Valaris Limited announced new contracts and contract extensions, with associated contract backlog of $181 million, awarded subsequent to issuing the Company’s most recent fleet status report on February 21, 2022.

   - Two-year contract extensions with BP in the U.S. Gulf of Mexico for managed rigs Mad Dog and Thunder Horse. The contract extensions were effective on January 27, 2022.

   - One-well contract extension with TotalEnergies EP Brazil, offshore Brazil for drillship VALARIS DS-15. The option well is in direct continuation of the current firm program and has an estimated duration of 100 days.

   - ARO Drilling awarded a three-year contract with Saudi Aramco for standard duty modern jackup VALARIS 140. This contract relates to the previously disclosed three-year bareboat charter agreement between Valaris and ARO Drilling. Contract backlog associated with the bareboat charter agreement is included in the total contract backlog of $181 million awarded subsequent to issuing the Company’s most recent fleet status report on February 21, 2022.

   - The previously disclosed contract awarded to VALARIS DS-11 for an eight-well contract for a deepwater project in the U.S. Gulf of Mexico has been novated from TotalEnergies to Equinor. No material changes to the contract resulted from the novation, including with respect to the termination provisions in the event the project does not receive final investment decision (FID).

   - VALARIS 67 has been sold and retired from the offshore drilling fleet.

About Valaris Limited

Valaris Limited (NYSE: VAL) is the industry leader in offshore drilling services across all water depths and geographies. Operating a high-quality rig fleet of ultra-deepwater drillships, versatile semisubmersibles and modern shallow-water jackups, Valaris has experience operating in nearly every major offshore basin. Valaris maintains an unwavering commitment to safety, operational excellence, and customer satisfaction, with a focus on technology and innovation. Valaris Limited is a Bermuda exempted company (Bermuda No. 56245).