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 nearly $900 million, subsequent to issuing its previous fleet status report on October 23, 2025. Contract backlog excludes lump sum payments such as mobilization fees and capital reimbursements. •Contract backlog increased to approximately $4.7 billion from approximately $4.5 billion as of October 23, 2025. Floater Contract Awards •Five-well contract extension for drillship VALARIS DS-7 with Azule Energy offshore Angola. The contract extension is expected to commence in October 2026 in direct continuation of the existing program. The contract has an estimated duration of 325 days and will add approximately $125 million to contracted revenue backlog. The contract also includes a five-well unpriced option with an estimated duration of 300 to 350 days. •Two-year contract extension for drillship VALARIS DS-9 with Esso Exploration Angola, an affiliate of ExxonMobil. The contract extension is expected to commence in July 2026 in direct continuation of the existing program. The operating day rate is in line with recent market rates in the region. The contract also includes two six-month options. •Multi-year contract for drillship VALARIS DS-8 with Shell offshore Brazil. The contract is expected to commence in the first quarter of 2027, with an estimated duration of approximately 800 days and a total contract value of approximately $300 million. The contract also includes options with a total estimated duration of approximately one year. Jackup Contract Awards •Eight-well contract for jackup VALARIS 106 with BP Indonesia. The contract is expected to commence in the third quarter 2026 and has an estimated duration of two years. The estimated total contract value is approximately $74 million. The contract also includes four option wells. •75-day contract extension for jackup VALARIS 117 with Eni Mexico. The contract extension commenced in January 2026 in direct continuation of the existing program. •185-day contract extension for jackup VALARIS 117 with an undisclosed operator offshore Trinidad. The contract extension is expected to commence in the first quarter 2028 in direct continuation of the existing program. The operating day rate is in line with recent market rates in the region.						Jackup Contract Awards (continued) •Priced option exercised by Esso Australia Pty Ltd for jackup VALARIS 107. The option period will commence in direct continuation of the existing program. The rig is now expected to be under contract with the customer through September 2026. •Three-well contract for jackup VALARIS 107 with GB Energy offshore Australia. The contract is expected to commence in October 2026 and has an estimated duration of 150 days. The estimated total contract value is approximately $27 million. •12-well plug and abandonment contract with Spirit Energy in the East Irish Sea (UK). The contract has a commencement window up to December 2030 and has an estimated duration of 294 days. The contracted revenue backlog is estimated to be $35 million and is subject to an annual cost escalation mechanism effective from the contract execution date. The contract also includes three options with a total estimated duration of 426 days. The contract is a fleet award under which operations may be performed by any suitable and available rig within the Valaris North Sea fleet. •105-day contract extension for jackup VALARIS 123 with TAQA in the Dutch North Sea to provide accommodation support services. The contract extension is expected to commence in January 2026 in direct continuation of the existing program. The day rate is $80,000. Four one-month options remain. •64-day contract extension for jackup VALARIS 122 with Adura 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 64-day extension is over $7 million. The contract extension is for accommodation support. •30-day contract extension for jackup VALARIS 248 with GE Vernova in the UK North Sea to provide accommodation support services for an offshore wind project. The contract extension is expected to commence in March in direct continuation of the existing contract and will add over $2 million to contracted revenue backlog. The contract includes an additional five priced options with a total duration of 74 days. Other Fleet Status Updates •Semisubmersible VALARIS DPS-1 classified as held for sale with the intent to recycle •Jackups VALARIS 102 and 145 were sold for recycling in December 2025

Valaris Limited
Fleet Status Report
February 17, 2026


Contract Backlog(1) (2) ($ millions)	2026		2027		2028+		Total		Contracted Days(1) (2)	2026		2027		2028+
Drillships	$	1,023.0	$	1,268.7	$	739.1	$	3,030.8	Drillships	2,462		2,927		1,804
Semisubmersibles	—		—		—		—		Semisubmersibles	—		—		—
Floaters	$	1,023.0	$	1,268.7	$	739.1	$	3,030.8	Floaters	2,462		2,927		1,804

Harsh Environment(3)	$	204.3	$	128.2	$	34.7	$	367.2	Harsh Environment(3)	1,635		933		294
Benign Environment	252.4		251.8		141.0		645.2		Benign Environment	1,844		1,918		1,308
Legacy	63.3		50.1		—		113.4		Legacy	636		505		—
Jackups	$	520.0	$	430.1	$	175.7	$	1,125.8	Jackups	4,115		3,356		1,602

