March 2020 · With safety and integrity as two of our core values, we have established safety systems and processes aimed at achieving industry-leading personal-safety and process-safety

March 2020

Sustainability Report

valaris.com2

About Valaris . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3Company Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3Fleet Highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4Sustainability Statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

Commitment to Health, Safety and the Environment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6

Workplace Safety and Health . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7Protecting Our Environment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8Key Performance Indicators . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9Spill Prevention . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .10Effective Well Control . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11Proper Waste Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12Preventive Equipment Maintenance Based on Predictive Analytics . . . . . . . . . . . . . . . 13Greenhouse Gas Emissions (Including Energy Use) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .14Safe Environment Assurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15

Commitment to Ethical Business Practices . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16

Ethical Behavior . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .16

Commitment to Our Employees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17Leadership and Accountability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17Organizational Capability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17Promoting Teamwork and Respect . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .18Diversity and Fair Employment Practices . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .18

Commitment to Our Communities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19

Community Involvement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20Human Rights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20

Commitment to Ingenuity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21

Commitment to Our Customers and Suppliers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .22

Providing Quality Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22Engaging in Fair Competition . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22

Forward Looking Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .23

Table of Contents

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About Valaris

Company Overview

Valaris was created by the combination of two leading offshore drillers with decades of

experience, creating the most capable, effective and highest performing offshore drill-

ing service company in the world. We provide responsible solutions that deliver energy

to the world across all water depths with unmatched scale, geographic presence and

customer relationships.

Our diverse rig fleet of ultra-deepwater drillships, versatile semisubmersibles and mod-

ern shallow-water jackups is capable of meeting a wide spectrum of customers’ well

program requirements. Our rig fleet is among the most technologically advanced in the

industry and our well-trained crews perform at the highest levels in the most challenging

offshore environments.

With an unwavering focus on safety and dedicated offshore and onshore employees, we

provide innovative solutions and aim to deliver excellence to customers in everything

that we do. We are an industry leader in customer satisfaction as demonstrated in a

recent independent survey conducted by EnergyPoint Research, where we ranked first

in several categories, including Health, Safety & Environment (HSE), performance and

reliability and both deepwater and ultra-deepwater wells.

With safety and integrity as two of our core values, we have established safety systems

and processes aimed at achieving industry-leading personal-safety and process-safety

performance. Our skilled employees exceed customer expectations by adhering to our

safe systems of work, which are applied across the fleet and actively supported at the

highest levels of the organization. We also offer extensive training including the newest

immersive simulation programs that enable our employees to continually build their

knowledge and expertise. Our Competency Assurance Management Program is a formal

on-the-job training program that provides employees the opportunity to demonstrate

proficiency in current roles and operational tasks while helping to prepare them for

future promotions. This program is accredited by the International Association of Drilling

Contractors.

About Valaris

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Fleet Highlights

Valaris’ drillships are equipped with some of the most technically-

advanced well construction features available in the offshore

drilling industry, including advanced systems for hoisting, blowout

preventer handling, drilling, mud controls and station keeping.

Our fleet of semisubmersible rigs is equipped with a wide range

of drilling capabilities. The fleet consists of both dynamically-

positioned and moored drilling rigs offering customers flexibility

when planning their drilling requirements.

Our jackup fleet is the largest in the world and spans from the most

modern and technically advanced to the highly efficient, and is

capable of meeting a wide spectrum of customers’ well program

requirements.

About Valaris

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Valaris embodies a set of values that are centered on professional ethical behaviors, the

protection of people and minimizing our impact to the environment in order to achieve

success. We maintain a strategic focus on sustainable business practices, and focus to

continually improve our performance, allowing us to protect and advance local commu-

nities, our customers and employees, and the environment.

