EX-99.1 2 fsrex99_1april2025.htm EX-99.1

    

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Valaris Limited Fleet Status Report April 30, 2025

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 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.

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Valaris Limited Fleet Status Report April 30, 2025

Contract Backlog(1) (2) ($ millions)			2025			2026			2027+			Total						Contracted Days(1) (2)			2025			2026			2027+
Drillships			$	648.5		$	835.3		$	630.9		$	2,114.7					Drillships			1,671			1,932			1,246
Semisubmersibles			56.2			—			—			56.2						Semisubmersibles			254			—			—
Floaters			$	704.7		$	835.3		$	630.9		$	2,170.9					Floaters			1,925			1,932			1,246
Harsh Environment			$	248.9		$	211.7		$	179.9		$	640.5					Harsh Environment			1,738			1,481			1,208
Benign Environment			204.7			213.4			190.9			609.0						Benign Environment			1,558			1,388			1,205
Legacy			40.8			72.0			47.6			160.4						Legacy			431			723			481
Jackups			$	494.4		$	497.1		$	418.4		$	1,409.9					Jackups			3,727			3,592			2,894
Other(3)			$	111.6		$	189.0		$	356.2		$	656.8					Other(3)			1,784			3,103			7,766
Total			$	1,310.7		$	1,521.4		$	1,405.5		$	4,237.6					Total			7,436			8,627			11,906
ARO Drilling(4)																		Average Day Rates(1) (2)			2025			2026			2027+
Owned Rigs			$	243.0		$	204.6		$	606.8		$	1,054.4					Drillships			$	388,000		$	432,000		$	506,000
Leased Rigs			155.6			293.6			991.7			1,440.9						Semisubmersibles			221,000			—			—
Total			$	398.6		$	498.2		$	1,598.5		$	2,495.3					Floaters			$	366,000		$	432,000		$	506,000
																		Harsh Environment			$	143,000		$	143,000		$	149,000
																		Benign Environment			131,000			154,000			158,000
																		Legacy			95,000			100,000			99,000
																		Jackups			$	133,000		$	138,000		$	145,000
(1) Contract backlog, contracted days and average day rates as of April 30, 2025. (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. 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 April 30, 2025. HD = Heavy Duty; SD = Standard Duty

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Valaris Limited Fleet Status Report April 30, 2025

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

Chevron

U.S. Gulf

Aug 22

Aug 25

Additional rate charged when MPD services provided. Expect approx. 20 days out of service for planned maintenance in 3Q25

VALARIS DS-17

GustoMSC P10000

2014

Equinor Equinor Equinor

Brazil Brazil Brazil

Sep 23 May 25 Oct 25

Apr 25 Oct 25 Jan 28

$447,000 $497,000

Contract includes MPD and additional services Expect approx. 25 days out of service for customer required upgrades in 4Q25 Estimated total contract value ("TCV") of $498 million, inclusive of MPD, additional services and fees for mobilization and minor rig upgrades. Based on estimated duration of 852 days comprised of a 180-day standby period followed by a 672-day drilling program

VALARIS DS-16

GustoMSC P10000

2014

Occidental

U.S. Gulf

Jun 24

Jun 26

Additional rate charged when MPD services provided. 1-year priced option

VALARIS DS-15

GustoMSC P10000

2014

TotalEnergies

Brazil

Dec 24

Aug 25

$400,000

Additional rate charged when MPD and additional services provided

VALARIS DS-12

DSME 12000

2013

BP

Egypt Spain

Jan 24

Mar 25

TCV of $136 million based on initial estimated duration of 320 days Rig is being warm stacked in Las Palmas, Spain

VALARIS DS-10

Samsung GF12000

2017

Undisclosed

Spain West Africa

Jul 26

Jun 28

Rig is warm stacked in Las Palmas, Spain TCV of $352 million based on duration of two years. TCV does not include the provision of additional services. Additional rate charged when MPD services provided

