#1VALARIS Investor Presentation August 2019#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 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements include words or phrases such as "anticipate,” “believe,” “estimate," "expect," "intend,” “plan,” “project,” “could," "may," "might," "should," "will" and similar words and specifically include statements involving expected financial performance, effective tax rate, expected expense savings, day rates and backlog, estimated rig availability; rig commitments and contracts; contract duration, status, terms and other contract commitments; estimated capital expenditures; letters of intent or letters of award; scheduled delivery dates for rigs; the timing of delivery, mobilization, contract commencement, relocation or other movement of rigs; our intent to sell or scrap rigs; and general market, business and industry conditions, trends and outlook. In addition, statements included in this investor presentation regarding the anticipated benefits, opportunities, synergies and effects of the merger between Ensco and Rowan are forward-looking statements. Such statements are subject to numerous risks, uncertainties and assumptions that may cause actual results to vary materially from those indicated, including actions by rating agencies or other third parties; actions by our security holders; costs and difficulties related to the integration of Ensco and Rowan and the related impact on our financial results and performance; our ability to repay debt and the timing thereof; availability and terms of any financing; commodity price fluctuations, customer demand, new rig supply, downtime and other risks associated with offshore rig operations, relocations, severe weather or hurricanes; changes in worldwide rig supply and demand, competition and technology; future levels of offshore drilling activity; governmental action, civil unrest and political and economic uncertainties; terrorism, piracy and military action; risks inherent to shipyard rig construction, repair, maintenance or enhancement; possible cancellation, suspension or termination of drilling contracts as a result of mechanical difficulties, performance, customer finances, the decline or the perceived risk of a further decline in oil and/or natural gas prices, or other reasons, including terminations for convenience (without cause); 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; debt restrictions that may limit our liquidity and flexibility; tax matters including our effective tax rate; and cybersecurity risks and threats. 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, as updated in our subsequent quarterly reports on Form 10-Q, which are available on the SEC's website at www.sec.gov or on the Investors 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 publicly update or revise any forward-looking statements, except as required by law. VALARIS 2#3Outline 1. Company Highlights 2. Market Dynamics 3. Fleet Overview 4. Financial Management 5. Operational Highlights VALARIS 3#4Valaris Rebranding Strategic Positioning • Establish capabilities as a larger, more global offshore driller - Technologically-advanced, highly capable fleet of deep- and shallow- water rigs - Largest global footprint Focus on operational efficiency and excellence - Decades of expertise and knowledge Customer Alignment Reinforce our role as a partner to customers - Trusted to be there where needed and when needed - Instill confidence in our ability to do the job well, with an emphasis on integrity and safety Unrelenting customer-focus Employee Alignment VALARIS • Accelerate cultural alignment - - Encourage employee behaviors that are in line with our values, helping us to achieve our purpose Create unifying identity so employees associate with the new, combined company instead of legacy companies#5Valaris Overview (NYSE: VAL) . Fleet Largest and amongst the highest-quality offshore drilling fleets in the world 16 drillships 12 semisubmersibles 54 jackups $11 billion of net asset value from rig fleet according to third party estimates • ARO Drilling 50/50 joint venture with Saudi Aramco, the largest jackup customer worldwide VALARIS . Financial Operational $ • $2.7 billion of liquidity • - $0.4 billion of cash and short- term investments1 - $2.3 billion unsecured revolving credit facility2 $2.4 billion of contracted revenue backlog³ • $1.1 billion of debt maturities prior to 20241 Ability to add guaranteed and/or secured debt to capital structure • Presence in nearly all major . offshore markets and on six continents • Large & diverse customer base including major, national and independent E&P companies . Strong track record of safety, innovation and operational excellence 1As of June 30, 2019 pro forma for debt tender offers completed in July that reduced cash and equivalents by $741 million 2Borrowing capacity under revolving credit facility is approximately $2.3B through September 2019 and approximately $1.7B from October 2019 through September 2022. As of August 1, 2019, the Company had drawn $125 million on its revolver to partially fund repayment of the 2019 maturity. 