#1VALARIS VALARIS (NYSE: VAL) Investor Presentation May 2023 FOCUSED VALUE DRIVEN RESPONSIBLE#2Forward-Looking Statements ||||||||||| Statements contained in this investor presentation 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, 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; 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 (such as the ongoing conflict in Ukraine); cybersecurity attacks and threats; impacts and effects of public health crises, pandemics and epidemics, such as the COVID-19 pandemic; future operations; increasing regulatory complexity; targets, progress, plans and goals related to environmental, social and governance ("ESG") matters; the outcome of tax disputes; assessments and settlements; and expense management. The forward-looking statements contained in this investor presentation 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 ESG targets, including our Scope 1 emissions intensity reduction target, 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; 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. VALARIS 2#3Valaris Overview FOCUSED VALUE DRIVEN RESPONSIBLE VALARIS 3#4Valaris is the industry leader in offshore drilling with unmatched scale and financial strength 11 Drillships Fleet 5 Semisubmersibles Gross asset value > $9 billion¹ 35 Jackups ARO Drilling - 50/50 JV with Saudi Aramco 15 rigs operating & 20-rig newbuild program $403 million shareholder notes receivable Operational Financial • Demonstrated track record of safety and operational excellence • Presence and scale in nearly all key offshore basins • Strong customer relationships with major IOCS, NOCs and independent operators • • Strong balance sheet - Net cash $257 million² / Liquidity $1.3 billion² / Contract backlog $2.8 billion Industry-leading cost structure that is easily scalable Committed to returning capital to shareholders - $300 share repurchase authorization VALARIS 1 Gross asset value per research report published by Fearnley Securities as of April 2023 2 Pro forma for refinancing transaction that closed on April 19, 2023; Net cash includes $22 million of restricted cash#5We are focused, value driven and responsible in our decision making Purpose Strategy Values VALARIS Focused Building enduring presence and long-term relationships To Provide Responsible Solutions That Deliver Energy to the World Value Driven Exercising financial discipline and driving efficiency Responsible Advancing our sustainability program Decarbonize our operations • Operate a high spec jackup and floater fleet Build deep customer and partner relationships • Identify and commit to priority basins • Deliver operational excellence (Safe, Reliable & Efficient) • Operate an efficient and scalable cost structure • Exercise disciplined capital allocation / be returns focused • Be transparent on our ESG progress Partner with customers on their energy transition efforts Monitor compatible opportunities within the energy transition INTEGRITY || SAFETY || EXCELLENCE || RESPECT || INGENUITY || STEWARDSHIP 5#6FOCUSED Largest fleet of modern offshore drilling rigs in the industry 11 Drillships1 5 Semisubmersibles VALARIS RESOLUTE VALUE DRIVEN RESPONSIBLE Average age 8 years Average age 11 years 21 HD & SD Modern Jackups² 2 SD Legacy Jackups² 12 HD Ultra-Harsh & Harsh Jackups² Average age 14 years VALARIS Average age 13 years 1 Excludes newbuild drillships, VALARIS DS-13 and DS-14, which Valaris has the option to purchase before year-end 2023 2 HD = Heavy Duty; SD = Standard Duty. Heavy duty jackups are well-suited for operations in tropical revolving storm areas ||||||||| Average age 41 years 6#7Largest fleet of high-specification assets |||||||||||||||| Fleet Quality of Major International Offshore Drillers Valaris² 28 Transocean 12 12 Shelf 7 60 6 Transocean 16 6 151 Noble 8 38 88 Valaris² Seadrill³ 16 7 36 Noble 18 11 21 32 Borr 20 20 4 Seadrill³ 11 6 2 19 Diamond 4 14 3 12 Q1 Q2 Q3 Q4 VALARIS 24 24 Diamond Shelf Drilling Floaters 12 14 16 Q1 Q2 Q3 Jackups 19 FOCUSED VALUE DRIVEN RESPONSIBLE 60 Q4 Valaris2 Borr Drilling Noble 13 Seadrill³ 5 Q1 Q2 Q3 Q4 24 Source: S&P Global Petrodata as of April 2023; Rystad Energy. Rigs ranked into quartiles using Rystad Rig Score (Q1 = top quartile). Floaters and jackups ranked separately. 