Valaris Plc Form 8-K Current Event Report Filed 2019-10-25

SECURITIES AND EXCHANGE COMMISSION

FORM 8-K Current report filing

Filing Date: 2019-10-25 | Period of Report: 2019-10-25 SEC Accession No. 0000314808-19-000157

(HTML Version on secdatabase.com)

FILER Valaris plc Mailing Address Business Address 6 CHESTERFIELD GARDENS 6 CHESTERFIELD GARDENS CIK:314808| IRS No.: 980635229 | Fiscal Year End: 1231 LONDON X0 W1J5BQ LONDON X0 W1J5BQ Type: 8-K | Act: 34 | File No.: 001-08097 | Film No.: 191167555 4402076594660 SIC: 1381 Drilling oil & gas wells

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

DATE OF REPORT (Date of earliest event reported): October 25, 2019 Valaris plc (Exact name of registrant as specified in its charter)

England and Wales 1-8097 98-0635229 (State or other jurisdiction of (Commission File Number) (I.R.S. Employer Identification No.) incorporation)

6 Chesterfield Gardens London, England W1J 5BQ (Address of Principal Executive Offices and Zip Code)

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))

Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Securities registered pursuant to Section 12(b) of the Act:

Name of each exchange on which Title of each class Ticker Symbol(s) registered Class A ordinary shares, U.S. $0.40 par value VAL New York Stock Exchange 4.70% Senior Notes due 2021 VAL21 New York Stock Exchange 4.50% Senior Notes due 2024 VAL24 New York Stock Exchange 8.00% Senior Notes due 2024 VAL24A New York Stock Exchange 5.20% Senior Notes due 2025 VAL25A New York Stock Exchange 7.75% Senior Notes due 2026 VAL26 New York Stock Exchange 5.75% Senior notes due 2044 VAL44 New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined by Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).

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.

INFORMATION TO BE INCLUDED IN THE REPORT 4 Item 7.01 Regulation FD Disclosure 4 Item 9.01 Financial Statements and Exhibits 4 SIGNATURE 5

Fleet Status Report

The Fleet Status Report of the Company as of October 25, 2019 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.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

Exhibit No. Description

99.1 Fleet Status Report of Valaris plc as of October 25, 2019.

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.

Ensco plc

Date: October 25, 2019 /s/ TOMMY E. DARBY Tommy E. Darby Vice President and Controller

New Contracts & Extensions Since July 25, 2019 Fleet Status Report

Floaters Jackups (continued) • VALARIS DS-16 (Resolute) contract with Fieldwood in the U.S. Gulf of • VALARIS JU-248 (Gorilla VI) awarded a four-well contract with Neptune Mexico extended by approximately 180 days from March 2020 to September Energy in the North Sea that is expected to commence in September 2020, 2020 due to an extension of the contract to complete the well in progress and with an estimated duration of 492 days the exercise of a 90-day option • VALARIS JU-247 (Gorilla V) contract with Total in the North Sea extended • VALARIS DS-15 (Renaissance) awarded a one-well contract with by eight months from March 2020 to November 2020 Murphy in the U.S. Gulf of Mexico that is expected to commence in • VALARIS JU-123 contract with Premier Oil in the North Sea extended January 2020, with an estimated duration of 65 days by one well, with an estimated duration of 30 days from December 2019 • VALARIS DS-12 awarded a four-well contract with BP offshore to January 2020 Angola that is expected to commence in April 2020, with an estimated • VALARIS JU-117 (Ralph Coffman) contract with an undisclosed operator duration of 200 days offshore Trinidad extended by two wells, with an estimated duration of 60 days • VALARIS DS-7 contract with Burullus offshore Egypt extended by from December 2019 to February 2020 approximately 165 days from October 2019 to mid-March 2020 due to the • VALARIS JU-115 contract with Mubadala Petroleum offshore Thailand exercise of three one-well options extended by two months from January 2020 to March 2020 • VALARIS DS-4 awarded a one-well contract with Amni offshore Ghana • VALARIS JU-107 awarded a one-well contract with SapuraOMV that is expected to commence in early March 2020, with an estimated duration offshore Australia that is expected to commence in May 2020, with an of 50 days estimated duration of 45 days • VALARIS DPS-1 contract with Woodside offshore Australia extended by • VALARIS JU-88 contract with Saudi Aramco offshore Saudi Arabia seven wells, with an estimated duration of 420 days from July 2020 to extended by 138 days from mid November 2019 to early April 2020 September 2021 • VALARIS JU-87 awarded a one-well contract with McMoRan Oil & Gas in • VALARIS 8505 contract with Eni offshore Mexico extended by three wells, the U.S. Gulf of Mexico, which commenced in September 2019, with a with an estimated duration of 225 days from February 2020 to September duration of 30 days 2020

