Valaris Earnings Report

FOCUSED VALUE DRIVEN RESPONSIBLE Strong balance sheet provides flexibility regarding capital allocation (257) (107) 335 Net Debt¹ ($M) 449 1,295 1,519 6,670 7,625 1,439 1,637 700 521 521 490 (144) (119) (957) (628) (186) (41) (955) Valaris Seadrill Noble Diamond Shelf Borr Transocean Debt Cash Net Leverage2 4.5 4.1 2.7 7.0 0.4 n/a tvalaris n/a Seadrill Noble Diamond Borr Shelf Transocean Refinancing and revolving credit facility transaction, executed in April 2023, enhances capital structure New $375M revolving credit facility New $700M 2L notes replace prior $550M 1L notes $1.3 billion³ of liquidity Provides ability to support rig reactivations and pursue other attractive growth opportunities Enhances capital allocation flexibility, including our ability to return capital to shareholders Share repurchase authorization of $300M; intend to repurchase $150M by year-end 2023 Conservative approach to leverage, with only tranche of debt being $700M4 senior secured 2L notes due 2030 (8.375%) - Annual cash interest expense of ~$59M4 VALARIS 1 Debt and cash per most recent quarterly filings; Valaris shown pro forma for refinancing transaction that closed on April 19, 2023; Seadrill net debt shown pro forma for acquisition of Aquadrill; 2 Net leverage calculated using 2023 mean EBITDA estimate per FactSet as of May 15, 2023; 3 Pro forma for refinancing transaction that closed on April 19, 2023. Includes restricted cash balance of $21 million as of March 31, 2023 4 Pro forma for refinancing transaction that closed on April 19, 2023 12

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