Valaris Market Overview and Strategic Positioning

Fleet 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

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