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Press Release

Valaris Reports Second Quarter 2026 Results

Hamilton, Bermuda, August 5, 2026… Valaris Limited (NYSE: VAL) ("Valaris" or the "Company") today reported second quarter 2026 results.

President and Chief Executive Officer Anton Dibowitz said, “I want to thank our teams across the organization for their unwavering commitment to safe, reliable and efficient operations. Together we delivered another quarter of strong performance, highlighted by revenue efficiency of 98% and the successful startup of two drillships. These achievements helped drive solid financial results despite the impact of the ongoing conflicts in the Middle East.”

Dibowitz added, “We successfully returned VALARIS DS-12 and DS-10 to work on schedule and on budget during the second quarter. With two additional drillships set to commence new contracts before year-end, these rig startups, together with continued strong operational execution across our fleet, are expected to drive further improvement in our financial performance over the remainder of the year.”

Dibowitz concluded, “We remain positive on the outlook for offshore drilling. The pipeline of deepwater contract opportunities remains robust, and we expect to see further awards across the industry, supported by favorable market fundamentals and strong customer demand for high-specification assets. We are also excited about the pending business combination with Transocean, which is on track to close in the fourth quarter of 2026. The combination is expected to deliver meaningful value to our shareholders through anticipated synergies and the enhanced capabilities of the combined company.”

Financial and Operational Highlights

•Total operating revenues of $539 million and net income of $47 million

•Adjusted EBITDA of $97 million, which includes approximately $30 million of negative impacts from the Middle East conflicts

•Revenue efficiency of 98% during the quarter and year to date

•Successful startup of drillships VALARIS DS-12 and DS-10 for new contracts

•Added more than $160 million of backlog for the North Sea jackup fleet, further enhancing Valaris' industry-leading contract coverage for jackups across 2026 and 2027

•High-graded the fleet through the sale of long-term stacked jackups VALARIS 104 and 109 in June and July 2026, respectively, for total cash proceeds of $74 million

Second Quarter Review

Net income of $47 million compared to net loss of $18 million in the first quarter 2026. Net income included a gain on the sale of assets of $38 million compared to a loss of $2 million in the first quarter. Adjusted EBITDA of $97 million compared to $67 million in the first quarter 2026.

Revenues exclusive of reimbursable items increased to $502 million from $430 million in the first quarter 2026, primarily due to more operating days for the floater fleet as three drillships recently commenced new contracts, with one commencing late in the first quarter and the other two during the second quarter.

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Contract drilling expenses exclusive of reimbursable items increased to $380 million from $340 million in the first quarter 2026, primarily due to incremental operating costs associated with the three drillships that recently commenced new contracts, higher repair and maintenance costs largely associated with planned shipyard projects, and a full quarter of higher costs to maintain insurance coverage for war-related risks for jackups that Valaris operates in the Middle East. These items were partially offset by the reversal of a previously recognized bad debt expense following the collection of long-outstanding customer invoices.

General and administrative expenses increased to $27 million from $25 million in the first quarter 2026.

Merger and integration expenses, which are primarily related to professional fees incurred in connection with the pending business combination with Transocean, decreased to $11 million from $14 million in the first quarter 2026.

Other income of $30 million compared to other expense of $10 million in the first quarter 2026, primarily due to a gain on the sale of jackup VALARIS 104.

Tax expense increased to $34 million from $28 million in the first quarter 2026. The second quarter tax provision included a $6 million discrete tax benefit and the first quarter tax provision included a $2 million discrete tax expense, which were primarily related to the resolution of prior period tax matters. Adjusted for these items, tax expense increased to $40 million from $26 million in the first quarter due to higher income before tax and a change in the jurisdictional mix of income.

Capital expenditures increased to $106 million from $101 million in the first quarter 2026.

Cash and cash equivalents decreased to $541 million as of June 30, 2026, from $578 million as of March 31, 2026, primarily due to capital expenditures, partially offset by cash flow from operations and p

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Press Release

Valaris Reports First Quarter 2026 Results

Hamilton, Bermuda, May 4, 2026… Valaris Limited (NYSE: VAL) ("Valaris" or the "Company") today reported first quarter 2026 results.