Other(4)	$	160.5	$	109.1	$	246.1	$	515.7	Other(4)	2,595		2,315		5,424

Total	$	1,703.5	$	1,807.9	$	1,160.9	$	4,672.3	Total	9,172		8,598		8,830

ARO Drilling(5)									Average Day Rates(1) (2)	2026		2027		2028+
Owned Rigs	$	170.8	$	115.5	$	491.7	$	778.0	Drillships	$	416,000	$	433,000	$	410,000
Leased Rigs	244.0		291.8		697.5		1,233.3		Semisubmersibles	—		—		—
Total	$	414.8	$	407.3	$	1,189.2	$	2,011.3	Floaters	$	416,000	$	433,000	$	410,000

									Harsh Environment(3)	$	125,000	$	137,000	$	118,000
									Benign Environment	137,000		131,000		108,000
									Legacy	100,000		99,000		—
									Jackups	$	126,000	$	128,000	$	110,000

(1) Contract backlog, contracted days and average day rates as of February 17, 2026. (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) Approximately $120 million has been removed from backlog associated with the suspension of the VALARIS 120 contract with Harbour Energy, which became effective upon completion of its recent drilling program with that customer in December. We no longer expect future revenues to be realized under the contract which was scheduled through mid-2028. (4) Other represents contract backlog and contracted days related to bareboat charter agreements and management services contracts. (5) ARO Drilling contract backlog as of February 17, 2026.

Valaris Limited
Fleet Status Report
February 17, 2026

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

Occidental

Gulf of America

Dec 26

Jun 29

914-day contract for DS-18 and 940-day contract extension for DS-16. Combined addition to contracted revenue backlog is approx. $760 million. Two 1-year options

VALARIS DS-17

GustoMSC P10000

2014

Equinor
Equinor

Brazil
Brazil

May 25

Mar 26

Dec 25
Jan 28

$497,000

Expect approx. 80 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 and a 672-day drilling program. Two 90-day priced options

VALARIS DS-16

GustoMSC P10000

2014

Occidental
Occidental

Gulf of America
Gulf of America

Jun 24
Jun 26

Jun 26
Dec 28

Additional rate charged when MPD services provided
940-day contract extension for DS-16 and 914-day contract for DS-18. Combined addition to contracted revenue backlog is approx. $760 million. Two 1-year options. Expect approx. 35 days out of service for planned maintenance in 4Q26

VALARIS DS-15

GustoMSC P10000

2014

CNR

Spain
Cote d'Ivoire

Sep 26

May 27

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

VALARIS DS-12

DSME 12000

2013

Spain
Egypt

May 26

Apr 27

Rig is warm stacked in Las Palmas, Spain
TCV, based on estimated duration of 350 days, is approx. $140 million, inclusive of MPD and mobilization. Three option wells

VALARIS DS-10

Samsung GF12000

2017

Shell

Spain
Nigeria

Jun 26

Jul 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 CML services provided. Two 1-year options. Expect approx. 45 days out of service for rig upgrades in 1Q27

VALARIS DS-9

Samsung GF12000

2015

ExxonMobil

Angola

Jul 22

Jul 26

Jul 28

Contract includes MPD services

Operating day rate is in line with recent market rates in the region. Two 6-month options

VALARIS DS-8

Samsung GF12000

2015

Petrobras

Shell

Brazil

Dec 23

Mar 27

Dec 26

May 29

$428,000

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

TCV of approx. $300 million, excluding additional services, based on estimated duration of 800 days. Options with a total estimated duration of approx. one year

VALARIS DS-7

Samsung 96K

2013

Azule Energy

Angola

Jun 24

Oct 26

Sep 27

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

Contract backlog of approx. $125 million based on estimated duration of 325 days. Five-well unpriced option with an estimated duration of 300 to 350 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
Ithaca Energy

UK
UK

Apr 25

May 26

May 26
Feb 27

TCV of approx. $39 million based on estimated duration of 292 days
Contracted revenue backlog of approx. $36 million based on duration of 300 days

VALARIS Stavanger

KFELS N Class

2011

TotalEnergies

TotalEnergies

UK

UK

May 24

Jan 26

Dec 25

Aug 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

Apr 26

Oct 26

Mar 26

Aug 26

Oct 27

$163,000

TCV of $16.8 million based on duration of 100 days. Expect approx. 60 days out of service for planned maintenance in 3Q/4Q26

