Valaris (NYSE: VAL) lifts backlog to $4.7B with new drilling deals

Rhea-AI Filing Summary

Valaris Limited released an updated fleet status report as of February 17, 2026, highlighting new offshore drilling contracts and extensions that add nearly $900 million of contract backlog. Total contract backlog increased to approximately $4.7 billion, up from about $4.5 billion in the prior report.

Key wins include a five-well extension for drillship VALARIS DS-7 with Azule Energy in Angola, a two-year extension for VALARIS DS-9 with Esso Angola, and a multi‑year VALARIS DS-8 contract with Shell in Brazil valued at about $300 million. On the jackup side, notable awards include a two‑year BP Indonesia contract for VALARIS 106 with an estimated value of roughly $74 million and multiple North Sea accommodation and plug-and-abandonment contracts. The company also removed roughly $120 million of backlog tied to the suspended VALARIS 120 contract, classified semisubmersible VALARIS DPS‑1 as held for sale, and sold jackups VALARIS 102 and 145 for recycling, while outlining expected maintenance-related out‑of‑service days across several rigs.

Insights

Offshore drilling and contract backlog analyst

Valaris modestly grows backlog with new floaters and jackups work while pruning older rigs.

Valaris reports nearly $900 million of new contracts and extensions since October 23, 2025, lifting total contract backlog to about $4.7 billion. The backlog is diversified across drillships, harsh and benign jackups, and other managed or leased assets, with floaters contributing over $3.0 billion.

The filing details multi‑year deals such as the VALARIS DS‑8 Shell Brazil contract worth roughly $300 million over about 800 days, plus sizable extensions for DS‑7 and DS‑9 in Angola. At the same time, about $120 million of backlog was removed after suspension of the VALARIS 120 contract, and several older jackups were sold for recycling, indicating ongoing high‑grading of the fleet.

Operationally, the tables lay out expected planned‑maintenance out‑of‑service days through at least Q2 2027, which will influence near‑term utilization and revenue timing. The company also flags that many contracts include options, cost‑escalation mechanisms, and non‑recurring mobilization or upgrade payments, so actual realized revenues will depend on customer decisions and execution under these terms.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities and Exchange Act of 1934

Date of Report (Date of earliest event reported): February 17, 2026

Valaris Limited

(Exact name of registrant as specified in its charter)

Bermuda

001-08097

98-1589854

(State or other jurisdiction of incorporation)

(Commission File Number)

(I.R.S. Employer Identification No.)

Claredon House, 2 Church Street

Hamilton, Bermuda, HM 11

Registrant’s telephone number, including area code: 44 (0) 20 7659 4660

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Ticker Symbol(s)

Name of each exchange on which registered

Common Shares, $0.01 par value share

VAL

New York Stock Exchange

Warrants to purchase Common Shares

VAL WS

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

TABLE OF CONTENTS

INFORMATION TO BE INCLUDED IN THE REPORT			2
Item 7.01 Regulation FD Disclosure			2
Item 9.01 Financial Statements and Exhibits			3
SIGNATURE			4

INFORMATION TO BE INCLUDED IN THE REPORT

Item 7.01 Regulation FD Disclosure

The Fleet Status Report of the Company as of February 17, 2026 is furnished as Exhibit 99.1 to this report.

The information furnished in this Item 7.01 and the information attached to this Form 8-K as Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

2

Item 9.01 Financial Statements and Exhibits

    (d) Exhibits

Exhibit No.						Description
99.1						Fleet Status Report of Valaris Limited as of February 17, 2026
101						Interactive data files pursuant to Rule 405 of Regulation S-T formatted in inline Extensible Business Reporting Language
104						Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)

3

SIGNATURE

    Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

						Valaris Limited
February 17, 2026						/s/ CHRISTOPHER T. WEBER
						Christopher T. Weber Senior Vice President and Chief Financial Officer

