Valaris : LimitedFleet Status ReportOctober 30, 2024 Form 8 K

Valaris Limited Fleet Status Report October 30, 2024

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 approximately $257 million, subsequent to issuing its most recent fleet status report on July 29, 2024. Contract backlog excludes lump sum payments such as mobilization fees and capital reimbursements. •Contract backlog decreased to approximately $4.1 billion from approximately $4.3 billion as of July 29, 2024. Floater Contract Awards •Six-month priced option exercised by ExxonMobil for drillship VALARIS DS-9. The six-month option will commence in July 2025 in direct continuation of the existing firm program. Jackup Contract Awards •Three-year contract extension with BP offshore Trinidad for jackup VALARIS 118. The three-year extension is expected to commence in the second quarter 2025 in direct continuation of the existing firm program. The total contract value for the three-year extension period is approximately $168 million. •300-day contract extension with Eni offshore Mexico for jackup VALARIS 117. The 300-day extension is expected to commence in mid-to-late first quarter 2025 following an out of service period to perform planned maintenance after completion of the rig's existing program. The total contract value for the 300-day extension is $36 million. In addition, the contract extension includes a 150-day priced option. •One-well contract for an undisclosed operator offshore Australia for jackup VALARIS 247. The contract has an estimated duration of 60 days and is expected to commence in direct continuation of the rig's existing programs. Other Fleet Status Updates •The contracts between ARO and Saudi Aramco for jackups VALARIS 147 and VALARIS 148 were suspended during the third quarter 2024. Subsequently, ARO elected to terminate these suspended contracts in October 2024. Upon termination of the contracts, the bareboat charter agreements between Valaris and ARO were also terminated and the rigs were returned to Valaris.

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	Valaris Limited Fleet Status Report October 30, 2024

Contract Backlog(1) (2) ($ millions)	2024	2025	2026+	Total	Contracted Days(1) (2)	2024	2025	2026+
Drillships	$	190.0	$	1,014.7	$	1,085.0	$	2,289.7	Drillships	520	2,667	2,289
Semisubmersibles	27.7	78.3	-	106.0	Semisubmersibles	126	353	-
Floaters	$	217.7	$	1,093.0	$	1,085.0	$	2,395.7	Floaters	646	3,020	2,289
HD - Harsh Environment	$	68.2	$	341.1	$	225.8	$	635.1	HD - Harsh Environment	546	2,418	1,339
HD & SD - Modern	37.3	270.3	277.6	585.2	HD & SD - Modern	359	2,098	1,822
SD - Legacy	10.1	65.7	102.6	178.4	SD - Legacy	126	717	1,110
Jackups	$	115.6	$	677.1	$	606.0	$	1,398.7	Jackups	1,031	5,233	4,271
Other(3)	$	25.4	$	118.8	$	166.2	$	310.4	Other(3)	492	1,748	2,680
Total	$	358.7	$	1,888.9	$	1,857.2	$	4,104.8	Total	2,169	10,001	9,240
ARO Drilling(4)	Average Day Rates(1) (2)	2024	2025	2026+
Owned Rigs	$	63.5	$	362.0	$	811.4	$	1,236.9	Drillships	$	365,000	$	380,000	$	474,000
Leased Rigs	37.2	100.4	206.8	344.4	Semisubmersibles	220,000	222,000	-
Total	$	100.7	$	462.4	$	1,018.2	$	1,581.3	Floaters	$	337,000	$	362,000	$	474,000
HD - Harsh Environment	$	125,000	$	141,000	$	169,000
HD & SD - Modern	104,000	129,000	152,000
SD - Legacy	80,000	92,000	92,000
Jackups	$	112,000	$	129,000	$	142,000
(1) Contract backlog, contracted days and average day rates as of October 30, 2024. (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. 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 30, 2024. HD = Heavy Duty; SD = Standard Duty

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	Valaris Limited Fleet Status Report October 30, 2024