3As of most recent filing 5#6Market Dynamics "VALARIS 6#7Offshore Project Approvals Expected to Lead to Higher Levels of Capital Expenditures Number of New Major Offshore Project Approvals 91 88 81 74 IL 58 50 42 40 50 50 2012 2013 2014 2015 2016 2017 2018 2019E 328 E&P Offshore Capital Expenditures 7% CAGR 206 147 2014 2015 2016 2017 2018 ■Shallow Water 2019E 2020E 2021E 2022E 2023E ■Deepwater VALARIS Source: Rystad Energy ServiceDemandCube as of July 2019, major projects defined as projects with >$250 million of associated capital expenditures • With lower project costs relative to prior years and increasing cash flows from higher commodity prices, the number of final investment decision approvals for large offshore projects has increased recently - Drilling rigs required between approval and first production, which averages ~4 years for deepwater projects and ~1.5 years for shallow-water projects, and for periodic maintenance over the life of an offshore well • As a result, capital expenditures are expected to increase at a gradual rate over the next several years, with the majority of this growth coming from projects in deepwater 7#8Global Floater Market !!! Total Utilization1 90% 80% 70% 60% 50% 40% 2013 2014 2015 2016 2017 2018 Avg Spot Day Rates 439 392 258 202 178 205 $ Thousand 150 100 50 60 New Contracts² 0 2013 2014 2015 2016 Rig Years (L Axis) VALARIS 2017 2018 2019 2019A³ 20 20 15 55 10 10 • Utilization for the global floater fleet has gradually increased since early 2017 due to a higher number of rig years awarded for new contracts, leading to slight improvement in average spot day rates With contract durations remaining relatively flat during this time period, the increase in rig years is driven by the number of new contracts increasing ⚫Further increases in day rates require either a greater number of new contracts or longer average durations for new contracts Average Contract Duration (R Axis, Months) Source: IHS Markit RigPoint as of July 2019 1Total utilization reflects rigs currently under contract and contracted for future work as a percentage of the global floater fleet; includes benign & harsh-environment rigs 2Fixtures data includes New Mutual contracts only 3Year-to-date 2019 annualized 8#9Global Jackup Market Total Utilization¹ 90% 80% 70% 60% 50% 40% 2013 2014 2015 2016 2017 2018 2019 Avg Spot 136 139 96 77 61 65 Day Rates $ Thousand 400 320 240 160 80 I New Contracts² 0 2013 2014 2015 2016 Rig Years (L Axis) VALARIS 2017 H 2018 20 20 18 16 14 12 10 2019A3 Average Contract Duration (R Axis, Months) Source: IHS Markit RigPoint as of July 2019 • Utilization for the global jackup fleet has also moved higher since early 2017, as a steady increase in rig years awarded for new contracts has led to a modest improvement in average spot day rates In contrast to floaters, average contract durations for jackups have increased meaningfully in 2019, contributing to the increase in rig years awarded for new contracts • Both an increasing number of new contracts and longer average contract durations are conducive to further increases in average day rates for new jackup contracts 1Total utilization reflects rigs currently under contract and contracted for future work as a percentage of the global jackup fleet; includes benign & harsh-environment rigs 2Fixtures data includes New Mutual contracts only 3Year-to-date 2019 annualized 9#10Fleet Overview VALARIS 10#11Fleet Overview Diverse Fleet Capable of Meeting a Broad Spectrum of Customers' Well Program Requirements Drillships ENSCO DS- Semisubmersibles Jackups 16 Total - Average age of 6 years - 11 assets equipped with dual 2.5 million lbs. hookload derricks and two blowout preventers VALARIS 12 Total - 9 modern assets with sixth generation drilling equipment -3 rigs capable of working in both moored and dynamically- positioned mode 