Earnings release
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www.valaris.com Press Release Valaris Reports Third Quarter 2026 Results Hamilton, Bermuda, November 2, 2026… Valaris Limited (NYSE: VAL) ("Valaris" or the "Company") today reported third quarter 2026 results. President and Chief Executive Officer Anton Dibowitz said, “I want to thank our employees across the organization for their continued focus on delivering safe, reliable and efficient operations. Their strong execution helped us achieve revenue efficiency of 97% in the third quarter and 98% year to date, contributing to solid financial results.” Dibowitz added, “These results are particularly commendable given we have returned four drillships back to work this year following significant idle periods and have been impacted by the ongoing conflicts in the Middle East. Fleet utilization is increasing, and all ten of our active drillships are now on contract, positioning us to generate meaningful earnings and cash flow.” Dibowitz continued, “The outlook for our business is increasingly positive. The pipeline of deepwater opportunities remains robust, the opportunities continue to convert to contracts, and day rates are moving higher, driven by favorable market fundamentals and strong customer demand for high-specification drillships.” Dibowitz concluded, “Our pending business combination with Transocean has received the required regulatory approvals and is anticipated to close on or about December 1, 2026. We remain confident that the pending transaction will create meaningful value through expected synergies and the enhanced capabilities of the combined company.” Financial and Operational Highlights • Total operating revenues of $594 million and net income of $47 million • Adjusted EBITDA of $151 million, which includes approximately $24 million of negative impacts from the Middle East conflicts • Revenue efficiency of 97% during the quarter and 98% year to date • Successful contract startup of drillships VALARIS DS-15 during the quarter, following installation of CML+, and VALARIS DS-18 subsequent to quarter end • Jackups VALARIS 250 and 116 recommenced long-term bareboat charters with ARO following major shipyard projects completed in the Middle East • Received the Center for Offshore Safety’s 2026 Safety Leadership Award, marking the fourth consecutive year the Company has received this recognition • Added approximately $600 million of new contract backlog since reporting second quarter results, increasing total backlog to approximately $4.8 billion • Further high-graded the fleet through the sale of semisubmersible VALARIS MS-1 for recycling and long- term stacked jackup VALARIS 111 for conversion to a mobile offshore production unit Third Quarter Review Net income of $47 million was in line with the second quarter 2026. Adjusted EBITDA of $151 million compared to $97 million in the second quarter 2026. 1
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Revenues exclusive of reimbursable items increased to $556 million from $502 million in the second quarter 2026. The increase was primarily due to more operating days and higher average daily revenues for the floater fleet, as three drillships commenced new contracts during the second and third quarters following idle periods, and another drillship commenced a new contract at a higher day rate in the third quarter. These increases were partially offset by fewer operating days for the jackup fleet. Contract drilling expenses exclusive of reimbursable items of $380 million were in line with the second quarter 2026. Higher costs for the floater fleet were offset by lower costs for the jackup fleet, including rigs leased to ARO. General and administrative expenses decreased to $26 million from $27 million in the second quarter 2026. Merger and integration expenses, which are primarily related to professional fees incurred in connection with the pending business combination with Transocean, increased to $16 million from $11 million in the second quarter 2026. Other income decreased to $20 million from $30 million in the second quarter 2026, primarily due to lower pre-tax gains recognized on asset sales. Tax expense increased to $55 million from $34 million in the second quarter 2026. The third quarter tax provision included a $23 million discrete tax expense, which is primarily non-cash and related to rig sales. The second quarter tax provision included a $6 million discrete tax benefit, primarily related to the resolution of prior-period tax matters. Adjusted for these items, tax expense decreased to $32 million from $40 million in the second quarter due to a change in the jurisdictional mix of income. Capital expenditures increased to $122 million from $106 million in the second quarter 2026. Cash and cash equivalents decreased to $525 million as of September 30, 2026, from $541 million as of June 30, 2026, primarily due to capital expenditures, partially offset by cash flow from operations and proceeds from asset sales. Conflicts in the Middle East The ongoing conflicts in the Middle East negatively impacted Adjusted EBITDA by approximately $24 million compared to $30 million in the second quarter 2026. The adverse impacts began to moderate during the third quarter, primarily due to lower war-risk insurance costs following the negotiation of longer-term insurance policies at lower rates. In addition, VALARIS 250 and 116 recommenced their bareboat charters with ARO in July and September, respectively, following the completion of planned maintenance and contract preparation projects at shipyards in the region. Third Quarter Segment Review Floaters Revenues exclusive of reimbursable items increased to $346 million from $279 million in the second quarter 2026, primarily due to a full quarter of operations for VALARIS DS-10 and DS-12, which commenced new contracts in June and April, respectively, and the commencement of a new contract for VALARIS DS-15 in September following a shipyard project. In addition, VALARIS DS-9 commenced a new contract at a higher day rate in the third quarter. Contract drilling expenses exclusive of reimbursable items increased to $189 million from $168 million in the second quarter 2026. The increase was primarily due to the reversal of a previously recognized bad debt expense in the second quarter following the collection of long-outstanding customer invoices, as well as higher operating costs associated with drillships that commenced new contracts during the second and third quarters following idle periods. 2