Other Jackups • Upon completing its previous contract in September, VALARIS 5006 was moved to Malaysia where it is cold stacked and held for sale • VALARIS JU-291 (Stavanger) contract with Equinor offshore Norway • Upon completing its previous contract in September, VALARIS JU-68 extended by two wells, with an estimated duration of 208 days from January was cold stacked and held for sale 2020 to August 2020 • VALARIS JU-42 (California) sold and retired from the offshore drilling • VALARIS JU-290 (Viking) awarded a contract to provide accommodation fleet services with Repsol offshore Norway, which commenced in October 2019, with an estimated duration of 130 days • VALARIS JU-248 (Gorilla VI) contract with Shell offshore Trinidad extended by one month from September 2019 to October 2019 • VALARIS JU-248 (Gorilla VI) contract with Premier Oil in the North Sea extended by two wells, with an estimated duration of 140 days from May 2020 to September 2020; this previously disclosed contract was transferred to VALARIS JU-248 from VALARIS JU-121

New Disclosure: bolded text signifies contracts or extensions that have not been previously disclosed.

Page 1 of 12

Contract Backlog(1) 2022 and ($ millions) 4Q19 2020 2021 Beyond Total Contract Days(1) 4Q19 2020 2021 Drillships $ 131.0 $ 347.1 $ — $ — $ 478.1 Drillships 572 1,217 — Semisubmersibles 57.0 137.8 60.2 — 255.0 Semisubmersibles 368 764 251 Floaters $ 188.0 $ 484.9 $ 60.2 $ — $ 733.1 Floaters 940 1,981 251

HD - Ultra-Harsh & Harsh $ 91.3 $ 259.8 $ 101.4 $ 25.5 $ 478.0 HD - Ultra-Harsh & Harsh 929 2,231 961 HD & SD - Modern 82.1 192.6 124.0 57.8 456.5 HD & SD - Modern 1,070 2,628 1,672 SD - Legacy 35.5 110.5 96.8 55.3 298.1 SD - Legacy 522 1,574 1,339 Jackups $ 208.9 $ 562.9 $ 322.2 $ 138.6 $ 1,232.6 Jackups 2,521 6,433 3,972

Leased Rigs $ 22.7 $ 91.0 $ 67.7 $ 6.6 $ 188.0 Leased Rigs 810 3,294 2,554 Managed Rigs 19.6 78.0 77.7 3.4 178.7 Managed Rigs 184 732 730 Other $ 42.3 $ 169.0 $ 145.4 $ 10.0 $ 366.7 Other 994 4,026 3,284

Total $ 439.2 $ 1,216.8 $ 527.8 $ 148.6 $ 2,332.4 Total 4,455 12,440 7,507

HD = Heavy Duty; SD = Standard Duty Average Day Rates(1) 4Q19 2020 2021 (1) Contract backlog, contract days and average day rates as of September 30, 2019 exclusive of performance bonus, Drillships $ 229,000 $ 285,000 $ — adjusted for drilling contracts signed or terminated after September 30, 2019 but prior to filing the Fleet Status Report on Form 8-K on October 24, 2019. Semisubmersibles 155,000 180,000 240,000

(2) Leased rigs represents contract backlog and contract days related to bareboat charter agreements. Floaters $ 200,000 $ 245,000 $ 240,000

HD - Ultra-Harsh & Harsh $ 98,000 $ 116,000 $ 106,000 HD & SD - Modern 77,000 73,000 74,000 SD - Legacy 68,000 70,000 72,000 Jackups $ 83,000 $ 88,000 $ 81,000

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Asset Type / Year Customer/ Contract Contract Status / Rig Design Delivered Status Location Start Date End Date(1) Comments

