Valaris Market Overview and Strategic Positioning
High-Quality Fleet Provides Significant Asset Coverage to Raise
Capital to Cover Interim Funding Gaps
$ billions
$25.9
$24.4
⚫ Largest fleet in the
offshore drilling sector;
majority of rigs are
modern, high-
specification assets
Rig fleet provides
meaningful asset
coverage versus total
debt even at currently
depressed levels
$9.3
$9.8
$0.3
$0.6
$5.3
$11.2
•
$4.8
$2.8
$3.7
$6.7
$0.5
$4.0
$2.8
$1.8
$6.7
$7.4
$5.3
$3.4
Total Debt¹
Construction Cost 2
2
3
3
Replacement Cost
Net Asset Value
■Heavy Duty Ultra-Harsh & Harsh Environment Jackups
Highest-Specification Drillships
■Modern Heavy Duty & Standard Duty Jackups
■ Other
■ARO Drilling - 50% of ARO Owned Assets
VALARIS
Source: IHS Markit RigPoint, Wells Fargo Securities, Valaris analysis
1 Total debt of $6.7B represents principal balance as of June 30, 2019 pro forma for tender offers completed in July 2019
2 Construction cost per IHS Markit RigPoint
3 Replacement cost and net asset value per Wells Fargo Securities quarterly report dated April 16, 2019
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