4

1

Valaris Limited
Fleet Status Report
February 17, 2026

New Contracts, Extensions and Other Updates Since Last Fleet Status Report
Contract Backlog •Valaris has been awarded the following new contracts and contract extensions, with associated contract backlog of nearly $900 million, subsequent to issuing its previous fleet status report on October 23, 2025. Contract backlog excludes lump sum payments such as mobilization fees and capital reimbursements. •Contract backlog increased to approximately $4.7 billion from approximately $4.5 billion as of October 23, 2025. Floater Contract Awards •Five-well contract extension for drillship VALARIS DS-7 with Azule Energy offshore Angola. The contract extension is expected to commence in October 2026 in direct continuation of the existing program. The contract has an estimated duration of 325 days and will add approximately $125 million to contracted revenue backlog. The contract also includes a five-well unpriced option with an estimated duration of 300 to 350 days. •Two-year contract extension for drillship VALARIS DS-9 with Esso Exploration Angola, an affiliate of ExxonMobil. The contract extension is expected to commence in July 2026 in direct continuation of the existing program. The operating day rate is in line with recent market rates in the region. The contract also includes two six-month options. •Multi-year contract for drillship VALARIS DS-8 with Shell offshore Brazil. The contract is expected to commence in the first quarter of 2027, with an estimated duration of approximately 800 days and a total contract value of approximately $300 million. The contract also includes options with a total estimated duration of approximately one year. Jackup Contract Awards •Eight-well contract for jackup VALARIS 106 with BP Indonesia. The contract is expected to commence in the third quarter 2026 and has an estimated duration of two years. The estimated total contract value is approximately $74 million. The contract also includes four option wells. •75-day contract extension for jackup VALARIS 117 with Eni Mexico. The contract extension commenced in January 2026 in direct continuation of the existing program. •185-day contract extension for jackup VALARIS 117 with an undisclosed operator offshore Trinidad. The contract extension is expected to commence in the first quarter 2028 in direct continuation of the existing program. The operating day rate is in line with recent market rates in the region.						Jackup Contract Awards (continued) •Priced option exercised by Esso Australia Pty Ltd for jackup VALARIS 107. The option period will commence in direct continuation of the existing program. The rig is now expected to be under contract with the customer through September 2026. •Three-well contract for jackup VALARIS 107 with GB Energy offshore Australia. The contract is expected to commence in October 2026 and has an estimated duration of 150 days. The estimated total contract value is approximately $27 million. •12-well plug and abandonment contract with Spirit Energy in the East Irish Sea (UK). The contract has a commencement window up to December 2030 and has an estimated duration of 294 days. The contracted revenue backlog is estimated to be $35 million and is subject to an annual cost escalation mechanism effective from the contract execution date. The contract also includes three options with a total estimated duration of 426 days. The contract is a fleet award under which operations may be performed by any suitable and available rig within the Valaris North Sea fleet. •105-day contract extension for jackup VALARIS 123 with TAQA in the Dutch North Sea to provide accommodation support services. The contract extension is expected to commence in January 2026 in direct continuation of the existing program. The day rate is $80,000. Four one-month options remain. •64-day contract extension for jackup VALARIS 122 with Adura in the UK North Sea. The contract extension is expected to commence in February 2026 in direct continuation of the existing contract. The contracted revenue backlog for the 64-day extension is over $7 million. The contract extension is for accommodation support. •30-day contract extension for jackup VALARIS 248 with GE Vernova in the UK North Sea to provide accommodation support services for an offshore wind project. The contract extension is expected to commence in March in direct continuation of the existing contract and will add over $2 million to contracted revenue backlog. The contract includes an additional five priced options with a total duration of 74 days. Other Fleet Status Updates •Semisubmersible VALARIS DPS-1 classified as held for sale with the intent to recycle •Jackups VALARIS 102 and 145 were sold for recycling in December 2025