Drillships Marketed VALARIS GustoMSC P10000 2015 ExxonMobil U.S. GOM Sep. 18 Dec. 19 DS-18 EnVen U.S. GOM Jan. 20 Feb. 20 Contracted for one well. Plus two 1-well options (Relentless) VALARIS GustoMSC P10000 2014 Available Spain DS-17 (Reliance) VALARIS GustoMSC P10000 2014 Fieldwood U.S. GOM Mar. 19 Sep. 20 Plus two 90-day unpriced options DS-16 (Resolute) VALARIS GustoMSC P10000 2014 Petronas Mexico Jun. 19 Oct. 19 DS-15 Murphy U.S. GOM Jan. 20 Mar. 20 Contracted for one well. Plus one 1-well option (Renaissance) VALARIS DSME 12000 2014 BP Senegal Apr. 19 Nov. 19 ----- DS-12 BP Angola Apr. 20 Oct. 20 Contracted for four wells. Plus four 1-well options

VALARIS DSME 12000 2013 Available Spain DS-11

VALARIS Samsung GF12000 2017 Shell Nigeria Mar. 18 Mar. 20 Plus four 1-year priced options DS-10

VALARIS Samsung GF12000 2015 Total Brazil Jun. 19 May 20 Contracted for four wells. Plus two 1-well options DS-9

VALARIS Samsung GF12000 2015 Total Angola Nov. 15 Nov. 20 Day rate of approx. $620,000, plus approx. $14,000 p/d amortized DS-8 through Nov. 20 for mobilization. Plus one 14-month priced option

VALARIS Samsung 96K 2013 Burullus Egypt Apr. 19 Mar. 20 Plus five 1-well options DS-7

VALARIS Samsung 96K 2012 Available Spain DS-6

VALARIS Samsung 96K 2010 Available Spain DS-4 Amni Ghana Mar. 20 Apr. 20 Contracted for one well. Plus four 1-well options

Under Construction VALARIS DSME 12000 Under South Korea Scheduled delivery date 2Q22 DS-14 Construction

VALARIS DSME 12000 Under South Korea Scheduled delivery date 3Q21 DS-13 Construction

Preservation Stacked VALARIS Samsung 96K 2011 Preservation Spain DS-5 Stacked(2)

VALARIS Samsung 96K 2010 Preservation Spain DS-3 Stacked(2)

Changes: bolded rig names and underlined text signify changes in rig status from previous report

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Asset Type / Year Customer/ Contract Contract Status / Rig Design Delivered Status Location Start Date End Date(1) Comments

Semisubmersibles Marketed VALARIS F&G ExD Millennium, 2012 Woodside Australia Feb. 18 Aug. 19 DPS-1 DP Woodside Australia Feb. 20 Sep. 21 Contracted for ten wells

VALARIS ENSCO 8500 Series, 2012 Eni Mexico Jan. 19 Sep. 20 Contracted for six wells in the U.S. GOM and for five wells in Mexico. 8505 DP + Moored Plus five 1-well options

VALARIS ENSCO 8500 Series, 2011 JAPEX Japan Apr. 19 Jul. 19 8504 DP + Moored Available Malaysia

VALARIS ENSCO 8500 Series, 2010 Apache U.S. GOM Jul. 19 Sep. 19 8503 DP + Moored Kosmos U.S. GOM Sep. 19 Apr. 20 Contracted for six wells. Plus one 140-day option

VALARIS F&G ExD Millennium, 2011 Available Malaysia MS-1 Moored

VALARIS Megathyst, DP 2001 Petrobras Brazil Jul. 13 Jan. 20 Day rate of approx. $248,000, plus approx. $17,000 per day 6002 amortized through Dec. 19 for capital upgrades. Plus cost adjustments VALARIS F&G Enhanced 1982 Mellitah Mediterranean Aug. 14 Mar. 20 Inspection for 14 days in 3Q19 5004 Pacesetter, Moored

Preservation Stacked VALARIS ENSCO 8500 Series, 2012 Preservation U.S. GOM 8506 DP Stacked(2)

VALARIS ENSCO 8500 Series, 2010 Preservation U.S. GOM 8502 DP Stacked(2)

VALARIS ENSCO 8500 Series, 2009 Preservation U.S. GOM 8501 DP Stacked(2)

VALARIS ENSCO 8500 Series, 2008 Preservation U.S. GOM 8500 DP Stacked(2)

Changes: bolded rig names and underlined text signify changes in rig status from previous report

Page 4 of 12

Segment / Asset Type / Year Customer/ Contract Contract Rig Design Delivered Status Location Start Date End Date(1) Comments