54 Total -Largest jackup fleet in the world - 13 heavy duty ultra-harsh & modern harsh environment units -25 modern benign environment rigs 11#12Highest-Specification Drillships • Key Rig Specifications Blowout preventers (BOPS): by having two BOPS, one unit can be deployed while required maintenance is performed on the other unit, adding redundancy for this critical piece of equipment and reducing flat time between wells Dual derricks: enables the rig to conduct simultaneous activities, which help to reduce project time and costs for customers Derrick capacity: dual 2.5 million lbs. hookload derricks give rigs the capability to drill and complete deeper, more complex wells Total Utilization 12 All Other 2 47 4 of 127 drillships worldwide Seadrill Noble 4 Diamond 100% H 80% 60% M 40% Avg. Spot Day Rates (SK) 468 2013 2014 2015 2016 2017 606 240 185 288 2018 2019 130 Utilization 11 Valaris Valaris Asset Value³ ($B) 12 Transocean $5.3 $3.4 NAV Replacement Value Illustrative Rig-Level EBITDA Scenarios4 ($M) Day Rate L $200K M $300K H $500K L 70% (40) 241 803 M 85% 80 422 1,104 H 95% 161 542 1,305 VALARIS Source: IHS Markit RigPoint as of July 2019; Wells Fargo Securities 1Drillships delivered in 2013 or later, equipped with dual BOP and 2.5mm lbs. hookload derricks; 2 Includes 7 rigs that are under construction; 3Based on Wells Fargo Securities estimates; 4Assumes average operating expense of $150K/day, unadjusted for changes in utilization 12#13Heavy Duty Ultra-Harsh & Harsh Environment Jackups • Key Rig Specifications Leg spacing: larger leg spacing enables jackups to drill in deeper water depths and enhances stability required to operate in harsh environments Cantilever reach: longer cantilever reach allows multiple wells to be drilled from one location, reducing the number of rig moves Variable deck load (VDL): higher VDL allows more equipment and consumables to be stored on the rig, reducing resupplying costs and logistics limitations Total Utilization 75 13 Valaris Valaris Asset Value4 ($B) 333 All Other of 583 jackups worldwide 11 Maersk $4.0 10 $1.8 Noble 3 5 NAV Replacement Value COS Borr Illustrative Rig-Level EBITDA Scenarios 5 ($M) 100% H 80% 60% M Utilization Day Rate $100K M $150K H $200K L 70% 166 332 M 85% 71 273 475 H 95% 119 344 569 40% Avg. Spot Day Rates ($K) 2013 2014 2015 217 200 167 2016 2017 94 134 2018 114 2019 VALARIS Source: IHS Markit RigPoint as of July 2019; Wells Fargo Securities 1Includes jackups with the following rig designs: GustoMSC CJ70, Le Tourneau Super Gorilla Class and KFELS N Class; 2Other jackup designs classified as harsh environment and North Sea capable < 20 years of age; ³Includes 22 rigs that are under construction; 4Based on Wells Fargo Securities estimates; 5Assumes average operating expense of $70K/day, unadjusted for changes in utilization 13#14Modern Heavy Duty & Standard Duty Jackups • • Key Rig Specifications Pipe handling: offline capabilities increase the speed at which a well can be drilled Accommodation capacity: larger accommodations give customers more flexibility in moving third-party personnel to rig, lowering transportation costs Footprint/jacking capacity: common jackup footprint leads to shorter time getting on location, and full preload jacking capabilities improve setup time at each location 95 All Other 25 Valaris 174 of 583 jackups worldwide 2 100% 80% 60% H Total Utilization M L 40% Avg. Spot Day Rates ($K) 159 2013 2014 162 2015 2016 2017 108 88 56 2018 69 2019 VALARIS Utilization 21 Borr Valaris Asset Value³ ($B) 12 Seadrill $4.8 12 $2.8 COSL 9 Aban NAV Replacement Value Illustrative Rig-Level EBITDA Scenarios4 ($M) Day Rate L $75K M $100K H $150K L 70% (23) 137 456 M 85% 80 274 662 H 95% 148 365 798 Source: IHS Markit RigPoint as of July 2019; Wells Fargo Securities 1Benign environment jackups < 20 years of age with 1.5 million lbs. hookload derrick capacity, a minimum of three mud pumps and capable of operating in a minimum water depth of 340 ft.; 2Includes 20 rigs that are under construction; ³Based on Wells Fargo Securities estimates; 4Assumes average operating expense of $55K/day, unadjusted for changes in utilization 14#15ARO Drilling Joint Venture ARO DRILLING أرامكو روان للحفر EBITDA Generation Future Growth 50/50 joint venture with Saudi Aramco, the largest customer for jackups in the world Financing Opportunities ⚫ARO Drilling is expected to generate $160 - $180 million. of EBITDA in 2019, of which Valaris recognizes 50% of net earnings . ⚫ Nine