Valaris Limited (NYSE: VAL) (Valaris) announced today that it has been awarded a two-year contract offshore West Africa for drillship VALARIS DS-10 that is expected to commence late in the second quarter or in the third quarter 2026. The total contract value for the firm term is $352 million. The total contract value does not include the provision of additional services. The contract includes two unpriced options, each with a duration of one year.

President and Chief Executive Officer Anton Dibowitz said, “This contract award is a testament to the safety and operational performance of VALARIS DS-10 and its crews, which have an excellent track record of successfully executing clients’ well programs offshore West Africa. This contract increases our backlog by approximately $350 million and supports our future earnings and cash flow, and we remain focused on securing additional attractive long-term contracts for our high-specification assets.”

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).