Valaris Earnings Report

Stacked rigs and newbuild options provide operating leverage in an improving market Stacked Fleet Overview Stacked fleet includes 11 high-quality modern assets with a total build cost of ~$3.5B and significant useful lives remaining Proven ability to win work for preservation stacked assets, with six long-term floater contracts awarded since mid-2021 Two uncontracted high-specification drillships provide operating leverage • Disciplined approach to reactivations - economics are attractive at current day rates Capitalizing incremental EBITDA at market multiples offers substantial uplift Additional exposure to drillship market from purchase options on two newbuilds with purchase price of $119M and ~$218M1,2 - Recent transactions and broker NAVs range from high $200M to mid $300M VALARIS Source: S&P Global Petrodata as of April 2023; Valaris analysis. Asset Value Illustrative Asset Value of Stacked Fleet As Built Cost Value per Floater (4 Rigs) Value per Jackup (7 Rigs) Total Asset Value $100M $200M $300M $25M $575M $50M $1,150M $75M $1,725M ~$3,500M ~$600M ~$150M Reactivation Economics Illustrative Drillship Example Reactivation Costs Customer Contribution Net Investment Average Day Rate³ Annualized Rig-Level EBITDA4 EBITDA Payback Period 3Q21 1Q23 $40-45M $70-80M $- ~$20M $40-45M $50-60M $239,000 $403,000 ~$40M ~$95M ~13 Months ~7 Months 1 Valaris has the option to purchase newbuild drillships VALARIS DS-13 and DS-14 before year-end 2023. 2 Purchase prices for VALARIS DS-13 and DS-14 exclude reactivation and mobilization costs. 3 Represents the average day rate for fixtures signed in each quarter, excluding priced options. Only includes fixtures awarded to international drilling contractors. Excludes fixtures awarded for work in India. 4 Assumes current average daily operating costs for a drillship excluding additional services 26

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