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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities and Exchange Act of 1934
Date of Report (Date of earliest event reported): August 5, 2026
Valaris Limited
(Exact name of registrant as specified in its charter)
Bermuda 001-08097 98-1589854
(State or other jurisdiction of
incorporation)
(Commission
File Number)
(I.R.S. Employer
Identification No.)
Richmond House, 12 Par-la-Ville Road
Hamilton, Bermuda, HM 08
Registrant’s telephone number, including area code: +44 (0) 20 7659 4660

Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:

Title of each class Ticker Symbol(s) Name of each exchange on which registered
Common Shares, $0.01 par value share VAL New York Stock Exchange
Warrants to purchase Common Shares VAL WS New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging Growth Company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐




TABLE OF CONTENTS






INFORMATION TO BE INCLUDED IN THE REPORT


Item 7.01 Regulation FD Disclosure

The Fleet Status Report of the Company as of August 5, 2026 is furnished as Exhibit 99.1 to this report.

The information furnished in this Item 7.01 and the information attached to this Form 8-K as Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
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Item 9.01 Financial Statements and Exhibits
    (d) Exhibits
Exhibit No. Description
99.1
101 Interactive data files pursuant to Rule 405 of Regulation S-T formatted in inline Extensible Business Reporting Language
104 Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)


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SIGNATURE
    Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Valaris Limited
August 5, 2026 /s/ CHRISTOPHER T. WEBER
Christopher T. Weber
Senior Vice President and Chief Financial Officer


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EX-99.1 2 fsrex99_1august2026.htm EX-99.1 Document

    
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 Valaris Limited
Fleet Status Report
August 5, 2026
New Contracts, Extensions and Other Updates Since Last Fleet Status Report
Contract Backlog
•Valaris has been awarded the following new contracts and contract extensions, with associated contract backlog of more than $160 million, subsequent to issuing its previous fleet status report on May 4, 2026. Contract backlog excludes lump sum payments such as mobilization fees and capital reimbursements.
•Contract backlog is approximately $4.6 billion as of August 5, 2026.
Floater Letter of Award (excluded from contract backlog as of August 5, 2026)
•Letter of Award (LOA) for a two-well exploration program for VALARIS DS-18. The program is expected to commence in the fourth quarter of 2026 with a duration of up to seven months.
•In conjunction with the LOA, Valaris and the operator of the previously disclosed contract for VALARIS DS-18 in the Gulf of America have amended the commencement date to be in direct continuation of the program related to the LOA.
Jackup Contract Awards
•101-day contract extension for VALARIS 248 with GE Vernova in the UK North Sea to provide accommodation support services for an offshore wind project. The contract extension commenced in June 2026 in direct continuation of the existing program and added approximately $7.5 million to contracted revenue backlog.
•41-well plug and abandonment contract for VALARIS 248 in the UK North Sea. The contract is expected to commence in mid-2027 and has an estimated duration of 1,080 days. The firm term is expected to add approximately $140 million to contracted revenue backlog and is subject to an annual cost escalation mechanism effective from the commencement date. The contract also includes two unpriced one-year options.
•A previously disclosed contract for VALARIS 248 with Eni in the East Irish Sea (UK) has been assigned to VALARIS 120.
•One-well contract for VALARIS 123 with Central European Petroleum offshore Poland in the Baltic Sea. The contract is expected to commence in September 2026 for an estimated duration of 110 days and includes a priced option for a second well with an estimated duration of 30 days. The operating day rate is $135,000.