Our sustainability vision is centered around six different commitments:

� Health, Safety and the Environment;

� Ethical Business Practices;

� Employees;

� Communities;

� Innovation; and

� Customers and Suppliers

Valaris and its Board of Directors and management are committed to continuously

pursuing best practices of corporate governance, accountability and transparency to

enhance long-term shareholder value. Valaris’ Nominating, Governance and Sustain-

ability Committee, which is comprised of independent directors of the Company’s Board,

provides oversight and guidance with regard to environmental, social and governance

(“ESG”) matters and regularly reviews the Company’s ESG activities including the annual

Sustainability Report.

Sustainability Statement

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Commitment to Health, Safety and the Environment

Our values instruct us to act in all situations with integrity. Safety and causing no

harm are always our priority. Our Code of Conduct and company policies set company

standards for environmental protection, workplace safety and health, sustainability,

anti-discrimination, anti-harassment and fair employment practices, including prohi-

bitions on forced or child labor.

Our executive management regularly reinforce these requirements to the workforce

through site visits, video, written and verbal communications during monthly business

reviews, quarterly performance reviews, incident reviews and periodic management sys-

tem reviews. Our CEO and COO routinely participate in direct employee engagements to

reinforce Valaris’ commitment to safety and environmental protection.

6


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Our priority of causing no harm encompasses people, property and the environment.

Each of us shares in the responsibility to help keep ourselves and our colleagues safe by

following all company safety requirements and applicable laws and regulations.

We conduct risk assessments to identify the barriers necessary to reduce the risk of

personnel injury and catastrophic event to a tolerable level. We recognize three types of

barrier elements that work together to make up our barrier system. Each barrier element

must be implemented and maintained to effectively manage process safety and person-

al safety risks. Valaris’ Operational Assurance Program (OAP) is in place to ensure barrier

elements remain healthy. It includes self-verification, oversight and audit activities.

Valaris developed an electronic reporting system to foster timely reporting of personal

and process safety incidents, near hits, and downtime events to enable appropriate in-

vestigations, corrective actions, and sharing of lessons learned throughout the orga-

nization. Incident reporting and related activities apply not only to incidents involving

company personnel, but to all individuals working with Valaris, including third-party

personnel, suppliers and customers on a Valaris rig or facility.

Valaris employees have a duty and the authority to stop any job deemed to be unsafe

without fear of retaliation. Our behavioral-based safety program, the DuPont STOP™

process, provides a structured approach for observing and intervening when any unsafe

behaviors and conditions are encountered in the workplace.

Workplace Safety and

Health


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Valaris is committed to safeguarding where we work for the next generation. This in-

volves reducing emissions and waste discharge and following company environmental

requirements, in addition to applicable regulations and laws.

We accomplish this by utilizing the Valaris Management System to help identify environ-

mental hazards, evaluate risks, and implement the necessary controls to reduce these

risks. This systematic approach includes:

� Verifying regulatory requirements are met, including both international environ-

mental requirements and country-specific regulations

� Implementing standardized spill prevention processes and supporting procedures

across the fleet

� Conducting routine audits and inspections to identify nonconformities and op-

portunities for improvement

� Employing personnel who are competent in their roles, are aware of the environ-

mental aspects of their work and know how to prevent or reduce any potential

negative environmental impacts

These efforts and our diligence in environmental stewardship are integral to customers

rating us #1 in health, safety and environmental performance in the offshore drilling

segment in the independent EnergyPoint Research survey.

Protecting Our

Environment


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Our industry measures safety and environmental performance by tracking key performance

indicators (KPIs). In support of our values and priority to cause no harm, we strive for con-

tinual improvement and track a number of KPIs that determine a portion of executive and

senior employee compensation. These KPIs are evaluated annually and pre-defined safety

performance goals and targets are established as part of our annual goal setting process.

Our industry commonly uses Total Recordable Incident Rate (TRIR) to measure the frequency

of work-related injuries. Valaris maintains and monitors TRIR as an industry benchmark and

Valaris has consistently outperformed our peer group by achieving a lower TRIR for the past

15 years. Valaris also tracks additional metrics that are more specific to improving our perfor-

mance including those that address personal safety, process safety and environmental impact.

Key Performance

Indicators

PSIR quantifies the frequency of process safety events, which are incidents that have significant accident hazards, and measures the Company’s adherence to operational and safety procedures.

