Valaris Takes Delivery of Newbuild Drillships VALARIS DS-13 and DS-14

Valaris Limited (NYSE: VAL) (“Valaris” or the “Company”) announced today that it has exercised its options and taken delivery of newbuild drillships VALARIS DS-13 and DS-14 for an aggregate purchase price of approximately $337 million.

President and Chief Executive Officer Anton Dibowitz said, “We are delighted to add these two rigs, the highest specification drillships remaining at the South Korean shipyards, to our fleet. These additions increase our drillship fleet to 13 rigs, reinforcing its position as one of the most technically capable in the industry.”

Dibowitz added, “Following the successful contracting of six of our stacked drillships since mid-2021, the purchase of VALARIS DS-13 and DS-14 increases our operating leverage to the attractive ultra-deepwater floater market. Based on our positive market outlook, growing future demand and strong customer interest in these rigs, we believe that the purchase of these high specification drillships at compelling prices will generate attractive returns.”

VALARIS DS-13 and DS-14 will be mobilized from South Korea to Las Palmas, Spain, where the rigs will be stacked until they are contracted for work. The purchase of the rigs is expected to increase the Company’s fourth quarter 2023 capital expenditures by approximately $355 million, representing the purchase price for the rigs and costs associated with preparing the rigs to mobilize from South Korea to Las Palmas. In addition, the Company anticipates 2024 capital expenditures of approximately $35 million primarily related to mobilization costs.

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). To learn more, visit our website at www.valaris.com.