Middle East Operations Update
•All Valaris and ARO rigs operating in the Middle East remain under contract.
•VALARIS 250 completed its planned shipyard project and recommenced its bareboat charter with ARO in mid-July 2026. VALARIS 116 is expected to recommence its bareboat charter with ARO in the third quarter of 2026.
•VALARIS 110 resumed operations with NOC offshore Qatar in late May 2026. Operations had been suspended since early March 2026 due to the conflicts in the Middle East.
Other Fleet Status Updates
•Jackups VALARIS 104 and 109 were sold in June and July 2026, respectively, for total cash proceeds of $74 million. Both rigs had been stacked for approximately six years. VALARIS 104 was sold for non-drilling use.
•A previously disclosed one-well contract for jackup VALARIS 106 with Medco Energi offshore Indonesia was terminated by mutual agreement.
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 Valaris Limited
Fleet Status Report
August 5, 2026
Contract Backlog(1) (2)
($ millions)
 2026 2027 2028+ Total
Contracted Days(1) (2)
2026 2027 2028+
Drillships $ 559.2  $ 1,209.4  $ 1,247.7  $ 3,016.3  Drillships 1,312  2,788  3,015 
Semisubmersibles —  —  —  —  Semisubmersibles —  —  — 
Floaters $ 559.2  $ 1,209.4  $ 1,247.7  $ 3,016.3  Floaters 1,312  2,788  3,015 
Harsh Environment $ 119.4  $ 170.2  $ 140.9  $ 430.5  Harsh Environment 970  1,271  1,121 
Benign Environment 135.9  285.5  194.3  615.7  Benign Environment 986  2,216  1,842 
Legacy 29.7  57.5  —  87.2  Legacy 298  577  — 
Jackups $ 285.0  $ 513.2  $ 335.2  $ 1,133.4  Jackups 2,254  4,064  2,963 
Other(3)
$ 80.1  $ 109.4  $ 246.0  $ 435.5 
Other(3)
1,255  2,315  5,422 
Total $ 924.3  $ 1,832.0  $ 1,828.9  $ 4,585.2  Total 4,821  9,167  11,400 
ARO Drilling(4)
Average Day Rates(1) (2)
2026 2027 2028+
Owned Rigs $ 107.0  $ 115.5  $ 491.4  $ 713.9  Drillships $ 426,000  $ 434,000  $ 414,000 
Leased Rigs 130.7  291.8  697.7  1,120.2  Semisubmersibles —  —  — 
Total $ 237.7  $ 407.3  $ 1,189.1  $ 1,834.1  Floaters $ 426,000  $ 434,000  $ 414,000 
Harsh Environment $ 123,000  $ 134,000  $ 126,000 
Benign Environment 138,000  129,000  106,000 
Legacy 100,000  100,000  — 
Jackups $ 126,000  $ 126,000  $ 113,000 
(1) Contract backlog, contracted days and average day rates as of August 5, 2026.
(2) Contract backlog and average day rates exclude certain types of non-recurring revenues such as lump sum mobilization payments. Contract backlog and contracted days may include backlog and days when a rig is under suspension, except any backlog or days for rigs that are under a separate firm contract where backlog or days are otherwise included. Average day rates are adjusted to exclude suspension backlog and days.
(3) Other represents contract backlog and contracted days related to bareboat charter agreements and management services contracts.
(4) ARO Drilling contract backlog as of August 5, 2026.
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 Valaris Limited
Fleet Status Report
August 5, 2026
Asset Category / Rig Design Year Delivered Customer Location Contract Start Date
Contract End Date(1)
Day Rate(2)
Comments
Drillships
VALARIS DS-18 GustoMSC P10000 2015
Undisclosed
Occidental
Undisclosed
Gulf of America
 Nov 26
Jun 27		 May 27
Dec 29
LOA for a two-well exploration program with a duration of up to seven months
914-day contract for DS-18 and 940-day contract extension for DS-16. Combined addition to contracted revenue backlog is approx. $760 million. Two 1-year options
VALARIS DS-17 GustoMSC P10000 2014 Equinor
 Brazil
 Mar 26 Jan 28
Estimated total contract value ("TCV") of $498 million, inclusive of MPD, additional services and fees for mobilization and minor rig upgrades. Based on initial estimated duration of 852 days comprised of a 180-day standby period and a 672-day drilling program. Three priced options with a total duration of 228 days
VALARIS DS-16 GustoMSC P10000 2014 Occidental
Occidental		 Gulf of America
Gulf of America		 Jun 24
Jun 26		 Jun 26
Dec 28		 Additional rate charged when MPD services provided
940-day contract extension for DS-16 and 914-day contract for DS-18. Combined addition to contracted revenue backlog is approx. $760 million. Two 1-year options. Expect approx. 35 days out of service for planned maintenance in 4Q26
VALARIS DS-15 GustoMSC P10000 2014
CNR 		Spain
Cote d'Ivoire
Sep 26
May 27 		Rig is warm stacked in Las Palmas, Spain
TCV, based on an estimated duration of 250 days, is approx. $135 million, including upfront payments for rig upgrades and mobilization. TCV does not include the provision of additional services. Priced options with a total estimated duration of 80 to 100 days
VALARIS DS-12 DSME 12000 2013 BP Egypt Apr 26 Apr 27 TCV, based on estimated duration of 350 days, is approx. $140 million, inclusive of MPD and mobilization. Three option wells
VALARIS DS-10 Samsung GF12000 2017 Shell Nigeria Jun 26 Jul 28 TCV of $352 million based on duration of two years. TCV does not include the provision of additional services. Additional rate charged when CML services provided. Two 1-year options. Expect approx. 45 days out of service for rig upgrades in 1Q27
VALARIS DS-9 Samsung GF12000 2015 ExxonMobil
ExxonMobil
 Angola
Angola
 Jul 22
Jul 26		 Jul 26
Jul 28
Contract includes MPD services
Operating day rate is in line with recent market rates in the region. Two 6-month options. Expect approx. 15 days out of service for planned maintenance in 2Q27
VALARIS DS-8 Samsung GF12000 2015 Petrobras

