other expected work commitments; the outcome of litigation, legal proceedings, investigations or other claims or contract disputes; governmental regulatory, legislative and permitting requirements affecting drilling operations; our ability to attract and retain skilled personnel on commercially reasonable terms; the use of artificial intelligence by us, third-party service providers or our competitors; environmental or other liabilities, risks or losses; compliance with our debt agreements and debt restrictions that may limit our liquidity and flexibility, including in any return of capital plans; cybersecurity risks and threats; and changes in foreign currency exchange rates. In addition to the numerous factors described above, you should also carefully read and consider "Item 1A. Risk Factors" in Part I and "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" in Part II of our most recent annual report on Form 10-K, which is available on the Securities and Exchange Commission's website at www.sec.gov or on the Investor Relations section of our website at www.valaris.com. Each forward-looking statement speaks only as of the date of the particular statement, and we undertake no obligation to update or revise any forward-looking statements, except as required by law.