Valaris Earnings Report

Commodity supply and demand is constructive for our industry 105 100 95 Global Liquid Fuels Consumption (Million Barrels Per Day) Demand for hydrocarbons 90 expected to return to pre-COVID 85 levels in 2023 Offshore Breakeven Oil Prices for Undeveloped Reserves 100% 25 93% 94% 95% 100 90% 88% 90 81% 77% 80 74% 17% 16% 70 63% 70 15 14% 56% 93% of undeveloped reserves estimated to be profitable at $70/bbl 60 50 11% 20 Actual Forecast 80 1Q18 1Q19 1Q20 1Q21 1Q22 1Q23 1Q24 39% 10 8% 85 55 80 Brent Crude Oil Forward Curve ($ Per Barrel) Two-year to five- year forward prices approx. $70/bbl 7% 25% 5 16% 75 70 70 65 60 Jan- Jan- 24 25 Jan- 26 Jan- 27 Jan- 28 VALARIS < $20 $20-$25 $25-$30 3% 7% 4% 3% 3% 1% 1% $30-$35 $35-$40 $40-$45 $45-$50 $50-$55 $55-$60 $60-$65 $65-$70 $70-$75 $75-$80 40 40 - 30 5% 20 20 08$< 10 10 0 % of P50 Reserves Cumulative % of P50 Reserves P50 reserves: reserves volume with a probability of recovery of between 50% and 90% Source: EIA Short-Term Energy Outlook, April 2023; FactSet as of April 20, 2023; Rystad U Cube, April 2023 17

View entire presentation