leased rigs contribute additional revenue through bareboat charter agreements, e.g. expected 3Q19 leased revenue from ARO Drilling of $21 million. . • • Strong organic growth from 20-rig newbuild program, with each rig backed by long-term contracts ⚫ Newbuild program expected to be self-funded by ARO Drilling • Valaris holds ~$450 million of shareholder notes, which generate interest income Fully contracted fleet with strong counterparty and long- term contracts create opportunities to access external financing VALARIS 15#16Value Proposition $ Million Illustrative Rig-Level Annual EBITDA Asset Values² Scenarios¹ Fleet M H Net Replace- ment Highest Specification Drillships3 (11) $422 $1,305 $3,358 $5,304 Heavy Duty Ultra-Harsh & HE Jackups³ (13) 273 569 1,803 4,002 Modern Heavy & Standard Duty Jackups³ (25) 274 798 2,817 4,768 ARO Drilling Jackups4 (7) 51 94 496 575 Other Drillships5 (5) 153 376 1,452 2,570 Semisubmersibles6 (12) 263 559 985 4,902 Other Jackups7 (16) 159 292 318 2,304 Total $1,595 $3,993 $11,229 $24,425 Source: FactSet as of July 31, 2019; Wells Fargo Securities; Valaris analysis 1Utilization assumptions: M: 85%, H: 95%; 2Based on Wells Fargo Securities estimates as of April 2019; 3Illustrative annual EBITDA based on assumptions from M and H scenarios in slides 12-14; 4Represents 50% ownership interest from ARO Drilling's 7 owned rigs; Assumes day rates of M: $100K/day, H: $125K/day and average operating expense of $45K/day, unadjusted for changes in utilization; 5Assumes day rates of M: VALARIS $275K/day, H: $375K/day and average operating expense of $150K/day, unadjusted for changes in utilization; 6Assumes day rates of M: $200K/day, H: $250K/day and average operating expense of $110K/day, unadjusted for changes in utilization for 12 semisubmersibles; 7 Assumes day rates of M: $85K/day, H: $100K/day and average operating expense of $45K/day, unadjusted for changes in utilization 16#17Financial Management VALARIS 17#18Limited Debt Maturities Through 2024 $ millions $201 $123 $114 $621 $1,764 $850 $914 $695 $1,000 $400 $300 $112 $1,401 2019 2020 2021 2022 2023 2024 2025 2026 2027 2040 2042 2044 VALARIS Unsecured Senior Notes Convertible Notes Note: All amounts as of June 30, 2019 pro forma for tender offers completed in July. Represents principal debt balances outstanding. Borrowing capacity under revolving credit facility is approximately $2.3B through September 2019 and approximately $1.7B from October 2019 through September 2022. On August 1, 2019 the Company repaid the 2019 maturity and drew $125M on the revolver. 18#19While Cash Flow Does Not Cover Costs at This Stage of the Cycle ... Illustrative Annual Cash Uses Illustrative Rig-Level Annual EBITDA Scenarios³ $3,993 million • Other non-recurring uses: $1,305 Newbuild capex ~$250M Debt maturities Tight management of costs is a priority $569 Cash Breakeven Scenario HS Drillships Utilization 85% Day Rate $250,000 HE Jackups 85% $150,000 Modern HD & SD Jackups 85% $100,000 ARO Drilling 95% $100,000 $1,595 million $798 Other Drillships 70% $175,000 Semisubmersibles 70% $150,000 Other Jackups 85% $85,000 $422 $94 ~$950 million $950 million $273 $376 Ops Support Exp. ~$100 million $251 G&A Expense Other¹ ~$120 million $274 ~$150 million $495 million $273 $51 $558 Maintenance Capex ~$180 million $153 $274 Interest on Senior Notes² $263 ~$400 million $64 $292 $160 $159 ■Other Jackups ■Semis ■Other Drillships ■ ARO Modern Jackups ■HE Jackups ■HS Drillships LTM4 Cash Breakeven Scenario Scenario M Scenario H 1Includes taxes and other items VALARIS 2Annualized cash interest pro forma for tender offers completed in July 3Illustrative annual EBITDA based on M and H scenarios on slide 16 4LTM EBITDA excludes G&A expense and operations support costs included in contract drilling expense 19#2050% 60% 70% 100% EBITDA is Cyclical and Currently in Process of Troughing Global Fleet Utilization 90% 80% +70 rigs 34 months +53 rigs 17 months +103 rigs 17 months 1984 1986 - 1988 1990- 1992 1994 - 1996- +82 rigs 28 months +195 rigs +118 rigs 22 months 40 months 1998 2000- 2002 - 2004- 2006- 2008 2010- 31 months 2012 Valaris Pro Forma EBITDA¹ ($B) $3.7 $3.9 $3.5 $3.0 $2.9 $2.0 $1.9 $1.7 +78 rigs 2014 2016- 2018 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 VALARIS Source: IHS Markit RigPoint; Annual and Quarterly Filings 1 EBITDA reflects operating income, adjusted for depreciation, amortization and impairment charges from Ensco plc, Rowan Companies plc and Atwood