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 $160 million, subsequent to issuing its previous fleet status report on May 4, 2026. Contract backlog excludes lump sum payments such as mobilization fees and capital reimbursements. •Contract backlog is approximately $4.6 billion as of August 5, 2026. Floater Letter of Award (excluded from contract backlog as of August 5, 2026) •Letter of Award (LOA) for a two-well exploration program for VALARIS DS-18. The program is expected to commence in the fourth quarter of 2026 with a duration of up to seven months. •In conjunction with the LOA, Valaris and the operator of the previously disclosed contract for VALARIS DS-18 in the Gulf of America have amended the commencement date to be in direct continuation of the program related to the LOA. Jackup Contract Awards •101-day contract extension for VALARIS 248 with GE Vernova in the UK North Sea to provide accommodation support services for an offshore wind project. The contract extension commenced in June 2026 in direct continuation of the existing program and added approximately $7.5 million to contracted revenue backlog. •41-well plug and abandonment contract for VALARIS 248 in the UK North Sea. The contract is expected to commence in mid-2027 and has an estimated duration of 1,080 days. The firm term is expected to add approximately $140 million to contracted revenue backlog and is subject to an annual cost escalation mechanism effective from the commencement date. The contract also includes two unpriced one-year options. •A previously disclosed contract for VALARIS 248 with Eni in the East Irish Sea (UK) has been assigned to VALARIS 120. •One-well contract for VALARIS 123 with Central European Petroleum offshore Poland in the Baltic Sea. The contract is expected to commence in September 2026 for an estimated duration of 110 days and includes a priced option for a second well with an estimated duration of 30 days. The operating day rate is $135,000.						Middle East Operations Update •All Valaris and ARO rigs operating in the Middle East remain under contract. •VALARIS 250 completed its planned shipyard project and recommenced its bareboat charter with ARO in mid-July 2026. VALARIS 116 is expected to recommence its bareboat charter with ARO in the third quarter of 2026. •VALARIS 110 resumed operations with NOC offshore Qatar in late May 2026. Operations had been suspended since early March 2026 due to the conflicts in the Middle East. Other Fleet Status Updates •Jackups VALARIS 104 and 109 were sold in June and July 2026, respectively, for total cash proceeds of $74 million. Both rigs had been stacked for approximately six years. VALARIS 104 was sold for non-drilling use. •A previously disclosed one-well contract for jackup VALARIS 106 with Medco Energi offshore Indonesia was terminated by mutual agreement.

Valaris Limited
Fleet Status Report
August 5, 2026


Contract Backlog(1) (2) ($ millions)	2026		2027		2028+		Total		Contracted Days(1) (2)	2026		2027		2028+
Drillships	$	559.2	$	1,209.4	$	1,247.7	$	3,016.3	Drillships	1,312		2,788		3,015
Semisubmersibles	—		—		—		—		Semisubmersibles	—		—		—
Floaters	$	559.2	$	1,209.4	$	1,247.7	$	3,016.3	Floaters	1,312		2,788		3,015

Harsh Environment	$	119.4	$	170.2	$	140.9	$	430.5	Harsh Environment	970		1,271		1,121
Benign Environment	135.9		285.5		194.3		615.7		Benign Environment	986		2,216		1,842
Legacy	29.7		57.5		—		87.2		Legacy	298		577		—
Jackups	$	285.0	$	513.2	$	335.2	$	1,133.4	Jackups	2,254		4,064		2,963

Other(3)	$	80.1	$	109.4	$	246.0	$	435.5	Other(3)	1,255		2,315		5,422

Total	$	924.3	$	1,832.0	$	1,828.9	$	4,585.2	Total	4,821		9,167		11,400

ARO Drilling(4)									Average Day Rates(1) (2)	2026		2027		2028+
Owned Rigs	$	107.0	$	115.5	$	491.4	$	713.9	Drillships	$	426,000	$	434,000	$	414,000
Leased Rigs	130.7		291.8		697.7		1,120.2		Semisubmersibles	—		—		—
Total	$	237.7	$	407.3	$	1,189.1	$	1,834.1	Floaters	$	426,000	$	434,000	$	414,000

									Harsh Environment	$	123,000	$	134,000	$	126,000
									Benign Environment	138,000		129,000		106,000
									Legacy	100,000		100,000		—
									Jackups	$	126,000	$	126,000	$	113,000

(1) Contract backlog, contracted days and average day rates as of August 5, 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) Other represents contract backlog and contracted days related to bareboat charter agreements and management services contracts. (4) ARO Drilling contract backlog as of August 5, 2026.