Shell 		Brazil

Brazil 		Dec 23

Mar 27 		Dec 26

May 29 		$428,000 Plus mobilization fee of approx. $30 million. Contract includes additional services. Expect approx. 60 days out of service for rig upgrades in 1Q27
TCV of approx. $300 million, excluding additional services, based on estimated duration of 800 days. Options with a total estimated duration of approx. one year
VALARIS DS-7 Samsung 96K 2013 Azule Energy
Azule Energy
 Angola
Angola		 Jun 24
Oct 26
 Oct 26
Sep 27		 TCV estimated to be $364 million based on initial estimated duration of 850 days
Contract backlog of approx. $125 million based on estimated duration of 325 days
VALARIS DS-4 Samsung 96K 2010 Petrobras

Petrobras 		Brazil

Brazil

 		Dec 24

Nov 27


 		Nov 27

Oct 30


 		Previous day rate of $450,000 has been adjusted, reducing contract backlog from Apr 2026 to Nov 2027 by approx. $21 million. Plus mobilization fee of approx. $41 million. Contract includes MPD & additional services
Contracted revenue backlog of approx. $447 million for 1,064-day extension
Stacked
VALARIS DS-14 DSME 12000 2023 Spain
VALARIS DS-13 DSME 12000 2023 Spain
VALARIS DS-11 DSME 12000 2013 Spain
Semisubmersible
VALARIS MS-1 F&G ExD Millennium, Moored 2011 Malaysia Warm stacked
Changes: bolded rig names and underlined text signify changes in rig status from previous fleet status report
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 Valaris Limited
Fleet Status Report
August 5, 2026
Asset Category / Rig Design Year Delivered Customer Location Contract Start Date
Contract End Date(1)
Day Rate(2)
Comments
Harsh Environment Jackups
VALARIS Norway KFELS N Class 2011 Ithaca Energy
Ithaca Energy		 UK
UK		 Apr 25
May 26		 May 26
Feb 27		 TCV of approx. $39 million based on estimated duration of 292 days
Contracted revenue backlog of approx. $36 million based on duration of 300 days
VALARIS Stavanger KFELS N Class 2011 NEO NEXT+ UK