Oceanics, Inc. annual filings; Atwood Oceanics, Inc. 2017 results reflect the 9 months ended June 30, 2017 from their quarterly filing $1.3 $0.4 20 20#21High-Quality Fleet Provides Significant Asset Coverage to Raise Capital to Cover Interim Funding Gaps $ billions $25.9 $24.4 ⚫ Largest fleet in the offshore drilling sector; majority of rigs are modern, high- specification assets Rig fleet provides meaningful asset coverage versus total debt even at currently depressed levels $9.3 $9.8 $0.3 $0.6 $5.3 $11.2 • $4.8 $2.8 $3.7 $6.7 $0.5 $4.0 $2.8 $1.8 $6.7 $7.4 $5.3 $3.4 Total Debt¹ Construction Cost 2 2 3 3 Replacement Cost Net Asset Value ■Heavy Duty Ultra-Harsh & Harsh Environment Jackups Highest-Specification Drillships ■Modern Heavy Duty & Standard Duty Jackups ■ Other ■ARO Drilling - 50% of ARO Owned Assets VALARIS Source: IHS Markit RigPoint, Wells Fargo Securities, Valaris analysis 1 Total debt of $6.7B represents principal balance as of June 30, 2019 pro forma for tender offers completed in July 2019 2 Construction cost per IHS Markit RigPoint 3 Replacement cost and net asset value per Wells Fargo Securities quarterly report dated April 16, 2019 21 24#22Unsecured Capital Structure Provides Flexibility to Raise Capital Financial Levers Comparison to Peers² • Liquidity - Cash & short-term investments - $2.3B revolving credit facility¹ • Issuance of securities - Valaris is one of two public offshore drillers that have not issued guaranteed or secured financing to date • Monetization of assets Other - Arbitration tribunal award (SHI); $180 million awarded, plus claims for interest and related costs ~$450 million ARO shareholder notes VALARIS % of Total Debt Unsecured ($ billion) Non- Guaranteed % of Unsecured Guaranteed % of Secured Transocean $9.8 40% 24% 36% Seadrill $6.8 100% Valaris $6.7 100% Noble $3.9 68% 29% 3% Diamond $2.0 100% Maersk $1.5 100% Borr $1.4 25% 75% Pacific $1.0 100% 1 Borrowing capacity under revolving credit facility is approximately $2.3B through September 2019 and approximately $1.7B from October 2019 through September 2022 2 Based on most recent public filings, pro forma for recent transactions. Valaris as of June 30, 2019 pro forma for tender offers completed in July 22 22#23Operational Highlights VALARIS POWER AVAIL RE-TORQUE 1901 L K-1828 223#24Operational Excellence Consistent Operational Results Industry-Leading Customer Satisfaction Fleet-Wide Operational Effectiveness 99% 99% 99% 99% 98% 98% 2016 Ensco 2017 ■Rowan 2018 Achieved nearly 100% operational effectiveness for the past three years • Focus on optimizing customers' well delivery through well planning, drilling performance and performance contracts Rated 1st in ENERGYPOINT SEARCH INC Total Satisfaction OFFSHORE DRILLERS Customer Satisfaction 2018-19 Won 10 of 17 categories in latest survey2 - Total Satisfaction Health, Safety & Environment Performance & Reliability Middle East - Job Quality - HPHT Wells - Ultra-Deepwater Wells Deepwater Wells Shelf Wells VALARIS North Sea 1 Average of legacy Ensco "Operational Utilization" and legacy Rowan "Billed Uptime" for 2016, 2017 and 2018 2 2018 Oilfield Products & Services Customer Satisfaction Survey conducted by EnergyPoint Research 24 24#25Innovation & Technology • Strategy Focused efforts on technology, systems and processes to differentiate our assets from the competition through better performance and reliability; key areas include: - Improvements to the drilling process – Equipment reliability Better productivity from our operations Drilling Process Efficiency Continuous Tripping Technology Equipment Maintenance EPIC • Continuous Tripping Technology TM is a patented system that fully automates the pipe tripping process without stopping to make or break connections, enabling 3x faster tripping speeds and delivering expected cost savings along with safer, more reliable operations Prototype installed on Valaris JU-123, and technology is actively being marketed to customers • Our scale provides us with the ability to economically develop and deploy new technologies across a wide asset base and geographic footprint CONTINUOUS SURVEY PROGRAM • Management systems increase operational uptime and decrease lifecycle costs by optimizing asset usage and maintenance activities Currently deploying systems across the fleet that leverage best practices from legacy companies Placing Jackups on Location PINSAFE SMART◆ MOVE • Proprietary technologies create significant cost savings for customers by optimizing