Valaris Earnings Report

Focused on key basins expected to drive a large share of future demand 2 3 U.S. GOM & Mexico 5 18% 12% % share of expected floater demand over next five years1 % share of expected jackup demand over next five years¹ Drillship Semisubmersible Jackup VALARIS 114 North Sea & Norway 8% Middle East 46% West Africa 4% 10% Brazil 3 22% 1 124 FOCUSED VALUE DRIVEN RESPONSIBLE Southeast Asia 24 10% 3% 2 Australia & NZ 1% 1 1 4+ 1 Demand by country/region represents rig years as a % of total rig years for floaters and jackups, excluding China and Iran, per Rystad Cube Dashboards as of April 2023 Note: Rigs that are currently stacked with a future contract are shown in the location of the future contract. Includes eight jackup rigs owned by Valaris that are leased to ARO Drilling in Saudi Arabia. Excludes nine jackup rigs owned by ARO Drilling (operating and under construction), two rigs that Valaris manages on behalf of a customer and two drillships that Valaris has the option to purchase by year-end 2023. 9

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