Contracted revenue backlog of approx. $66 million based on estimated duration of 365 days. Three priced options with an estimated duration of 50 days each

VALARIS 248

LT Super Gorilla

2000

GE Vernova

Eni

UK

UK

Nov 25

Jun 26

Apr 26

Dec 27

Contracted revenue backlog of over $10 million for 150-day contract to provide accommodation support services. Priced options with a total duration of 74 days. Expect approx 15 days out of service for planned maintenance in 2Q26

TCV of approx. $84 million for 730-day contract to perform P&A and CCS work. Two 3-month options. VALARIS 120 will substitute for VALARIS 248 while the rig completes another customer's program and a special periodic survey

VALARIS 123

KFELS Super A

2019

TAQA

Netherlands

Mar 25

Jan 26

Dec 25

Jan 26

Apr 26

$153,000

$163,000

$80,000

Accommodation support. Four 1-month priced options

VALARIS 122

KFELS Super A

2014

Adura
Adura

Adura

UK
UK

UK

Sep 23
Dec 25

Jan 26

Nov 25

Dec 25

Apr 26

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

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

Contracted revenue backlog for contract extensions totaling 120 days is over $13 million. The extensions are for accommodation support

VALARIS 121

KFELS Super A

2014

Adura
Adura

UK
UK

Jan 25
Feb 26

Jan 26
Sep 26

TCV of approx. $55 million based on estimated duration of 406 days
Contracted revenue backlog for 194-day extension is over $25 million. Option with an estimated duration of 150 to 200 days

VALARIS 120

KFELS Super A

2013

Harbour Energy
Eni

UK
UK

Jul 25

Jan 26

Dec 25

Jul 26

$166,000

Contract suspended effective Dec 2025

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

FLEET AWARD

Spirit Energy

Commencement window up to Dec 2030; estimated duration of 294 days. Contracted revenue backlog of $35 million, subject to an annual cost escalation mechanism effective from the contract execution date. Three options with a total estimated duration of 426 days. Fleet award under which operations may be performed by any suitable and available rig within the Valaris North Sea Fleet

Stacked

VALARIS Viking

KFELS N Class

2010

Sold

VALARIS 102

KFELS MOD V-A

2002

Gulf of America

Rig sold for recycling

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

Angola

Sep 25

Oct 27

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. Three-well option

VALARIS 118

LT 240-C

2012

BP
BP

Trinidad
Trinidad

Apr 24
Nov 25

Oct 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. 1-year option

VALARIS 117

LT 240-C

2009

Eni

Undisclosed

Mexico

Trinidad

Apr 25

Aug 26

Apr 26

Aug 28

TCV of approx. $36 million based on duration of 300 days. Expect approx. 45 days out of service for planned maintenance in 3Q26
Day rate in line with market rates in the region

VALARIS 115

BM Pacific Class 400

2013

Shell

Brunei

Apr 23

Apr 27

TCV of approx. $159 million based on duration of four years. Two 1-year options. Expect approx. 20 days out of service for planned maintenance in 1Q26

VALARIS 110

KFELS MOD V-B

2015

NOC

Qatar

Oct 25

Oct 29

Contracted revenue backlog for the four-year extension is approx. $117 million. 1-year priced option. Expect approx. 60 days of out service for planned maintenance in 2Q26

VALARIS 107

KFELS MOD V-B

2006

ExxonMobil

GB Energy

Australia

Nov 24

Nov 25

Oct 26

Nov 25

Sep 26

Feb 27

$153,000
$163,000

TCV of approx. $27 million based on estimated duration of 150 days

VALARIS 106

KFELS MOD V-B

2005

Indonesia

Jun 25

Jul 26

Jan 26
Jun 28

$95,000

TCV of approx. $74 million based on estimated duration of two years. Four 1-well options

Stacked

VALARIS 148

LT Super 116-E

2013

UAE

VALARIS 147

LT Super 116-E

2013

UAE

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

Sold

VALARIS 145

LT Super 116-E

2010

Gulf of America

Rig sold for recycling

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

Shell

Aug 25

Aug 27

Options with total duration of up to one year

VALARIS 72

Hitachi 300C

1981

Eni

Oct 25

Sep 27

Other - Jackups Leased to ARO Drilling(3)

