Valaris Market Overview and Strategic Positioning
50%
60%
70%
100%
EBITDA is Cyclical and Currently in Process of Troughing
Global Fleet Utilization
90%
80%
+70 rigs
34 months
+53 rigs
17 months
+103 rigs
17 months
1984
1986 -
1988
1990-
1992
1994 -
1996-
+82 rigs
28 months
+195 rigs
+118 rigs
22 months
40 months
1998
2000-
2002 -
2004-
2006-
2008
2010-
31 months
2012
Valaris Pro Forma
EBITDA¹ ($B)
$3.7
$3.9
$3.5
$3.0
$2.9
$2.0
$1.9
$1.7
+78 rigs
2014
2016-
2018
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
VALARIS
Source: IHS Markit RigPoint; Annual and Quarterly Filings
1 EBITDA reflects operating income, adjusted for depreciation, amortization and impairment charges from Ensco plc, Rowan Companies plc
and Atwood Oceanics, Inc. annual filings; Atwood Oceanics, Inc. 2017 results reflect the 9 months ended June 30, 2017 from their quarterly
filing
$1.3
$0.4
20
20View entire presentation