Jackups Heavy Duty Ultra-Harsh Environment(3) VALARIS KFELS N Class 2011 Turkish Petroleum Turkey Nov. 18 Jul. 19 JU-292 ConocoPhillips Norway Oct. 19 Mar. 20 Plus one 6-month and one 13-month priced options (Norway) VALARIS KFELS N Class 2011 Equinor Norway Oct. 19 Aug. 20 Plus three 1-well priced options and recurring 6-month JU-291 priced options through Dec. 25 (Stavanger) VALARIS KFELS N Class 2010 Repsol Norway Oct. 19 Mar. 20 Contracted for accommodation services JU-290 Lundin Norway Apr. 20 Dec. 20 Contracted for seven wells, with minimum duration of 265 (Viking) days. Plus four 1-well priced options VALARIS LT Super Gorilla XL 2003 Saudi Aramco Saudi Arabia Jun. 18 Jun. 21 Leased to ARO Drilling(4) JU-250 (Bob Palmer) VALARIS LT Super Gorilla 2002 Chrysaor UK May 18 Nov. 19 Plus two 1-year unpriced options JU-249 (Gorilla VII) VALARIS LT Super Gorilla 2000 Shell Trinidad Apr. 18 Oct. 19 Contracted for accommodation services. ----- JU-248 Premier UK Mar. 20 Sep. 20 Contracted for three wells. Contract transferred from (Gorilla VI) VALARIS JU-121 Neptune UK Sep. 20 Jan. 22 Contracted for four wells. Plus two 1-well options

VALARIS LT Super Gorilla 1998 Total UK Sep. 17 Nov. 20 Plus one 3-month and one 6-month priced options JU-247 (Gorilla V)

Changes: bolded rig names and underlined text signify changes in rig status from previous report

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Segment / Year Customer/ Contract Contract Region / Rig Design Delivered Status Location Start Date End Date(1) Comments

Jackups Heavy Duty Harsh Environment(3) VALARIS KFELS Super A 2019 Premier UK Aug. 19 Jan. 20 Contracted for three wells JU-123 Premier UK Jun. 20 Jul. 21 Contracted for four wells. Plus three 1-well options VALARIS KFELS Super A 2014 NAM UK Sep. 17 Sep. 19 JU-122 Shell UK Jan. 20 Oct. 20 Contracted for two wells. Plus seven 1-well priced options

VALARIS KFELS Super A 2013 ONE Netherlands Apr. 19 Jan. 20 Contracted for three wells. Plus three 1-well options JU-121

VALARIS KFELS Super A 2013 Chrysaor UK Jul. 17 Jul. 22 Chrysaor acquired ConocoPhillips' UK North Sea operations JU-120 effective October 1, 2019

VALARIS KFELS MOD V-A 2002 Renaissance U.S. GOM May 19 Aug. 19 JU-102 W&T Offshore U.S. GOM Aug. 19 Oct. 19 GulfSlope U.S. GOM Nov. 19 Jan. 20 Contracted for one well

VALARIS KFELS MOD V-A 2000 Neptune Netherlands Oct. 18 Oct. 19 JU-101 Eni UK Oct. 19 Dec. 19 Contracted for one well

VALARIS LT Gorilla 1987 Repsol-Sinopec UK Jun. 19 Oct. 19 JU-100 Faroe Petroleum UK Nov. 19 Jun. 20 Contracted for nine P&A wells. Plus twelve 1-well options

Changes: bolded rig names and underlined text signify changes in rig status from previous report

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Segment / Year Customer/ Contract Contract Region / Rig Design Delivered Status Location Start Date End Date(1) Comments

Jackups Heavy Duty - Modern(3) VALARIS LT 240-C 2011 BP Trinidad Aug. 16 Nov. 19 JU-118 (Joe Douglas) VALARIS LT 240-C 2009 Undisclosed Operator Trinidad Jul. 19 Feb. 20 Plus three 2-well priced options JU-117 (Ralph Coffman) VALARIS LT 240-C 2008 Saudi Aramco Saudi Arabia Dec. 18 Dec. 21 Leased to ARO Drilling(4) JU-116 (Mississippi) VALARIS BM Pacific Class 400 2013 Mubadala Petroleum Thailand Mar. 19 Mar. 20 Plus three 4-month priced options JU-115