VALARIS DS-9

Samsung GF12000

2015

ExxonMobil

Cyprus / Angola

Jul 22

Jul 26

Contract includes MPD services. Rig expected to return to Angola in 3Q25

VALARIS DS-8

Samsung GF12000

2015

Petrobras

Brazil

Dec 23

Dec 26

$428,000

Plus mobilization fee of approx. $30 million. Contract includes additional services

VALARIS DS-7

Samsung 96K

2013

Undisclosed

West Africa

Jun 24

Oct 26

TCV estimated to be $364 million based on initial estimated duration of 850 days

VALARIS DS-4

Samsung 96K

2010

Petrobras

Brazil

Dec 24

Nov 27

$450,000

Plus mobilization fee of approx. $41 million. Contract includes MPD and additional services

Stacked

VALARIS DS-14

DSME 12000

2023

Spain

VALARIS DS-13

DSME 12000

2023

Spain

VALARIS DS-11

DSME 12000

2013

Spain

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 April 30, 2025

Asset Category / Rig

Design

Year Delivered

Customer

Location

Contract Start Date

Contract End Date(1)

Day Rate(2)

Comments

Semisubmersibles

VALARIS DPS-1

F&G ExD Millennium, Moored

2012

Woodside

Australia

Jan 24

Sep 25

VALARIS MS-1

F&G ExD Millennium, Moored

2011

Santos

Australia

Jan 24

Aug 25

Sold

VALARIS DPS-6

ENSCO 8500 Series, DP

2012

Rig sold for recycling and retired from service in April 2025

VALARIS DPS-5

ENSCO 8500 Series, DP + Moored

2012

Rig sold for recycling and retired from service in April 2025

VALARIS DPS-3

ENSCO 8500 Series, DP + Moored

2010

Rig sold for recycling and retired from service in April 2025

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 April 30, 2025

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

Eni Ithaca Energy

UK UK

Jan 24 Apr 25

Mar 25 Feb 26

Period of substitution for VALARIS 72 TCV of approx. $39 million based on estimated duration of 292 days

VALARIS Stavanger

KFELS N Class

2011

TotalEnergies TotalEnergies

UK UK

May 24 Sep 25

Sep 25 Apr 27

TCV of approx. $52 million, including minor rig modifications, based on initial estimated duration of 360 days TCV of over $75 million based on 600-day priced extension. Two 200-day priced options

VALARIS 249

LT Super Gorilla

2001

Undisclosed Perenco Undisclosed BP Shell

Trinidad Trinidad Trinidad Trinidad Trinidad

Jul 24 Jan 25 Apr 25 Mar 26 Jul 26

Jan 25 Feb 25 Jan 26 Jun 26 Jul 27

$125,000 $163,000

TCV of $16.8 million based on duration of 100 days TCV of approx. $66 million based on estimated duration of 365 days. Three priced options with an estimated duration of 50 days each. Expect approx. 30 days out of service for planned maintenance in 2Q26

VALARIS 248

LT Super Gorilla

2000

Ithaca Energy Hibiscus Undisclosed

UK UK North Sea

Aug 20 Aug 25 Nov 25

Jun 25 Oct 25 Nov 27

Expect approx. 50 days out of service for planned maintenance across 2Q25 and 3Q25 TCV of $14.2 million based on estimated duration of 93 days

VALARIS 247

LT Super Gorilla

1998

Eni Jadestone

Australia Australia

Dec 24 Mar 25

Mar 25 Jun 25

$180,000

VALARIS 123

KFELS Super A

2019

Shell TAQA

UK Netherlands

Jul 24 Mar 25

Feb 25 Sep 25

$153,000

TCV of approx. $21 million based on initial estimated duration of 154 days

VALARIS 122

KFELS Super A

2014

Shell

UK

Sep 23

Sep 25

TCV of over $60 million based on initial estimated duration of 500 days

VALARIS 121

KFELS Super A

2014

Shell Shell

UK UK

Nov 23 Jan 25

Jan 25 Feb 26

TCV of over $25 million based on initial estimated duration of 210 days TCV of approx. $55 million based on estimated duration of 406 days. Expect approx. 30 days out of service for planned maintenance in 1Q26. Plus two 1-well priced options with an estimated duration of 120 days each