1

Valaris Limited
Fleet Status Report
February 17, 2026

Contract Backlog(1) (2) ($ millions)			2026			2027			2028+			Total						Contracted Days(1) (2)			2026			2027			2028+
Drillships			$	1,023.0		$	1,268.7		$	739.1		$	3,030.8					Drillships			2,462			2,927			1,804
Semisubmersibles			—			—			—			—						Semisubmersibles			—			—			—
Floaters			$	1,023.0		$	1,268.7		$	739.1		$	3,030.8					Floaters			2,462			2,927			1,804
Harsh Environment(3)			$	204.3		$	128.2		$	34.7		$	367.2					Harsh Environment(3)			1,635			933			294
Benign Environment			252.4			251.8			141.0			645.2						Benign Environment			1,844			1,918			1,308
Legacy			63.3			50.1			—			113.4						Legacy			636			505			—
Jackups			$	520.0		$	430.1		$	175.7		$	1,125.8					Jackups			4,115			3,356			1,602
Other(4)			$	160.5		$	109.1		$	246.1		$	515.7					Other(4)			2,595			2,315			5,424
Total			$	1,703.5		$	1,807.9		$	1,160.9		$	4,672.3					Total			9,172			8,598			8,830
ARO Drilling(5)																		Average Day Rates(1) (2)			2026			2027			2028+
Owned Rigs			$	170.8		$	115.5		$	491.7		$	778.0					Drillships			$	416,000		$	433,000		$	410,000
Leased Rigs			244.0			291.8			697.5			1,233.3						Semisubmersibles			—			—			—
Total			$	414.8		$	407.3		$	1,189.2		$	2,011.3					Floaters			$	416,000		$	433,000		$	410,000
																		Harsh Environment(3)			$	125,000		$	137,000		$	118,000
																		Benign Environment			137,000			131,000			108,000
																		Legacy			100,000			99,000			—
																		Jackups			$	126,000		$	128,000		$	110,000
(1) Contract backlog, contracted days and average day rates as of February 17, 2026. (2) Contract backlog and average day rates exclude certain types of non-recurring revenues such as lump sum mobilization payments. Contract backlog and contracted days may include backlog and days when a rig is under suspension, except any backlog or days for rigs that are under a separate firm contract where backlog or days are otherwise included. Average day rates are adjusted to exclude suspension backlog and days. (3) Approximately $120 million has been removed from backlog associated with the suspension of the VALARIS 120 contract with Harbour Energy, which became effective upon completion of its recent drilling program with that customer in December. We no longer expect future revenues to be realized under the contract which was scheduled through mid-2028. (4) Other represents contract backlog and contracted days related to bareboat charter agreements and management services contracts. (5) ARO Drilling contract backlog as of February 17, 2026.

2

Valaris Limited
Fleet Status Report
February 17, 2026

Asset Category / Rig

Design

Year Delivered

Customer

Location

Contract Start Date

Contract End Date(1)

Day Rate(2)

Comments

Drillships

VALARIS DS-18

GustoMSC P10000

2015

Occidental

Gulf of America

Dec 26

Jun 29

914-day contract for DS-18 and 940-day contract extension for DS-16. Combined addition to contracted revenue backlog is approx. $760 million. Two 1-year options

VALARIS DS-17

GustoMSC P10000

2014

Equinor Equinor

Brazil Brazil

May 25 Mar 26

Dec 25 Jan 28

$497,000

Expect approx. 80 days out of service for customer required upgrades in 1Q26 Estimated total contract value ("TCV") of $498 million, inclusive of MPD, additional services and fees for mobilization and minor rig upgrades. Based on initial estimated duration of 852 days comprised of a 180-day standby period and a 672-day drilling program. Two 90-day priced options

VALARIS DS-16

GustoMSC P10000

2014

Occidental Occidental

Gulf of America Gulf of America

Jun 24 Jun 26

Jun 26 Dec 28

Additional rate charged when MPD services provided 940-day contract extension for DS-16 and 914-day contract for DS-18. Combined addition to contracted revenue backlog is approx. $760 million. Two 1-year options. Expect approx. 35 days out of service for planned maintenance in 4Q26