VALARIS BM Pacific Class 400 2012 Cold Stacked Philippines JU-114

VALARIS BM Pacific Class 400 2012 Cold Stacked Philippines JU-113

VALARIS KFELS MOD V-B 2003 Cold Stacked Malta JU-111

VALARIS KFELS MOD V-B 2015 North Oil Company Qatar Sep. 17 Sep. 20 Plus two 1-year priced options JU-110

VALARIS KFELS MOD V-Super B 2008 Chevron Angola Dec. 14 Jul. 21 JU-109

VALARIS KFELS MOD V-B 2007 Saudi Aramco Saudi Arabia Nov. 18 Nov. 21 JU-108

VALARIS KFELS MOD V-B 2006 Chevron Australia Sep. 19 Feb. 20 Plus four 30-day priced options JU-107 SapuraOMV Australia May 20 Jun. 20 Contracted for one well. Plus one 1-well priced option

VALARIS KFELS MOD V-B 2005 BP Indonesia Jan. 18 Jan. 23 Plus 13 1-well priced options. Planned inspection for JU-106 approx. 10 days in 1Q20 and 25 days in 3Q20

VALARIS KFELS MOD V-B 2002 Preservation Singapore JU-105 Stacked(2)

VALARIS KFELS MOD V-B 2002 ADNOC UAE Feb. 18 Dec. 19 JU-104

Changes: bolded rig names and underlined text signify changes in rig status from previous report

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Segment / Year Customer/ Contract Contract Region / Rig Design Delivered Status Location Start Date End Date(1) Comments

Jackups Standard Duty - Modern VALARIS JU-148 LT Super 116-E 2013 Saudi Aramco Saudi Arabia Oct. 19 Oct. 22 Leased to ARO Drilling(4) (Earnest Dees) VALARIS JU-147 LT Super 116-E 2013 Saudi Aramco Saudi Arabia Sep. 19 Sep. 22 Leased to ARO Drilling(4) (Bess Brants) VALARIS JU-146 LT Super 116-E 2011 Saudi Aramco Saudi Arabia Sep. 18 Sep. 21 Leased to ARO Drilling(4) (EXL IV) VALARIS JU-145 LT Super 116-E 2010 Cantium U.S. GOM Nov. 18 Jul. 19 (EXL III) Available U.S. GOM VALARIS JU-144 LT Super 116-E 2010 BP Trinidad Apr. 18 Aug. 19 (EXL II) Repsol Guyana Oct. 19 Nov. 19 Contracted for one well VALARIS JU-143 LT Super 116-E 2010 Saudi Aramco Saudi Arabia Oct. 18 Oct. 21 Leased to ARO Drilling(4) (EXL I) VALARIS JU-142 LT Super 116-E 2008 Cold Stacked Malta (112) VALARIS JU-141 LT Super 116-E 2016 Saudi Aramco Saudi Arabia Aug. 18 Aug. 21

VALARIS JU-140 LT Super 116-E 2016 Saudi Aramco Saudi Arabia Jul. 18 Jun. 21

VALARIS JU-76 LT Super 116-C 2000 Saudi Aramco Saudi Arabia Jan. 15 Dec. 22 Planned inspection for approx. 60 days in 1Q20

VALARIS JU-75 LT Super 116-C 1999 Talos U.S. GOM May 18 Sep. 19 ----- Available U.S. GOM

Changes: bolded rig names and underlined text signify changes in rig status from previous report

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Segment / Year Customer/ Contract Contract Region / Rig Design Delivered Status Location Start Date End Date(1) Comments

Jackups Standard Duty - Legacy VALARIS JU-96 Hitachi 250-C 1982 Saudi Aramco Saudi Arabia Feb. 15 Oct. 19

VALARIS LT 116-C 1982 Chrysaor UK Feb. 17 Dec. 22 Chrysaor acquired ConocoPhillips' UK North Sea JU-92 operations effective October 1, 2019. Planned inspection for approx. 14 days in 3Q20 VALARIS LT 82 SD-C 1982 Saudi Aramco Saudi Arabia Nov. 13 Apr. 20 Day rate of approx. $65,000 JU-88

VALARIS LT 116-C 1982 McMoRan U.S. GOM Sep. 19 Oct. 19 Contracted for one well JU-87 Available U.S. GOM