 		Jan 26 Aug 27 TCV of over $75 million based on 600-day priced extension. Two 200-day priced options
VALARIS 249 LT Super Gorilla 2001 BP

Shell 		Trinidad

Trinidad 		Apr 26

Oct 26
Jul 26

Oct 27
TCV of $16.8 million based on duration of 100 days. Expect approx. 100 days out of service for planned maintenance in 3Q/4Q26
Contracted revenue backlog of approx. $66 million based on estimated duration of 365 days. Three priced options with an estimated duration of 50 days each
VALARIS 248 LT Super Gorilla 2000
GE Vernova

Undisclosed
UK

UK
Nov 25

Apr 27
Sep 26

Mar 30
Contracted revenue backlog of approx. $23 million for 325-day contract to provide accommodation support services
Contracted revenue backlog of approx. $140 million, subject to an annual cost escalation mechanism effective from the contract commencement date, based on estimated duration of 1,080 days. Two 1-year unpriced options
VALARIS 123 KFELS Super A 2019
TAQA
CEP
Netherlands
Poland
Jan 26
Sep 26
 Sep 26
Jan 27
$80,000
$135,000
Accommodation support
Priced option with an estimated duration of 30 days
VALARIS 122 KFELS Super A 2014 Adura

INEOS 		UK

UK 		Jan 26

Sep 26
Sep 26

Feb 27


$115,000
 Contracted revenue backlog of approx. $28 million for extensions totaling 243 days. The extensions are for accommodation support
Options with an estimated total duration of 825 days for work in the UK and Danish North Sea
VALARIS 121 KFELS Super A 2014 Adura
 UK
 Feb 26 Nov 26 Contracted revenue backlog of over $25 million based on estimated duration of 194 days
VALARIS 120 KFELS Super A 2013 Eni UK Jan 26 Jan 28 Contract assigned to VALARIS 120 from VALARIS 248
FLEET AWARD Spirit Energy UK Commencement window up to Dec 2030; estimated duration of 294 days. Contracted revenue backlog of $35 million, subject to an annual cost escalation mechanism effective from the contract execution date. Three options with a total estimated duration of 426 days. Fleet award under which operations may be performed by any suitable and available rig within the Valaris North Sea Fleet
Stacked
VALARIS Viking KFELS N Class 2010 UK
Legacy Jackups
VALARIS 92 LT 116-C 1982 Shell UK Aug 25 Oct 27 Options with total duration of up to one year
VALARIS 72 Hitachi 300C 1981 Eni UK Oct 25 Sep 27
Changes: bolded rig names and underlined text signify changes in rig status from previous fleet status report
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 Valaris Limited
Fleet Status Report
August 5, 2026
Asset Category / Rig Design Year Delivered Customer Location Contract Start Date
Contract End Date(1)
Day Rate(2)
Comments
Benign Environment Jackups
VALARIS 144 LT Super 116-E 2010 Azule Energy
 Angola
 Sep 25 Oct 27 TCV estimated to be between $149 million and $156 million based on contract duration of 730 to 770 days, including a mobilization fee from the Gulf of America. Three-well option
VALARIS 118 LT 240-C 2012 BP
 Trinidad
 Nov 25
 Aug 28 TCV of approx. $168 million based on duration of three years. Two 1-year options
VALARIS 117 LT 240-C 2009 Eni
Undisclosed		 Mexico
Trinidad		 Apr 25
Aug 26		 Apr 26
Aug 28		 TCV of approx. $36 million based on duration of 300 days
Day rate in line with market rates in the region
VALARIS 115 BM Pacific Class 400 2013 Shell
Shell		 Brunei
Brunei		 Apr 23
Apr 27		 Apr 27
Apr 29		 TCV of approx. $159 million based on duration of four years
Contracted revenue backlog of approx. $78 million for two-year extension
VALARIS 110 KFELS MOD V-B 2015 NOC Qatar Oct 25 Oct 29
Contracted revenue backlog for the four-year extension is approx. $117 million. 1-year priced option. Expect approx. 60 days out of service for planned maintenance in 1Q27
VALARIS 107 KFELS MOD V-B 2006 Woodside
GB Energy		 Australia
Australia		 Nov 25
Nov 26		 Oct 26
Mar 27		 $163,000