Spills to Sea measures the volume of hydrocarbon and non-hydrocarbon discharge in the course of operations and is used to assess the Company’s environmental impact.


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We are committed to implementing comprehensive measures to prevent spills and, if an

incident were to occur, deliver an effective and rapid response.

We accomplish this by:

� Implementing spill prevention procedures including a robust system for manag-

ing overboard discharge valves

� Reporting and investigating incidents to implement corrective actions, and shar-

ing lessons learned across the organization to prevent recurrence

� Conducting routine ‘Critical Area Verifications’ to check critical areas on the rig for

equipment function, good housekeeping and overall condition monitoring

� Supplying every rig with spill kits capable of mitigating deck spills

� Conducting hazardous substance transfers between support vessels and our ves-

sels using detailed protocols to assess risk factors, plan the job and execute the

transfer, minimizing potential environmental impact during the transfer

� Equipping rigs with oily water separators that meet The International Convention

for the Prevention of Pollution from Ships (MARPOL) standards to mitigate poten-

tial environmental impact

� Providing secondary containment systems as additional barriers in the event of a

spill

� Maintaining a Shipboard Oil Pollution Emergency Plan for our fleet and periodi-

cally testing our response with drills and exercises

� Maintaining agreements with environmental containment and response providers

in the event of a spill that exceeds our internal capacity

Spill Prevention

Whale shark spotted from the Valaris JU-117 off

the coast of Trinidad


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Valaris maintains a robust well control program for preventing major accident events

and testing equipment reliability in order to protect the environment from hydrocarbon

releases.


� Having an effective well control standard that focuses on five key components:

1. Risk Analysis – Environmental and safety risks are assessed prior to

starting each well, and actions to mitigate the risks are implemented

2. Barrier Identification – Our offshore crews use proven industry

practices as they identify processes and equipment that can prevent

and mitigate unintended release of hydrocarbons

3. Barrier Management – These well control methods are reinforced by

advanced training and competency assessment of personnel executing

drilling and well control processes, along with bridging arrangements

with customers’ requirements for well control

4. Monitoring – Metrics and assurance reporting, including self-

verification, oversight and audit activities, are used to direct attention

toward improving well control performance

5. Continuous Improvement – To keep our processes relevant and

indicative of our actual operating experience and industry best

practices, we analyze barrier events and well control events to define

the root cause in order to implement corrective actions to prevent

recurrences

� Requiring that well control procedures are consistently applied throughout our

global operations

� Building a Stop Work Authority culture where everyone has the right and obliga-

tion to stop a job or action they believe may be unsafe or when they are unsure of

their responsibilities

Effective Well Control

Rig workers receiving training in Enhanced Well Control at

the Valaris Training Center


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Waste management includes minimizing waste where possible, and segregating, storing,

labeling, manifesting and transporting the waste we generate in a responsible manner

for recycling, treatment or disposal.


� Implementing waste management processes onboard our rigs to responsibly

handle and manage waste

� Working with our clients to establish recycling programs onboard our rigs

� Complying with international (MARPOL) and local requirements to manage gar-

bage and rig sewage treatment systems

� Educating all personnel on the waste management expectations upon arrival on

the rig

� Training all our offshore personnel in Marine Debris Awareness in accordance with

industry best practices

Proper Waste Management


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A robust preventive maintenance program helps to keep equipment operating efficiently

to achieve optimal equipment life cycle to reduce the potential environmental impact of

equipment failure.


� Having a “reliability-based maintenance” program that facilitates:

• Timely maintenance of equipment for safe, reliable and efficient

performance

• Real time monitoring of key wear and condition parameters of certain

equipment

� Performing non-routine maintenance and repairs to prevent failures that could

result in catastrophic equipment damage

� Using predictive analytics in our transition from conventional, time-based mainte-

nance to condition-based maintenance

� Identifying opportunities to maximize equipment reliability, including collabora-

tion with our competitors, exploration and production companies, and equipment

providers to find solutions for the industry

Preventive Equipment

Maintenance Based on

Predictive Analytics


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We are dedicated to reducing Greenhouse Gas (GHG) emissions across our rigs, facilities

and offices by improving energy efficiency in our operations.