VALARIS JU-84 LT 82 SD-C 1981 Saudi Aramco Saudi Arabia Jan. 17 Aug. 21 Day rate of approx. $72,000. Planned inspection for approx. 60 days in 3Q20 and 60 days in 4Q20 VALARIS Hitachi K1025N 1981 Petrofac UK May 19 Jul. 19 JU-72 Eni UK Dec. 19 Sep. 22 Contracted for 40-well P&A program. Planned inspection for 14 days in 2Q20

VALARIS JU-71 Hitachi K1032N 1982 Preservation UK Stacked(2) VALARIS JU-70 Hitachi K1032N 1981 Preservation UK Stacked(2) VALARIS JU-67 LT 84-CE 1976 Pertamina Indonesia Jan. 19 May 20 Contracted for 500 days

VALARIS JU-54 F&G L-780 Mod II-C 1982 Saudi Aramco Saudi Arabia Sep. 14 Sep. 22 Day rate of approx. $72,000, plus approx. $5,000 per day for upgrade costs and mobilization amortized through Sep. 22 VALARIS JU-37 LT 116-C 1981 Saudi Aramco Saudi Arabia Sep. 18 Sep. 21 Leased to ARO Drilling(4) (Arch Rowan) VALARIS JU-36 LT 116-C 1981 Saudi Aramco Saudi Arabia Sep. 18 Sep. 21 Leased to ARO Drilling(4) (Charles Rowan) VALARIS JU-22 LT 116-C 1980 Saudi Aramco Saudi Arabia Sep. 18 Sep. 21 Leased to ARO Drilling(4) (Middletown)

Changes: bolded rig names and underlined text signify changes in rig status from previous report

Page 9 of 12

Customer/ Contract Contract Segment / Rig Design Status Location Start Date End Date(1) Comments

Other Drilling Management Thunder Horse Deepwater BP U.S. GOM Jan. 17 Jan. 22 Day rate of approx. $127,000 from Apr. 19. Plus five 1-year options Semisubmersible Mad Dog Deepwater Spar Drilling BP U.S. GOM Jan. 17 Jan. 22 Day rate of approx. $86,000 from Apr. 19. Plus five 1-year options Rig

ARO Drilling Jackup Rigs Owned by ARO Drilling Gilbert Rowe LT 116-C Saudi Aramco Saudi Arabia Oct. 17 Oct. 20 Day rate of approx. $69,000 Bob Keller LT Tarzan 225-C Saudi Aramco Saudi Arabia Oct. 17 Oct. 20 Day rate of approx. $130,000 J.P. Bussell LT Tarzan 225-C Saudi Aramco Saudi Arabia Oct. 17 Oct. 20 Day rate of approx. $130,000 Hank Boswell LT Tarzan 225-C Saudi Aramco Saudi Arabia Oct. 18 Oct. 21 Undisclosed day rate. Inspection for 14 days in 3Q19 Scooter Yeargain LT Tarzan 225-C Saudi Aramco Saudi Arabia Oct. 18 Oct. 21 Undisclosed day rate SAR 201 BM 200-H Saudi Aramco Saudi Arabia Feb. 18 Feb. 21 Day rate of approx. $79,000 SAR 202 KFELS Super B Saudi Aramco Saudi Arabia Oct. 17 Oct. 20 Day rate of approx. $195,000

Held for Sale VALARIS 5006 Bingo 8000, Moored Cold Stacked Malaysia Upon completion of its contract in September, the rig was moved to Malaysia where it is cold stacked and held for sale VALARIS JU-68 LT 84-CE Cold Stacked U.S. GOM Upon completion of its contract in September, the rig was cold stacked and held for sale VALARIS JU-42 LT116-C Sold (California)

Changes: bolded rig names and underlined text signify changes in rig status from previous 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) Prior to stacking, upfront steps are taken to preserve the rig. This may include a quayside power source to dehumidify key equipment and/or provide electrical current to the hull to prevent corrosion. Also, certain equipment may be removed from the rig for storage in a temperature-controlled environment. While stacked, large equipment that remains on the rig is periodically inspected and maintained by Valaris personnel. These steps are designed to reduce the time and lower cost to reactivate the rig when market conditions improve. (3) Heavy duty jackups are well-suited for operations in tropical revolving storm areas. (4) Rigs leased to ARO Drilling via bareboat charter agreements to fulfill contracts between ARO Drilling and Saudi Aramco.

Page 10 of 12

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 are 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. 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.

