Valaris Limited · NYSE:VAL
Valaris — Merger or Acquisition (February 2026)
17 slides from Valaris's merger presentation, Feb 9, 2026
Slide 1: Stronger Together: Transocean to Acquire Valaris
Stronger Together TRANSOCEAN TO ACQUIRE VALARIS February 9, 2026
Slide 2: Generating Increased Value and Returns
Meets growing demand with the world's highest-specification, diversified offshore fleet Proven, high-performing teams in the most technically challenging environments Enhances our capability to innovate and deploy leading technology Improved performance for customers through increased financial stre
Slide 3: Optimal Structure and Leadership
Optimal Structure and Leadership Pro forma EV and market cap: $17.2B, $12.3B, respectively Accretive all-stock deal; exchange ratio of 15.235 shares of RIG for each VAL share; PF ownership: ~53% RIG, ~47% VAL CEO: Keelan Adamson Executive Board Chair: Jeremy Thigpen Board composition: nine RIG direc
Slide 4: Combination Accelerates Value Creation
Best-in-class management operates best-in-class fleet Delivers superior customer service Broadens global reach and deepens customer base Improves efficiencies Strengthens balance sheet Accelerates deleveraging Increases financial flexibility Lowers cost of capital and enhances liquidity Industry-lea
Slide 5: Delivering Superior Customer Service with Premier Fleet
Delivering Superior Customer Service with Premier Fleet Complementary high-spec assets create an industry leader 33 Drillships 9 Semi-Submersibles 31 Jackups 31 11 – harsh environment 20 – benign environment 20 13 24 – 7th generation 2 – 8th generation 7 2 7 – harsh environment 2 – benign environmen
Slide 6: Active and Experienced in all Key Offshore Basins
North Sea Africa Trinidad Australia SE Asia Brazil Active and Experienced in all Key Offshore Basins 1 9 2 1 1 2 4 9 5 1 2 Med & Black Sea 1 1 Gulf of America 11 1 Middle East 8 Drillship Semi-Submersible Jackup Rig Type 78% 35% Rigs Operate in Harsh Environments 6 1. The rig count numbers represent
Slide 7: Aligns with Growing Offshore Demand and Activity
Aligns with Growing Offshore Demand and Activity Combination creates the right investment at the right time Offshore Upstream Development Capex ($B)1 6 4 6 9 13 9 16 2 0 8 1 3 0 10 20 30 40 50 0 10 20 2024 2026E 2027E Exploration 2025E Greenfield Deepwater Project Sanctioning by Approval Year ($B)2
Slide 8: Industry-Leading Backlog and Customer Portfolio
Industry-Leading Backlog and Customer Portfolio Provides long-term cash flow visibility Peers include ADES, Borr, Noble, Odfjell, and Seadrill backlogs as of their most recent investor presentations. Transocean and Valaris backlog data sourced from respective October 2025 Fleet Status Reports, adjus
Slide 9: Jackups Contribute Strong Incremental Cash Flow
Attractive position in Australia with a high-spec asset Well-positioned in Saudi Arabia through ARO Drilling JV — largest benign environment jackup region Growing position in Trinidad with two rigs, increasing to three by mid-26 Backlog with Quality Global Operators Jackups Contribute Strong Increme
Slide 10: Deal-Related Synergies Additive to Transocean's Cost Reductions
Deal-Related Synergies Additive to Transocean’s Cost Reductions Consolidate overlapping global operations and shorebase support Streamline operations and integrate technical expertise Capture supply chain savings from greater scale Eliminate redundant G&A expenses Implement best practices Synergies
Slide 11: Transaction Advances Strategic Priority to Delever
Transaction Advances Strategic Priority to Delever ~3.0x 50% Improvement ~1.5x Est. at Deal Close Within 24 Months Net Debt / LTM Adj. EBITDA1 Expected Debt Reduction 11 Organic cost savings, transaction synergies and reduced leverage expected to create more sustainable cash flow and accelerate shar
Slide 12: Stronger Together
Stronger Together Best fleet, best team, best customer service Expanded geographic reach and customer base $200M+ of identified incremental cost savings Accelerates debt paydown and enhances returns to shareholders Creates exceptional investment exposure to the offshore upcycle 12
Slide 13: Forward-looking statements
This communication includes certain “forward-looking statements” within the meaning of the federal securities laws, including, but not limited to, those statements related to the proposed transaction, including financial estimates and statements as to the expected timing, completion and effects of t
Slide 14: Forward-looking statements risk factors
(xviii) the risk that Transocean’s or Valaris’ share price may decline significantly if the proposed transaction is not consummated; (xix) there may be liabilities that are not known, probable or estimable at this time or unexpected costs, charges or expenses; (xx) commodity price fluctuations and v
Slide 15: Important Information for Investors and Stockholders
Important Information for Investors and Stockholders 12 Important Additional Information and Where to Find It The transaction relates to the proposed business combination of Transocean and Valaris pursuant to the terms of the Business Combination Agreement, dated February 9, 2026, and is being made
Slide 16: Participants in the Solicitation
Important Information for Investors and Stockholders 12 Participants in the Solicitation Transocean, Valaris and their respective directors and executive officers and certain other members of management and employees may be considered be participants in the solicitation of proxies from the sharehold
Slide 17: “FF VALARIS
“FF VALARIS Transocean |!"