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Jackups Revenues exclusive of reimbursable items decreased to $171 million from $183 million in the second quarter 2026, primarily due to fewer operating days for VALARIS 249, which was in the shipyard for planned maintenance for most of the third quarter prior to the start of its next contract. Contract drilling expenses exclusive of reimbursable items decreased to $129 million from $144 million in the second quarter 2026. The decrease was primarily due to lower mobilization costs, largely related to VALARIS 106, which mobilized to the shipyard for leg repairs in the second quarter, lower personnel-related costs associated with rigs that were undergoing planned maintenance and lower war-risk insurance costs. These decreases were partially offset by higher repair and maintenance costs primarily related to VALARIS 249. ARO Drilling Revenues increased to $145 million from $127 million in the second quarter 2026, primarily due to more operating days for VALARIS 250 and 116, which recommenced contracts during the third quarter following planned maintenance and contract preparation projects. Contract drilling expenses increased to $92 million from $72 million in the second quarter, primarily due to non- recurring adjustments that reduced second-quarter expenses in connection with the finalization of ARO’s 2025 financial statements and higher bareboat charter expenses associated with VALARIS 250 and 116 recommencing their contracts. Other Revenues exclusive of reimbursable items decreased to $38 million from $40 million in the second quarter 2026, primarily due to compensation from ARO recognized in the second quarter for certain contractual obligations relating to a previously terminated bareboat charter. This was partially offset by higher bareboat charter revenues for VALARIS 250 and 116. Contract drilling expenses exclusive of reimbursable items decreased to $21 million from $27 million in the second quarter, primarily due to lower repair and maintenance costs and lower war-risk insurance costs for VALARIS 250 and 116. 3
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Three Months Ended (Unaudited) Floaters Jackups ARO Other Reconciling Items Consolidated Total (in millions of $, except %) Q3 2026 Q2 2026 Chg Q3 2026 Q2 2026 Chg Q3 2026 Q2 2026 Chg Q3 2026 Q2 2026 Chg Q3 2026 Q2 2026 Q3 2026 Q2 2026 Chg Operating revenues: Revenues (exclusiveof reimbursablerevenues) $ 346.0 $ 279.0 24 % $ 171.2 $ 183.4 (7)% $ 144.9 $ 126.9 14 % $ 38.4 $ 39.9 (4)% $ (144.9)$ (126.9) $ 555.6 $ 502.3 11 % Reimbursablerevenues 13.3 11.0 21 % 17.6 13.8 28 % — — — % 7.1 12.1 (41)% — — 38.0 36.9 3 % Total operatingrevenues 359.3 290.0 24 % 188.8 197.2 (4)% 144.9 126.9 14 % 45.5 52.0 (13)% (144.9) (126.9) 593.6 539.2 10 % Operating expenses Contract drillingexpenses (exclusive ofdepreciation andreimbursableexpenses) 188.8 167.9 (12)% 129.2 143.9 10 % 91.7 71.6 (28)% 20.8 27.4 24 % (50.6) (30.4) 379.9 380.4 — % Reimbursableexpenses 12.9 10.5 (23)% 16.5 12.7 (30)% — — — % 8.0 11.9 33 % — — 37.4 35.1 (7)% Total contract drillingexpenses (exclusiveof depreciation) 201.7 178.4 (13)% 145.7 156.6 7 % 91.7 71.6 (28)% 28.8 39.3 27 % (50.6) (30.4) 417.3 415.5 — % Depreciation 17.7 17.2 (3)% 16.2 16.2 — % 28.8 22.0 (31)% 8.1 6.1 (33)% (23.5) (16.9) 47.3 44.6 (6)% General and admin. — — — % — — — % 7.7 10.6 27 % — — — % 18.0 16.6 25.7 27.2 6 % Merger and integrationexpenses — — — % — — — % — — — % — — — % 15.5 11.4 15.5 11.4 (36)% Other operating loss 3.0 — nm — — — % — — — % — — — % — — 3.0 — nm Total operatingexpenses 222.4 195.6 (14)% 161.9 172.8 6 % 128.2 104.2 (23)% 36.9 45.4 19 % (40.6) (19.3) 508.8 498.7 (2)% Equity in earnings(losses) of ARO — — — % — — — % — — — % — — — % (3.5) 10.6 (3.5) 10.6 nm Operating income $ 136.9 $ 94.4 45 % $ 26.9 $ 24.4 10 % $ 16.7 $ 22.7 (26)% $ 8.6 $ 6.6 30 % $ (107.8)$ (97.0) $ 81.3 $ 51.1 59 % Net income (loss) $ 136.9 $ 94.1 45 % $ 57.7 $ 60.7 (5)% $ (13.2)$ 14.8 (189)% $ 8.8 $ 7.9 11 % $ (143.5)$ (130.5) $ 46.7 $ 47.0 (1)% Adjusted EBITDA $ 157.6 $ 111.6 41 % $ 43.1 $ 40.6 6 % $ 45.5 $ 44.7 2 % $ 16.7 $ 12.7 31 % $ (112.3)$ (113.1) $ 150.6 $ 96.5 56 % nm - Not meaningful The full operating results included above for ARO are not included within our consolidated results and thus are deducted under "Reconciling Items" and replaced with our equity in earnings (losses) of ARO. Our onshore support costs included within contract drilling expenses are not allocated to our operating segments for purposes of measuring segment operating income (loss) and as such, these costs are included in "Reconciling Items." Further, general and administrative expense, depreciation expense and merger and integration expenses incurred by our corporate office are not allocated to our operating segments for purposes of measuring segment operating income (loss) and are included in "Reconciling Items." Conference Call In connection with the pending business combination with Transocean Ltd., announced on February 9, 2026, Valaris does not intend to hold future earnings conference calls or provide updates to forward-looking guidance. About Valaris Limited Valaris Limited (NYSE: VAL) is an industry leader in offshore drilling services across all water depths and geographies. Operating a high-quality rig fleet of ultra-deepwater drillships 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 limited by shares (Bermuda No. 56245). To learn more, visit the Valaris website at www.valaris.com. (1) (1) (2) (1) (2) 4
