Valaris Limited (NYSE:VAL) ("Valaris" or the "Company") today reported third quarter 2025 results.

President and Chief Executive Officer Anton Dibowitz said, "The Valaris team continues to deliver safe and efficient operations, which led to another quarter of strong financial results. We also continue to execute our commercial strategy having recently secured an attractive contract for VALARIS DS-12 with bp offshore Egypt. With this award, all four of our active drillships with near-term availability are now contracted for work beginning next year."

Dibowitz added, "Despite near-term commodity price uncertainty, demand for offshore drilling services is developing as we expected, with customers increasingly looking to offshore projects to meet future energy needs. Against this backdrop, we continue to see a solid pipeline of deepwater opportunities for our high-specification fleet, and we are in advanced customer discussions for our drillships scheduled to complete contracts in the second half of 2026."

Dibowitz concluded, "We are focused on delivering outstanding operational performance, executing our commercial strategy, and prudently managing our fleet and costs, positioning Valaris to deliver long-term value for shareholders."

Financial and Operational Highlights

Total operating revenues of $596 million, with revenue efficiency of 95%
Net income of $187 million
Adjusted EBITDA of $163 million
Cash from operating activities of $198 million and Adjusted Free Cash Flow of $237 million
Repurchased $75 million of shares
Recognized by the Center for Offshore Safety with its 2025 Safety Leadership Award – the third consecutive year the Company has received this recognition
Secured a contract for VALARIS DS-12 with an estimated duration of 350 days ‒ all four active drillships with near-term availability now contracted
Completed the sale of jackup VALARIS 247 for cash proceeds of $108 million

Third Quarter Review

Net income of $187 million compared to $114 million in the second quarter 2025. Net income included a gain on sale of assets of $90 million compared to $1 million in the second quarter. Adjusted EBITDA of $163 million compared to $201 million in the second quarter.

Revenues exclusive of reimbursable items decreased to $556 million from $572 million in the second quarter 2025 primarily due to fewer operating days for the floater fleet, partially offset by more operating days for the jackup fleet and higher bareboat charter revenue from rigs leased to ARO Drilling.

Exclusive of reimbursable items, contract drilling expense increased to $368 million from $355 million in the second quarter 2025. The second quarter included a $17 million accrual reversal due to the favorable arbitration outcome related to previously disclosed patent license litigation. Excluding this item, contract drilling expense decreased from the prior quarter.

General and administrative expense increased to $27 million from $19 million in the second quarter 2025 due to a $7 million benefit in the second quarter from the above-mentioned favorable arbitration outcome that resulted in the recovery of legal costs incurred in prior quarters. Excluding this item, general and administrative expense increased slightly from the prior quarter.

Other income of $85 million compared to other expense of $18 million in the second quarter 2025 primarily due to a gain on the sale of jackup VALARIS 247, higher interest income and a decrease in net foreign currency exchange losses.

Tax expense decreased to $29 million from $32 million in the second quarter 2025.

Capital expenditures increased to $70 million from $67 million in the second quarter 2025.

Cash and cash equivalents and restricted cash increased to $676 million as of September 30, 2025, from $516 million as of June 30, 2025. The increase was due to cash flow from operations and proceeds from the sale of VALARIS 247, partially offset by share repurchases and capital expenditures.

Third Quarter Segment Review

Floaters

Revenues exclusive of reimbursable items decreased to $293 million from $320 million in the second quarter 2025 primarily due to VALARIS DS-15 and DS-18 completing contracts mid-third quarter without follow-on work. Both rigs are scheduled to start their next contracts in the second half of 2026.

Exclusive of reimbursable items, contract drilling expense increased to $188 million from $176 million in the second quarter 2025. The increase was primarily due to the favorable arbitration outcome, which led to a $17 million accrual reversal in the second quarter. Excluding this item, contract drilling expense decreased from the prior quarter.

Jackups

Revenues exclusive of reimbursable items increased to $217 million from $212 million in the second quarter 2025 primarily due to more operating days for several rigs, partially offset by the contract completion and subsequent sale of VALARIS 247 during the third quarter.

Exclusive of reimbursable items, contract drilling expense increased slightly to $125 million from $124 million in the second quarter 2025.

