Valaris Market Overview and Strategic Positioning
Forward-Looking Statements
Statements contained in this investor presentation that are not historical facts are forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements
include words or phrases such as "anticipate,” “believe,” “estimate," "expect," "intend,” “plan,” “project,” “could," "may," "might,"
"should," "will" and similar words and specifically include statements involving expected financial performance, effective tax rate,
expected expense savings, day rates and backlog, estimated rig availability; rig commitments and contracts; contract duration,
status, terms and other contract commitments; estimated capital expenditures; letters of intent or letters of award; scheduled delivery
dates for rigs; the timing of delivery, mobilization, contract commencement, relocation or other movement of rigs; our intent to sell or
scrap rigs; and general market, business and industry conditions, trends and outlook. In addition, statements included in this investor
presentation regarding the anticipated benefits, opportunities, synergies and effects of the merger between Ensco and Rowan are
forward-looking statements. Such statements are subject to numerous risks, uncertainties and assumptions that may cause actual
results to vary materially from those indicated, including actions by rating agencies or other third parties; actions by our security
holders; costs and difficulties related to the integration of Ensco and Rowan and the related impact on our financial results and
performance; our ability to repay debt and the timing thereof; availability and terms of any financing; commodity price fluctuations,
customer demand, new rig supply, downtime and other risks associated with offshore rig operations, relocations, severe weather or
hurricanes; changes in worldwide rig supply and demand, competition and technology; future levels of offshore drilling activity;
governmental action, civil unrest and political and economic uncertainties; terrorism, piracy and military action; risks inherent to
shipyard rig construction, repair, maintenance or enhancement; possible cancellation, suspension or termination of drilling contracts
as a result of mechanical difficulties, performance, customer finances, the decline or the perceived risk of a further decline in oil
and/or natural gas prices, or other reasons, including terminations for convenience (without cause); the cancellation of letters of
intent or letters of award or any failure to execute definitive contracts following announcements of letters of intent, letters of award or
other expected work commitments; the outcome of litigation, legal proceedings, investigations or other claims or contract disputes;
governmental regulatory, legislative and permitting requirements affecting drilling operations; our ability to attract and retain skilled
personnel on commercially reasonable terms; environmental or other liabilities, risks or losses; debt restrictions that may limit our
liquidity and flexibility; tax matters including our effective tax rate; and cybersecurity risks and threats. In addition to the numerous
factors described above, you should also carefully read and consider “Item 1A. Risk Factors" in Part I and "Item 7. Management's
Discussion and Analysis of Financial Condition and Results of Operations" in Part II of our most recent annual report on Form 10-K,
as updated in our subsequent quarterly reports on Form 10-Q, which are available on the SEC's website at www.sec.gov or on the
Investors section of our website at www.valaris.com. Each forward-looking statement speaks only as of the date of the particular
statement, and we undertake no obligation to publicly update or revise any forward-looking statements, except as required by law.
VALARIS
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