Valaris Earnings Report

Active utilization currently >90% for drillships and benign environment jackups 1 1 1 Benign Delivered Rigs Drillships Semis Harsh Jackups Benign Jackups Time Stacked - Available and Cold Stacked Rigs Contracted 80 40 28 364 Drillships 1 Benign Semis 1 4 LO 5 Available 2 5 12 5 36 2 2 Active Fleet 85 52 33 400 1 3 11 2 Cold Stacked 3 11 9 60 < 1 Year 5 1-2 Years 2-3 Years Total Fleet 96 61 33 460 Harsh Jackups Benign Jackups 3-4 Years 4-5 Years Active Utilization 94% 77% 85% 91% > 5 Years 1 17 Total Utilization 83% 66% 85% 79% 7 50 Newbuilds 14 3 5 15 12 4 1 9 VALARIS Source: S&P Global Petrodata, April 2023 1 Market category field used to categorize rigs as harsh or benign environment 2 Idle rigs categorized as "Available" if they are considered "Marketed" in S&P Global Petrodata and included in rig supply for active utilization 3 Idle rigs categorized as "Cold Stacked" if they are considered "Not Marketed" in S&P Global Petrodata and excluded in rig supply for active utilization 24 21

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