ARO Drilling

Revenues increased to $157 million from $140 million in the second quarter 2025 primarily due to more operating days for the fleet and higher day rates for four rigs that began new contract extensions during the prior quarter. Contract drilling expense decreased to $92 million from $96 million in the second quarter primarily due to lower repair and maintenance costs.

Other

Revenues exclusive of reimbursable items increased to $46 million from $41 million in the second quarter 2025 primarily due to higher bareboat charter revenue from rigs leased to ARO, resulting from the above-mentioned contract extensions. Exclusive of reimbursable items, contract drilling expense decreased to $16 million from $17 million in the second quarter.

			Three Months Ended
			(Unaudited)
	Floaters						Jackups						ARO⁽¹⁾							Other						Reconciling Items⁽¹⁾⁽²⁾						Consolidated Total
(in millions of $, except %)	Q3 2025		Q2 2025		Chg		Q3 2025		Q2 2025		Chg		Q3 2025		Q2 2025			Chg		Q3 2025		Q2 2025		Chg		Q3 2025			Q2 2025			Q3 2025		Q2 2025			Chg

Operating revenues:
Revenues (exclusive of reimbursable revenues)	$	293.0	$	319.7	(8	)%	$	216.7	$	212.0	2	%	$	156.8	$	139.9		12	%	$	45.9	$	40.6	13	%	$	(156.8	)	$	(139.9	)	$	555.6	$	572.3		(3	)%
Reimbursable revenues		9.9		7.2	38	%		20.4		26.0	(22	)%		—		—		—	%		9.8		9.7	1	%		—			—			40.1		42.9		(7	)%
Total operating revenues		302.9		326.9	(7	)%		237.1		238.0	—	%		156.8		139.9		12	%		55.7		50.3	11	%		(156.8	)		(139.9	)		595.7		615.2		(3	)%
Operating expenses
Contract drilling expenses (exclusive of depreciation and reimbursable expense)		187.7		176.3	(6	)%		124.8		124.3	—	%		91.6		96.4		5	%		16.3		17.4	6	%		(52.8	)		(59.2	)		367.6		355.2		(3	)%
Reimbursable expenses		9.4		6.7	(40	)%		18.9		24.3	22	%		—		—		—	%		9.7		9.5	(2	)%		—			—			38.0		40.5		6	%
Total contract drilling expenses (exclusive of depreciation)		197.1		183.0	(8	)%		143.7		148.6	3	%		91.6		96.4		5	%		26.0		26.9	3	%		(52.8	)		(59.2	)		405.6		395.7		(3	)%
Depreciation		15.5		14.6	(6	)%		15.3		14.6	(5	)%		28.4		28.7		1	%		3.0		2.8	(7	)%		(25.1	)		(25.2	)		37.1		35.5		(5	)%
General and admin.		—		—	—	%		—		—	—	%		5.5		6.6		17	%		—		—	—	%		21.4			12.2			26.9		18.8		(43	)%
Equity in earnings (losses) of ARO		—		—	—	%		—		—	—	%		—		—		—	%		—		—	—	%		4.4			(1.1	)		4.4		(1.1	)	nm
Operating income	$	90.3	$	129.3	(30	)%	$	78.1	$	74.8	4	%	$	31.3	$	8.2		282	%	$	26.7	$	20.6	30	%	$	(95.9	)	$	(68.8	)	$	130.5	$	164.1		(20	)%

Net income (loss)	$	90.0	$	128.8	(30	)%	$	166.9	$	75.1	122	%	$	2.4	$	(8.6	)	nm		$	26.8	$	20.6	30	%	$	(98.8	)	$	(101.7	)	$	187.3	$	114.2		64	%

Adjusted EBITDA	$	105.8	$	143.9	(26	)%	$	93.4	$	89.4	4	%	$	59.7	$	36.9		62	%	$	29.7	$	23.4	27	%	$	(125.4	)	$	(92.9	)	$	163.2	$	200.7		(19	)%

nm - Not meaningful

⁽¹⁾The full operating results included above for ARO are not included within our consolidated results and thus deducted under "Reconciling Items" and replaced with our equity in earnings of ARO. ⁽²⁾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 and depreciation expense 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."