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	US GOM	Aug 22	Aug 25	Additional rate charged when MPD services provided. Expect approx. 20 days out of service for planned maintenance in 3Q25
VALARIS DS-17	GustoMSC P10000	2014	Equinor Equinor Equinor	Brazil / Argentina Brazil Brazil	Sep 23 May 25 Sep 25	Apr 25 Aug 25 Dec 27	$447,000 $497,000	Contract includes MPD and additional services Estimated total contract value of $498 million, inclusive of MPD, additional services and fees for mobilization and minor rig upgrades. Based on 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	US GOM	Jun 24	Jun 26	Additional rate charged when MPD services provided. 1-year priced option
VALARIS DS-15	GustoMSC P10000	2014	BP TotalEnergies TotalEnergies	Brazil Brazil Brazil	May 24 Sep 24 Jan 25	Sep 24 Dec 24 Sep 25	$410,000 $254,000 $400,000	Additional rate charged when MPD services provided Additional rate charged when MPD services provided Additional rate charged when MPD and additional services provided. Two 160-day priced options and one 120-day priced option, with increased operating day rates for each option period. Total contract value for option periods if exercised, excluding the provision of MPD and additional services, is approximately $210 million.
VALARIS DS-12	DSME 12000	2013	BP	Egypt	Jan 24	Feb 25		Total contract value of $136 million based on initial estimated duration of 320 days
VALARIS DS-10	Samsung GF12000	2017	SNEPCo	Nigeria Spain	Apr 23	Aug 24	$231,000	Rig is being warm stacked in Las Palmas, Spain
VALARIS DS-9	Samsung GF12000	2015	ExxonMobil	Angola / Egypt	Jul 22	Jan 26	Contract includes MPD services. One 6-month priced option remaining
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	Undisclosed	West Africa	Jun 24	Oct 26	Total contract value estimated to be $364 million based on initial estimated duration of 850 days
VALARIS DS-4	Samsung 96K	2010	Petrobras Petrobras	$450,000	Contract includes MPD and additional services. Expect approx. 60 days out of service for contract preparations in 4Q24 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

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	Valaris Limited Fleet Status Report October 30, 2024

Asset Category / Rig	Design	Year Delivered	Customer	Location	Contract Start Date	Contract End Date(1)	Day Rate(2)	Comments
Semisubmersibles
VALARIS DPS-5	ENSCO 8500 Series, DP + Moored	2012	Eni	Mexico US GOM	Mar 24	Jul 24	$345,000	Plus $3 million mobilization fee Rig is being warm stacked in the US GOM
VALARIS DPS-1	F&G ExD Millennium, DP	2012	Woodside	Australia	Jan 24	Aug 25
VALARIS MS-1	F&G ExD Millennium, Moored	2011	Santos	Australia	Jan 24
Stacked
VALARIS DPS-6	ENSCO 8500 Series, DP	2012	US GOM
VALARIS DPS-3	ENSCO 8500 Series, DP + Moored	2010	US GOM

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

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	Valaris Limited Fleet Status Report October 30, 2024

Asset Category / Rig	Design	Year Delivered	Customer	Location	Contract Start Date	Contract End Date(1)	Day Rate(2)	Comments
Heavy Duty - Harsh Environment Jackups
VALARIS Norway	KFELS N Class	2011	Eni ENI Energy E&P	UK UK	Jan 24 May 25	Feb 25 Feb 26		VALARIS Norway substitutes for VALARIS 72 until the rig completes its current contract Total contract value of approx. $39 million based on estimated duration of 292 days. Expect approx. 30 days out of service for planned maintenance in 2Q25
VALARIS Stavanger	KFELS N Class	2011	TotalEnergies	UK	May 24	Jul 25	Total contract value of approx. $52 million, including minor rig modifications, based on initial estimated duration of 360 days. Three priced options with a total estimated duration of 520 days
VALARIS 250	LT Super Gorilla XL	2003	Saudi Aramco	Saudi Arabia	Jun 18	Dec 24	Leased to ARO Drilling(4).
VALARIS 249	LT Super Gorilla	2001	Undisclosed Perenco Undisclosed Shell	Trinidad Trinidad Trinidad Trinidad	Jul 24 Jan 25 Mar 25 May 26	Jan 25 Mar 25 Jan 26 May 27	$125,000 $163,000	Total contract value 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	ENI Energy E&P Hibiscus	UK UK	Aug 20 Jun 25	Apr 25 Sep 25	Expect approx. 50 days out of service for planned maintenance in 2Q25 Total contract value of $14.2 million based on estimated duration of 93 days
VALARIS 247	LT Super Gorilla	1998	Undisclosed Eni Undisclosed	Australia Australia Australia	Jul 24 Dec 24 Mar 25	Dec 24 Feb 25 May 25	$180,000 $180,000	Plus mobilization and demobilization fees that cover moving and operating costs while the rig is in transit from/to the UK Expect approx. 15 days out of service for planned maintenance in 3Q25
VALARIS 123	KFELS Super A	2019	Shell TAQA	UK Netherlands	Jul 24 Feb 25	Feb 25 Oct 25	$153,000	Total contract value of approx. $21 million based on initial estimated duration of 154 days Options for up to nine wells with an estimated total duration of 150 days. Operating day rate increases to approx. $163,000 in 2026
VALARIS 122	KFELS Super A	2013	Shell	UK	Sep 23	Sep 25	Total contract value of over $60 million based on initial estimated duration of 500 days
VALARIS 121	KFELS Super A	2013	Shell Shell	UK UK	Nov 23 Nov 24	Oct 24 Dec 25	Total contract value of over $25 million based on initial estimated duration of 210 days Total contract value of approx. $55 million based on estimated duration of 406 days. Plus two priced options. Expect approx. 30 days out of service for planned maintenance in 4Q25
VALARIS 120	KFELS Super A	2013	Harbour Energy Harbour Energy	UK UK	Jul 23 Jul 25	Jul 25 Jul 28	$130,000 $166,000
Stacked
VALARIS Viking	KFELS N Class	2010	UK
VALARIS 102	KFELS MOD V-A	2002	US GOM