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Forward-Looking Statements Statements contained in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include words or phrases such as "anticipate," "believe," "estimate," "expect," "intend," "likely," "outlook," "plan," "project," "could," "may," "might," "should," "will" and similar words and specifically include statements regarding expected financial performance; expected utilization, day rates, revenues, operating expenses, cash flows, contract status, terms and duration, contract backlog, capital expenditures, insurance, financing and funding; the offshore drilling market, including supply and demand, customer drilling programs and the attainment of requisite permits for such programs, stacking of rigs, effects of new rigs on the market and effect of the volatility of commodity prices; expected work commitments, awards, contracts and letters of intent; scheduled delivery dates for rigs; performance and expected benefits of our joint ventures, including our joint venture with Saudi Aramco; timing of the delivery of the Saudi Aramco Rowan Offshore Drilling Company ("ARO") newbuild rigs and the timing of additional ARO newbuild orders; the availability, delivery, mobilization, contract commencement, availability, relocation or other movement of rigs and the timing thereof; rig reactivations; suitability of rigs for future contracts; divestitures of assets; general economic, market, business and industry conditions, trends and outlook; general political conditions, including political tensions, conflicts and war; cybersecurity attacks and threats; uncertainty around the use and impacts of artificial intelligence applications; impacts and effects of public health crises, pandemics and epidemics; future operations; ability to renew expiring contracts or obtain new contracts; increasing regulatory complexity; targets, progress, plans and goals related to sustainability matters; the outcome of tax disputes; assessments and settlements; and expense management. The forward-looking statements contained in this press release are subject to numerous risks, uncertainties and assumptions that may cause actual results to vary materially from those indicated, including risks associated with the pending transaction with Transocean Ltd., including, among others, the completion of the pending transaction on the anticipated terms and timing, or at all, the risk that disruptions from the transaction will harm our business, including current plans and operations, the diversion of management's time and attention from ordinary course operations to completion of the pending transaction and certain restrictions during the pendency of the transaction that may impact our business; cancellation, suspension, renegotiation or termination of drilling contracts and programs; our ability to obtain financing, service our debt, fund capital expenditures and pursue other business opportunities; adequacy of sources of liquidity for us and our customers; future share repurchases; actions by regulatory authorities, or other third parties; actions by our security holders; internal control risk; commodity price fluctuations and volatility, customer demand, loss of a significant customer or customer contract, downtime and other risks associated with offshore rig operations; adverse weather, including hurricanes; changes in worldwide rig supply; and demand, competition and technology; supply chain and logistics challenges; consumer preferences for alternative fuels and forecasts or expectations regarding the global energy transition; increased scrutiny of our sustainability targets, initiatives and reporting and our ability to achieve such targets or initiatives; changes in customer strategy; future levels of offshore drilling activity; governmental action, civil unrest and political and economic uncertainties, including recessions, inflation, volatility affecting financial markets and the banking system, changing tariff policies, trade disputes, and adverse changes in the level of international trade activity; terrorism, piracy and military action (including conflicts in the Middle East and potential disruptions to key shipping lanes such as the Strait of Hormuz); risks inherent to shipyard upgrade, repair, maintenance, enhancement or rig reactivation; our ability to enter into, and the terms of, future drilling contracts; suitability of rigs for future contracts; the cancellation of letters of intent or letters of award or any failure to execute definitive contracts following announcements of letters of intent, letters of award or other expected work commitments; 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; the use of artificial intelligence by us, third-party service providers or our competitors; environmental or other liabilities, risks or losses; compliance with our debt agreements and debt restrictions that may limit our liquidity and flexibility, including in any return of capital plans; cybersecurity risks and threats; and changes in foreign currency exchange rates. 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, which is available on the Securities and Exchange Commission's website at www.sec.gov or on the Investor Relations section of our website at www.valaris.com. Each forward-looking statement speaks only as of the date of the particular statement, and we undertake no obligation to update or revise any forward-looking statements, except as required by law. Investor & Media Contact: Tim Richardson Director - Investor Relations +1-713-979-4619 5
