Valaris Limited announced new contracts and contract extensions, with associated contract backlog of $466 million, awarded subsequent to issuing the Company's most recent fleet status report on May 2, 2022. Contract backlog excludes lump sum payments such as mobilization fees and capital reimbursements. 540-day contract with Equinor offshore Brazil for drillship VALARIS DS-17.

The rig will be reactivated for this contract, which is expected to commence in mid-2023. The total contract value is approximately $327 million, including an upfront payment totaling approximately $86 million for mobilization costs, a contribution towards reactivation costs and capital upgrades. The remaining contract value relates to the operating day rate and additional services, including managed pressure drilling (MPD), remote operating vehicle (ROV), casing running, slop treatment and cuttings handling; Contract extension with TotalEnergies EP Brasil offshore Brazil for drillship VALARIS DS-15.

The option is in direct continuation of the current firm program; Two-well contract extension with Woodside offshore Australia for semisubmersible VALARIS DPS-1. The two-well extension has an estimated duration of 38 days and will be in direct continuation of the existing firm program for Woodside's Enfield plug and abandonment campaign (18 wells in total); One-well contract extension with Woodside offshore Australia for semisubmersible VALARIS DPS-1. The one-well extension has an estimated duration of 60 days and will be executed within Woodside's Scarborough development campaign sequence. Four-year contract with Brunei Shell Petroleum Sdn. Bhd.

offshore Brunei for heavy duty modern jackup VALARIS 115. The contract is expected to commence in April 2023 and has a total contract value of approximately $159 million; One-well contract extension with Shell in the UK North Sea for heavy duty harsh environment jackup VALARIS 122. The one-well contract extension has an estimated duration of 150 days and will be in direct continuation of the existing firm program.

Four-well contract with an undisclosed operator in the U.S.Gulf of Mexico for standard duty modern jackup VALARIS 144. The contracted work is expected to take place during the third quarter 2022 with an estimated duration of 60 days and an estimated contract value of approximately $5 million; 90-day contract with Cantium in the U.S.Gulf of Mexico for standard duty modern jackup VALARIS 144. The contract is expected to commence in the fourth quarter 2022.

The operating rate is $80,000 per day; One-well contract with GB Energy offshore Australia for heavy duty modern jackup VALARIS 107. The contract is expected to commence either late in the fourth quarter 2022 or early in the first quarter 2023 with an estimated duration of 20 days. The operating rate is $118,000 per day; VALARIS 36 was sold to another drilling contractor with restricted use provisions for $9 million.