TCV of approx. $27 million based on estimated duration of 150 days. Expect approx. 115 days out of service for planned maintenance (including mobilizations) in 2Q/3Q27
VALARIS 106 KFELS MOD V-B 2005 BP Indonesia Oct 26 Sep 28
TCV of approx. $74 million based on estimated duration of two years. Four 1-well options. Expect approx. 90 days out of service for leg repairs in 3Q26
Stacked
VALARIS 148 LT Super 116-E 2013 UAE
VALARIS 147 LT Super 116-E 2013 UAE
VALARIS 143 LT Super 116-E 2010 UAE
VALARIS 111 KFELS MOD V-B 2003 Croatia
Sold
VALARIS 109 KFELS MOD V-Super B 2008 Namibia Rig sold in July 2026
VALARIS 104 KFELS MOD V-B 2002 UAE Rig sold in June 2026 for non-drilling use
Changes: bolded rig names and underlined text signify changes in rig status from previous fleet status report
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 Valaris Limited
Fleet Status Report
August 5, 2026
Asset Category / Rig Design Year Delivered Customer Location Contract Start Date
Contract End Date(1)
Day Rate(2)
Comments
Other - Jackups Leased to ARO Drilling(3)
VALARIS 250 LT Super Gorilla XL 2003 ARO Drilling Saudi Arabia May 25 Apr 30
Approx. 15 days out of service for planned maintenance in 3Q26. Recommenced bareboat charter in July 2026 following shipyard project
VALARIS 146 LT Super 116-E 2011 ARO Drilling Saudi Arabia May 25 Apr 30
VALARIS 141 LT Super 116-E 2016 ARO Drilling Saudi Arabia Aug 25 Aug 30
VALARIS 140 LT Super 116-E 2016 ARO Drilling Saudi Arabia May 25 Apr 30
VALARIS 116 LT 240-C 2008 ARO Drilling Saudi Arabia May 25 Apr 30
Approx. 40 days out of service for planned maintenance in 3Q26. Expected to recommence bareboat charter in 3Q26 following shipyard project
VALARIS 108 KFELS MOD V-B 2007 ARO Drilling Saudi Arabia Mar 24 Mar 27 1-year priced option
VALARIS 76 LT Super 116-C 2000 ARO Drilling Saudi Arabia Dec 25 Dec 30 Priced options of up to two years
Other - Managed Rigs
Thunder Horse Deepwater Semisubmersible BP Gulf of America Jan 24 Jan 27 TCV of approx. $153 million
Mad Dog Deepwater Spar Drilling Rig BP Gulf of America Jan 24 Jan 27 TCV of approx. $106 million
Changes: bolded rig names and underlined text signify changes in rig status from previous fleet status report
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 Valaris Limited
Fleet Status Report
August 5, 2026
Asset Category / Rig Design Customer Location Contract Start Date
Contract End Date(1)
Day Rate(2)
Comments
ARO Drilling
Jackup Rigs Owned by ARO Drilling
Gilbert Rowe LT 116-C Saudi Aramco Saudi Arabia Oct 17 Sep 26
SAR 201 BM 200-H Saudi Aramco Saudi Arabia Feb 18 Sep 26
Bob Keller LT Tarzan 225-C Saudi Aramco Saudi Arabia Oct 17 Sep 26 Expect approx. 30 days out of service for planned maintenance in 3Q26
J.P. Bussell LT Tarzan 225-C Saudi Aramco Saudi Arabia Oct 17 Sep 26
Scooter Yeargain LT Tarzan 225-C Saudi Aramco Saudi Arabia Oct 18 Dec 26
Hank Boswell LT Tarzan 225-C Saudi Aramco Saudi Arabia Oct 18 Dec 26
SAR 202 KFELS Super B Saudi Aramco Saudi Arabia Oct 17 Sep 26
Kingdom 1 LT 116-C Saudi Aramco Saudi Arabia Nov 23 Nov 31 Expect approx. 30 days out of service for planned maintenance in 3Q26
Kingdom 2 LT 116-C Saudi Aramco Saudi Arabia Aug 24 Aug 32 Expect approx. 25 days out of service for planned maintenance in 4Q26
Changes: bolded rig names and underlined text signify changes in rig status from previous fleet status report
(1) Contract duration does not include any unexercised optional extensions. Contract end dates can vary based on how long it takes to complete the wells subject to the contract.
(2) Day rates are reported to the nearest thousand and reflect the operating day rates charged to customers, excluding certain types of non-recurring revenues such as lump sum mobilization payments. Day rates are provided unless such disclosures are restricted by confidentiality provisions.
(3) Rigs leased to ARO Drilling via bareboat charter agreements to fulfill contracts between ARO Drilling and Saudi Aramco.

