Valaris Earnings Report

Valaris is the industry leader in offshore drilling with unmatched scale and financial strength 11 Drillships Fleet 5 Semisubmersibles Gross asset value > $9 billion¹ 35 Jackups ARO Drilling - 50/50 JV with Saudi Aramco 15 rigs operating & 20-rig newbuild program $403 million shareholder notes receivable Operational Financial • Demonstrated track record of safety and operational excellence • Presence and scale in nearly all key offshore basins • Strong customer relationships with major IOCS, NOCs and independent operators • • Strong balance sheet - Net cash $257 million² / Liquidity $1.3 billion² / Contract backlog $2.8 billion Industry-leading cost structure that is easily scalable Committed to returning capital to shareholders - $300 share repurchase authorization VALARIS 1 Gross asset value per research report published by Fearnley Securities as of April 2023 2 Pro forma for refinancing transaction that closed on April 19, 2023; Net cash includes $22 million of restricted cash

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