President and Chief Executive Officer Anton Dibowitz said, “Thank you to the entire Valaris team for a strong start to the year. We delivered safe and reliable operations for our customers, achieving revenue efficiency of 98% in the first quarter. We expect a meaningful improvement in our financial results through 2026, supported by strong project delivery and operational execution, with the DS-12 having successfully returned to operations ahead of schedule and three additional drillships from our active fleet on track to restart later this year.”

Dibowitz added, “We continue to execute our commercial strategy, adding over $500 million of new contract backlog since reporting our fourth quarter results, including a multi-year extension for VALARIS DS-4 offshore Brazil that secures continuous work for the rig into 2030. As a result, total backlog now stands at approximately $4.9 billion, our highest level in nearly a decade, further supporting future earnings and cash flow.”

Dibowitz continued, “We remain positive on the outlook for offshore drilling, supported by improving market fundamentals. While the ongoing conflicts in the Middle East have created near-term uncertainty, they reinforce the strategic importance of energy security and the need for sustained upstream investment to help ensure reliable and affordable energy supply.”

Dibowitz concluded, “During the quarter, we were pleased to announce an all-stock transaction with Transocean that will benefit our shareholders, customers and employees. The transaction is expected to deliver meaningful value to Valaris shareholders through anticipated synergies and the opportunity to participate in the future upside potential of a combined company that is capable of operating any rig at any water depth in any offshore environment around the world.”

Financial and Operational Highlights

•Total operating revenues of $465 million and a net loss of $18 million

•Revenue efficiency of 98%

•Adjusted EBITDA of $67 million

•Announced an all-stock transaction with Transocean that is expected to deliver meaningful value to Valaris shareholders

•Secured over $500 million of new contract backlog since reporting fourth quarter 2025 results, increasing total backlog to approximately $4.9 billion

•Entered into a strategic collaboration agreement with Petronas Suriname and Halliburton to support development of Petronas Suriname's offshore assets

•VALARIS 248 received the Chairman's Award for Jackup Rigs at the 2026 IADC North Sea Chapter Annual Safety Awards in recognition of the rig's safety performance in 2025

First Quarter Review

Net loss of $18 million compared to net income of $717 million in the fourth quarter 2025. Net loss included a tax expense of $28 million compared to a tax benefit of $680 million in the fourth quarter. Adjusted EBITDA of $67 million compared to $97 million in the fourth quarter.

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Revenues exclusive of reimbursable items decreased to $430 million from $502 million in the fourth quarter 2025, primarily due to fewer operating days across both the floater and jackup fleets.

Contract drilling expenses exclusive of reimbursable items decreased to $340 million from $380 million in the fourth quarter 2025, primarily due to fewer operating days for the floater fleet and the deferral of contract preparation costs for certain rigs. These items were partially offset by an $8 million increase in costs related to the ongoing conflicts in the Middle East, primarily the incremental cost to maintain insurance coverage for war-related risks for jackups that Valaris operates in the region.

General and administrative expenses decreased to $25 million from $27 million in the fourth quarter 2025, primarily due to lower professional fees.

First quarter 2026 included $14 million of merger and integration expenses, primarily related to professional fees incurred in connection with the pending business combination with Transocean.

Other expense increased to $10 million from $3 million in the fourth quarter 2025, primarily due to unfavorable movements in foreign currency exchange rates and lower interest income.

Tax expense of $28 million compared to a tax benefit of $680 million in the fourth quarter 2025. The first quarter tax provision included $2 million of discrete tax expense, primarily related to the resolution of prior period tax matters. The fourth quarter tax provision included $691 million of tax benefit related to changes in deferred tax asset valuation allowances in certain operating jurisdictions and a $7 million discrete tax benefit primarily attributable to rig impairments. Adjusted for these items, tax expense increased to $26 million from $18 million in the fourth quarter d

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Valaris Reports Fourth Quarter 2025 Results

Hamilton, Bermuda, February 19, 2026… Valaris Limited (NYSE: VAL) ("Valaris" or the "Company") today reported fourth quarter 2025 results.