� Complying with the UK Companies Act 2006 for greenhouse gas emission report-

ing and Energy Savings Opportunity Scheme (ESOS) that consists of an energy

assessment and energy saving identification scheme to improve energy efficiency

and mitigate climate change

� Conforming with the ISO 14001 environmental management system standard

published by the International Organization for Standardization

� Employing design and operability improvements with our newest vessels to re-

duce fuel consumption

� Establishing Valaris’ Houston, Texas corporate office in a LEED Silver certified and

EPA Energy Star rated building

� Working with customers to leverage use of biodiesel or blended fuels where avail-

able

� Utilizing video conference instead of traveling when possible, and allowing em-

ployees to telecommute and work flexible hours in order to avoid peak traffic times

� Utilizing automatic lighting controls in Valaris office spaces, and timing the use of

office heating and cooling, where possible

Greenhouse Gas Emissions

(Including Energy Use)


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We continually improve our processes and routinely monitor our facilities to verify

best-practice guidelines are followed in compliance with corporate policies, standards

and procedures.


� Establishing a dedicated team to conduct audits of operations and review the

findings with offshore rig management, onshore business unit management and

senior management

� Training crew members with International Association of Drilling Contractors

(IADC) accredited courses and e-learning training modules to instill awareness of

responsibilities and potential environmental impacts

� Enabling employees to share best practices and cascade lessons learned throughout

the fleet through our Work Instruction Management System, which provides consis-

tent, systematic instructions for daily tasks on our offshore installations

Safe Environment

Assurance

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Commitment to Ethical Business Practices

Valaris is committed to conducting our business in accordance with the highest ethical

standards because our continued growth and success as a company depends on our

shared commitment to a culture of honesty, integrity and respect. The Valaris Code of

Conduct helps us meet this commitment by specifying the principles and rules we must

follow in our day-to-day activities.

Valaris maintains an unwavering commitment to ethical behavior, as demonstrated by

our zero-tolerance policy for bribery. Every employee must abide by all national and in-

ternational anti-bribery laws and regulations—such as the U.K. Bribery Act 2010 (“UKBA”)

and U.S. Foreign Corrupt Practices Act of 1977 (“FCPA”)—that forbid bribery or improper

payments to government officials, commercial entities or other persons.

Valaris strongly rejects any form of corruption. We, as well as third parties acting on our

behalf, are prohibited from obtaining any type of benefit through bribery. Similarly, we

will not accept bribes or be used by any other party to facilitate bribery. These prohibi-

tions extend to all types of bribery, including monetary payments and kickbacks, as well

as other non-monetary forms or items of value in exchange for an improper benefit.

In particular, we do not accept or provide gifts, travel,

entertainment, sponsorships, or charitable contribu-

tions in exchange for business, services, or confidential

information, or if the intent is to improperly influence a

decision.

Although our prohibition on bribery covers dealings with

any party, interactions with government officials pres-

ent heightened corruption risks and thus receive special

attention in our policies, procedures and standards.

Ethical Behavior

17 valaris.com

Commitment to Our Employees

At Valaris, all employees are responsible for helping us operate according to our policies

and standards to achieve world-class performance. Leaders are responsible for setting

and disseminating performance expectations aligned with Valaris’ Purpose, Values and

business objectives. To accomplish this, we:

� Operate in accordance with our purpose and values to establish the foundation of

our culture,

� Communicate clear performance expectations and align priorities,

� Establish a global management system that promotes consistent implementa-

tion, execution and administration of business processes, to establish necessary

controls throughout the company

� Communicate expectations to employees to guide the achievement of superior

results and continual improvement

� Establish, cascade and periodically review business objectives through a struc-

tured and objective monitoring process so that performance accountabilities are

clearly communicated, understood and implemented

At Valaris, our systems, processes, tools, technologies, support infrastructure and per-

sonnel are optimized to meet service quality, business objectives, internal and external

compliance requirements and global footprint. To accomplish this, we:

