Valaris Earnings Report

Demand 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

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