VALARIS DS-15

GustoMSC P10000

2014

CNR

Spain Cote d'Ivoire

Sep 26

May 27

Rig is warm stacked in Las Palmas, Spain TCV, based on an estimated duration of 250 days, is approx. $135 million, including upfront payments for rig upgrades and mobilization. TCV does not include the provision of additional services. Priced options with a total estimated duration of 80 to 100 days

VALARIS DS-12

DSME 12000

2013

BP

Spain Egypt

May 26

Apr 27

Rig is warm stacked in Las Palmas, Spain TCV, based on estimated duration of 350 days, is approx. $140 million, inclusive of MPD and mobilization. Three option wells

VALARIS DS-10

Samsung GF12000

2017

Shell

Spain Nigeria

Jun 26

Jul 28

Rig is warm stacked in Las Palmas, Spain TCV of $352 million based on duration of two years. TCV does not include the provision of additional services. Additional rate charged when CML services provided. Two 1-year options. Expect approx. 45 days out of service for rig upgrades in 1Q27

VALARIS DS-9

Samsung GF12000

2015

ExxonMobil ExxonMobil

Angola Angola

Jul 22 Jul 26

Jul 26 Jul 28

Contract includes MPD services Operating day rate is in line with recent market rates in the region. Two 6-month options

VALARIS DS-8

Samsung GF12000

2015

Petrobras Shell

Brazil Brazil

Dec 23 Mar 27

Dec 26 May 29

$428,000

Plus mobilization fee of approx. $30 million. Contract includes additional services TCV of approx. $300 million, excluding additional services, based on estimated duration of 800 days. Options with a total estimated duration of approx. one year

VALARIS DS-7

Samsung 96K

2013

Azule Energy Azule Energy

Angola Angola

Jun 24 Oct 26

Oct 26 Sep 27

TCV estimated to be $364 million based on initial estimated duration of 850 days Contract backlog of approx. $125 million based on estimated duration of 325 days. Five-well unpriced option with an estimated duration of 300 to 350 days

VALARIS DS-4

Samsung 96K

2010

Petrobras

Brazil

Dec 24

Nov 27

$450,000

Plus mobilization fee of approx. $41 million. Contract includes MPD and additional services.

Stacked

VALARIS DS-14

DSME 12000

2023

Spain

VALARIS DS-13

DSME 12000

2023

Spain

VALARIS DS-11

DSME 12000

2013

Spain

Changes: bolded rig names and underlined text signify changes in rig status from previous fleet status report

3

Valaris Limited
Fleet Status Report
February 17, 2026

Asset Category / Rig

Design

Year Delivered

Customer

Location

Contract Start Date

Contract End Date(1)

Day Rate(2)

Comments

Semisubmersibles

VALARIS MS-1

F&G ExD Millennium, Moored

2011

Australia Malaysia

Jan 24

Nov 25

Warm stacked

Held for Sale

VALARIS DPS-1

F&G ExD Millennium, DP

2012

Woodside

Australia Malaysia

Jan 24

Nov 25

Classified as held for sale with the intent to recycle

Changes: bolded rig names and underlined text signify changes in rig status from previous fleet status report

4

Valaris Limited
Fleet Status Report
February 17, 2026

Asset Category / Rig

Design

Year Delivered

Customer

Location

Contract Start Date

Contract End Date(1)

Day Rate(2)

Comments

Harsh Environment Jackups

VALARIS Norway

KFELS N Class

2011

Ithaca Energy Ithaca Energy

UK UK

Apr 25 May 26

May 26 Feb 27

TCV of approx. $39 million based on estimated duration of 292 days Contracted revenue backlog of approx. $36 million based on duration of 300 days