1 Average age includes delivered rigs only; 2 Excludes two drillships that Valaris has the option to purchase before year-end 2023. Includes eight jackup rigs leased to ARO Drilling; 3 Includes rigs owned by Seadrill Ltd 38 88 Avg. Age1 12 10 9 11 26 36 36 29 35 15 6 ΘΘ 11 11 7#8FOCUSED VALUE DRIVEN RESPONSIBLE Strong customer relationships with major IOCs, NOCs and independents Majors Floaters Jackups 1 Locations National Oil Companies and Other Select Customers Floaters Jackups Locations bp Chevron eni Exon TotalEnergies VALARIS Latin America, Southeast Asia, West Africa أرامكو السعودية saudi aramco U.S. GOM, West Africa Australia, Mexico, North Sea West Africa North Sea, Southeast Asia, West Africa Brazil Middle East Brazil equinor Harbour Energy North Sea OXY Occidental U.S. GOM BR PETROBRAS Woodside 1 All customers listed are within the top 15 customers within contract backlog as of May 1, 2023. Locations represent where rigs are currently contracted for each customer. Brazil Australia 1 8#9Focused on key basins expected to drive a large share of future demand 2 3 U.S. GOM & Mexico 5 18% 12% % share of expected floater demand over next five years1 % share of expected jackup demand over next five years¹ Drillship Semisubmersible Jackup VALARIS 114 North Sea & Norway 8% Middle East 46% West Africa 4% 10% Brazil 3 22% 1 124 FOCUSED VALUE DRIVEN RESPONSIBLE Southeast Asia 24 10% 3% 2 Australia & NZ 1% 1 1 4+ 1 Demand by country/region represents rig years as a % of total rig years for floaters and jackups, excluding China and Iran, per Rystad Cube Dashboards as of April 2023 Note: Rigs that are currently stacked with a future contract are shown in the location of the future contract. Includes eight jackup rigs owned by Valaris that are leased to ARO Drilling in Saudi Arabia. Excludes nine jackup rigs owned by ARO Drilling (operating and under construction), two rigs that Valaris manages on behalf of a customer and two drillships that Valaris has the option to purchase by year-end 2023. 9#10Delivering safe, reliable and efficient operations is our primary focus FOCUSED VALUE DRIVEN RESPONSIBLE Safety Reliability Efficiency Objectives Objectives Objectives Control Process Safety Risk Maximize Rig Uptime Performance Maximize Productivity of Well Construction Reduce Personal Safety Exposure Minimize Environmental Impact 97% Revenue Efficiency in 2022 and 98% in 2021 Tools License to Drill Program Well Control Training Center Safe Systems of Work Operational Assurance & Audit Program BOLD Offshore Supervisor Training Tools Tools Valaris Asset Management System (VAMS) Technical Support Center (TSC) Valaris Intelligence Platform (VIP) Valaris Intelligence Platform (VIP) Micro KPIs, e.g., Tripping and Slip-to-Slip Connection VALARIS OPERATIONAL EXCELLENCE 10#11Industry-leading cost structure Operating, Support and G&A Costs per Weighted Active Rig ($M) 1 14.8 -20% 14.8 13.3 11.9 11.9 14.9 12.2 16.8 FOCUSED VALUE DRIVEN RESPONSIBLE 17.0 16.8 Valaris 2 Diamond Seadrill Noble Transocean Active Floaters 10 11 11 12 16 9 9 6 29 26 Active Jackups 28 24 0 0 11 5 12 10 0 0 # of Countries with 15 16 5 7 14 6 10 11 11 6 Active Rigs VALARIS 2020 2022 Source: Company filings; S&P Global Petrodata 1 Contract drilling expense (excluding reimbursable items and reactivation costs) and general and administrative expense for each available period divided by weighted average rig count. Active rig weighting determined by cost complexity for discrete asset types: 1.0 for drillships, 1.3 for North Sea/Australia semisubmersibles, 0.9 for benign environment semisubmersibles, 0.9 for jackups active in Norway and 0.5 for all other jackups. Active rigs defined as rigs that are not cold stacked or under construction. Active rigs and countries per S&P Global Petrodata Current Activity Report. Represents an average of each quarter end in the given period. 2 Valaris operating costs exclude costs related to two rigs managed on behalf of a customer as they are not included in the active rig count. 