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VALARIS LIMITED AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except per share amounts) (Unaudited) Three Months Ended Sep 30, 2026 Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 OPERATING REVENUES Revenues (exclusive of reimbursable revenues) $ 555.6 $ 502.3 $ 430.1 $ 502.2 $ 555.6 Reimbursable revenues 38.0 36.9 35.3 35.2 40.1 Total operating revenues 593.6 539.2 465.4 537.4 595.7 OPERATING EXPENSES Contract drilling expenses (exclusive ofdepreciation and reimbursable expenses) 379.9 380.4 340.4 380.3 367.6 Reimbursable expenses 37.4 35.1 33.0 33.1 38.0 Total contract drilling expenses (exclusive ofdepreciation) 417.3 415.5 373.4 413.4 405.6 Depreciation 47.3 44.6 42.7 40.6 37.1 General and administrative 25.7 27.2 25.3 27.0 26.9 Merger and integration expenses 15.5 11.4 13.6 — — Other operating (income) loss 3.0 — (2.8) 19.5 — Total operating expenses 508.8 498.7 452.2 500.5 469.6 EQUITY IN EARNINGS (LOSSES) OF ARO (3.5) 10.6 6.8 2.5 4.4 OPERATING INCOME 81.3 51.1 20.0 39.4 130.5 OTHER INCOME (EXPENSE) Interest income 16.3 16.3 17.0 18.7 22.6 Interest expense, net (24.9) (24.0) (24.3) (24.8) (24.9) Other, net 28.7 37.2 (2.3) 3.1 87.7 Total other income (expense) 20.1 29.5 (9.6) (3.0) 85.4 INCOME BEFORE INCOME TAXES 101.4 80.6 10.4 36.4 215.9 PROVISION (BENEFIT) FOR INCOME TAXES 54.7 33.6 28.4 (680.4) 28.6 NET INCOME (LOSS) 46.7 47.0 (18.0) 716.8 187.3 NET (INCOME) LOSS ATTRIBUTABLE TONONCONTROLLING INTERESTS (0.6) 3.4 1.6 0.7 0.8 NET INCOME (LOSS) ATTRIBUTABLE TOVALARIS $ 46.1 $ 50.4 $ (16.4) $ 717.5 $ 188.1 EARNINGS (LOSS) PER SHARE Basic $ 0.66 $ 0.73 $ (0.24) $ 10.32 $ 2.66 Diluted $ 0.66 $ 0.72 $ (0.24) $ 10.26 $ 2.65 WEIGHTED-AVERAGE SHARES OUTSTANDING Basic 69.4 69.3 69.2 69.5 70.7 Diluted 70.3 70.4 69.2 69.9 71.0 6
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VALARIS LIMITED AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In millions) (Unaudited) As of Sep 30, 2026 Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 ASSETS CURRENT ASSETS Cash and cash equivalents $ 525.1 $ 541.2 $ 578.3 $ 599.4 $ 662.7 Accounts receivable, net 538.1 458.1 447.9 474.8 513.7 Assets held for sale 2.0 2.0 9.2 6.4 — Other current assets 193.2 197.4 169.5 144.7 167.2 Total current assets 1,258.4 1,198.7 1,204.9 1,225.3 1,343.6 PROPERTY AND EQUIPMENT, NET 2,259.2 2,233.8 2,165.0 2,088.8 2,034.4 LONG-TERM NOTES RECEIVABLE FROM ARO 363.4 357.2 351.1 345.0 314.7 INVESTMENT IN ARO 135.7 139.2 128.6 121.8 119.3 DEFERRED TAX ASSETS 1,298.9 1,345.3 1,355.5 1,364.2 673.9 OTHER ASSETS 166.9 174.2 158.6 159.7 152.1 Total assets $ 5,482.5 $ 5,448.4 $ 5,363.7 $ 5,304.8 $ 4,638.0 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable - trade $ 393.7 $ 416.0 $ 398.5 $ 348.2 $ 327.1 Accrued liabilities and other 375.1 358.8 379.2 343.4 390.9 Total current liabilities 768.8 774.8 777.7 691.6 718.0 LONG-TERM DEBT 1,088.5 1,087.6 1,086.8 1,086.0 1,085.2 DEFERRED TAX LIABILITIES 30.9 31.5 30.5 29.7 27.0 OTHER LIABILITIES 325.6 336.7 307.0 325.8 357.2 TOTAL LIABILITIES 2,213.8 2,230.6 2,202.0 2,133.1 2,187.4 TOTAL EQUITY 3,268.7 3,217.8 3,161.7 3,171.7 2,450.6 Total liabilities and shareholders' equity $ 5,482.5 $ 5,448.4 $ 5,363.7 $ 5,304.8 $ 4,638.0 7
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VALARIS LIMITED AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) Nine Months Ended September30, 2026 2025 OPERATING ACTIVITIES Net income $ 75.7 $ 262.3 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation expense 134.6 105.7 Deferred income tax expense 66.5 172.5 Net gain on sale of property (63.6) (117.4) Share-based compensation expense 26.2 18.4 Accretion of discount on Notes Receivable from ARO (18.4) (18.5) Equity in earnings of ARO (13.9) (5.9) Recovery of bad debt expense (10.6) (0.6) Other operating loss, net 0.2 7.8 Changes in deferred costs (38.7) 9.1 Changes in contract liabilities 26.7 (39.3) Changes in contract assets (11.6) (5.5) Other 2.4 6.7 Changes in operating assets and liabilities (4.9) 91.8 Contributions to pension plans and other post-retirement benefits (15.3) (13.1) Net cash provided by operating activities 155.3 474.0 INVESTING ACTIVITIES Additions to property and equipment (328.0) (237.2) Proceeds from disposition of assets 102.6 136.3 Net cash used in investing activities (225.4) (100.9) FINANCING ACTIVITIES Payments related to tax withholdings for share-based awards (7.5) (3.1) Payments for share repurchases — (75.0) Other 1.7 — Net cash used in financing activities (5.8) (78.1) INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH (75.9) 295.0 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD 617.5 380.5 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD $ 541.6 $ 675.5 (1) Restricted cash balances were $16.5 million, $18.1 million, $12.8 million, $12.3 million as of September 30, 2026, December 31, 2025, September 30, 2025, and December 31, 2024, respectively. (1) (1) 8