President and Chief Executive Officer Anton Dibowitz said, “Our fourth quarter results capped another year of strong execution by the Valaris team. We delivered revenue efficiency of 98% for the quarter and 96% for full year 2025, marking our fifth consecutive year of revenue efficiency at or above 96%. Our employees' unwavering focus on operational excellence continues to be acknowledged by customers and is a core driver of our overall results.”

Dibowitz added, “Our strong operating performance continues to translate into significant contracting success. Since our last quarterly report, we secured nearly $900 million of additional backlog, further strengthening our robust contract coverage across 2026 and 2027. After addressing the white space on our open drillship capacity earlier this year, we recently announced contract awards for VALARIS DS-7 and DS-9, and we expect all ten of our active drillships to be working as we enter 2027, which was a key objective for us.”

Dibowitz concluded, “Earlier this month, we were pleased to announce an all-stock transaction with Transocean that delivers meaningful value to Valaris shareholders, who will benefit from associated synergies and have the opportunity to participate in the future upside potential of the combined company. We believe the outlook for the offshore drilling industry remains positive, with customers continuing to emphasize the need for sustained upstream investment to help ensure secure, reliable and affordable energy supply.”

Financial and Operational Highlights

•Total operating revenues of $537 million, with revenue efficiency of 98%

•Net income of $717 million, which includes a tax benefit of $680 million

•Adjusted EBITDA of $97 million

•VALARIS 115 awarded Shell's 2025 Jackup Rig of the Year

•Secured nearly $900 million of new contract backlog since reporting third quarter 2025 results, including for drillships VALARIS DS-7, DS-8 and DS-9, increasing total backlog to approximately $4.7 billion

•Further high-graded fleet with sale of jackups VALARIS 102 and 145 for recycling and classified semisubmersible VALARIS DPS-1 as held for sale with the intent to recycle

•Repurchased $25 million of shares during the fourth quarter and $100 million during the year

Fourth Quarter Review

Net income of $717 million compared to $187 million in the third quarter 2025. Net income included a tax benefit of $680 million, which is further described below, compared to tax expense of $29 million in the third quarter. Net income also included a gain on sale of assets of $1 million compared to $90 million in the third quarter. Adjusted EBITDA of $97 million compared to $163 million in the third quarter.

Revenues exclusive of reimbursable items decreased to $502 million from $556 million in the third quarter 2025 primarily due to fewer operating days for the floater fleet, the sale of jackup VALARIS 247, which contributed one month of revenue in the third quarter, and lower bareboat charter revenues from rigs leased to ARO Drilling.

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Exclusive of reimbursable items, contract drilling expenses increased to $380 million from $368 million in the third quarter 2025 primarily due to higher repair costs associated with planned maintenance projects, an increase in accruals related to certain claims and higher mobilization expenses. These items were partially offset by lower costs due to fewer operating days for the floater fleet and the sale of jackup VALARIS 247 during the third quarter.

Fourth quarter 2025 included a $20 million loss on impairment primarily related to the classification of semisubmersible VALARIS DPS-1 as held for sale. Depreciation expense increased to $41 million from $37 million in the third quarter 2025 primarily due to new assets placed in service following shipyard projects. General and administrative expenses of $27 million were in line with the third quarter.

Other expense of $3 million compared to other income of $85 million in the third quarter 2025 primarily due to a gain on the sale of jackup VALARIS 247 in the third quarter.

Tax benefit of $680 million compared to tax expense of $29 million in the third quarter 2025. The fourth quarter tax provision included $691 million of tax benefit related to changes in deferred tax asset valuation allowances in certain operating jurisdictions and a $7 million discrete tax benefit primarily attributable to rig impairments. Adjusted for these items, tax expense decreased to $18 million from $29 million in the third quarter.

Capital expenditures increased to $106 million from $70 million in the third quarter 2025 primarily due to shipyard projects for two rigs leased to ARO that commenced during the fourth quarter, as