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VALARIS www.valaris.com Press Release Valaris Reports Second Quarter 2021 Results Emerges from Restructuring with Net Cash Position Awarded More Than 20 New Contracts or Extensions Totaling Over $ 1.3 Billion of Backlog VALARIS DS - 11 Awarded Contract for 20K Project with Estimated Duration of Three - and - a - Half Years VALARIS DS - 18 Awarded Three - Year Contract VALARIS DS - 16 Awarded Two - Year Contract Hamilton , Bermuda , August 2 , 2021 ... Valaris Limited ( NYSE : VAL ) ( " Valaris " or the " Company " ) today reported second quarter 2021 results . President and Chief Executive Officer Tom Burke said , “ On April 30 , 2021 , Valaris emerged from chapter 11 with a significantly strengthened capital structure , including a net cash position , $ 550 million of debt due in 2028 and an industry - leading cost structure that is scalable and adaptable to changing market conditions . " Burke added , " During the three months since emergence , our customers awarded Valaris more than 20 new contracts or extensions with associated contract backlog totaling over $ 1.3 billion . This figure includes an eight - well contract , with an estimated duration of three - and - a - half years , for VALARIS DS - 11 , a two - year contract for VALARIS DS - 16 and a 420 - day contract for VALARIS DPS - 1 , which we announced in today's fleet status report , as well as a three - year contract for VALARIS DS - 18 awarded in early June . These contract awards are a testament to the technical capabilities of our fleet and the excellent operational and safety performance of our crews , and I want to take the opportunity to recognize all the teams in Valaris that have contributed to this outstanding contracting success over the past several months . " Burke concluded , " We are beginning to see early signs of a recovery in customer demand following the downturn caused by the COVID - 19 pandemic , evidenced by our contracting activity over the past few months . As a result , Valaris is well - positioned to benefit from the opportunities we see in the market today . We will continue to focus on winning work for our active fleet and returning some of our high - quality stacked rigs to work as suitable opportunities arise . I am extremely proud of what Valaris has achieved during the three months since our emergence from chapter 11 , and I am excited to see what the future holds for the Company . " Fresh Start Accounting Valaris emerged from Chapter 11 bankruptcy protection on April 30 , 2021 ( the " Effective Date " ) . Upon emergence , Valaris applied fresh start accounting which resulted in Valaris becoming a new reporting entity for accounting and financial reporting . Accordingly , our financial statements and notes after the Effective Date are not comparable to our financial statements and notes prior to that date . As required by GAAP , results for the quarter must be presented separately for the predecessor period from April 1 , 2021 , through April 30 , 2021 ( the " Predecessor " period ) and the successor period from May 1 , 2021 , through June 30 , 2021 ( the " Successor " period ) . However , the Company has combined certain results of the Predecessor and Successor periods ( " Combined " results ) as non - GAAP measures to compare to prior periods since we believe it provides the most meaningful basis to analyze our results . 1