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VALARIS LIMITED AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) Three Months Ended Sep 30,2026 Jun 30,2026 Mar 31,2026 Dec 31,2025 Sep 30,2025 OPERATING ACTIVITIES Net income (loss) $ 46.7 $ 47.0 $ (18.0)$ 716.8 $ 187.3 Adjustments to reconcile net income (loss) to net cashprovided by operating activities: Depreciation expense 47.3 44.6 42.7 40.6 37.1 Deferred income tax expense (benefit) 45.8 11.2 9.5 (687.6) (0.8) Net (gain) loss on sale of property (27.5) (37.7) 1.6 (1.2) (89.5) Share-based compensation expense 10.6 9.2 6.4 6.8 6.8 Accretion of discount on Notes Receivable from ARO (6.2) (6.1) (6.1) (6.2) (6.2) Equity in losses (earnings) of ARO 3.5 (10.6) (6.8) (2.5) (4.4) Other operating loss (income) 3.0 — (2.8) 19.5 — Bad debt expense (recovery) 0.8 (11.1) (0.3) (0.3) (0.5) Changes in contract liabilities 19.8 6.5 0.4 (1.7) (5.9) Changes in deferred costs (8.5) (7.4) (22.8) 7.0 4.8 Changes in contract assets (4.1) (0.6) (6.9) (4.7) (5.3) Other 0.5 0.8 1.1 2.2 2.2 Changes in operating assets and liabilities (56.6) (28.6) 80.3 (13.0) 77.3 Contributions to pension plans and other post-retirementbenefits (7.9) (4.1) (3.3) (3.5) (4.8) Net cash provided by operating activities 67.2 13.1 75.0 72.2 198.1 INVESTING ACTIVITIES Additions to property and equipment (121.6) (105.5) (100.9) (106.3) (69.8) Proceeds from disposition of assets 42.3 55.1 5.2 1.6 108.7 Net cash provided by (used in) investing activities (79.3) (50.4) (95.7) (104.7) 38.9 FINANCING ACTIVITIES Payments related to tax withholdings for share-basedawards (6.0) (0.1) (1.4) (0.5) (2.7) Payments for share repurchases — — — (25.0) (75.0) Other 1.7 — — — — Net cash used in financing activities (4.3) (0.1) (1.4) (25.5) (77.7) INCREASE (DECREASE) IN CASH AND CASHEQUIVALENTS AND RESTRICTED CASH (16.4) (37.4) (22.1) (58.0) 159.3 CASH AND CASH EQUIVALENTS AND RESTRICTEDCASH, BEGINNING OF PERIOD 558.0 595.4 617.5 675.5 516.2 CASH AND CASH EQUIVALENTS AND RESTRICTEDCASH, END OF PERIOD $ 541.6 $ 558.0 $ 595.4 $ 617.5 $ 675.5 Restricted cash balances were $16.5 million, $16.8 million, $17.1 million, $18.1 million, $12.8 million and $12.8 million as of September 30, 2026, June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025, and June 30, 2025, respectively. (1) (1) (1) 9
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VALARIS LIMITED AND SUBSIDIARIES OPERATING STATISTICS (In millions) (Unaudited) Three Months Ended Sep 30, 2026 Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 REVENUES Floaters Drillships $ 346.0 $ 279.0 $ 192.6 $ 231.1 $ 253.8 Semisubmersibles — — — 24.3 39.2 $ 346.0 $ 279.0 $ 192.6 $ 255.4 $ 293.0 Reimbursable Revenues 13.3 11.0 5.0 10.5 9.9 Total Floaters $ 359.3 $ 290.0 $ 197.6 $ 265.9 $ 302.9 Jackups Harsh Environment $ 73.0 $ 89.9 $ 96.0 $ 98.2 $ 110.5 Benign Environment 78.2 74.1 80.9 91.5 91.2 Legacy 20.0 19.4 18.9 19.1 15.0 $ 171.2 $ 183.4 $ 195.8 $ 208.8 $ 216.7 Reimbursable Revenues 17.6 13.8 14.4 15.3 20.4 Total Jackups $ 188.8 $ 197.2 $ 210.2 $ 224.1 $ 237.1 Other Leased and Managed Rigs 38.4 $ 39.9 $ 41.7 $ 38.0 $ 45.9 Reimbursable Revenues 7.1 12.1 15.9 9.4 9.8 Total Other $ 45.5 $ 52.0 $ 57.6 $ 47.4 $ 55.7 Total Operating Revenues $ 593.6 $ 539.2 $ 465.4 $ 537.4 $ 595.7 Total Reimbursable Revenues $ 38.0 $ 36.9 $ 35.3 $ 35.2 $ 40.1 Revenues Exclusive of ReimbursableRevenues $ 555.6 $ 502.3 $ 430.1 $ 502.2 $ 555.6 Reimbursable revenues represent reimbursements from our customers for purchases of supplies, equipment and incremental services provided at their request. (1) (1) (1) (1) (1) 10
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VALARIS LIMITED AND SUBSIDIARIES OPERATING STATISTICS (In millions) (Unaudited) Three Months Ended Sep 30, 2026 Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 ADJUSTED EBITDA Floaters Drillships $ 159.7 $ 114.3 $ 43.8 $ 60.4 $ 94.7 Semisubmersibles (2.1) (2.7) (1.7) (2.0) 11.1 $ 157.6 $ 111.6 $ 42.1 $ 58.4 $ 105.8 Jackups Harsh Environment $ 17.2 $ 32.0 $ 35.4 $ 38.6 $ 48.8 Benign Environment 18.1 1.6 26.2 43.2 43.0 Legacy 7.8 7.0 6.6 7.7 1.6 $ 43.1 $ 40.6 $ 68.2 $ 89.5 $ 93.4 Total $ 200.7 $ 152.2 $ 110.3 $ 147.9 $ 199.2 Other Leased and Managed Rigs $ 16.7 $ 12.7 $ 20.0 $ 17.2 $ 29.7 Total $ 217.4 $ 164.9 $ 130.3 $ 165.1 $ 228.9 Support costs General and administrative expense $ 25.7 $ 27.2 $ 25.3 $ 27.0 $ 26.9 Onshore support costs 41.1 41.2 38.3 41.1 38.8 $ 66.8 $ 68.4 $ 63.6 $ 68.1 $ 65.7 Valaris Total $ 150.6 $ 96.5 $ 66.7 $ 97.0 $ 163.2 Adjusted EBITDA is earnings before interest, tax, depreciation, other operating (income) loss, (gain) loss on sale of assets, merger and integration expenses and equity in (earnings) losses of ARO. Adjusted EBITDA for asset categories also excludes onshore support costs and general and administrative expenses. (1) (1) 11
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VALARIS LIMITED AND SUBSIDIARIES OPERATING STATISTICS (In millions) (Unaudited) As of Nov 2, 2026 Aug 5, 2026 May 4, 2026 Feb 17, 2026 Oct 23, 2025 CONTRACT BACKLOG Floaters Drillships $ 2,904.1 $ 3,016.3 $ 3,319.8 $ 3,030.8 $ 2,617.8 Semisubmersibles — — — — 7.3 $ 2,904.1 $ 3,016.3 $ 3,319.8 $ 3,030.8 $ 2,625.1 Jackups Harsh Environment $ 507.9 $ 430.5 $ 350.1 $ 367.2 $ 525.3 Benign Environment 607.2 615.7 687.2 645.2 601.0 Legacy 51.6 87.2 98.3 113.4 136.6 $ 1,166.7 $ 1,133.4 $ 1,135.6 $ 1,125.8 $ 1,262.9 Total $ 4,070.8 $ 4,149.7 $ 4,455.4 $ 4,156.6 $ 3,888.0 Other Leased and Managed Rigs $ 679.3 $ 435.5 $ 473.7 $ 515.7 $ 562.3 Valaris Total $ 4,750.1 $ 4,585.2 $ 4,929.1 $ 4,672.3 $ 4,450.3 Our contract drilling backlog reflects commitments represented by signed drilling contracts and is calculated by multiplying the contracted operating day rate by the contract period. Contract drilling backlog may include drilling contracts subject to final investment decision ("FID") and drilling contracts which grant the customer termination rights if FID is not received with respect to projects for which the drilling rig is contracted. The contracted day rate excludes certain types of lump sum fees for rig mobilization, demobilization, contract preparation, as well as customer reimbursables and bonus opportunities. (1) (1) 12
