Valaris Earnings Report

Significant supply rationalization over the past several years has improved market balance Benign Environment Floater Supply and Utilization 300 100% 550 Jackup Supply and Utilization 500 90% 250 450 80% 200 400 70% 350 150 60% 300 100 50% 250 50 40% 200+ Jan 2014 Jan Jan Jan Jan Jan 2015 2016 2017 2018 2019 2020 2021 Jan Jan Jan Jan Jan Jan 2022 2023 2014 2015 Jan 2016 Total Contracted Total Supply - Total Utilization -Active Utilization Total Contracted Benign environment floater supply has declined by 44% to 157 from a peak of 281 in late 2014 Majority of current supply are modern assets. Only • 17% of current supply is > 20 years of age 100% 90% 80% - 70% 60% 50% 40% Jan Jan Jan Jan Jan Jan Jan 2017 2018 2019 2020 2021 2022 2023 Active Utilization Total Supply Total Utilization Jackup supply has declined by 9% to 493 from a peak of 542 in early 2015 33% of current supply is > 30 years of age with limited useful lives remaining VALARIS Source: S&P Global Petrodata as of April 2023. Market category field used to categorize rigs as benign or harsh environment. 20 20

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