Financial Data and Key Metrics Changes - Adjusted EBITDA for Q1 2022 was negative $31 million compared to positive $3 million in the prior quarter, while adjusted EBITDAR was $31 million compared to $40 million in the prior quarter [41] - Revenues for Q1 2022 were $318 million, up from $306 million in the prior quarter, with revenues excluding reimbursable items increasing to $291 million from $283 million [41] - Contract drilling expense for Q1 2022 was $331 million compared to $286 million in the prior quarter, with reactivation costs increasing to $62 million from $37 million [42][43] Business Line Data and Key Metrics Changes - In the jackup segment, new contracts commenced for Valaris 249, 117, and 114, contributing to higher utilization [41] - The Other segment saw revenue increases primarily due to higher day rates for managed rigs, Mad Dog and Thunder Horse, which received contract extensions [41] - The floater segment experienced revenue declines mainly due to Valaris DPS 5 being out of service for a survey [42] Market Data and Key Metrics Changes - Demand for hydrocarbons is expected to exceed 2019 levels by early 2023, with offshore upstream CapEx projected to see double-digit growth over the next few years [12][14] - Active utilization for benign environment jack-ups has increased to approximately 85%, with pricing improving [19] - The company anticipates Brazil to be a significant driver of offshore demand, with Petrobras seeking to double production by 2030 [17][18] Company Strategy and Development Direction - The company aims to actively manage its fleet and contracting activities, having increased its contract backlog to over $2.4 billion from just over $1 billion at the beginning of 2021 [21] - The strategy includes reactivating high-quality stacked rigs for long-term contracts at attractive economics, while maintaining a disciplined approach to future reactivations [22][32] - The company plans to assess its fleet for retirement and divestiture candidates, acting opportunistically to divest assets if economically sensible [32][60] Management's Comments on Operating Environment and Future Outlook - Management noted that financial results are expected to improve significantly as reactivation projects are completed and rigs commence long-term contracts [32][56] - The company retains significant operational leverage to the improving market through its high-quality stacked fleet [32] - Management expressed confidence in capitalizing on opportunities during the industry upcycle, focusing on maximizing earnings and free cash flow [33][59] Other Important Information - The company reported a strong balance sheet with cash and cash equivalents of $578 million and only $550 million in senior secured notes due in 2028 [58] - ARO Drilling, a joint venture with Saudi Aramco, is expected to contribute significantly to the company's future earnings, with a backlog of approximately $1 billion [29][57] Q&A Session Summary Question: Regarding debt retirement and asset monetization - Management indicated that while there are reinvestment rights associated with the recent asset sale, there is a non-call period for the debt that ends in April next year, and they are focused on maintaining liquidity while exploring investment opportunities [64] Question: Interest from international oil companies (IOCs) in Brazil - Management noted strong interest from IOCs in Brazil, with Petrobras aiming to double production by 2030, which is expected to drive incremental demand for rigs [66]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to__________ Commission File Number 1-8097 Valaris Limited (Exact name of registrant as specified in its charter) Indicate by check mark whether th ...

Valaris Limited (NYSE:VAL) Q4 2021 Earnings Conference Call February 22, 2022 10:00 AM ET Company Participants Tim Richardson - Director, Investor Relations Anton Dibowitz - President and Chief Executive Officer Darin Gibbins - Interim Chief Financial Officer and Vice President, Investor Relations and Treasurer Conference Call Participants Greg Lewis - BTIG Fredrik Stene - Clarksons Operator Good day, everyone and welcome to Valaris’ Fourth Quarter 2021 Results Conference Call. As a reminder, this call is b ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 1-8097 Valaris Limited (Exact name of registrant as specified in its charter) Bermuda 98-1589854 (State or other jurisdiction of incorpor ...

Valaris Limited (NYSE:VAL) Q3 2021 Results Conference Call November 2, 2021 10:00 AM ET Company Participants Tim Richardson - Director of Investor Relations Anton Dibowitz - Interim President and CEO Darin Gibbins - Interim CFO and Vice President, Investor Relations and Treasurer Conference Call Participants Fredrik Stene - Clarksons Platou Securities Greg Lewis - BTIG Operator Good day, everyone, and welcome to Valaris' Third Quarter 2021 Financial Results Conference Call. Please note that this event is be ...

FORM 10-Q Valaris Limited UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to__________ Commission File Number 1-8097 (Exact name of registrant as specified in its charter) (State or other jurisdiction ...

Valaris Ltd (NYSE:VAL) Q2 2021 Earnings Conference Call August 3, 2021 10:00 AM ET Company Participants Darin Gibbins - VP, IR & Treasurer Thomas Burke - President, CEO & Director Jonathan Baksht - EVP & CFO Tim Richardson - Director, IR Conference Call Participants Connor Lynagh - Morgan Stanley Gregory Lewis - BTIG Fredrik Stene - Clarksons Platou Operator Good day, everyone, and welcome to Valaris' Second Quarter 2021 Financial Results Conference Call. [Operator Instructions]. Please note, this event is ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to__________ Commission File Number 1-8097 Valaris Limited (Exact name of registrant as specified in its charter) Bermuda 98-1589854 (State or other ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to__________ Commission File Number 1-8097 Valaris plc (Exact name of registrant as specified in its charter) England and Wales 98-0635229 (State o ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 1-8097 Valaris plc (Exact name of registrant as specified in its charter) England and Wales 98-0635229 (State or other jurisdiction of incorporation ...