As previously announced, Valaris will hold its third quarter 2025 earnings conference call at 9:00 a.m. CT (10:00 a.m. ET) on Thursday, October 30, 2025.

About Valaris Limited

Valaris Limited (NYSE:VAL) is the industry leader in offshore drilling services across all water depths and geographies. Operating a high-quality rig fleet of ultra-deepwater drillships, versatile semisubmersibles, 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. To learn more, visit the Valaris website at www.valaris.com.

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 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; 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.

VALARIS LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(In millions, except per share amounts)

(Unaudited)

	Three Months Ended
	Sep 30, 2025			Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024
OPERATING REVENUES
Revenues (exclusive of reimbursable revenues)	$	555.6		$	572.3		$	577.8		$	548.0		$	599.9
Reimbursable revenues		40.1			42.9			42.9			36.4			43.2
Total operating revenues		595.7			615.2			620.7			584.4			643.1

OPERATING EXPENSES
Contract drilling expenses (exclusive of depreciation and reimbursable expenses)		367.6			355.2			374.0			380.5			422.6
Reimbursable expenses		38.0			40.5			41.0			34.8			39.5
Total contract drilling expenses (exclusive of depreciation)		405.6			395.7			415.0			415.3			462.1
Loss on impairment		—			—			7.8			—			—
Depreciation		37.1			35.5			33.1			33.9			31.7
General and administrative		26.9			18.8			24.4			26.7			30.6
Total operating expenses		469.6			450.0			480.3			475.9			524.4
EQUITY IN EARNINGS (LOSSES) OF ARO		4.4			(1.1	)		2.6			10.7			(23.8	)
OPERATING INCOME		130.5			164.1			143.0			119.2			94.9

OTHER INCOME (EXPENSE)
Interest income		22.6			15.1			14.4			16.6			17.5
Interest expense, net		(24.9	)		(24.8	)		(24.3	)		(22.1	)		(22.4	)
Other, net		87.7			(8.7	)		21.2			10.1			(2.8	)
Total other income (expense)		85.4			(18.4	)		11.3			4.6			(7.7	)

INCOME BEFORE INCOME TAXES		215.9			145.7			154.3			123.8			87.2

PROVISION (BENEFIT) FOR INCOME TAXES		28.6			31.5			193.5			(6.8	)		24.3

NET INCOME (LOSS)		187.3			114.2			(39.2	)		130.6			62.9

NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS		0.8			0.9			1.3			3.1			1.7

NET INCOME (LOSS) ATTRIBUTABLE TO VALARIS	$	188.1		$	115.1		$	(37.9	)	$	133.7		$	64.6

EARNINGS (LOSS) PER SHARE
Basic	$	2.66		$	1.62		$	(0.53	)	$	1.88		$	0.89
Diluted	$	2.65		$	1.61		$	(0.53	)	$	1.88		$	0.88
WEIGHTED-AVERAGE SHARES OUTSTANDING
Basic		70.7			71.1			71.0			71.1			72.4
Diluted		71.0			71.3			71.0			71.2			73.2

VALARIS LIMITED AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In millions)

(Unaudited)

	As of
	Sep 30, 2025		Jun 30, 2025		Mar 31, 2025		Dec 31, 2024		Sep 30, 2024
ASSETS

CURRENT ASSETS
Cash and cash equivalents	$	662.7	$	503.4	$	441.4	$	368.2	$	379.3
Restricted cash		12.8		12.8		12.3		12.3		12.9
Accounts receivable, net		513.7		554.2		557.7		571.2		555.8
Assets held for sale		—		—		7.0		—		—
Other current assets		154.4		157.0		139.4		127.0		163.5
Total current assets	$	1,343.6	$	1,227.4	$	1,157.8	$	1,078.7	$	1,111.5