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 Valaris Limited
Fleet Status Report
August 5, 2026

Out of Service Days (1)
Rig Segment / Asset Category Q3 2026 Q4 2026 Q1 2027 Q2 2027
VALARIS DS-16 Floater - Drillship 35
VALARIS DS-10 Floater - Drillship 45
VALARIS DS-9 Floater - Drillship 15
VALARIS DS-8 Floater - Drillship 60
VALARIS 249 Jackup - Harsh Environment 75 25
VALARIS 110 Jackup - Benign Environment 60
VALARIS 107 Jackup - Benign Environment 90
VALARIS 106 Jackup - Benign Environment 90
VALARIS 250 Other - Jackups Leased to ARO Drilling 15
VALARIS 116 Other - Jackups Leased to ARO Drilling 40

(1) Table shows expected out of service days for planned maintenance or repairs, e.g. special periodic surveys and rig upgrades, excluding rigs undergoing reactivation projects. Excludes ARO owned rigs.

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 Valaris Limited
Fleet Status Report
August 5, 2026
 
Additional Information Regarding this Fleet Status Report
 
Day Rate and Terms. The day rates reflected in this Fleet Status Report are stated in U.S. dollars and include the operating day rates charged to customers, which may include estimated contractual adjustments for changes in operating costs and/or reimbursable cost adjustments for ongoing expenses such as crew, catering, insurance and taxes. The day rates, however, do not include certain types of non-recurring revenues such as lump sum mobilization payments, revenues earned during mobilizations, revenues associated with contract preparation and other non-recurring reimbursable items such as mobilizations and capital enhancements, and the impact of the fair market value adjustments to previously acquired drilling contracts that are recognized during the contract term. Routine and non-routine downtime may reduce the actual revenues recognized during the contract term. Additionally, we sometimes negotiate special rates and/or day rate adjustments with customers that may reduce revenues recognized.

Total Contract Value. Total contract value is the estimated total compensation expected to be received for a contract, including the operating day rate over the estimated firm term of the contract and any non-recurring lump sum payments for items such as mobilization, reactivation and capital upgrades.
 