VALARIS 120

KFELS Super A

2013

Harbour Energy Harbour Energy

UK UK

Jul 23 Jul 25

Jul 25 Jul 28

$130,000 $166,000

Expect approx. 25 days out of service for planned maintenance in 4Q25

Stacked

VALARIS Viking

KFELS N Class

2010

UK

VALARIS 102

KFELS MOD V-A

2002

U.S. Gulf

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 April 30, 2025

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

Undisclosed Undisclosed

Angola Angola

Mar 25 May 25

May 25 Jul 27

TCV of approx. $8.5 million based on estimated duration of 45 days TCV estimated to be between $149 million and $156 million, including a mobilization fee from the U.S. Gulf.

VALARIS 118

LT 240-C

2012

BP BP

Trinidad Trinidad

Apr 24 Jun 25

Jun 25 Jun 28

TCV of approx. $51 million based on initial estimated duration of 365 days TCV of approx. $168 million based on duration of three years. Expect approx. 30 days out of service for planned maintenance in 3Q26

VALARIS 117

LT 240-C

2009

Eni Eni Undisclosed

Mexico Mexico Trinidad

Dec 21 Apr 25 Jul 26

Mar 25 Jan 26 Jan 28

TCV of approx. $36 million based on duration of 300 days. 150-day priced option. Expect approx. 20 days out of service for planned maintenance in 3Q26 185-day priced option

VALARIS 115

BM Pacific Class 400

2013

Shell

Brunei

Apr 23

Apr 27

TCV of approx. $159 million based on duration of four years

VALARIS 110

KFELS MOD V-B

2015

North Oil Company

Qatar

Oct 21

Oct 25

1-year priced option

VALARIS 107

KFELS MOD V-B

2006

ExxonMobil ExxonMobil

Australia Australia

Nov 24 Nov 25

Nov 25 May 26

$153,000 $163,000

180-day priced option

VALARIS 106

KFELS MOD V-B

2005

BP BP

Indonesia Indonesia

Jan 24 Jun 25

Mar 25 Nov 25

$85,000 $95,000

Expect approx. 90 days out of service for planned maintenance across 1Q25 and 2Q25 Priced options for work into 1Q26

Stacked

VALARIS 148

LT Super 116-E

2013

UAE

VALARIS 147

LT Super 116-E

2013

UAE

VALARIS 145

LT Super 116-E

2010

U.S. Gulf

VALARIS 143

LT Super 116-E

2010

UAE

VALARIS 111

KFELS MOD V-B

2003

Croatia

VALARIS 109

KFELS MOD V-Super B

2008

Namibia

VALARIS 104

KFELS MOD V-B

2002

UAE

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 April 30, 2025

Asset Category / Rig

Design

Year Delivered

Customer

Location

Contract Start Date

Contract End Date(1)

Day Rate(2)

Comments

Legacy Jackups

VALARIS 92

LT 116-C

1982

Harbour Energy Shell

UK UK

Mar 24 Jun 25

Jun 25 Jun 27

$95,000

TCV of approx. $75 million based on duration of two years

VALARIS 72

Hitachi 300C

1981

Eni Eni

UK UK

Jan 20 May 25

May 25 Oct 27

Other - Jackups Leased to ARO Drilling(3)

VALARIS 250

LT Super Gorilla XL

2003

ARO Drilling

Saudi Arabia

Jun 18 May 25

Apr 25 Apr 30

Expect approx. 40 days out of service for planned maintenance in 2Q25 Expect approx. 180 days out of service for planned maintenance across 4Q25 and 1Q26

