Valaris Earnings Report

FOCUSED VALUE DRIVEN RESPONSIBLE Disciplined fleet management strategy focused on driving long term shareholder value Optimization Reactivations VALARS RESOLUTE Divestitures Ж Priority is to ensure that the active fleet remains highly utilized Portfolio approach to contracting with a mix of longer and shorter duration contracts and staggered rollovers Aim to have a critical mass of rigs in priority basins to benefit from economies of scale Only reactivate rigs for opportunities that provide meaningful returns Proven ability to win work for preservation stacked assets, with six long-term floater contracts awarded since mid-2021 Demonstrated track record of reactivating rigs on time and within our cost guidance Rational and economic approach to asset ownership, including opportunistic divestitures if value accretive Jackups VALARIS 113 and 114, each of which had been stacked for more than six years, were sold in 2022 for a combined total of $125 million 40-year-old jackup VALARIS 54 sold for $28.5 million VALARIS 13

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