PROPERTY AND EQUIPMENT, NET		2,034.4		2,021.6		1,977.1		1,932.9		1,842.7

LONG-TERM NOTES RECEIVABLE FROM ARO		314.7		308.5		302.3		296.2		265.4

INVESTMENT IN ARO		119.3		114.9		116.0		113.4		102.7

DEFERRED TAX ASSETS		673.9		675.5		679.0		849.5		837.0

OTHER ASSETS		152.1		155.4		154.6		149.1		174.1

Total assets	$	4,638.0	$	4,503.3	$	4,386.8	$	4,419.8	$	4,333.4


LIABILITIES AND SHAREHOLDERS' EQUITY

CURRENT LIABILITIES
Accounts payable - trade	$	327.1	$	332.3	$	329.3	$	328.5	$	303.7
Accrued liabilities and other		390.9		346.4		365.3		351.0		388.6
Total current liabilities	$	718.0	$	678.7	$	694.6	$	679.5	$	692.3

LONG-TERM DEBT		1,085.2		1,084.3		1,083.5		1,082.7		1,081.8

DEFERRED TAX LIABILITIES		27.0		29.4		29.4		30.1		31.1

OTHER LIABILITIES		357.2		377.6		367.8		383.2		404.4

TOTAL LIABILITIES		2,187.4		2,170.0		2,175.3		2,175.5		2,209.6

TOTAL EQUITY		2,450.6		2,333.3		2,211.5		2,244.3		2,123.8

Total liabilities and shareholders' equity	$	4,638.0	$	4,503.3	$	4,386.8	$	4,419.8	$	4,333.4

VALARIS LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)

(Unaudited)

	Nine Months Ended September 30,
		2025			2024
OPERATING ACTIVITIES
Net income	$	262.3		$	239.2
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred income tax expense		172.5			19.3
Net (gain) loss on sale of property		(117.4	)		0.3
Depreciation expense		105.7			88.2
Accretion of discount on notes receivable from ARO		(18.5	)		(33.8	)
Share-based compensation expense		18.4			22.4
Loss on impairment		7.8			—
Equity in losses (earnings) of ARO		(5.9	)		21.7
Changes in contract liabilities		(39.3	)		(13.5	)
Changes in deferred costs		9.1			32.6
Other		6.1			5.0
Changes in operating assets and liabilities		86.3			(131.0	)
Contributions to pension plans and other post-retirement benefits		(13.1	)		(19.6	)
Net cash provided by operating activities	$	474.0		$	230.8

INVESTING ACTIVITIES
Additions to property and equipment	$	(237.2	)	$	(343.4	)
Proceeds from disposition of assets		136.3			0.2
Net cash used in investing activities	$	(100.9	)	$	(343.2	)

FINANCING ACTIVITIES
Payments for share repurchases	$	(75.0	)	$	(101.4	)
Payments related to tax withholdings for share-based awards		(3.1	)		(29.7	)
Net cash used in financing activities	$	(78.1	)	$	(131.1	)

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	$	295.0		$	(243.5	)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD		380.5			635.7
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD	$	675.5		$	392.2

VALARIS LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)

(Unaudited)

	Three Months Ended
	Sep 30, 2025			Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024
OPERATING ACTIVITIES
Net income (loss)	$	187.3		$	114.2		$	(39.2	)	$	130.6		$	62.9
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Net (gain) loss on sale of property		(89.5	)		(0.8	)		(27.1	)		(0.1	)		0.2
Depreciation expense		37.1			35.5			33.1			33.9			31.7
Share-based compensation expense		6.8			6.0			5.6			5.3			7.0
Accretion of discount on notes receivable from ARO		(6.2	)		(6.2	)		(6.1	)		(6.2	)		(6.2	)
Equity in losses (earnings) of ARO		(4.4	)		1.1			(2.6	)		(10.7	)		23.8
Deferred income tax expense (benefit)		(0.8	)		3.5			169.8			(13.5	)		3.8
Loss on impairment		—			—			7.8			—			—
Changes in contract liabilities		(5.9	)		(15.6	)		(17.8	)		(18.2	)		11.3
Changes in deferred costs		4.8			4.5			(0.2	)		6.7			33.4
Other		1.7			2.1			2.3			1.9			0.8
Changes in operating assets and liabilities		72.0			(21.0	)		35.3			(3.2	)		37.8
Contributions to pension plans and other post-retirement benefits		(4.8	)		(3.3	)		(5.0	)		(1.9	)		(13.5	)
Net cash provided by operating activities	$	198.1		$	120.0		$	155.9		$	124.6		$	193.0