VALARIS Stavanger

KFELS N Class

2011

TotalEnergies TotalEnergies

UK UK

May 24 Jan 26

Dec 25 Aug 27

TCV of approx. $52 million, including minor rig modifications, based on initial estimated duration of 360 days TCV of over $75 million based on 600-day priced extension. Two 200-day priced options

VALARIS 249

LT Super Gorilla

2001

Undisclosed BP Shell

Trinidad Trinidad Trinidad

Apr 25 Apr 26 Oct 26

Mar 26 Aug 26 Oct 27

$163,000

TCV of $16.8 million based on duration of 100 days. Expect approx. 60 days out of service for planned maintenance in 3Q/4Q26 Contracted revenue backlog of approx. $66 million based on estimated duration of 365 days. Three priced options with an estimated duration of 50 days each

VALARIS 248

LT Super Gorilla

2000

GE Vernova Eni

UK UK

Nov 25 Jun 26

Apr 26 Dec 27

Contracted revenue backlog of over $10 million for 150-day contract to provide accommodation support services. Priced options with a total duration of 74 days. Expect approx 15 days out of service for planned maintenance in 2Q26 TCV of approx. $84 million for 730-day contract to perform P&A and CCS work. Two 3-month options. VALARIS 120 will substitute for VALARIS 248 while the rig completes another customer's program and a special periodic survey

VALARIS 123

KFELS Super A

2019

TAQA TAQA TAQA

Netherlands Netherlands Netherlands

Mar 25 Jan 26 Jan 26

Dec 25 Jan 26 Apr 26

$153,000 $163,000 $80,000

Accommodation support. Four 1-month priced options

VALARIS 122

KFELS Super A

2014

Adura Adura Adura

UK UK UK

Sep 23 Dec 25 Jan 26

Nov 25 Dec 25 Apr 26

TCV of over $60 million based on initial estimated duration of 500 days Contracted revenue backlog for the 31-day extension is over $3.5 million. The extension is for accommodation support Contracted revenue backlog for contract extensions totaling 120 days is over $13 million. The extensions are for accommodation support

VALARIS 121

KFELS Super A

2014

Adura Adura

UK UK

Jan 25 Feb 26

Jan 26 Sep 26

TCV of approx. $55 million based on estimated duration of 406 days Contracted revenue backlog for 194-day extension is over $25 million. Option with an estimated duration of 150 to 200 days

VALARIS 120

KFELS Super A

2013

Harbour Energy Eni

UK UK

Jul 25 Jan 26

Dec 25 Jul 26

$166,000

Contract suspended effective Dec 2025 VALARIS 120 will substitute for VALARIS 248 from Jan 2026 to Jul 2026, while VALARIS 248 completes another customer's program and a special periodic survey

FLEET AWARD

Spirit Energy

UK

Commencement window up to Dec 2030; estimated duration of 294 days. Contracted revenue backlog of $35 million, subject to an annual cost escalation mechanism effective from the contract execution date. Three options with a total estimated duration of 426 days. Fleet award under which operations may be performed by any suitable and available rig within the Valaris North Sea Fleet

Stacked

VALARIS Viking

KFELS N Class

2010

UK

Sold

VALARIS 102

KFELS MOD V-A

2002

Gulf of America

Rig sold for recycling

Changes: bolded rig names and underlined text signify changes in rig status from previous fleet status report

5

Valaris Limited
Fleet Status Report
February 17, 2026

Asset Category / Rig

Design

Year Delivered

Customer

Location

Contract Start Date

Contract End Date(1)

Day Rate(2)

Comments

Benign Environment Jackups

VALARIS 144

LT Super 116-E

2010

Azule Energy

Angola

Sep 25

Oct 27

TCV estimated to be between $149 million and $156 million based on contract duration of 730 to 770 days, including a mobilization fee from the Gulf of America. Three-well option

VALARIS 118

LT 240-C

2012

BP BP

Trinidad Trinidad

Apr 24 Nov 25

Oct 25 Aug 28

TCV of approx. $51 million based on initial estimated duration of 365 days TCV of approx. $168 million based on duration of three years. 1-year option

