Valaris Earnings Report

Significant earnings potential in a market recovery scenario Rigs Under Contract or Total Rigs Illustrative Annual EBITDAR from Valaris Fleet¹ 20142 with Future Contract 11 9 Drillship Day Rates $350K $400K $450K -$500K LO 3 Benign Semisubmersible Day Rates $250K $300K $350K ~$400K 12 9 HD Ultra-Harsh & Harsh Jackup Day Rates³ $125K $150K $175K -$220K 21 16 Modern HD & SD Jackup Day Rates³ $75K $100K $125K -$160K Fleet Utilization 70% 75% 80% 85% Illustrative Operating Margin 4 ~$830M -$1,390M ~$2,010M ~$2,750M Illustrative Total Onshore Costs ~$240M ~$240M ~$240M -$240M Illustrative EBITDAR4 ~$590M -$1,150M -$1,770M ~$2,510M VALARIS 1 Calculations based on total number of rigs in each asset category. Excludes standard duty legacy jackups on the basis that most of these rigs will likely be retired upon completion of current contracts. 2 Average earned operating day rate and utilization for global fleet in 2014 per S&P Global Petrodata 3 HD = Heavy Duty; SD = Standard Duty. Heavy duty jackups are well-suited for operations in tropical revolving storm areas. 4 Daily operating costs are based on current handrail operating costs for the fleet excluding additional services. Assumes full operating cost for 50% of idle periods and preservation stack cost for 50% of idle periods. 27

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