Fleet Financing

Valaris Limited announces the award of a Jackup contract



HAMILTON from Bermuda, May 19, 2021 / PRNewswire / – Valaris Limited (NYSE: VAL) today announced it has won an approximately 45-day contract with W&T Offshore in the United States Gulf of Mexico for VALARIS JU-117 (Ralph coffman), a modern and robust jack-up. The contract should start in July 2021.

Valaris Verticle Logo (PRNewsfoto / Valaris plc)

About Valaris Limited

Valaris Limited (NYSE: VAL) is the industry leader in offshore drilling services in all water depths and geographies. Operating a fleet of high quality rigs including ultra-deep water drill vessels, multi-purpose semi-submersibles and modern shallow water elevators, Valaris has experience in almost all large offshore basins. Valaris maintains an unwavering commitment to safety, operational excellence and customer satisfaction, with a focus on technology and innovation. Valaris Limited is a Bermuda exempt company (Bermuda # 56245). To learn more, visit our website at www.valaris.com.

Warning statements

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 expressions such as “anticipate”, “believe”, “estimate”, “expect”, “intend”, “plan”, “plan”, “could”, “may “,” Could “,” should “,” will “and similar words. Such statements are subject to numerous risks, uncertainties and assumptions which may cause actual results to differ materially from those shown, including the liquidity of the company and its ability to access funding sources, debt restrictions that 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-pandemic- 19 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 extent to which identified risks will impact the business and the environment. financial situation of the company. Besides the many factors described above, you should also carefully read and take into account “Point 1A. Risk Factors ”in Part I and“ Point 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, 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 www.valaris .com. Each forward-looking statement speaks only as of the date of the particular statement and we do not undertake any obligation to update or revise any forward-looking statements, except as required by law.

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

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SOURCE Valaris Limited



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