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

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	Valaris Limited Fleet Status Report October 30, 2024

Asset Category / Rig	Design	Year Delivered	Customer	Location	Contract Start Date	Contract End Date(1)	Day Rate(2)	Comments
Heavy Duty - Modern Jackups(3)
VALARIS 118	LT 240-C	2012	BP BP	Trinidad Trinidad	Apr 24 Apr 25	Apr 25 Apr 28		Total contract value of approx. $51 million based on initial estimated duration of 365 days Total contract value of approx. $168 million based on duration of three years
VALARIS 117	LT 240-C	2009	Eni Eni	Mexico Mexico	Dec 21 Apr 25	Mar 25 Jan 26	Expect approx. 30 days out of service for planned maintenance in 1Q25 Total contract value of approx. $36 million based on initial estimated duration of 300 days. One priced option with an estimated duration of 150 days
VALARIS 116	LT 240-C	2008	Saudi Aramco	Saudi Arabia	Dec 18	Dec 24	Leased to ARO Drilling(4)
VALARIS 115	BM Pacific Class 400	2013	Shell	Brunei	Apr 23	Apr 27	Total contract value of approx. $159 million based on duration of four years
VALARIS 110	KFELS MOD V-B	2015	North Oil Company	Qatar	Oct 21	Oct 25	1-year priced option
VALARIS 108	KFELS MOD V-B	2007	Saudi Aramco	Saudi Arabia	Mar 24	Mar 27	Leased to ARO Drilling(4)
VALARIS 107	KFELS MOD V-B	2006	Undisclosed ExxonMobil	Australia Australia	Mar 24 Nov 24	Oct 24 Nov 25	$150,000 $153,000	Two 180-day priced options
VALARIS 106	KFELS MOD V-B	2005	BP BP	Indonesia Indonesia	Jan 24 Apr 25	Jan 25 May 25	$85,000 $95,000	Expect approx. 90 days out of service for planned maintenance in 1Q25. Priced options for work into 1Q26
Stacked
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

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	Valaris Limited Fleet Status Report October 30, 2024

Asset Category / Rig	Design	Year Delivered	Customer	Location	Contract Start Date	Contract End Date(1)	Day Rate(2)	Comments
Standard Duty - Modern Jackups(3)
VALARIS 146	LT Super 116-E	2011	Saudi Aramco	Saudi Arabia	Sep 18	Dec 24	Leased to ARO Drilling(4)
VALARIS 144	LT Super 116-E	2010	Undisclosed Undisclosed	Out of service for contract preparations and mobilization in 3Q24, 4Q24 and 1Q25. Total contract value of approx. $8.5 million based on estimated duration of 45 days Total contract value estimated to be between $149 million and $156 million, including a mobilization fee from the U.S. Gulf of Mexico.
VALARIS 141	LT Super 116-E	2016	Saudi Aramco	Saudi Arabia	Aug 22	Aug 25	Leased to ARO Drilling(4)
VALARIS 140	LT Super 116-E	2016	Saudi Aramco	Saudi Arabia	Mar 22	Mar 25	Leased to ARO Drilling(4)
VALARIS 76	LT Super 116-C	2000	Saudi Aramco	Saudi Arabia	Jan 25	Dec 29	Leased to ARO Drilling(4)
Stacked
VALARIS 148	LT Super 116-E	2013	UAE	Contract between ARO and Saudi Aramco suspended during 3Q24. Subsequently, ARO elected to terminate the contract in Oct 2024. Bareboat charter agreement between Valaris and ARO also terminated and rig returned to Valaris
VALARIS 147	LT Super 116-E	2013	UAE	Contract between ARO and Saudi Aramco suspended during 3Q24. Subsequently, ARO elected to terminate the contract in Oct 2024. Bareboat charter agreement between Valaris and ARO also terminated and rig returned to Valaris
VALARIS 145	LT Super 116-E	2010	US GOM
VALARIS 143	LT Super 116-E	2010	UAE
VALARIS 75	LT Super 116-C	1999	US GOM

