Valaris Earnings Report

Offshore 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

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