Valaris Earnings Report

Equity trades at a discount to largest peers and recent market transactions 148% Equity Performance Since Valaris Listing 1 Rig Name Recent Market Transactions for Drillships Buyer Shipyard Price 91% 84% 72% SAMSUNG S Crete Stena Drilling SAMSUNG HEAVY INDUSTRIES $320 million CARE, INNOVATION & PERFORMANCE 13% Santorini Valaris Noble Diamond Transocean Seadrill 5 SAMSUNG 5 SAIPEM $305 million SAMSUNG HEAVY INDUSTRIES Implied Steel Value per Ultra-Deepwater Equivalent Rig ($M) 407 SAMSUNG 2,3,4 Dorado Eldorado Drilling $305 million SAMSUNG HEAVY INDUSTRIES Aquila LIQUILA VENTURES DSME $275 million 254 241 230 207 Transocean Noble VALARIS Seadrill Diamond Valaris • Recent market transactions for drillships have averaged ~$300 million (including an estimated $75 million of reactivation costs per rig) - approx. 1.4x the implied steel value Valaris is currently trading at for similar assets Source: FactSet as of April 26, 2023; Fearnley Securities; Company filings 1 Equity performance since Valaris listing on May 3, 2021, except for Diamond and Seadrill, which relisted on March 29, 2022, and April 28, 2022, respectively. 2 Steel values calculated using market value of equity, book value of debt, underfunded pension liabilities, newbuild capital commitments and NPV of reactivation costs, less cash and NPV of backlog 3 Valaris steel value per UDW equivalent rig attributes $403M to ARO Drilling based on the principal value of the shareholder note receivable 4 Number of ultra-deepwater equivalent rigs per Fearnley Securities research report dated April 26, 2023; 5 Purchase price calculated as 2 x $15M lease payments, plus $200M purchase price 29 29

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