Valaris Market Overview and Strategic Positioning
Unsecured Capital Structure Provides Flexibility to Raise Capital
Financial Levers
Comparison to Peers²
• Liquidity
-
Cash & short-term investments
- $2.3B revolving credit facility¹
• Issuance of securities
- Valaris is one of two public offshore
drillers that have not issued guaranteed
or secured financing to date
• Monetization of assets
Other
- Arbitration tribunal award (SHI); $180
million awarded, plus claims for interest
and related costs
~$450 million ARO shareholder notes
VALARIS
% of
Total Debt Unsecured
($ billion) Non-
Guaranteed
% of
Unsecured
Guaranteed
% of
Secured
Transocean
$9.8
40%
24%
36%
Seadrill
$6.8
100%
Valaris
$6.7
100%
Noble
$3.9
68%
29%
3%
Diamond
$2.0
100%
Maersk
$1.5
100%
Borr
$1.4
25%
75%
Pacific
$1.0
100%
1 Borrowing capacity under revolving credit facility is approximately $2.3B through September 2019 and approximately $1.7B from
October 2019 through September 2022
2 Based on most recent public filings, pro forma for recent transactions. Valaris as of June 30, 2019 pro forma for tender offers
completed in July
22
22View entire presentation