� Employ a committed, trained, competent and high-performing workforce

� Foster adherence to our values and promote a culture of operational excellence

� Establish and maintain selection, training and assessment processes to deliver

business objectives

� Provide competitive compensation and benefit packages

� Reward personnel based on merit, and offer developmental opportunities based

on individual performance and identified potential

� Use a structured performance and succession planning process to support and

manage appropriate development

Leadership and Accountability

Organizational Capability

Commitment to Our Employees

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We are committed to creating a professional, safe and discrimination-free work environ-

ment. To achieve this goal, we treat our colleagues and those with whom we work with

respect and dignity.

To promote open communication, teamwork and respect throughout Valaris, we take

steps to create a harassment-free workplace. We do not tolerate the harassment of em-

ployees by anyone within or outside of our company.

We believe that our diverse workforce is a strength and provides us with a competitive

advantage. Our diversity philosophy focuses on hiring, developing and retaining the best

talent from diverse backgrounds. To accomplish this, we:

� Do not make any hiring, promotion, termination or other job-related decision

based on race, gender, color, age, sexual orientation, national origin, ethnicity,

religion, political affiliation, marital status, pregnancy, disability or any other legal-

ly-protected status in violation of applicable law

� Develop and maintain an organizational culture reflective of our diverse workforce

and global footprint, which is respectful of internationally recognized human

rights and strives to be free from discrimination

� Monitor diversity and nationalization on a global level and measure the represen-

tation of women and local nationals

� Create an environment that fosters a sense of community and promotes a diverse

and inclusive company culture, including through company initiatives such as

the Valaris Women’s Network, an organization focused on representation, visibility

and professional support for our female employees

Promoting Teamwork and

Respect

Diversity and Fair

Employment Practices

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Commitment to Our Communities

Valaris contributes to the creation of jobs in the countries where we operate, and we

employ a diverse employee population representing approximately 90 nationalities from

around the world. We work with industry and government partners in various countries to

sponsor and train localized labor. For example, in Australia, we participate in the Broome

Indigenous Trainee & Cadet Partnership Program to provide on-the-rig work experience

to equip new entrants with practical skills and knowledge in shipboard operations and

safety systems. Additionally, each year we sponsor multiple local students at the Saudi

Arabian Drilling Academy, a non-profit technical vocational training center that builds in-

dustry skill sets. Furthermore, we encourage employees to engage in their communities

through volunteering and other outreach programs.

Valaris is committed to high ethical standards and respects the human rights of our

global stakeholders. We conduct our business so that it is aligned with the International

Bill of Human Rights and the International Labor Organization’s Declaration on Fun-

damental Principles and Rights at Work, which together provide an authoritative list of

internationally recognized human rights. We look for and report human rights abuses

(such as child labor, forced labor, or human trafficking) in our operations or those of our

business partners. We commit to avoid complicity in human rights abuses, consistent

with the United Nations’ Guiding Principles on Business and Human Rights, which pro-

vide standards for addressing human rights risks and we operate based on the principles

laid out in Article 54 of the United Kingdom Modern Slavery Act of 2015. We are dedicated

to compliance with all legal requirements.

Human Rights

Supporting Local Content

Trainees at the Saudi Arabian Drilling Academy graduation ceremonies

Commitment to Our Communities

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We are committed to making a positive impact in the communities where we live and

work. We care for our communities by creating jobs and supporting local economies.

To support our communities, we encourage sponsorships, charitable contributions, and

volunteer activities that improve local communities. To that end, in 2019, we sponsored

66 of our employee dependents through a student scholarship fund. As part of this

initiative, each successful applicant receives funding over the period of their course, so

long as they meet specific grade and enrollment requirements. Also in 2019, Valaris em-

ployees attended the Houston Food Bank where they helped the fight against hunger in

the local community by assisting in the sorting and distribution of food to hunger relief

charities.

