Valaris Limited · NYSE:VAL
Valaris — Q3 2025 Earnings Presentation
16 slides from Valaris's earnings presentation, Oct 30, 2025
Slide 1: Investor Presentation
Investor Presentation October 2025
Slide 2: Forward-Looking Statements
Forward-Looking Statements Statements contained in this investor presentation that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking
Slide 3: Valaris Overview
Valaris Overview (NYSE: VAL) 48 Rigs 96%+ $4.5 Billion Leading offshore driller with Revenue efficiency for four consecutive Contract backlog as of October 23, 2025 15 high-spec floaters and 33 jackups years 92% Safety Focus $615-635 Million 7th generation assets within Valaris’ Safety performance >
Slide 4: Offshore Production Demand
Offshore production, particularly deepwater, expected to play an increasingly important role in meeting global hydrocarbon demand Global Liquid Fuels Supply by Source (Million Barrels Per Day) Offshore Breakeven Oil Prices for Undeveloped Reserves 30 112 % Growth 100% 2024-2030 25 100 93% 103 90% 21
Slide 5: Deepwater Capital Expenditures
Deepwater capital expenditures and project sanctioning expected to increase significantly over the next few years Deepwater Capital Expenditures ($B)1 South America GOA & Mexico Africa Rest of World • Deepwater capital expenditures are +39% expected to be ~40% higher in 2027 50 compared to 2025 42 4
Slide 6: Floater Demand Outlook
Benign environment floater demand anticipated to increase from the second half of 2026 Benign Environment Floater Demand by Region1 South America GOA & Mexico Africa Rest of World • Benign environment floater demand is projected to increase from 2H 2026, +13% with 2027 demand expected to be 140 119
Slide 7: High-Specification Floater Fleet
Valaris’ high-specification floater fleet focused on key strategic basins • Critical mass in the Golden Triangle, which is Mediterranean expected to account for 1 ~70% of benign Golden Triangle environment floater demand through 2029 GOA & 4% Mexico 19% • West Africa fleet also 2 well-positioned to
Slide 8: Technical Specifications of Drillships
Technical specifications of 7th generation drillships deliver efficiencies for customers’ well programs • The advanced technical Dual Derricks w/ High Hookload Capacity specifications of 7th generation Dual derricks facilitate certain simultaneous (7G) drillships offer efficiencies for activities, r
Slide 9: Excellent Safety and Track Record
Excellent safety and operational track record Significantly outperformed offshore peer group average on Revenue efficiency of at least 96% for each of the past four key safety metric in 2024 years during a period of significant growth in operations Lost Time Incident Rate (“LTIR”) Valaris Offshore P
Slide 10: Building Backlog for Drillships
Building backlog for our high-specification drillship fleet by securing attractive contracts at solid day rates Drillship Backlog and Average Day Rates in Backlog Drillship Backlog by Customer1 3.0 500 2.6 Other 2.3 6% 2.0 1.7 400 5% 1.3 5% 1.0 33% 1.0 300 13% 0.0 200 3Q21 3Q22 3Q23 3Q24 3Q25 Backlo
Slide 11: Jackup Fleet Positioning
Valaris’ jackup fleet primarily positioned in key shallow water regions; the North Sea and Middle East, along with attractive niche markets North Sea • Leading position in the • Leading position North Sea – largest harsh • Solid contract coverage environment jackup market 9 • Advantaged position in
Slide 12: Jackup Contract Coverage
Jackup contract coverage meaningfully higher than major peers 2026 and 2027 % Contracted Rig Days – Active Jackup Fleet1 Jackup Backlog by Customer2 Avg % 70% 40% 37% 33% Other 79% 20% 62% 26% 56% 52% 47% 25% 21% 20% 5% 7% Valaris Company 2 Company 3 Company 4 15% 2026 2027 8% 9% 10% ~$830M of jacku
Slide 13: Earnings Potential and Cash Flow
Significant earnings potential and cash flow from Valaris fleet Total Rigs Under Contract or Illustrative Annual Earnings and Cash Flow from Valaris Fleet1 Rigs2 with Future Contract Illustrative Scenarios (Day Rates & Utilization) A B C 13 9 Drillships $400K $450K $500K 2 2 Benign Semisubmersibles
Slide 14: Capital Allocation
Value-driven approach to capital allocation Maintain a Strong Prudent Fleet Return Free Cash Flow to Balance Sheet Management Shareholders v Actively manage rig costs and divest rigs Intend to return all future free cash flow to Committed to maintaining a conservative balance sheet with low leverage
Slide 15: Key Takeaways
Key Takeaways • We expect offshore production, particularly deepwater, to play an important role in providing secure, reliable and affordable energy to meet the world’s energy needs • Valaris is well-positioned to help meet that need and drive long-term value for our shareholders by virtue of our hi
Slide 16: Valaris
VALARIS