VALARIS 117

LT 240-C

2009

Eni Undisclosed

Mexico Trinidad

Apr 25 Aug 26

Apr 26 Aug 28

TCV of approx. $36 million based on duration of 300 days. Expect approx. 45 days out of service for planned maintenance in 3Q26 Day rate in line with market rates in the region

VALARIS 115

BM Pacific Class 400

2013

Shell

Brunei

Apr 23

Apr 27

TCV of approx. $159 million based on duration of four years. Two 1-year options. Expect approx. 20 days out of service for planned maintenance in 1Q26

VALARIS 110

KFELS MOD V-B

2015

NOC

Qatar

Oct 25

Oct 29

Contracted revenue backlog for the four-year extension is approx. $117 million. 1-year priced option. Expect approx. 60 days of out service for planned maintenance in 2Q26

VALARIS 107

KFELS MOD V-B

2006

ExxonMobil ExxonMobil GB Energy

Australia Australia Australia

Nov 24 Nov 25 Oct 26

Nov 25 Sep 26 Feb 27

$153,000 $163,000

TCV of approx. $27 million based on estimated duration of 150 days

VALARIS 106

KFELS MOD V-B

2005

BP BP

Indonesia Indonesia

Jun 25 Jul 26

Jan 26 Jun 28

$95,000

TCV of approx. $74 million based on estimated duration of two years. Four 1-well options

Stacked

VALARIS 148

LT Super 116-E

2013

UAE

VALARIS 147

LT Super 116-E

2013

UAE

VALARIS 143

LT Super 116-E

2010

UAE

VALARIS 111

KFELS MOD V-B

2003

Croatia

VALARIS 109

KFELS MOD V-Super B

2008

Namibia

VALARIS 104

KFELS MOD V-B

2002

UAE

Sold

VALARIS 145

LT Super 116-E

2010

Gulf of America

Rig sold for recycling

Changes: bolded rig names and underlined text signify changes in rig status from previous fleet status report

6

Valaris Limited
Fleet Status Report
February 17, 2026

Asset Category / Rig

Design

Year Delivered

Customer

Location

Contract Start Date

Contract End Date(1)

Day Rate(2)

Comments

Legacy Jackups

VALARIS 92

LT 116-C

1982

Shell

UK

Aug 25

Aug 27

Options with total duration of up to one year

VALARIS 72

Hitachi 300C

1981

Eni

UK

Oct 25

Sep 27

Other - Jackups Leased to ARO Drilling(3)

VALARIS 250

LT Super Gorilla XL

2003

ARO Drilling

Saudi Arabia

May 25

Apr 30

Expect approx. 120 days out of service for planned maintenance in 1Q/2Q26

VALARIS 146

LT Super 116-E

2011

ARO Drilling

Saudi Arabia

May 25

Apr 30

Expect approx. 90 days out of service for planned maintenance in 2Q/3Q26

VALARIS 141

LT Super 116-E

2016

ARO Drilling

Saudi Arabia

Aug 25

Aug 30

Expect approx. 25 days out of service for planned maintenance in 1Q/2Q26

VALARIS 140

LT Super 116-E

2016

ARO Drilling

Saudi Arabia

May 25

Apr 30

Expect approx. 15 days out of service for planned maintenance in 2Q26

VALARIS 116

LT 240-C

2008

ARO Drilling

Saudi Arabia

May 25

Apr 30

Expect approx. 150 days out of service for planned maintenance in 1Q/2Q26

VALARIS 108

KFELS MOD V-B

2007

ARO Drilling

Saudi Arabia

Mar 24

Mar 27

Expect approx. 15 days out of service for planned maintenance in 2Q26. 1-year priced option

