Contract Backlog
• Valaris has been awarded the following new contracts and contract extensions, with associated contract backlog of approximately $1.0 billion, subsequent to issuing its previous fleet status report on February 18, 2025.
Contract backlog excludes lump sum payments such as mobilization fees and capital reimbursements.
• Contract backlog increased to approximately $4.2 billion from approximately $3.6 billion as of February 18, 2025.
Floater Contract Awards
• Two-year contract offshore West Africa for drillship VALARIS DS-10. The contract 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. An additional rate will be charged when MPD services are provided. The contract includes two unpriced options, each with a duration of one year.
• Six-month priced option exercised by ExxonMobil for drillship VALARIS DS-9. The six-month option will commence in January 2026 in direct continuation of the existing firm program.
Jackup Contract Awards
• Extensions of existing bareboat charter agreements ("BBC") through the end of April 2025, or completion of well in progress, for four jackups – VALARIS 116, 140, 146 and 250 – that are leased to ARO Drilling ("ARO") to
undertake drilling contracts offshore Saudi Arabia.
• Five-year BBC extensions for five jackups – VALARIS 116, 140, 141, 146 and 250 – that are leased to ARO to undertake drilling contracts offshore Saudi Arabia. The BBC extensions for VALARIS 116, 140, 146 and 250 are
effective from May 2025, and for VALARIS 141 from August 2025, in direct continuation of their existing BBCs.
? VALARIS 116 and 250 expected to be out of service at zero rate for approximately six months each from October 2025 to March 2026 to complete special periodic surveys and major equipment recertifications.
These out-of-service periods are included within each rig’s five-year BBC duration.
• 545-day contract for jackup VALARIS 117 with an undisclosed operator offshore Trinidad. The contract is expected to commence in the third quarter 2026. The operating day rate is in line with recent market rates in the
region. The contract includes a 185-day priced option.
• 730-day contract for VALARIS 248 in our North Sea operating region. The contract is expected to commence in November 2025.
• 180-day priced option exercised by Esso Australia Pty Ltd for jackup VALARIS 107. The priced option period is expected to commence in November 2025 in direct continuation of the current program.
Other Fleet Status Updates
• Semisubmersibles VALARIS DPS-3, DPS-5 and DPS-6 sold for recycling and retired from service in April 2025. Total sales proceeds were approximately $10 million.
