Valaris Market Overview and Strategic Positioning

While Cash Flow Does Not Cover Costs at This Stage of the Cycle ... Illustrative Annual Cash Uses Illustrative Rig-Level Annual EBITDA Scenarios³ $3,993 million • Other non-recurring uses: $1,305 Newbuild capex ~$250M Debt maturities Tight management of costs is a priority $569 Cash Breakeven Scenario HS Drillships Utilization 85% Day Rate $250,000 HE Jackups 85% $150,000 Modern HD & SD Jackups 85% $100,000 ARO Drilling 95% $100,000 $1,595 million $798 Other Drillships 70% $175,000 Semisubmersibles 70% $150,000 Other Jackups 85% $85,000 $422 $94 ~$950 million $950 million $273 $376 Ops Support Exp. ~$100 million $251 G&A Expense Other¹ ~$120 million $274 ~$150 million $495 million $273 $51 $558 Maintenance Capex ~$180 million $153 $274 Interest on Senior Notes² $263 ~$400 million $64 $292 $160 $159 ■Other Jackups ■Semis ■Other Drillships ■ ARO Modern Jackups ■HE Jackups ■HS Drillships LTM4 Cash Breakeven Scenario Scenario M Scenario H 1Includes taxes and other items VALARIS 2Annualized cash interest pro forma for tender offers completed in July 3Illustrative annual EBITDA based on M and H scenarios on slide 16 4LTM EBITDA excludes G&A expense and operations support costs included in contract drilling expense 19

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