11#12FOCUSED VALUE DRIVEN RESPONSIBLE Strong balance sheet provides flexibility regarding capital allocation (257) (107) 335 Net Debt¹ ($M) 449 1,295 1,519 6,670 7,625 1,439 1,637 700 521 521 490 (144) (119) (957) (628) (186) (41) (955) Valaris Seadrill Noble Diamond Shelf Borr Transocean Debt Cash Net Leverage2 4.5 4.1 2.7 7.0 0.4 n/a tvalaris n/a Seadrill Noble Diamond Borr Shelf Transocean Refinancing and revolving credit facility transaction, executed in April 2023, enhances capital structure New $375M revolving credit facility New $700M 2L notes replace prior $550M 1L notes $1.3 billion³ of liquidity Provides ability to support rig reactivations and pursue other attractive growth opportunities Enhances capital allocation flexibility, including our ability to return capital to shareholders Share repurchase authorization of $300M; intend to repurchase $150M by year-end 2023 Conservative approach to leverage, with only tranche of debt being $700M4 senior secured 2L notes due 2030 (8.375%) - Annual cash interest expense of ~$59M4 VALARIS 1 Debt and cash per most recent quarterly filings; Valaris shown pro forma for refinancing transaction that closed on April 19, 2023; Seadrill net debt shown pro forma for acquisition of Aquadrill; 2 Net leverage calculated using 2023 mean EBITDA estimate per FactSet as of May 15, 2023; 3 Pro forma for refinancing transaction that closed on April 19, 2023. Includes restricted cash balance of $21 million as of March 31, 2023 4 Pro forma for refinancing transaction that closed on April 19, 2023 12#13FOCUSED VALUE DRIVEN RESPONSIBLE Disciplined fleet management strategy focused on driving long term shareholder value Optimization Reactivations VALARS RESOLUTE Divestitures Ж Priority is to ensure that the active fleet remains highly utilized Portfolio approach to contracting with a mix of longer and shorter duration contracts and staggered rollovers Aim to have a critical mass of rigs in priority basins to benefit from economies of scale Only reactivate rigs for opportunities that provide meaningful returns Proven ability to win work for preservation stacked assets, with six long-term floater contracts awarded since mid-2021 Demonstrated track record of reactivating rigs on time and within our cost guidance Rational and economic approach to asset ownership, including opportunistic divestitures if value accretive Jackups VALARIS 113 and 114, each of which had been stacked for more than six years, were sold in 2022 for a combined total of $125 million 40-year-old jackup VALARIS 54 sold for $28.5 million VALARIS 13#14FOCUSED VALUE DRIVEN RESPONSIBLE Executive Strong framework in place for advancing our sustainability program Organizational focus on sustainability Board of Directors has a dedicated Environmental, Social and Governance (ESG) Committee providing oversight and guidance Sustainability and New Energy function, led by a member of the Executive Management Committee drives progress Green Sustainability Committee is a cross- functional working group that identifies and evaluates opportunities to promote sustainable business practices All employees undertake mandatory sustainability training and are encouraged to participate across a range of ESG efforts ESG Comm. Board Sustainability & New Energy Green Sustainability Committee Employee Training, Awareness and Participation VALARIS Functional Org. Wide 14#15Reduce emissions from our own operations and partner with customers Reduce Emissions from our own Operations • Target to reduce emissions intensity by 10% to 20% by 2030 compared to a 2019 baseline • Four focus areas identified to achieve this target: 1. Energy Efficient Practices 2. Energy-Saving Upgrades and Procedures 3. Biofuel Blends FOCUSED VALUE DRIVEN RESPONSIBLE VALARIS DS-12 NORTH SEA EAST CO₂AST CLUSTER Northern Endurance Partnership 4. Jackup Rig Electrification Partner with Customers on their Energy Transition Efforts • Carbon capture and storage (CCS) - - VALARIS Norway worked on the Northern Endurance Partnership project in the UK North Sea VALARIS 123 worked on the Porthos CO2 project in preparation for CO2 transport and storage offshore the Netherlands VALARIS 72 and 92 have performed plug and abandonment work on multiple reservoirs in the UK North Sea potentially suitable for CCS VALARIS MIDDLESBROUGH REDCAR DARLINGTON 145km HULL YORK 103km GRIMSBY SCUNTHORPE TEESSIDE HUMBER LEEDS SHEFFIELD 15#16Offshore Market Overview FOCUSED VALUE DRIVEN RESPONSIBLE VALARIS 16#17Commodity supply and demand is constructive for our industry 105 100 95 Global Liquid Fuels