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VALARIS LIMITED AND SUBSIDIARIES OPERATING STATISTICS (Unaudited) Three Months Ended Sep 30, 2026 Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 AVERAGE DAILY REVENUE Floaters Drillships $ 469,000 $ 451,000 $ 436,000 $ 434,000 $ 425,000 Semisubmersibles — — — 267,000 229,000 $ 469,000 $ 451,000 $ 436,000 $ 409,000 $ 380,000 Jackups Harsh Environment $ 116,000 $ 128,000 $ 134,000 $ 146,000 $ 148,000 Benign Environment 160,000 153,000 147,000 142,000 143,000 Legacy 109,000 107,000 105,000 104,000 100,000 $ 131,000 $ 134,000 $ 135,000 $ 139,000 $ 141,000 Total $ 253,000 $ 233,000 $ 207,000 $ 218,000 $ 220,000 Other Leased and Managed Rigs $ 52,000 $ 53,000 $ 66,000 $ 53,000 $ 55,000 Valaris Total $ 200,000 $ 189,000 $ 171,000 $ 177,000 $ 176,000 Average daily revenue is derived by dividing Revenues (exclusive of reimbursable revenues), excluding contract termination fees, by the aggregate number of operating days. (1) (1) 13
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VALARIS LIMITED AND SUBSIDIARIES OPERATING STATISTICS (Unaudited) Three Months Ended Sep 30, 2026 Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 UTILIZATION - TOTAL FLEET Floaters Drillships 62 % 52 % 38 % 45 % 48 % Semisubmersibles — % — % — % 50 % 93 % 58 % 47 % 33 % 45 % 54 % Jackups Harsh Environment 79 % 89 % 88 % 77 % 77 % Benign Environment 47 % 41 % 47 % 51 % 50 % Legacy 100 % 100 % 100 % 100 % 82 % 64 % 64 % 67 % 64 % 63 % Total 62 % 58 % 54 % 57 % 60 % Other Leased and Managed Rigs 89 % 78 % 78 % 86 % 100 % Valaris Total 67 % 61 % 58 % 63 % 67 % Pro Forma Jackups 69 % 65 % 68 % 68 % 71 % Rig utilization is derived by dividing the number of operating days by the number of available days in the period for the total fleet. Available days is defined as the maximum number of days available in the period for the total fleet, calculated by multiplying the number of rigs in each asset category by the number of days in the period, irrespective of asset status. Includes all Valaris jackups including those leased to ARO Drilling. (1) (2) (1) (2) 14
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VALARIS LIMITED AND SUBSIDIARIES OPERATING STATISTICS (Unaudited) Three Months Ended Sep 30, 2026 Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 UTILIZATION - ACTIVE FLEET Floaters Drillships 80 % 68 % 49 % 58 % 63 % Semisubmersibles — % — % — % 50 % 93 % 75 % 62 % 45 % 57 % 68 % Jackups Harsh Environment 88 % 100 % 99 % 94 % 96 % Benign Environment 76 % 76 % 87 % 100 % 99 % Legacy 100 % 100 % 100 % 100 % 82 % 85 % 90 % 94 % 97 % 96 % Total 81 % 79 % 75 % 80 % 84 % Other Leased and Managed Rigs 89 % 78 % 78 % 86 % 100 % Valaris Total 83 % 79 % 76 % 82 % 88 % Pro Forma Jackups 85 % 85 % 88 % 92 % 97 % Rig utilization is derived by dividing the number of operating days by the number of available days in the period for the active fleet. Available days is defined as the maximum number of days available in the period for the active fleet, calculated by multiplying the number of active rigs in each asset category by the number of days in the period. Active fleet represents rigs that are not preservation stacked or held for sale and includes rigs that are in the process of being reactivated. Includes all Valaris jackups including those leased to ARO Drilling. (1) (2) (3) (1) (2) (3) 15
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VALARIS LIMITED AND SUBSIDIARIES OPERATING STATISTICS (Unaudited) Three Months Ended Sep 30, 2026 Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 OPERATING DAYS Floaters Drillships 738 619 442 533 579 Semisubmersibles — — — 91 171 738 619 442 624 750 Jackups Harsh Environment 650 725 714 690 748 Benign Environment 488 484 549 643 638 Legacy 184 182 180 184 150 1,322 1,391 1,443 1,517 1,536 Total 2,060 2,010 1,885 2,141 2,286 Other Leased and Managed Rigs 733 637 630 714 828 Total 2,793 2,647 2,515 2,855 3,114 Represents the total number of days under contract in the period. Days under contract equals the total number of days that rigs have earned and recognized day rate revenue, including days associated with compensated downtime and mobilizations. When revenue is deferred and amortized over a future period, for example when we receive fees while mobilizing to commence a new contract or while being upgraded in a shipyard, the related days are excluded from days under contract. (1) (1) 16
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VALARIS LIMITED AND SUBSIDIARIES OPERATING STATISTICS (Unaudited) Three Months Ended Sep 30, 2026 Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 REVENUE EFFICIENCY Floaters Drillships 96 % 97 % 96 % 96 % 91 % Semisubmersibles — % — % — % 100 % 97 % 96 % 97 % 96 % 97 % 92 % Jackups Harsh Environment 99 % 100 % 99 % 98 % 98 % Benign Environment 98 % 100 % 100 % 100 % 100 % Legacy 100 % 100 % 100 % 100 % 100 % 98 % 100 % 99 % 99 % 99 % Total 97 % 98 % 98 % 98 % 95 % Revenue efficiency is day rate revenue earned as a percentage of maximum potential day rate revenue. (1) (1) 17
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VALARIS LIMITED AND SUBSIDIARIES OPERATING STATISTICS (Unaudited) As of NUMBER OF RIGS Sep 30, 2026Jun 30, 2026Mar 31, 2026Dec 31, 2025Sep 30, 2025 Active Fleet Floaters Drillships 10 10 10 10 10 Semisubmersibles — 1 1 1 2 10 11 11 11 12 Jackups Harsh Environment 8 8 8 8 8 Benign Environment 7 7 7 7 7 Legacy 2 2 2 2 2 17 17 17 17 17 Total Active Fleet 27 28 28 28 29 Stacked Fleet Drillships 3 3 3 3 3 Jackups Harsh Environment 1 1 1 1 2 Benign Environment 3 4 6 6 7 4 5 7 7 9 Total Stacked Fleet 7 8 10 10 12 Held For Sale Benign Environment — 1 — — — Semisubmersibles — — 1 1 — Total Held For Sale — 1 1 1 — Leased Rigs Jackups Harsh Environment 1 1 1 1 1 Benign Environment 6 6 6 6 6 Total Leased Rigs 7 7 7 7 7 Total 41 44 46 46 48 Managed Rigs 2 2 2 2 2 Active fleet represents rigs that are not preservation stacked or held for sale and includes rigs that are in the process of being reactivated. During the three months ended September 30, 2026, we sold VALARIS