Valaris Market Overview and Strategic Positioning

Limited 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

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