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 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements include words or phrases such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “project,” “could,” “may,” “might,” “should,” “will” and similar words and specifically include statements involving future rig day rates including adjustments with the customer; discussions with the customer; backlog; cost adjustments; utilization; estimated rig availability; expected work commitments and contracts; contract duration, status, terms and other contract commitments; letters of intent, letters of award or other correspondence indicating an award; rig enhancement projects; new rig commitments; the expected period of time and number of rigs that will be in a shipyard for repairs, maintenance, enhancement or construction; sale leaseback transactions; scheduled delivery dates for new rigs; and the timing of delivery, mobilization, contract commencement, relocation or other movement of rigs. Such statements are subject to numerous risks, uncertainties and assumptions that may cause actual results to vary materially from those indicated, including commodity price fluctuations, customer demand, new rig supply, downtime and other risks associated with offshore rig operations; relocations; costs and difficulties related to the integration of Ensco plc and Rowan Companies plc; risks related to our joint venture with Saudi Aramco, including the timing and amount of future distributions from the joint venture or contributions to the joint venture; severe weather or hurricanes; changes in worldwide rig supply and demand, competition and technology; future levels of offshore drilling activity; governmental action, civil unrest and political and economic uncertainties; terrorism, piracy and military action; risks inherent to shipyard rig construction, repair, maintenance or enhancement; possible cancellation, suspension, repudiation, or termination of drilling contracts, including termination for convenience (without cause), as a result of mechanical difficulties, performance, customer liquidity and finances, the decline or the perceived risk of a further decline in oil and/or natural gas prices, or other reasons; our ability to enter into, and the terms of, future drilling contracts; the cancellation of letters of intent or any failure to execute definitive contracts following announcements of letters of intent, letters of award or other expected work commitments or awards; 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; environmental or other liabilities, risks or losses; debt restrictions that may limit our liquidity and flexibility; and cybersecurity risks and threats. 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, as updated in our subsequent quarterly reports on Form 10-Q, which are available on the SEC’s website at www.sec.gov or on the Investor Relations section of our website at www.valaris.com. Each forward-looking statement contained herein speaks only as of the date of this Fleet Status Report, and we undertake no obligation to publicly update or revise any forward looking statements, except as required by law.

Page 12 of 12

Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Document and Entity Oct. 25, 2019 Information Document Entity Information [Line Items] Document Type 8-K Document Period End Date Oct. 25, 2019 Entity Registrant Name Valaris plc Entity Central Index Key 0000314808 Amendment Flag false Entity Incorporation, State or Country Code X0 Entity File Number 1-8097 Entity Tax Identification Number 98-0635229 Entity Address, Address Line One 6 Chesterfield Gardens Entity Address, City or Town London Entity Address, Country GB Entity Address, Postal Zip Code W1J 5BQ City Area Code 44 (0) Local Phone Number 20 7659 4660 Written Communications false Soliciting Material false Pre-commencement Tender Offer false Pre-commencement Issuer Tender Offer false Entity Emerging Growth Company false Class A Ordinary Shares, US 0.40 Par Value [Member] Entity Information [Line Items] Title of 12(b) Security Class A ordinary shares, U.S. $0.40 par value Trading Symbol VAL Security Exchange Name NYSE Four Point Seven Zero Percent Senior Notes Member Entity Information [Line Items] Title of 12(b) Security 4.70% Senior Notes due 2021 Trading Symbol VAL21 Security Exchange Name NYSE Four Point Five Percent Senior Notes Member [Member] Entity Information [Line Items] Title of 12(b) Security 4.50% Senior Notes due 2024 Trading Symbol VAL24 Security Exchange Name NYSE Eight Percent Senior Notes Member Entity Information [Line Items] Title of 12(b) Security 8.00% Senior Notes due 2024 Trading Symbol VAL24A Security Exchange Name NYSE

Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Five Point Two Percent Senior Notes [Member] Entity Information [Line Items] Title of 12(b) Security 5.20% Senior Notes due 2025 Trading Symbol VAL25A Security Exchange Name NYSE Seven Point Seven Five Percent Senior Notes Due Two Thousand Twenty Six [Member] Entity Information [Line Items] Title of 12(b) Security 7.75% Senior Notes due 2026 Trading Symbol VAL26 Security Exchange Name NYSE Five Point Seven Five Percent Senior Notes [Member] Entity Information [Line Items] Title of 12(b) Security 5.75% Senior notes due 2044 Trading Symbol VAL44 Security Exchange Name NYSE

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