MS-1. During the three months ended June 30, 2026, we sold VALARIS 104 and VALARIS 109 was classified as held for sale. During the three months ended September 30, 2026, we sold VALARIS 109, which had previously been classified as held for sale. During the three months ended September 30, 2026 we sold VALARIS 111, a benign environment jackup, for recycling and transferred possession of the rig to the buyer. Accordingly, the rig is excluded from the fleet table above as of September 30, 2026. However, due to a termination right stipulated within the sale agreement, the rig remained on our balance sheet and was classified as held for sale as of September 30, 2026. Represents VALARIS DPS-1, which was classified as held for sale as of March 31, 2026 and December 31, 2025, and subsequently sold in April 2026. Leased rigs and managed rigs included in Other reporting segment. (1) (2) (3)(5) (4)(5) (6) (7) (7) (1) (2) (3) (4) (5) (6) (7) 18
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ARO DRILLING CONDENSED INCOME STATEMENT INFORMATION (In millions) (Unaudited) Three Months Ended Sep 30, 2026 Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Revenues $ 144.9 $ 126.9 $ 127.4 $ 139.6 $ 156.8 Operating expenses Contract drilling expenses (exclusive ofdepreciation) 91.7 71.6 75.1 87.1 91.6 Depreciation 28.8 22.0 24.9 28.3 28.4 General and administrative 7.7 10.6 7.1 10.4 5.5 Operating income 16.7 22.7 20.3 13.8 31.3 Other expense, net 13.5 11.2 12.9 14.5 14.3 Provision (benefit) for income taxes 16.4 (3.3) — 0.7 14.6 Net income (loss) $ (13.2) $ 14.8 $ 7.4 $ (1.4) $ 2.4 Adjusted EBITDA $ 45.5 $ 44.7 $ 45.2 $ 42.1 $ 59.7 ARO Drilling condensed income statement information presented above represents 100% of ARO. Valaris has a 50% ownership interest in ARO. 19
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ARO DRILLING OPERATING STATISTICS (Unaudited) As of (In millions) Nov 2, 2026Aug 5, 2026May 4, 2026Feb 17, 2026Oct 23, 2025 CONTRACT BACKLOG Owned Rigs $ 1,157.3 $ 713.9 $ 753.1 $ 778.0 $ 879.9 Leased Rigs 1,041.3 1,120.2 1,163.6 1,233.3 1,284.7 Total $ 2,198.6 $ 1,834.1 $ 1,916.7 $ 2,011.3 $ 2,164.6 Contract drilling backlog reflects commitments, represented by signed drilling contracts, and is calculated by multiplying the contracted day rate by the contract period. The contracted day rate excludes certain types of lump sum fees for rig mobilization, demobilization, contract preparation, as well as customer reimbursables and bonus opportunities. Three Months Ended Sep 30, 2026Jun 30, 2026Mar 31, 2026Dec 31, 2025Sep 30, 2025 AVERAGE DAILY REVENUE Owned Rigs $ 104,000 $ 115,000 $ 111,000 $ 112,000 $ 112,000 Leased Rigs 120,000 110,000 114,000 116,000 126,000 Total $ 111,000 $ 113,000 $ 112,000 $ 113,000 $ 118,000 UTILIZATION Owned Rigs 94 % 83 % 88 % 94 % 96 % Leased Rigs 83 % 68 % 68 % 71 % 83 % Total 89 % 77 % 79 % 84 % 90 % REVENUE EFFICIENCY Owned Rigs 96 % 99 % 98 % 97 % 100 % Leased Rigs 99 % 99 % 92 % 89 % 92 % Total 97 % 99 % 96 % 94 % 96 % NUMBER OF RIGS (AT QUARTER END) Owned Rigs 9 9 9 9 9 Leased Rigs 7 7 7 7 7 Total 16 16 16 16 16 OPERATING DAYS Owned Rigs 775 681 710 778 792 Leased Rigs 532 435 430 455 532 Total 1,307 1,116 1,140 1,233 1,324 Average daily revenue is derived by dividing Revenues (exclusive of reimbursable revenues), excluding contract termination fees, by the aggregate number of operating days. All ARO leased rigs are leased from Valaris. Rig utilization is derived by dividing the number of operating days by the number of available days in the period for the rig fleet. Revenue efficiency is day rate revenue earned as a percentage of maximum potential day rate revenue. Represents the total number of days under contract in the period. Days under contract equals the total number of days that rigs have earned and recognized day rate revenue, including days associated with compensated downtime and mobilizations. When revenue is deferred and amortized over a future period, for example when we receive fees while mobilizing to commence a new contract or while being upgraded in a shipyard, the related days are excluded from days under contract. (1) (1) (1) (2) (3) (2) (4) (2) (2) (5) (2) (1) (2) (3) (4) (5) 20
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Non-GAAP Financial Measures (Unaudited) To supplement Valaris’ condensed consolidated financial statements presented on a GAAP basis, this press release provides investors with Adjusted EBITDA, which is a non-GAAP measure. Valaris defines "Adjusted EBITDA" as net income (loss) before income tax expense, interest expense, other (income) expense, depreciation expense, other operating (income) loss, (gain) loss on sale of property, merger and integration expenses, and equity in (earnings) losses of ARO. Adjusted EBITDA is a non-GAAP measure that our management uses to facilitate period-to-period comparisons of our core operating performance and to evaluate our long-term financial performance against that of our peers. We believe that this measure is useful to investors and analysts in allowing for greater transparency of our core operating performance and makes it easier to compare our results with those of other companies within our industry. Adjusted EBITDA should not be considered (a) in isolation of, or as a substitute for, net income (loss), (b) as an indication of cash flows from operating activities, or (c) as a measure of liquidity. Adjusted EBITDA may not be comparable to other similarly titled measures reported by other companies. Valaris defines "ARO Adjusted EBITDA" as ARO's net income (loss) before income tax expense, other expense, net, and depreciation expense. ARO Adjusted EBITDA is a non-GAAP measure that our management uses to facilitate period-to-period comparisons of ARO's core operating performance and to evaluate ARO's long-term financial performance against that of ARO's peers. We believe that this measure is useful to investors and analysts in allowing for greater transparency of ARO's core operating performance and makes it easier to compare ARO's results with those of other companies within ARO's industry. ARO Adjusted EBITDA should not be considered (a) in isolation of, or as a substitute for, net income (loss), (b) as an indication of cash flows from operating activities, or (c) as a measure of liquidity. ARO Adjusted EBITDA may not be comparable to other similarly titled measures reported by other companies. Non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, financial measures prepared in accordance with GAAP. 21
