Valaris Announces Contract Awards and Fleet Status Updates

Valaris Limited (“Valaris” or the “Company”) announced today new contracts and contract extensions, with associated contract backlog of $149 million, awarded subsequent to issuing the Company’s most recent fleet status report on July 28, 2022. Contract backlog excludes lump sum payments such as mobilization fees and capital reimbursements.

• Three-well contract with Eni Mexico S. de R.L. de C.V. offshore Mexico for semisubmersible VALARIS DPS-5. The contract is expected to commence in the fourth quarter 2022 and has an estimated duration of 240 days. The operating day rate is $313,500, plus a mobilization fee of approximately $1.2 million.

• Four-well contract extension with a duration in the region of 500 days with Shell in the UK North Sea for heavy duty harsh environment jackup VALARIS 122. The contract extension will be in direct continuation of the existing firm program and has a contract value of over $60 million.

• One-well contract with an undisclosed operator offshore Australia for heavy duty modern jackup VALARIS 107. The contract is expected to commence either late in the first quarter or early in the second quarter 2023 with an estimated duration of 60 days. The operating rate is $120,000 per day.

• One-well option exercised by DNO in the UK North Sea for heavy duty ultra-harsh environment jackup VALARIS 247. The one-well option has an estimated duration of 45 days and will be in direct continuation of the existing firm program.

About Valaris Limited

Valaris Limited (NYSE: VAL) is the industry leader in offshore drilling services across all water depths and geographies. Operating a high-quality rig fleet of ultra-deepwater drillships, versatile semisubmersibles and modern shallow-water jackups, Valaris has experience operating in nearly every major offshore basin. Valaris maintains an unwavering commitment to safety, operational excellence, and customer satisfaction, with a focus on technology and innovation. Valaris Limited is a Bermuda exempted company (Bermuda No. 56245). To learn more, visit our website at www.valaris.com.

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