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VALARIS www.valaris.com Press Release Valaris Reports Third Quarter 2021 Results Outstanding Operational Performance - 99 % Revenue Efficiency in the Third Quarter and Year to Date Contracting Success - Approximately $ 330 Million of Contract Backlog Added Since Reporting Second Quarter Results and More Than $ 2.1 Billion Added Year to Date VALARIS DS - 9 Awarded Two - Year Contract and VALARIS DS - 4 Awarded 548 - Day Contract Two Rigs Recently Equipped with Emissions Reductions Systems Hamilton , Bermuda , November 1 , 2021 ... Valaris Limited ( NYSE : VAL ) ( " Valaris " or the " Company " ) today reported third quarter 2021 results . Interim President and Chief Executive Officer Anton Dibowitz said , " Valaris ' best in class team continues to deliver at a high level for our customers , as demonstrated by achieving 99 % revenue efficiency during the third quarter and year to date . This performance , combined with a high quality fleet and deep customer relationships , has enabled us to continue translating our operational leverage into meaningful backlog additions . We have added approximately $ 330 million of backlog in the past three months and more than $ 2.1 billion year to date , including recent contract wins for VALARIS DS - 4 offshore Brazil as well as DS - 9 and DS - 10 offshore West Africa , enhancing our presence in these important deepwater markets . Over the past several months , we have secured term backlog on four preservation stacked drillships , highlighting our customers ' confidence in our operational capabilities . " Dibowitz added , “ As a part of the value chain that delivers affordable energy , we recognize the importance of delivering that energy responsibly . In our business , emissions from our drilling rigs currently represent the largest contributor of atmospheric CO2 and are therefore the target of our near - term sustainability effort . While we are early on that journey , we have made great strides . For example , jackup VALARIS 123 is being upgraded with a selective catalytic reduction system that , when in operation , is designed to eliminate almost all NOx and SOx emissions from the rig , and drillship VALARIS DS - 12 recently became the first vessel in the world to receive the ABS Enhanced Electrical System Notation EHS - E . This system is designed to optimize powerplant performance , enabling operations on fewer generators and thereby reducing emissions . " Dibowitz concluded , “ The market environment for offshore drilling has improved meaningfully in 2021 , helped by a strong rebound in demand for hydrocarbons and constructive commodity prices . We have taken advantage of improving market conditions by winning an outsized share of contracts and rig years awarded , providing a platform for increased earnings in 2022 and beyond . Valaris is well - positioned to benefit from the opportunities we see in the market today , and we will continue to take a disciplined approach to capital allocation , with a focus on maximizing earnings and driving free cash flow as the market continues to recover . " 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 second 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 the 1