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Reconciliation of Net Income (Loss) to Adjusted EBITDA A reconciliation of net income as reported to Adjusted EBITDA is included in the tables below (in millions): Three Months Ended Sep 30, 2026 Jun 30, 2026 VALARIS Net income $ 46.7 $ 47.0 Add (subtract): Income tax expense 54.7 33.6 Interest expense, net 24.9 24.0 Net gain on sale of property (27.5) (37.7) Other income (17.5) (15.8) Operating income 81.3 51.1 Add (subtract): Depreciation 47.3 44.6 Merger and integration expenses 15.5 11.4 Other operating loss 3.0 — Equity in (earnings) losses of ARO 3.5 (10.6) Adjusted EBITDA $ 150.6 $ 96.5 Other operating loss for the three months ended September 30, 2026 represents a non-cash impairment loss of $3.0 million recognized in connection with the sale of VALARIS MS-1, a semisubmersible rig within our Floater Segment. A reconciliation of net income (loss) as reported to ARO Adjusted EBITDA is included in the tables below (in millions): Three Months Ended Sep 30, 2026 Jun 30, 2026 ARO Net income (loss) $ (13.2) $ 14.8 Add (subtract): Provision (benefit) for income taxes 16.4 (3.3) Other expense, net 13.5 11.2 Operating income 16.7 22.7 Add: Depreciation expense 28.8 22.0 Adjusted EBITDA $ 45.5 $ 44.7 (1) (1) 22
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Reconciliation of Net Income to Adjusted EBITDA (In millions) Three Months Ended Sep 30, 2026 Jun 30, 2026 FLOATERS Net income $ 136.9 $ 94.1 Add: Other expense — 0.3 Operating income 136.9 94.4 Add: Depreciation 17.7 17.2 Other operating loss 3.0 — Adjusted EBITDA $ 157.6 $ 111.6 JACKUPS Net income $ 57.7 $ 60.7 Subtract: Net gain on sale of property (30.8) (36.3) Operating income 26.9 24.4 Add: Depreciation 16.2 16.2 Adjusted EBITDA $ 43.1 $ 40.6 OTHER Net income $ 8.8 $ 7.9 Subtract: Other income (0.2) (1.3) Operating income 8.6 6.6 Add: Depreciation 8.1 6.1 Adjusted EBITDA $ 16.7 $ 12.7 Other operating loss for the three months ended September 30, 2026 represents a non-cash impairment loss of $3.0 million recognized in connection with the sale of VALARIS MS-1, a semisubmersible rig. (1) (1) 23
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Reconciliation of Net Income (Loss) to Adjusted EBITDA (In millions) Three Months Ended Sep 30,2026 Jun 30, 2026 Mar 31,2026 Dec 31,2025 Sep 30,2025 DRILLSHIPS Net income $ 142.4 $ 97.7 $ 28.5 $ 45.5 $ 80.3 Add: Other expense — — 0.3 — 0.3 Operating income 142.4 97.7 28.8 45.5 80.6 Add: Depreciation 17.3 16.6 15.0 14.9 14.1 Adjusted EBITDA $ 159.7 $ 114.3 $ 43.8 $ 60.4 $ 94.7 SEMISUBMERSIBLES Net income (loss) $ (5.5) $ (3.6) $ (0.2) $ (19.1) $ 9.7 Add: Other expense — 0.3 0.6 — — Operating income (loss) (5.5) (3.3) 0.4 (19.1) 9.7 Add (subtract): Depreciation 0.4 0.6 0.7 1.3 1.4 Other operating (income) loss 3.0 — (2.8) 15.8 — Adjusted EBITDA $ (2.1) $ (2.7) $ (1.7) $ (2.0) $ 11.1 Adjusted EBITDA for asset categories excludes onshore support costs, general and administrative expenses and merger and integration expenses. Other operating (income) loss represents non-cash impairment losses and gains on remeasurement of assets classified as held for sale. During the three months ended September 30, 2026, we recognized a $3.0 million non-cash impairment loss in connection with the sale of VALARIS MS-1. During the three months ended March 31, 2026, we recognized a $2.8 million gain on remeasurement of VALARIS DPS-1. During the three months ended December 31, 2025, we recognized $15.8 million of non-cash impairment loss in connection with the classification of VALARIS DPS-1 as held for sale. (1) (2) (1) (1) (2) 24
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Reconciliation of Net Income (Loss) to Adjusted EBITDA (In millions) Three Months Ended Sep 30,2026 Jun 30, 2026 Mar 31, 2026 Dec 31,2025 Sep 30, 2025 HARSH ENVIRONMENT JACKUPS Net income $ 9.2 $ 23.8 $ 27.2 $ 29.3 $ 130.5 Add (subtract): Net (gain) loss on sale of property 0.1 0.3 — — (88.4) Other (income) expense — — 0.1 (0.1) (0.4) Operating income 9.3 24.1 27.3 29.2 41.7 Add: Depreciation 7.9 7.9 8.1 7.7 7.1 Other operating loss — — — 1.7 — Adjusted EBITDA $ 17.2 $ 32.0 $ 35.4 $ 38.6 $ 48.8 BENIGN ENVIRONMENT JACKUPS Net income $ 43.3 $ 32.5 $ 20.4 $ 35.5 $ 37.4 Subtract: Net gain on sale of property (30.9) (36.6) — — — Operating income (loss) 12.4 (4.1) 20.4 35.5 37.4 Add: Depreciation 5.7 5.7 5.8 5.7 5.6 Other operating loss — — — 2.0 — Adjusted EBITDA $ 18.1 $ 1.6 $ 26.2 $ 43.2 $ 43.0 LEGACY JACKUPS Net income (loss) $ 5.2 $ 4.4 $ 4.0 $ 5.1 $ (1.0) Operating income (loss) 5.2 4.4 4.0 5.1 (1.0) Add: Depreciation 2.6 2.6 2.6 2.6 2.6 Adjusted EBITDA $ 7.8 $ 7.0 $ 6.6 $ 7.7 $ 1.6 Other operating loss for the three months ended December 31, 2025 represents non-cash impairment losses of $1.7 million and $2.0 million recognized in connection with the retirements of VALARIS 102, a harsh environment jackup, and VALARIS 145, a benign environment jackup, respectively. Adjusted EBITDA for asset categories excludes onshore support costs, general and administrative expenses and merger and integration expenses. (1) (2) (1) (2) (2) (1) (2) 25