Consumption (Million Barrels Per Day) Demand for hydrocarbons 90 expected to return to pre-COVID 85 levels in 2023 Offshore Breakeven Oil Prices for Undeveloped Reserves 100% 25 93% 94% 95% 100 90% 88% 90 81% 77% 80 74% 17% 16% 70 63% 70 15 14% 56% 93% of undeveloped reserves estimated to be profitable at $70/bbl 60 50 11% 20 Actual Forecast 80 1Q18 1Q19 1Q20 1Q21 1Q22 1Q23 1Q24 39% 10 8% 85 55 80 Brent Crude Oil Forward Curve ($ Per Barrel) Two-year to five- year forward prices approx. $70/bbl 7% 25% 5 16% 75 70 70 65 60 Jan- Jan- 24 25 Jan- 26 Jan- 27 Jan- 28 VALARIS < $20 $20-$25 $25-$30 3% 7% 4% 3% 3% 1% 1% $30-$35 $35-$40 $40-$45 $45-$50 $50-$55 $55-$60 $60-$65 $65-$70 $70-$75 $75-$80 40 40 - 30 5% 20 20 08$< 10 10 0 % of P50 Reserves Cumulative % of P50 Reserves P50 reserves: reserves volume with a probability of recovery of between 50% and 90% Source: EIA Short-Term Energy Outlook, April 2023; FactSet as of April 20, 2023; Rystad U Cube, April 2023 17#18Offshore upstream capex and new project sanctioning are expected to increase Offshore Upstream Capex ($B) +11% 200 187 156 161 163 137 139 98 91 77 76 83 67 68 97 103 80 86 78 70 71 2018 2019 2020 2021 2022 2023E 2024E Deepwater Shelf Offshore Project Sanctioning ($B) +27% 205 211 164 73 137 93 131 117 77 65 43 72 20 88 74 52 222 74 137 112 73 57 2018 2019 2020 2021 2022 2023E 2024E Deepwater Shelf VALARIS Source: Rystad UCube and S&P Global Petrodata as of April 2023 • Record free cash flows in 2022 for exploration and production companies and attractive project economics are expected to drive increased investment in offshore projects over the next few years Offshore upstream capex is expected to increase by 15% in 2023 and at a compound annual growth rate (CAGR) of 11% over the next two years Growth in offshore spending expected in both deepwater and shelf (shallow water) Offshore project approvals are also expected to increase meaningfully over the next couple of years, and are anticipated to be at their highest levels in more than a decade 18#19Demand for offshore drilling is expected to increase over the next several years 200 Floater Demand by Wellbore Purpose (Rig Years) +6% 149 147 150 140 134 128 120 124 107 107 112 100 50 0 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 Development Infill P&A and Intervention Wildcat Appraisal Jackup Demand by Wellbore Purpose (Rig Years) +9% 400 365 368 362 358 337 346 319 310 312 297 300 200 100 0 2018 2019 2020 2021 2022 2023 2024 Wildcat Appraisal Development Infill 2025 2026 2027 P&A and Intervention • Floater demand is expected to increase at a compound annual growth rate (CAGR) of 6% over the next five years Approximately two-thirds of floater demand over the next five years is expected to be for exploration (wildcat), appraisal and development drilling This is a strong signal of customers' conviction on the economics for deepwater projects and is positive for longer-term demand for these rigs Jackup demand is anticipated to increase further in 2023 and 2024 as operators with exposure to shorter cycle barrels are expected to ramp up production to benefit from high commodity prices The primary driver of jackup demand is different than for floaters, with more than 40% of all demand over the next five years expected to come from infill drilling VALARIS Source: Rystad Cube Dashboards as of April 2023 19#20Significant supply rationalization over the past several years has improved market balance Benign Environment Floater Supply and Utilization 300 100% 550 Jackup Supply and Utilization 500 90% 250 450 80% 200 400 70% 350 150 60% 300 100 50% 250 50 40% 200+ Jan 2014 Jan Jan Jan Jan Jan 2015 2016 2017 2018 2019 2020 2021 Jan Jan Jan Jan Jan Jan 2022 2023 2014 2015 Jan 2016 Total Contracted Total Supply - Total Utilization -Active Utilization Total Contracted Benign environment floater supply has declined by 44% to 157 from a peak of 281 in late 2014 Majority of current supply are modern assets. Only • 17% of current supply is > 20 years of age 100% 90% 80% - 70% 60% 50% 40% Jan Jan Jan Jan Jan Jan Jan 2017 2018 2019 2020 2021 2022 2023 Active Utilization Total Supply Total Utilization Jackup supply has declined by 9% to 493 from a peak of 542 in early 2015 33% of current supply is > 30 years of age with limited useful lives remaining VALARIS Source: S&P Global Petrodata as of April 2023. Market category field used to categorize rigs as benign or harsh environment. 