VALARIS 76

LT Super 116-C

2000

ARO Drilling

Saudi Arabia

Dec 25

Dec 30

Priced options of up to two years

Other - Managed Rigs

Thunder Horse

Deepwater Semisubmersible

BP

Gulf of America

Jan 24

Jan 27

TCV of approx. $153 million

Mad Dog

Deepwater Spar Drilling Rig

BP

Gulf of America

Jan 24

Jan 27

TCV of approx. $106 million

Changes: bolded rig names and underlined text signify changes in rig status from previous fleet status report

7

Valaris Limited
Fleet Status Report
February 17, 2026

Asset Category / Rig

Design

Customer

Location

Contract Start Date

Contract End Date(1)

Day Rate(2)

Comments

ARO Drilling

Jackup Rigs Owned by ARO Drilling

Gilbert Rowe

LT 116-C

Saudi Aramco

Saudi Arabia

Oct 17

Mar 26

Expect approx. 30 days out of service for planned maintenance in 3Q26

SAR 201

BM 200-H

Saudi Aramco

Saudi Arabia

Feb 18

Mar 26

Expect approx. 30 days out of service for planned maintenance in 3Q26

Bob Keller

LT Tarzan 225-C

Saudi Aramco

Saudi Arabia

Oct 17

Mar 26

Expect approx. 30 days out of service for planned maintenance in 3Q26

J.P. Bussell

LT Tarzan 225-C

Saudi Aramco

Saudi Arabia

Oct 17

Mar 26

Expect approx. 10 days out of service for planned maintenance in 1Q26

Scooter Yeargain

LT Tarzan 225-C

Saudi Aramco

Saudi Arabia

Oct 18

Dec 26

Expect approx. 175 days out of service for planned maintenance in 1Q/2Q26

Hank Boswell

LT Tarzan 225-C

Saudi Aramco

Saudi Arabia

Oct 18

Dec 26

SAR 202

KFELS Super B

Saudi Aramco

Saudi Arabia

Oct 17

Mar 26

Expect approx. 15 days out of service for planned maintenance in 3Q26

Kingdom 1

LT 116-C

Saudi Aramco

Saudi Arabia

Nov 23

Nov 31

Expect approx. 30 days out of service for planned maintenance in 3Q26

Kingdom 2

LT 116-C

Saudi Aramco

Saudi Arabia

Aug 24

Aug 32

Expect approx. 25 days out of service for planned maintenance in 4Q26

Changes: bolded rig names and underlined text signify changes in rig status from previous fleet status report

(1) Contract duration does not include any unexercised optional extensions. Contract end dates can vary based on how long it takes to complete the wells subject to the contract.

(2) Day rates are reported to the nearest thousand and reflect the operating day rates charged to customers, excluding certain types of non-recurring revenues such as lump sum mobilization payments. Day rates are provided unless such disclosures are restricted by confidentiality provisions.

(3) Rigs leased to ARO Drilling via bareboat charter agreements to fulfill contracts between ARO Drilling and Saudi Aramco.

8

Valaris Limited
Fleet Status Report
February 17, 2026

Out of Service Days (1)

Rig

Segment / Asset Category

Q1 2026

Q2 2026

Q3 2026

Q4 2026

Q1 2027

Q2 2027

VALARIS DS-17

Floater - Drillship

80

VALARIS DS-16

Floater - Drillship

35

VALARIS DS-10

Floater - Drillship

45

VALARIS 249

Jackup - Harsh Environment

45

15

VALARIS 248

Jackup - Harsh Environment

15

VALARIS 117

Jackup - Benign Environment

45

VALARIS 115

Jackup - Benign Environment

20

VALARIS 110

Jackup - Benign Environment

60

VALARIS 250

Other - Jackups Leased to ARO Drilling

90

30

VALARIS 146

Other - Jackups Leased to ARO Drilling

75

15

VALARIS 141

Other - Jackups Leased to ARO Drilling

15

10

VALARIS 140

Other - Jackups Leased to ARO Drilling

15

VALARIS 116

Other - Jackups Leased to ARO Drilling

90

60

VALARIS 108

Other - Jackups Leased to ARO Drilling

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(1) Table shows expected out of service days for planned maintenance, e.g. special periodic surveys and rig upgrades, excluding rigs undergoing reactivation projects. Excludes ARO owned rigs.

