Valaris announces the award of a jackup contract

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HAMILTON, Bermuda, July 07, 2021– (BUSINESS WIRE) – Valaris Limited (NYSE: VAL) today announced that it has been granted a 183-day extension of its contract with Aramco for VALARIS JU-140, a modern jack-up for standard use. The extension is a direct continuation of the existing contract and, therefore, the VALARIS JU-140 should now be under contract until the end of 2021.

About Valaris Limitée

Valaris Limited (NYSE: VAL) is the industry leader in offshore drilling services across all depths of water and all geographies. Operating a fleet of high quality rigs consisting of ultra-deep water drill vessels, versatile semi-submersibles and modern shallow water jack-ups, Valaris has experience in almost all large offshore basins. Valaris maintains an unwavering commitment to safety, operational excellence and customer satisfaction, with an emphasis on technology and innovation. Valaris Limited is a Bermuda Exempt Company (Bermuda # 56245). For more information, visit our website at www.valaris.com.

Warnings

Statements 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 as modified. Forward-looking statements include words or phrases such as “anticipate”, “believe”, “estimate”, “expect”, “intend”, “plan”, “plan”, “might”, “could”, “could”, “should”, “will” and similar words. These statements are subject to numerous risks, uncertainties and assumptions which may cause actual results to vary materially from those indicated, including the Company’s liquidity and its ability to access sources of financing, debt restrictions which may limit our liquidity and flexibility, the COVID-19 epidemic and global pandemic, the related public health measures implemented by governments around the world, the volatility of oil prices caused in part by the COVID-19 pandemic and the decisions of certain oil producers to reduce export prices and increase oil production; and the cancellation, suspension, renegotiation or termination of contracts and drilling programs. In particular, the unprecedented nature of the current economic downturn, pandemic and industry decline may make it particularly difficult to identify risks or predict the degree to which identified risks will impact business and financial condition. of the society. In addition to the many factors described above, you should also carefully read and consider “Section 1A. Risk Factors ”in Part I and“ Item 7. Management’s Discussion and Analysis of Financial Position and Results of Operations ”in Part II of our most recent annual report on Form 10-K, as posted updated in our subsequent Quarterly Reports on Form 10-Q, which are available on the Securities and Exchange Commission website at www.sec.gov or in the Investor Relations section of our website at address www.valaris .com. Each forward-looking statement speaks only as of the date of the particular statement and we do not undertake to update or revise any forward-looking statements except as required by law.

See the source version on businesswire.com: https://www.businesswire.com/news/home/20210707005869/en/

Contacts

Investor and media contact:
Darin Gibbins
Vice-President – Investor Relations and Treasurer
+ 1-713-979-4623


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