Valaris Market Overview and Strategic Positioning

Retirements Expected to Lead to Future Supply Contraction Illustrative Floater Supply 129 floaters retired since 3Q14 23 -16 -11 240 5 -6 Build in Brazil Newbuilds Other Newbuilds >30yrs idle w/o future 235 27 contract >30yrs rolling off contract by YE2019 15-30yrs idle for over 2yrs 208 Non- marketed . Further floater retirements expected to offset newbuild deliveries Excluding another 27 floaters that are not currently marketed, illustrative marketed supply of 208 compares to contracted floater count of 160 Current Total Supply Illustrative Total Supply Illustrative Marketed Supply . Illustrative Jackup Supply 95 jackups retired since 3Q14 30 19 -93 30 519 Chinese Newbuilds¹ Other Newbuilds -51 >30yrs idle w/o future contract -6 418 8 410 >30yrs rolling off contract by YE2019 Non- marketed Current Total Supply 15-30yrs idle for over 2yrs Illustrative Total Supply Illustrative Marketed Supply When adjusting for likely retirements and newbuilds, the jackup count could decline by ~100 rigs or nearly 20% Excluding another 8 jackups that are not currently marketed, illustrative marketed supply of 410 compares to contracted jackup count of 374 VALARIS Source: IHS Markit RigPoint as of July 2019 ¹Assumes 15 uncontracted Chinese newbuild jackups do not enter the global supply 31

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