VALARIS 250

LT Super Gorilla XL

2003

ARO Drilling

Saudi Arabia

May 25

Apr 30

Expect approx. 120 days out of service for planned maintenance in 1Q/2Q26

VALARIS 146

LT Super 116-E

2011

ARO Drilling

Saudi Arabia

May 25

Apr 30

Expect approx. 90 days out of service for planned maintenance in 2Q/3Q26

VALARIS 141

LT Super 116-E

2016

ARO Drilling

Saudi Arabia

Aug 25

Aug 30

Expect approx. 25 days out of service for planned maintenance in 1Q/2Q26

VALARIS 140

LT Super 116-E

2016

ARO Drilling

Saudi Arabia

May 25

Apr 30

Expect approx. 15 days out of service for planned maintenance in 2Q26

VALARIS 116

LT 240-C

2008

ARO Drilling

Saudi Arabia

May 25

Apr 30

Expect approx. 150 days out of service for planned maintenance in 1Q/2Q26

VALARIS 108

KFELS MOD V-B

2007

ARO Drilling

Saudi Arabia

Mar 24

Mar 27

Expect approx. 15 days out of service for planned maintenance in 2Q26. 1-year priced option

VALARIS 76

LT Super 116-C

2000

ARO Drilling

Saudi Arabia

Dec 25

Dec 30

Priced options of up to two years

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

Mar 26

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

SAR 201

BM 200-H

Saudi Aramco

Saudi Arabia

Feb 18

Mar 26

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

Bob Keller

LT Tarzan 225-C

Saudi Aramco

Saudi Arabia

Oct 17

Mar 26

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

J.P. Bussell

LT Tarzan 225-C

Saudi Aramco

Saudi Arabia

Oct 17

Mar 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. 175 days out of service for planned maintenance in 1Q/2Q26

Hank Boswell

LT Tarzan 225-C

Saudi Aramco

Saudi Arabia

Oct 18

Dec 26

SAR 202

KFELS Super B

Saudi Aramco

Saudi Arabia

Oct 17

Mar 26

Expect approx. 15 days out of service for planned maintenance in 3Q26

Kingdom 1

LT 116-C

Saudi Aramco

Saudi Arabia

Nov 23

Nov 31

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

Kingdom 2

LT 116-C

Saudi Aramco

Saudi Arabia

Aug 24

Aug 32

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

Forward-Looking Statements. Statements contained in this Fleet Status Report that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include words or phrases such as "anticipate," "believe," "estimate," "expect," "intend," "likely," "outlook," "plan," "project," "could," "may," "might," "should," "will" and similar words and specifically include statements regarding expected financial performance; expected utilization, day rates, revenues, operating expenses, cash flows, contract status, terms and duration, contract backlog, capital expenditures, insurance, financing and funding; the offshore drilling market, including supply and demand, customer drilling programs and the attainment of requisite permits for such programs, stacking of rigs, effects of new rigs on the market and effect of the volatility of commodity prices; expected work commitments, awards, contracts and letters of intent; scheduled delivery dates for rigs; performance and expected benefits of our joint ventures, including our joint venture with Saudi Aramco; timing of the delivery of the Saudi Aramco Rowan Offshore Drilling Company ("ARO") newbuild rigs and the timing of additional ARO newbuild orders; the availability, delivery, mobilization, contract commencement, availability, relocation or other movement of rigs and the timing thereof; rig reactivations; suitability of rigs for future contracts; divestitures of assets; general economic, market, business and industry conditions, trends and outlook; general political conditions, including political tensions, conflicts and war; cybersecurity attacks and threats; uncertainty around the use and impacts of artificial intelligence applications; impacts and effects of public health crises, pandemics and epidemics; future operations; ability to renew expiring contracts or obtain new contracts; increasing regulatory complexity; targets, progress, plans and goals related to sustainability matters; the outcome of tax disputes; assessments and settlements; and expense management. The forward-looking statements contained in this Fleet Status Report are subject to numerous risks, uncertainties and assumptions that may cause actual results to vary materially from those indicated, including risks associated with the pending proposed transaction with Transocean Ltd., including, among others, the completion of the proposed transaction on the anticipated terms and timing, or at all, the risk that disruptions from the transaction will harm our business, including current plans and operations, the diversion of management's time and attention from ordinary course operations to completion of the proposed transaction and certain restrictions during the pendency of the proposed transaction that may impact our business; 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.