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Valaris Limited
Fleet Status Report
February 17, 2026

Additional Information Regarding this Fleet Status Report

Day Rate and Terms. The day rates reflected in this Fleet Status Report are stated in U.S. dollars and include the operating day rates charged to customers, which may include estimated contractual adjustments for changes in operating costs and/or reimbursable cost adjustments for ongoing expenses such as crew, catering, insurance and taxes. The day rates, however, do not include certain types of non-recurring revenues such as lump sum mobilization payments, revenues earned during mobilizations, revenues associated with contract preparation and other non-recurring reimbursable items such as mobilizations and capital enhancements, and the impact of the fair market value adjustments to previously acquired drilling contracts that are recognized during the contract term. Routine and non-routine downtime may reduce the actual revenues recognized during the contract term. Additionally, we sometimes negotiate special rates and/or day rate adjustments with customers that may reduce revenues recognized.

Total Contract Value. Total contract value is the estimated total compensation expected to be received for a contract, including the operating day rate over the estimated firm term of the contract and any non-recurring lump sum payments for items such as mobilization, reactivation and capital upgrades.

Forward-Looking Statements. Statements contained in this Fleet Status Report 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 Fleet Status Report 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 proposed transaction with Transocean Ltd., including, among others, the completion of the proposed 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 proposed transaction and certain restrictions during the pendency of the proposed 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; 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.

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FAQ

How much did Valaris (VAL) increase its offshore contract backlog in this update?

Valaris increased contract backlog to approximately $4.7 billion, up from about $4.5 billion reported on October 23, 2025. The company added nearly $900 million of new contracts and extensions, excluding lump-sum items like mobilization and capital reimbursements, reflecting additional committed work across its fleet.

What are the most significant new floater contracts in Valaris (VAL) latest fleet status report?

Major floater wins include a multi‑year VALARIS DS-8 contract with Shell in Brazil, valued at about $300 million, plus a five‑well extension for VALARIS DS-7 adding roughly $125 million in backlog and a two‑year extension for VALARIS DS-9 with Esso Angola.

Which new jackup contracts and extensions did Valaris (VAL) secure?

Valaris secured an eight‑well jackup contract for VALARIS 106 with BP Indonesia, estimated at about $74 million, and multiple North Sea extensions including VALARIS 123 with TAQA and VALARIS 122 and 248 for accommodation support, as well as a $35 million fleet plug‑and‑abandonment award with Spirit Energy.

What changes did Valaris (VAL) make to its rig fleet in this report?

Valaris classified semisubmersible VALARIS DPS-1 as held for sale with intent to recycle and reported that jackups VALARIS 102 and VALARIS 145 were sold for recycling in December 2025. These steps indicate continued rationalization and high‑grading of the company’s offshore rig fleet.

How does Valaris (VAL) define contract backlog and total contract value in this report?

Contract backlog reflects expected future revenues from firm contracts as of February 17, 2026, excluding certain non‑recurring items like lump‑sum mobilization payments. Total contract value includes operating day rates over firm terms plus non‑recurring payments for mobilization, reactivation and capital upgrades where applicable.

What maintenance-related out-of-service days does Valaris (VAL) anticipate?

The company lists expected out‑of‑service days for planned maintenance, including surveys and upgrades, on several rigs through at least Q2 2027. Examples include about 80 days for drillship VALARIS DS‑17 in Q1 2026 and 60 days for jackup VALARIS 110 in Q3 2026.

Did Valaris (VAL) remove any backlog associated with suspended contracts?

Yes. The report notes that approximately $120 million was removed from backlog after suspension of the VALARIS 120 contract with Harbour Energy, effective upon finishing its recent drilling program, and that no further revenues are expected under that contract, previously scheduled through mid‑2028.

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