20 20#21Active utilization currently >90% for drillships and benign environment jackups 1 1 1 Benign Delivered Rigs Drillships Semis Harsh Jackups Benign Jackups Time Stacked - Available and Cold Stacked Rigs Contracted 80 40 28 364 Drillships 1 Benign Semis 1 4 LO 5 Available 2 5 12 5 36 2 2 Active Fleet 85 52 33 400 1 3 11 2 Cold Stacked 3 11 9 60 < 1 Year 5 1-2 Years 2-3 Years Total Fleet 96 61 33 460 Harsh Jackups Benign Jackups 3-4 Years 4-5 Years Active Utilization 94% 77% 85% 91% > 5 Years 1 17 Total Utilization 83% 66% 85% 79% 7 50 Newbuilds 14 3 5 15 12 4 1 9 VALARIS Source: S&P Global Petrodata, April 2023 1 Market category field used to categorize rigs as harsh or benign environment 2 Idle rigs categorized as "Available" if they are considered "Marketed" in S&P Global Petrodata and included in rig supply for active utilization 3 Idle rigs categorized as "Cold Stacked" if they are considered "Not Marketed" in S&P Global Petrodata and excluded in rig supply for active utilization 24 21#22Supply dynamics are supportive of a sustained upcycle Floaters • • • Benign environment floater supply has declined by 44% to 157 from a peak of 281 in late 2014 Only ten competitive¹ warm or cold stacked drillships remaining, including VALARIS DS-7 and DS-11 Valaris has a demonstrated track record of successfully reactivating stacked rigs - four completed since mid-2021 and a further two in progress Only eight newbuild drillships remaining in South Korean shipyards, including VALARIS DS-13 and DS-14 Expect these rigs to come to market in a staged manner when demand supports incremental supply • Given expected costs and lack of shipyard capacity, it is unlikely there will be another newbuild cycle Jackups Jackup supply has declined by 9% to 493 from a peak of 542 in early 2015 33% of current supply is > 30 years of age with limited useful lives remaining Many of the ~100 warm or cold stacked jackups are not competitive: - - 65 are > 30 years of age 75 are in the bottom half of global fleet rankings 60 have been stacked > three years 17 stacked rigs are not included in any of the above three categories Excluding the ARO newbuild program, there are only 18 newbuild jackups at shipyards. 13 of these rigs are at Chinese shipyards, many of which may only enter the local supply in China VALARIS 1 Competitive drillships includes drillships in the top half of global fleet rankings. Includes 10 of the 16 total warm or cold stacked drillships. Excludes two rigs expected to be used for non-drilling activities based on recent announcement by another drilling contractor. 22 22#23Day rates have increased meaningfully since late 2020 Average Day Rates for Drillship Fixtures Signed 1 $193,000 4Q20 +109% $403,000 1Q23 Average Day Rates for Benign Environment Jackup Fixtures Signed 2 $71,000 4Q20 +54% $109,000 1Q23 Average day rates for drillship fixtures signed in 4Q22 have more than doubled since 4Q20 Recently, some fixtures have been awarded at above $425K/day Active utilization for drillships is approximately 95% VALARIS Source: S&P Global Petrodata as of April 2023; Valaris analysis. • 4Q22 are more than 50% higher than 4Q20 Average day rates for benign jackup fixtures signed in Recently, some fixtures have been awarded at above $120K/day Active utilization for benign jackups is approximately 90% 1 Represents the average day rate for fixtures signed in each quarter, excluding priced options. Only includes fixtures awarded to international drilling contractors. Excludes fixtures awarded for work in India. 2 Represents the average day rate for fixtures signed in each quarter, excluding priced options. Excludes fixtures awarded for work in India and harsh environment locations, e.g., Norway and the North Sea. 23#24Value Proposition FOCUSED VALUE DRIVEN RESPONSIBLE H VALARIS 24#25Valaris has a compelling value proposition built on four key elements Active Fleet 33 rigs including drillships VALARIS DS-8 and DS-17 that are currently being reactivated Active fleet generated adjusted EBITDAR (excluding one- time reactivation costs) of $412 million in 20221 Earnings power from the active fleet expected to increase meaningfully due to improving utilization and day rates. 