Valaris Limited
Fleet Status Report
August 5, 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

Undisclosed

Occidental

Undisclosed

Gulf of America

Nov 26
Jun 27

May 27
Dec 29

LOA for a two-well exploration program with a duration of up to seven months

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

Brazil

Mar 26

Jan 28

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. Three priced options with a total duration of 228 days

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

Egypt

Apr 26

Apr 27

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

Nigeria

Jun 26

Jul 28

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
ExxonMobil

Angola
Angola

Jul 22
Jul 26

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. Expect approx. 15 days out of service for planned maintenance in 2Q27

VALARIS DS-8

Samsung GF12000

2015

Petrobras

Shell

Brazil

Brazil

Dec 23

Mar 27

Dec 26

May 29

$428,000

Plus mobilization fee of approx. $30 million. Contract includes additional services. Expect approx. 60 days out of service for rig upgrades in 1Q27
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
Azule Energy

Angola
Angola

Jun 24
Oct 26

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

VALARIS DS-4

Samsung 96K

2010

Petrobras

Petrobras

Brazil

Brazil

Dec 24

Nov 27

Nov 27

Oct 30

Previous day rate of $450,000 has been adjusted, reducing contract backlog from Apr 2026 to Nov 2027 by approx. $21 million. Plus mobilization fee of approx. $41 million. Contract includes MPD & additional services
Contracted revenue backlog of approx. $447 million for 1,064-day extension

Stacked

VALARIS DS-14

DSME 12000

2023

Spain

VALARIS DS-13

DSME 12000

2023

Spain

VALARIS DS-11

DSME 12000

2013

Spain

Semisubmersible

VALARIS MS-1

F&G ExD Millennium, Moored

2011

Malaysia

Warm stacked

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

NEO NEXT+

Jan 26

Aug 27

TCV of over $75 million based on 600-day priced extension. Two 200-day priced options

VALARIS 249

LT Super Gorilla

2001

BP

Shell

Trinidad

Trinidad

Apr 26

Oct 26

Jul 26

Oct 27

TCV of $16.8 million based on duration of 100 days. Expect approx. 100 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

Undisclosed

Nov 25

Apr 27

Sep 26

Mar 30

Contracted revenue backlog of approx. $23 million for 325-day contract to provide accommodation support services

Contracted revenue backlog of approx. $140 million, subject to an annual cost escalation mechanism effective from the contract commencement date, based on estimated duration of 1,080 days. Two 1-year unpriced options

VALARIS 123

KFELS Super A

2019

TAQA

CEP

Netherlands

Poland

Jan 26

Sep 26

Sep 26
Jan 27

$80,000

$135,000

Accommodation support

Priced option with an estimated duration of 30 days

VALARIS 122

KFELS Super A

2014

Adura

INEOS

UK

UK

Jan 26

Sep 26

Sep 26

Feb 27

$115,000

Contracted revenue backlog of approx. $28 million for extensions totaling 243 days. The extensions are for accommodation support
Options with an estimated total duration of 825 days for work in the UK and Danish North Sea

VALARIS 121

KFELS Super A

2014

Adura

Feb 26

Nov 26

Contracted revenue backlog of over $25 million based on estimated duration of 194 days

VALARIS 120

KFELS Super A

2013

Eni

Jan 26

Jan 28

Contract assigned to VALARIS 120 from VALARIS 248

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

Legacy Jackups

VALARIS 92

LT 116-C

1982

Shell

Aug 25

Oct 27

Options with total duration of up to one year

VALARIS 72

Hitachi 300C

1981

Eni

Oct 25

Sep 27

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

Trinidad

Nov 25

Aug 28

TCV of approx. $168 million based on duration of three years. Two 1-year options

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
Day rate in line with market rates in the region

VALARIS 115

BM Pacific Class 400

2013

Shell
Shell

Brunei
Brunei

Apr 23
Apr 27

Apr 27
Apr 29

TCV of approx. $159 million based on duration of four years
Contracted revenue backlog of approx. $78 million for two-year extension

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 out of service for planned maintenance in 1Q27

VALARIS 107

KFELS MOD V-B

2006

Woodside
GB Energy

Australia
Australia

Nov 25
Nov 26

Oct 26
Mar 27

$163,000

TCV of approx. $27 million based on estimated duration of 150 days. Expect approx. 115 days out of service for planned maintenance (including mobilizations) in 2Q/3Q27

VALARIS 106

KFELS MOD V-B

2005

Indonesia

Oct 26

Sep 28

TCV of approx. $74 million based on estimated duration of two years. Four 1-well options. Expect approx. 90 days out of service for leg repairs in 3Q26

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

Sold

VALARIS 109

KFELS MOD V-Super B

2008

Namibia

Rig sold in July 2026

VALARIS 104

KFELS MOD V-B

2002

UAE

Rig sold in June 2026 for non-drilling use

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

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 transaction with Transocean Ltd., including, among others, the completion of the pending 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 pending transaction and certain restrictions during the pendency of the 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 (including conflicts in the Middle East and potential disruptions to key shipping lanes such as the Strait of Hormuz); 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.