Slide 1: Investor Presentation
Investor Presentation July 2025 FOCUSED VALUE DRIVEN RESPONSIBLE
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) 49 Rigs 96%+ $4.7 Billion Largest offshore driller by fleet size with Revenue efficiency for four consecutive Contract backlog as of July 24, 2025 15 high-spec floaters and 34 jackups1 years 92% >50% $565-605 Million 7th generation assets within Valaris’ Better safety pe
Slide 4: High-specification floater fleet focused on key strategic basins
High-specification floater fleet focused on key strategic basins Critical mass in the Golden Triangle, which is expected to account ~$2.7B of backlog & strong relationships for 70% of benign environment floater demand through 2029 with ultra-deepwater customers in key basins Floater Backlog by Custo
Slide 5: Technical specifications of 7th generation drillships
Technical specifications of 7th generation drillships deliver efficiencies for customers’ well programs Dual Derricks w/ High Hookload Capacity Dual derricks facilitate certain simultaneous • The advanced technical activities, reducing customers’ project time and costs; 2.5M lb hookload capacity inc
Slide 6: Jackup fleet positioned in key markets
Jackup fleet primarily positioned in the North Sea, Middle East & attractive niche markets Strong presence in key shallow-water regions in the North Sea and Middle East ~$1.9B of backlog with leading IOCs, as well as attractive niche markets like Australia & Trinidad NOCs and independent operators J
Slide 7: Excellent safety and operational 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 8: Deepwater production and hydrocarbon demand
Deepwater production 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 30 109 % Growth 100% 2024-2030 25 94% 96% 100 103 91% 88% 21 90 82% 23 20 75
Slide 9: Subsea installations and project sanctioning
Subsea installations and deepwater project sanctioning expected to increase significantly over the next few years Subsea Tree Installations by Region1 South America U.S. Gulf & Mexico Africa Rest of World • Subsea tree installations expected to be 217 subsea tree installations on 263 subsea tree ins
Slide 10: Benign environment floater demand
Benign environment floater demand anticipated to increase over the next few years Benign Environment Floater Demand by Region (Rig Years) South America U.S. Gulf & Mexico Africa Rest of World • Benign environment floater demand in 2026-2028 is expected to be ~13% Average rig demand of 100 expected A
Slide 11: Attractive, long-term contracts support earnings and cash flow
Attractive, long-term contracts support earnings and cash flow Valaris Drillships Average Daily Revenue ($000) ~$2.0 Billion of Contract Backlog Added YTD 2025 450 418 410 405 400 386 ~$1.3B of Floater Contract Backlog Added YTD 2025 358 350 328 288 307 • DS-16: 940-day contract extension in the U.S
Slide 12: Significant earnings potential and cash flow from Valaris fleet
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 Scenario A B C 13 9 Drillship Day Rates $400K $450K $500K 2 2 Benign Semisubmersible Day Rates $300K $35
Slide 13: Value-driven approach to 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 14: 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 15: FOCUSED VALUE DRIVEN RESPONSIBLE
FOCUSED VALUE DRIVEN RESPONSIBLE