2 Stacked Fleet and New build Drillship Options 11 high-quality modern assets and two newbuild drillship options Significant operating leverage in an improving market environment Proven ability to win work for preservation stacked assets, with six long-term floater contracts awarded since mid-2021 VALARIS ③ Leased and Managed Rigs • Eight rigs owned by Valaris currently leased to ARO Drilling under bareboat charter agreements, provide high levels of utilization and stable cash flows² Two managed rigs, which Valaris operates on behalf of a customer 2022 adjusted EBITDAR was $82 million1 4 ARO Drilling Unconsolidated 50/50 joint venture with Saudi Aramco, the largest customer for jackups in the world ARO 2022 EBITDA was $99 million and ARO had cash of $101 million as of March 31, 2023 20-rig newbuild program provides future growth with guaranteed contracts at attractive economics Asset sales and attractive public company valuations in Middle East highlight value inherent in ARO 1 Adjusted EBITDAR for active fleet and leased and managed rigs excludes onshore support costs and general and administrative expense 2 Excludes VALARIS 76 and 108, which will be leased to ARO upon completion of their existing contracts 25#26Stacked rigs and newbuild options provide operating leverage in an improving market Stacked Fleet Overview Stacked fleet includes 11 high-quality modern assets with a total build cost of ~$3.5B and significant useful lives remaining Proven ability to win work for preservation stacked assets, with six long-term floater contracts awarded since mid-2021 Two uncontracted high-specification drillships provide operating leverage • Disciplined approach to reactivations - economics are attractive at current day rates Capitalizing incremental EBITDA at market multiples offers substantial uplift Additional exposure to drillship market from purchase options on two newbuilds with purchase price of $119M and ~$218M1,2 - Recent transactions and broker NAVs range from high $200M to mid $300M VALARIS Source: S&P Global Petrodata as of April 2023; Valaris analysis. Asset Value Illustrative Asset Value of Stacked Fleet As Built Cost Value per Floater (4 Rigs) Value per Jackup (7 Rigs) Total Asset Value $100M $200M $300M $25M $575M $50M $1,150M $75M $1,725M ~$3,500M ~$600M ~$150M Reactivation Economics Illustrative Drillship Example Reactivation Costs Customer Contribution Net Investment Average Day Rate³ Annualized Rig-Level EBITDA4 EBITDA Payback Period 3Q21 1Q23 $40-45M $70-80M $- ~$20M $40-45M $50-60M $239,000 $403,000 ~$40M ~$95M ~13 Months ~7 Months 1 Valaris has the option to purchase newbuild drillships VALARIS DS-13 and DS-14 before year-end 2023. 2 Purchase prices for VALARIS DS-13 and DS-14 exclude reactivation and mobilization costs. 3 Represents the average day rate for fixtures signed in each quarter, excluding priced options. Only includes fixtures awarded to international drilling contractors. Excludes fixtures awarded for work in India. 4 Assumes current average daily operating costs for a drillship excluding additional services 26#27Significant earnings potential in a market recovery scenario Rigs Under Contract or Total Rigs Illustrative Annual EBITDAR from Valaris Fleet¹ 20142 with Future Contract 11 9 Drillship Day Rates $350K $400K $450K -$500K LO 3 Benign Semisubmersible Day Rates $250K $300K $350K ~$400K 12 9 HD Ultra-Harsh & Harsh Jackup Day Rates³ $125K $150K $175K -$220K 21 16 Modern HD & SD Jackup Day Rates³ $75K $100K $125K -$160K Fleet Utilization 70% 75% 80% 85% Illustrative Operating Margin 4 ~$830M -$1,390M ~$2,010M ~$2,750M Illustrative Total Onshore Costs ~$240M ~$240M ~$240M -$240M Illustrative EBITDAR4 ~$590M -$1,150M -$1,770M ~$2,510M VALARIS 1 Calculations based on total number of rigs in each asset category. Excludes standard duty legacy jackups on the basis that most of these rigs will likely be retired upon completion of current contracts. 2 Average earned operating day rate and utilization for global fleet in 2014 per S&P Global Petrodata 3 HD = Heavy Duty; SD = Standard Duty. Heavy duty jackups are well-suited for operations in tropical revolving storm areas. 