jackup moves and reducing downtime spent waiting on weather Technology available on several jackups currently operating VALARIS 25#26Global Reach and Geographic Diversity • Presence in virtually all major offshore regions Critical mass of highest-specification drillships well positioned to serve major deepwater basins of West Africa, South America and Gulf of Mexico Versatile semisubmersible fleet capable of meeting a wide range of customer requirements including strong presence offshore Australia Leading provider of shallow-water jackup services in the Middle East and North Sea VALARIS Drillships Semisubmersibles ▲ Heavy Duty Ultra-Harsh Environment Jackups Heavy Duty Harsh Environment Jackups ▲ Heavy Duty Modern Jackups Standard Duty Modern Jackups ○ Standard Duty Legacy Jackups 26#27Fleet Management Strategy Marketed Rigs • Win new contracts for marketed rigs, prioritizing assets that are active with near- term availability • • Manage time between contracts by winning new work to bridge gaps in utilization Reduce costs during uncontracted periods Divest non-core rigs upon completing contracts if significant capital investment required to keep rig competitive Stacked Rigs Evaluate reactivating jackups if reactivation economics are supported by initial contract • No floater reactivations until day rates and contract terms can support reactivation costs • Continued focus on cost management VALARIS 27 27#28Merger Integration and Synergies Targeted Synergies . • $165 million of run rate annual expense synergies • - G&A and other support costs - Regional office consolidation - Inventory, logistics and other vendor synergies Expect to achieve more than 75% of these synergies by the end of first quarter 2020, with full run rate achieved by year-end 2020, creating $1.1 billion of capitalized value . Progress to Date More than 50% of integration- related activities completed - 65% of planned staffing reductions Houston and Aberdeen regional office and warehouse consolidation Major ERP conversion $80 million of annual run rate synergies achieved by the end of second quarter 2019 Evaluating additional synergy opportunities that could lead to increase in targeted synergies VALARIS 28#29Appendix VALARIS 29 29#30Global Rig Fleet Floaters Jackups Delivered Rigs Under Contract 134 330 Future Contract 26 44 Idle / Stacked 34 72 • Marketed Fleet 194 446 Non-Marketed 46 73 Total Fleet 240 519 Marketed Utilization 82% 84% Total Utilization 67% 72% Newbuild Rigs Contracted 1 3 Uncontracted 27 61 Total Newbuilds 28 64 VALARIS • ~35 floaters1 could be candidates for retirement based on age and contract expirations • ~150 jackups¹ could be retired as expiring contracts and survey costs lead to the removal of older rigs from drilling supply Uncontracted newbuilds expected to be delayed further, while several newbuild jackups in China are unlikely to join the global fleet Source: IHS Markit RigPoint as of July 2019 ¹Includes rigs >30 years of age that are idle without follow-on work or have contracts expiring before year-end 2019 without follow-on work and rigs 15 to 30 years of age that have been idle for more than two years and without follow-on work 30 30#31Retirements Expected to Lead to Future Supply Contraction Illustrative Floater Supply 129 floaters retired since 3Q14 23 -16 -11 240 5 -6 Build in Brazil Newbuilds Other Newbuilds >30yrs idle w/o future 235 27 contract >30yrs rolling off contract by YE2019 15-30yrs idle for over 2yrs 208 Non- marketed . Further floater retirements expected to offset newbuild deliveries Excluding another 27 floaters that are not currently marketed, illustrative marketed supply of 208 compares to contracted floater count of 160 Current Total Supply Illustrative Total Supply Illustrative Marketed Supply . Illustrative Jackup Supply 95 jackups retired since 3Q14 30 19 -93 30 519 Chinese Newbuilds¹ Other Newbuilds -51 >30yrs idle w/o future contract -6 418 8 410 >30yrs rolling off contract by YE2019 Non- marketed Current Total Supply 15-30yrs idle for over 2yrs Illustrative Total Supply Illustrative Marketed Supply When adjusting for likely retirements and newbuilds, the jackup count could decline by ~100 rigs or nearly 20% Excluding another 8 jackups that are not currently marketed, illustrative marketed supply of 410 compares to contracted jackup count of 374 VALARIS Source: IHS Markit RigPoint as of July 2019 ¹Assumes 15 uncontracted Chinese newbuild jackups do not enter the global supply 31#32Boldly First VALARIS