Community Involvement

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Commitment to Ingenuity

Valaris recognizes the importance of translating ideas and technical solutions into

goods, services and processes that create value for our customers and communities.

The Valaris Management System details the framework used to encourage ingenuity and

agility from all employees and sets forth the process for managing and implementing

technical solutions. These solutions often focus on enhancing our efficiency in opera-

tions and safety, health and environmental performance.

In order to further differentiate our rigs, we are focused on finding innovative ways

to improve all services delivered to customers aboard our rigs. We have significantly

expanded our intellectual property portfolio with a focus on technology that creates

efficiency in customers’ drilling programs. For example, Valaris 120 and 140 Series jack-

ups are equipped with our patented Canti-Leverage Advantage™ technology, which

provides cost advantages for customers by allowing them

to drill more wells from a single location when utilizing the

enhanced hoisting capacity at the farthest reach of the

cantilever. Another example is a going-on-location comput-

er that helps to optimize jackup moves and reduce down-

time due to inclement weather, thereby reducing energy

consumption on the rig.

Additionally, Valaris’ Continuous Tripping Technology™

(shown at left) is a solution that will help to further differen-

tiate our assets from the competition by providing more effi-

cient and safer pipe tripping, thereby helping to lower custom-

ers’ offshore project costs. Valaris is committed to improving

the drilling process and creating efficiencies for customers

through innovation and technology.

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Commitment to Our Customers and Suppliers

How we treat our customers and suppliers defines Valaris. We believe the way to gain a

competitive advantage is through excellence in operational performance, delivering on

our commitments, and doing business with integrity. Therefore, each of us must commit

to competing fairly and upholding Valaris’ values to preserve the company’s reputation

as an industry leader.

Valaris is committed to providing outstanding quality and unsurpassed services that

deliver premium value to our customers. We strive to exceed our customers’ expectations

in the safest and most cost-effective manner possible. In addition, we do our best to

comply with all customer and supplier contracts and never seek to circumvent the speci-

fications provided within them.

Valaris is committed to conducting business in a fair, transparent and competitive

manner. Many countries have laws that protect competition, making anti-competitive

behaviors illegal. We seek to always comply with the letter and spirit of competition laws

(also known as antitrust laws) wherever Valaris conducts business.

Providing Quality

Services

Engaging in Fair

Competition

23 valaris.com

Statements contained in this report that are not historical facts are forward-looking

statements within the meaning of Section 27A of the Securities Act of 1933 and Section

21E of the Securities Exchange Act of 1934. Forward-looking statements include words

or phrases such as “believe,” “expect,” “could,” “may,” “might,” “will” and similar words and

specifically include statements involving, without limitation, expected financial per-

formance, general market, business and industry conditions, trends and outlook. Such

statements are subject to numerous risks, uncertainties and assumptions that may

cause actual results to vary materially from those indicated. You should 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, as updated in our subsequent quarterly reports on Form 10-

Q, which are available on the SEC’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 publicly

update or revise any forward-looking statements, except as required by law.

Forward Looking

Statements

Valaris Headquarters 110 Cannon Street London EC4N 6EU United Kingdom Phone: + 44 (0) 207 409 0399 Registered in England No . 7023598

Valaris Corporate Office 5847 San Felipe St ., Suite 3300Houston, TX 77057USAPhone: + 1 713 789 1400Toll-Free: + 1 800 423 8006

Major Operations Offices

AberdeenGateway CrescentGateway Business ParkAberdeen, Scotland AB12 3GA, UKPhone: + 44 (0) 1224 780 400

DubaiAl Moosa Tower 2, Suite 2601Sheikh Zayed RoadP .O . Box 72453DubaiUAEPhone: + 971 4 403 7301

Houston5847 San Felipe St ., Suite 3500Houston, TX 77057USAPhone: + 1 281 809 0400

valaris .com

Documents

March 2020 · With safety and integrity as two of our core values, we have established safety systems and processes aimed at achieving industry-leading personal-safety and process-safety