4 Daily operating costs are based on current handrail operating costs for the fleet excluding additional services. Assumes full operating cost for 50% of idle periods and preservation stack cost for 50% of idle periods. 27#28ARO Drilling joint venture provides strong presence in the largest jackup market in the world ARO Drilling Overview • • • ARO Drilling ("ARO") is an unconsolidated 50/50 joint venture with Saudi Aramco that owns and operates jackup rigs in Saudi Arabia Strategic partnership with the largest global customer for jackups ARO owns seven jackup rigs operating under contracts with Saudi Aramco with contract backlog of $748M as of May 1, 2023 ARO leases eight jackup rigs from Valaris, each operating under contracts with Saudi Aramco1 ARO is scheduled to purchase 20 newbuild jackup rigs over the next decade, backed by long-term contracts with Saudi Aramco, which are expected to be financed by third-party financing non- recourse to Valaris² and cash from ARO operations Valaris has shareholder notes receivable with a principal balance of $403M from ARO as of March 31, 2023 Asset sales and attractive public company valuations in Middle East highlight value inherent in ARO VALARIS 1 Excludes VALARIS 76 and 108, which will be leased to ARO upon completion of their existing contracts ARO DRILLING أرامكو روان للحفر Income Statement Highlights Revenue EBITDA Cash 2022 $460M $99M Balance Sheet Highlights Mar 31, 2023 $101M $822M Zero Shareholder Notes Third-Party Debt 2 ARO paid a 25% down payment from cash on hand for each of the newbuilds ordered in January 2020 and is actively exploring financing options for the remaining payments due upon delivery. 28#29Equity trades at a discount to largest peers and recent market transactions 148% Equity Performance Since Valaris Listing 1 Rig Name Recent Market Transactions for Drillships Buyer Shipyard Price 91% 84% 72% SAMSUNG S Crete Stena Drilling SAMSUNG HEAVY INDUSTRIES $320 million CARE, INNOVATION & PERFORMANCE 13% Santorini Valaris Noble Diamond Transocean Seadrill 5 SAMSUNG 5 SAIPEM $305 million SAMSUNG HEAVY INDUSTRIES Implied Steel Value per Ultra-Deepwater Equivalent Rig ($M) 407 SAMSUNG 2,3,4 Dorado Eldorado Drilling $305 million SAMSUNG HEAVY INDUSTRIES Aquila LIQUILA VENTURES DSME $275 million 254 241 230 207 Transocean Noble VALARIS Seadrill Diamond Valaris • Recent market transactions for drillships have averaged ~$300 million (including an estimated $75 million of reactivation costs per rig) - approx. 1.4x the implied steel value Valaris is currently trading at for similar assets Source: FactSet as of April 26, 2023; Fearnley Securities; Company filings 1 Equity performance since Valaris listing on May 3, 2021, except for Diamond and Seadrill, which relisted on March 29, 2022, and April 28, 2022, respectively. 2 Steel values calculated using market value of equity, book value of debt, underfunded pension liabilities, newbuild capital commitments and NPV of reactivation costs, less cash and NPV of backlog 3 Valaris steel value per UDW equivalent rig attributes $403M to ARO Drilling based on the principal value of the shareholder note receivable 4 Number of ultra-deepwater equivalent rigs per Fearnley Securities research report dated April 26, 2023; 5 Purchase price calculated as 2 x $15M lease payments, plus $200M purchase price 29 29#30Value-driven approach to capital allocation Disciplined • Rigs only reactivated for opportunities that provide meaningful returns on reactivation costs over the initial contract period Two high-specification stacked drillships remaining (VALARIS DS-7 & DS-11) Attractive purchase options on newbuild drillships (VALARIS DS-13 & DS-14) Returns Focused • • • Attractive investments in our fleet in the near-term should maximize future earnings and free cash flow Focused on generating meaningful and sustained free cash flow and return of capital to shareholders $300 million share repurchase authorization - intend to repurchase $150 million by year-end 2023 Conservative Capital Structure • VALARIS • Refinancing transaction, executed in April 2023, enhances capital allocation flexibility $375 million first lien RCF • $700 million second lien notes - intend to maintain a conservative leverage level 30#31Key takeaways 1 Largest fleet of high-specification rigs with a significant presence in all key offshore basins 2 Strong customer