Forward-Looking Statements. Statements contained in this Fleet Status Report 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 statements include words or phrases such as "anticipate," "believe," "estimate," "expect," "intend," "likely," "outlook," "plan," "project," "could," "may," "might," "should," "will" and similar words and specifically include statements regarding expected financial performance; expected utilization, day rates, revenues, operating expenses, cash flows, contract status, terms and duration, contract backlog, capital expenditures, insurance, financing and funding; the offshore drilling market, including supply and demand, customer drilling programs and the attainment of requisite permits for such programs, stacking of rigs, effects of new rigs on the market and effect of the volatility of commodity prices; expected work commitments, awards, contracts and letters of intent; scheduled delivery dates for rigs; performance and expected benefits of our joint ventures, including our joint venture with Saudi Aramco; timing of the delivery of the Saudi Aramco Rowan Offshore Drilling Company ("ARO") newbuild rigs and the timing of additional ARO newbuild orders; the availability, delivery, mobilization, contract commencement, availability, relocation or other movement of rigs and the timing thereof; rig reactivations; suitability of rigs for future contracts; divestitures of assets; general economic, market, business and industry conditions, trends and outlook; general political conditions, including political tensions, conflicts and war; cybersecurity attacks and threats; uncertainty around the use and impacts of artificial intelligence applications; impacts and effects of public health crises, pandemics and epidemics; future operations; ability to renew expiring contracts or obtain new contracts; increasing regulatory complexity; targets, progress, plans and goals related to sustainability matters; the outcome of tax disputes; assessments and settlements; and expense management. The forward-looking statements contained in this Fleet Status Report are subject to numerous risks, uncertainties and assumptions that may cause actual results to vary materially from those indicated, including risks associated with the pending transaction with Transocean Ltd., including, among others, the completion of the pending transaction on the anticipated terms and timing, or at all, the risk that disruptions from the transaction will harm our business, including current plans and operations, the diversion of management's time and attention from ordinary course operations to completion of the pending transaction and certain restrictions during the pendency of the transaction that may impact our business; cancellation, suspension, renegotiation or termination of drilling contracts and programs; our ability to obtain financing, service our debt, fund capital expenditures and pursue other business opportunities; adequacy of sources of liquidity for us and our customers; future share repurchases; actions by regulatory authorities, or other third parties; actions by our security holders; internal control risk; commodity price fluctuations and volatility, customer demand, loss of a significant customer or customer contract, downtime and other risks associated with offshore rig operations; adverse weather, including hurricanes; changes in worldwide rig supply; and demand, competition and technology; supply chain and logistics challenges; consumer preferences for alternative fuels and forecasts or expectations regarding the global energy transition; increased scrutiny of our sustainability targets, initiatives and reporting and our ability to achieve such targets or initiatives; changes in customer strategy; future levels of offshore drilling activity; governmental action, civil unrest and political and economic uncertainties, including recessions, inflation, volatility affecting financial markets and the banking system, changing tariff policies, trade disputes, and adverse changes in the level of international trade activity; terrorism, piracy and military action (including conflicts in the Middle East and potential disruptions to key shipping lanes such as the Strait of Hormuz); risks inherent to shipyard upgrade, repair, maintenance, enhancement or rig reactivation; our ability to enter into, and the terms of, future drilling contracts; suitability of rigs for future contracts; the cancellation of letters of intent or letters of award or any failure to execute definitive contracts following announcements of letters of intent, letters of award or other expected work commitments; the outcome of litigation, legal proceedings, investigations or other claims or contract disputes; governmental regulatory, legislative and permitting requirements affecting drilling operations; our ability to attract and retain skilled personnel on commercially reasonable terms; the use of artificial intelligence by us, third-party service providers or our competitors; environmental or other liabilities, risks or losses; compliance with our debt agreements and debt restrictions that may limit our liquidity and flexibility, including in any return of capital plans; cybersecurity risks and threats; and changes in foreign currency exchange rates. In addition to the numerous factors described above, you should also carefully read and consider "Item 1A. Risk Factors" in Part I and "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" in Part II of our most recent annual report on Form 10-K, which is available on the Securities and Exchange Commission's website at www.sec.gov or on the Investor Relations section of our website at www.valaris.com. Each forward-looking statement speaks only as of the date of the particular statement, and we undertake no obligation to update or revise any forward-looking statements, except as required by law.

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