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

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	Valaris Limited Fleet Status Report October 30, 2024

Asset Category / Rig	Design	Year Delivered	Customer	Location	Contract Start Date	Contract End Date(1)	Day Rate(2)	Comments
Standard Duty - Legacy Jackups
VALARIS 92	LT 116-C	1982	Harbour Energy Shell	UK UK	Mar 24 May 25	Apr 25 Apr 27	$95,000	Total contract value of approx. $75 million based on duration of two years
VALARIS 72	Hitachi 300C	1981	Eni Eni	UK UK	Jan 20 Feb 25	Jan 25 Sep 27
Other - Managed Rigs
Thunder Horse	Deepwater Semisubmersible	BP	US GOM	Jan 24	Jan 27	Total contract value of approx. $153 million
Mad Dog	Deepwater Spar Drilling Rig	BP	US GOM	Jan 24	Jan 27	Total contract value of approx. $106 million

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

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	Valaris Limited Fleet Status Report October 30, 2024

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 1Q25
SAR 201	BM 200-H	Saudi Aramco	Saudi Arabia	Feb 18	Feb 26	Expect approx. 25 days out of service for planned maintenance in 4Q24
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
J.P. Bussell	LT Tarzan 225-C	Saudi Aramco	Saudi Arabia	Oct 17	Jan 26
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	Expect approx. 10 days out of service for planned maintenance in 1Q25
SAR 202	KFELS Super B	Saudi Aramco	Saudi Arabia	Oct 17	Jan 26
Kingdom 1	LT 116-C	Saudi Aramco	Saudi Arabia	Nov 23	Nov 31
Kingdom 2	LT 116-C	Saudi Aramco	Saudi Arabia	Aug 24	Aug 32

Changes: bolded rig names and underlined text signify changes in rig status from previous fleet status 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) Day rates are reported to the nearest thousand and reflect the operating day rates charged to customers, excluding certain types of non-recurring revenues such as lump sum mobilization payments. Day rates are provided unless such disclosures are restricted by confidentiality provisions.

(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.

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	Valaris Limited Fleet Status Report October 30, 2024

Out of Service Days (1)
Rig	Asset Category	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
VALARIS DS-18	Floater - Drillship	20
VALARIS DS-4	Floater - Drillship	60
VALARIS Norway	Jackup - Heavy Duty Harsh Environment	30
VALARIS 248	Jackup - Heavy Duty Harsh Environment	50
VALARIS 247	Jackup - Heavy Duty Harsh Environment	15
VALARIS 121	Jackup - Heavy Duty Harsh Environment	30
VALARIS 117	Jackup - Heavy Duty Modern	30
VALARIS 106	Jackup - Heavy Duty Modern	90
VALARIS 144	Jackup - Standard Duty Modern	90	45

(1) Table shows expected out of service days for planned maintenance, e.g. special periodic surveys and contract preparation, excluding rigs undergoing reactivation projects. Excludes ARO owned rigs.

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	Valaris Limited Fleet Status Report October 30, 2024

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 include 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 that are recognized during the contract term. 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.

Total Contract Value. Total contract value is the estimated total compensation expected to be received for a contract, including the operating day rate over the estimated firm term of the contract and any non-recurring lump sum payments for items such as mobilization, reactivation and capital upgrades.

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," "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 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 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, including inflation and recessions, trends and outlook; general political conditions, including political tensions, conflicts and war; cybersecurity attacks and threats; impacts and effects of public health crises, pandemics and epidemics; future operations; ability to renew expiring contracts or obtain new contracts, including for VALARIS DS-13 and DS-14; 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, including as a result of reactivations and newbuilds; 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, volatility affecting the banking system and financial markets, inflation and adverse changes in the level of international trade activity; terrorism, piracy and military action; risks inherent to shipyard rig reactivation, upgrade, repair, maintenance or enhancement; 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; 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 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.

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