INVESTING ACTIVITIES
Proceeds from disposition of assets	$	108.7		$	9.8		$	17.8		$	2.6		$	0.1
Additions to property and equipment		(69.8	)		(67.2	)		(100.2	)		(111.7	)		(81.9	)
Net cash provided by (used in) investing activities	$	38.9		$	(57.4	)	$	(82.4	)	$	(109.1	)	$	(81.8	)

FINANCING ACTIVITIES
Payments for share repurchases	$	(75.0	)	$	—		$	—		$	(25.0	)	$	(100.0	)
Payments for tax withholdings for share-based awards		(2.7	)		(0.1	)		(0.3	)		(0.2	)		(29.3	)
Other		—			—			—			(2.0	)		—
Net cash used in financing activities	$	(77.7	)	$	(0.1	)	$	(0.3	)	$	(27.2	)	$	(129.3	)

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	$	159.3		$	62.5		$	73.2		$	(11.7	)	$	(18.1	)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD		516.2			453.7			380.5			392.2			410.3
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD	$	675.5		$	516.2		$	453.7		$	380.5		$	392.2

VALARIS LIMITED AND SUBSIDIARIES

OPERATING STATISTICS

(In millions)

(Unaudited)

	Three Months Ended
	Sep 30, 2025		Jun 30, 2025		Mar 31, 2025		Dec 31, 2024		Sep 30, 2024
REVENUES
Floaters
Drillships	$	253.8	$	282.7	$	317.3	$	285.5	$	323.9
Semisubmersibles		39.2		37.0		38.7		42.2		51.0
	$	293.0	$	319.7	$	356.0	$	327.7	$	374.9
Reimbursable Revenues⁽¹⁾		9.9		7.2		8.9		15.7		14.1
Total Floaters	$	302.9	$	326.9	$	364.9	$	343.4	$	389.0

Jackups
Harsh Environment	$	110.5	$	115.0	$	106.3	$	113.5	$	118.7
Benign Environment		91.2		81.4		64.8		59.5		58.4
Legacy		15.0		15.6		14.8		14.8		15.5
	$	216.7	$	212.0	$	185.9	$	187.8	$	192.6
Reimbursable Revenues⁽¹⁾		20.4		26.0		27.7		15.3		21.1
Total Jackups	$	237.1	$	238.0	$	213.6	$	203.1	$	213.7

Other
Leased and Managed Rigs	$	45.9	$	40.6	$	35.9	$	32.5	$	32.4
Reimbursable Revenues⁽¹⁾		9.8		9.7		6.3		5.4		8.0
Total Other	$	55.7	$	50.3	$	42.2	$	37.9	$	40.4

Total Operating Revenues	$	595.7	$	615.2	$	620.7	$	584.4	$	643.1

Total Reimbursable Revenues⁽¹⁾	$	40.1	$	42.9	$	42.9	$	36.4	$	43.2

Revenues Exclusive of Reimbursable Revenues	$	555.6	$	572.3	$	577.8	$	548.0	$	599.9

(1)

Reimbursable revenues represent reimbursements from our customers for purchases of supplies, equipment and incremental services provided at their request.

VALARIS LIMITED AND SUBSIDIARIES

OPERATING STATISTICS

(In millions)

(Unaudited)

	Three Months Ended
	Sep 30, 2025		Jun 30, 2025		Mar 31, 2025		Dec 31, 2024		Sep 30, 2024
ADJUSTED EBITDA⁽¹⁾
Floaters
Drillships	$	94.7	$	137.3	$	145.9	$	108.4	$	130.9
Semisubmersibles		11.1		6.6		6.7		8.3		10.4
	$	105.8	$	143.9	$	152.6	$	116.7	$	141.3

Jackups
Harsh Environment	$	48.8	$	49.4	$	38.6	$	50.0	$	31.4
Benign Environment		43.0		36.3		26.6		19.5		20.0
Legacy		1.6		3.7		5.3		6.0		5.6
	$	93.4	$	89.4	$	70.5	$	75.5	$	57.0

Total	$	199.2	$	233.3	$	223.1	$	192.2	$	198.3

Other
Leased and Managed Rigs	$	29.7	$	23.4	$	19.9	$	15.0	$	18.3

Total	$	228.9	$	256.7	$	243.0	$	207.2	$	216.6

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