relationships with major IOCS, NOCs and independents 3 Industry leading cost structure and balance sheet 4 Improved rig supply and demand dynamics driving day rates higher 5 Significant operating leverage in an improving market 6 Advantaged position in the world's largest jackup market through ARO Drilling joint venture 7 Value-driven approach to capital allocation, including commitment to return capital to shareholders VALARIS 31#32Appendix FOCUSED VALUE DRIVEN RESPONSIBLE H VALARIS 22 32#33Contract Backlog as of May 1, 2023 Contract Backlog (1) (2) ($ millions) 2023 2024 2025+ Total Contracted Days (1) (2) 2023 2024 2025+ Contract Backlog by Customer Type Drillships $ 483.5 $ Semis 122.5 641.8 $373.7 137.6 10.1 Floaters $ 606.0 $ 779.3 $383.8 $1,499.0 270.2 $1,769.2 Drillships 1,847 1,924 949 Semis 545 606 45 Floaters 2,392 2,530 994 HD Ultra-Harsh & Harsh $ 136.3 $ 114.7 $26.7 $ 277.8 HD Ultra-Harsh & Harsh 1,299 926 206 10% HD & SD-Modern 150.0 73.3 94.4 317.7 HD & SD Modern 1,656 853 840 SD - Legacy 30.2 49.3 40.2 119.6 SD - Legacy 399 600 423 Jackups $ 316.5 $ 237.3 $161.3 $ 715.1 Jackups 3,354 2,379 1,469 Other (3) $ 111.9 $ 112.9 $ 94.1 $ 318.9 Other 2,593 3,669 2,722 51% 39% Total $ 1,034.4 $ 1,129.5 $639.2 $2,803.1 Total 8,339 8,578 5,185 ARO Drilling Owned Rigs Leased Rigs Total (4) 2022 2023 2024+ Total $ 211.4 $ 259.1 $ 470.5 $ 246.6 $336.3 $ 794.3 352.2 326.2 937.5 598.8 $662.5 $1,731.8 Average Dayrates Drillships Semis 2023 2024 2025 $ 262,000 $ 334,000 $ 394,000 225,000 227,000 225,000 Floaters $ 253,000 $ 308,000 $ 386,000 HD Ultra-Harsh & Harsh HD & SD Modern SD-Legacy Jackups $ 94,000 $100,000 $ 105,000 $ 124,000 $ 130,000 91,000 86,000 112,000 76,000 82,000 95,000 $110,000 IOC NOC Independent VALARIS (1) Contract backlog, contracted days and average day rates as of May 1, 2023. (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 February 21, 2023. HD = Heavy Duty; SD = Standard Duty. Heavy duty jackups are well-suited for operations in tropical revolving storm areas 33#34Valaris owns 50% of joint venture with Saudi Aramco, the world's largest jackup customer |||||||||| VALARIS Valaris operates one jackup offshore Saudi Arabia outside of ARO Drilling joint venture¹ 50% Ownership $403M Shareholder Notes Receivable ARO DRILLING أرامكو روان للحفر 50% Ownership أرامكو السعودية $419M Shareholder Notes Receivable saudi aramco Leased Jackups (8) bbbbbbbb Day rates set by an agreed pricing mechanism Valaris receives bareboat charter fee based on % of rig-level EBITDA Owned Jackups (7) Rigs contracted for three or five-year terms for at least an aggregate of 15 years from JV inception Rigs contribute to ARO Drilling results, of which Valaris recognizes 50% of net income . • Newbuild Jackups (20) bbbbbbbbbb Initial 8-year contracts; day rate based on 6- year EBITDA payback mechanism² Further 8-year contracts; day rate set by market pricing mechanism and re-priced every 3 years Rigs 1 and 2 expected to be delivered in 2023 Rigs contribute to ARO Drilling results, of which Valaris recognizes 50% of net income VALARIS 1 VALARIS 108 completed its contract with Saudi Aramco in April 2023, and is expected to commence a three-year lease agreement with ARO in July 2023. VALARIS 76 is expected to complete its current contract with Saudi Aramco in October 2023, and is expected to commence a three-year lease agreement with ARO in February 2024. 2 Down payment on each newbuild rig is no more than 25% before delivery 34#35Non-GAAP Reconciliations (In millions) ACTIVE FLEET Net income (loss) Add (subtract): Reactivation costs Depreciation and amortization, net Other Adjusted EBITDAR1 VALARIS (In millions) (In millions) Year-Ended December 31, 2022 LEASED & MANAGED RIGS Year-Ended December 31, 2022 ARO Year-Ended December 31, 2022 $ 232.2 Net income (loss) $ 76.8 Add (subtract): 124.3 Reactivation costs Net income Add (subtract): Income tax expense 20.7 64.8 SA (9.0) 412.3 Depreciation and amortization, net Other 5.3 (0.1) Other expense, net Operating income 3.8 11.1 SA 35.6 Adjusted EBITDAR¹ 82.0 Add (subtract): Depreciation expense EBITDA $ 63.4 99.0 1 Adjusted EBITDAR for active fleet and leased and managed rigs excludes onshore support costs and general and administrative expense 35#36VALARIS FOCUSED VALUE DRIVEN RESPONSIBLE