VALARIS 146

LT Super 116-E

2011

ARO Drilling

Saudi Arabia

Sep 18 May 25

Apr 25 Apr 30

Expect approx. 50 days out of service for planned maintenance across 2Q25 and 3Q25

VALARIS 141

LT Super 116-E

2016

ARO Drilling

Saudi Arabia

Aug 22 Aug 25

Aug 25 Aug 30

VALARIS 140

LT Super 116-E

2016

ARO Drilling

Saudi Arabia

Mar 22 May 25

Apr 25 Apr 30

Expect approx. 15 days out of service for planned maintenance in 2Q25

VALARIS 116

LT 240-C

2008

ARO Drilling

Saudi Arabia

Dec 18 May 25

Apr 25 Apr 30

Expect approx. 180 days out of service for planned maintenance across 4Q25 and 1Q26

VALARIS 108

KFELS MOD V-B

2007

ARO Drilling

Saudi Arabia

Mar 24

Mar 27

VALARIS 76

LT Super 116-C

2000

ARO Drilling

Saudi Arabia

Jan 26

Dec 30

Other - Managed Rigs

Thunder Horse

Deepwater Semisubmersible

BP

U.S. Gulf

Jan 24

Jan 27

TCV of approx. $153 million

Mad Dog

Deepwater Spar Drilling Rig

BP

U.S. Gulf

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 April 30, 2025

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

Jan 26

Expect approx. 15 days out of service for planned maintenance in 4Q25

SAR 201

BM 200-H

Saudi Aramco

Saudi Arabia

Feb 18

Feb 26

Bob Keller

LT Tarzan 225-C

Saudi Aramco

Saudi Arabia

Oct 17

Jan 26

Expect approx. 10 days out of service for planned maintenance in 3Q25 and approx. 100 days out of service for planned maintenance across 1Q26 and 2Q26

J.P. Bussell

LT Tarzan 225-C

Saudi Aramco

Saudi Arabia

Oct 17

Jan 26

Expect approx. 10 days out of service for planned maintenance in 1Q26

Scooter Yeargain

LT Tarzan 225-C

Saudi Aramco

Saudi Arabia

Oct 18

Dec 26

Expect approx. 100 days out of service for planned maintenance across 3Q25 and 4Q25

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

Jan 26

Expect approx. 10 days out of service for planned maintenance in 1Q26

Kingdom 1

LT 116-C

Saudi Aramco

Saudi Arabia

Nov 23

Nov 31

Expect approx. 10 days and 20 days out of service for planned maintenance in 2Q25 and 3Q26, respectively

Kingdom 2

LT 116-C

Saudi Aramco

Saudi Arabia

Aug 24

Aug 32

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 April 30, 2025

Out of Service Days (1)

Rig

Segment / Asset Category

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Q2 2026

Q3 2026

VALARIS DS-18

Floater - Drillship

20

VALARIS DS-17

Floater - Drillship

25

VALARIS 249

Jackup - Harsh Environment

30

VALARIS 248

Jackup - Harsh Environment

20

30

VALARIS 121

Jackup - Harsh Environment

30

VALARIS 120

Jackup - Harsh Environment

25

VALARIS 118

Jackup - Benign Environment

30

VALARIS 117

Jackup - Benign Environment

20

VALARIS 106

Jackup - Benign Environment

70

VALARIS 250

Other - Jackups Leased to ARO Drilling

40

90

90

VALARIS 146

Other - Jackups Leased to ARO Drilling

30

20

VALARIS 140

Other - Jackups Leased to ARO Drilling

15

VALARIS 116

Other - Jackups Leased to ARO Drilling

90

90

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

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Valaris Limited Fleet Status Report April 30, 2025

 

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, including changing tariff policies, trade disputes, inflation and recessions, 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 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, 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; 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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