Valaris Earnings Report

Day rates have increased meaningfully since late 2020 Average Day Rates for Drillship Fixtures Signed 1 $193,000 4Q20 +109% $403,000 1Q23 Average Day Rates for Benign Environment Jackup Fixtures Signed 2 $71,000 4Q20 +54% $109,000 1Q23 Average day rates for drillship fixtures signed in 4Q22 have more than doubled since 4Q20 Recently, some fixtures have been awarded at above $425K/day Active utilization for drillships is approximately 95% VALARIS Source: S&P Global Petrodata as of April 2023; Valaris analysis. • 4Q22 are more than 50% higher than 4Q20 Average day rates for benign jackup fixtures signed in Recently, some fixtures have been awarded at above $120K/day Active utilization for benign jackups is approximately 90% 1 Represents the average day rate for fixtures signed in each quarter, excluding priced options. Only includes fixtures awarded to international drilling contractors. Excludes fixtures awarded for work in India. 2 Represents the average day rate for fixtures signed in each quarter, excluding priced options. Excludes fixtures awarded for work in India and harsh environment locations, e.g., Norway and the North Sea. 23

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