Valaris Limited (NYSE:VAL) ("Valaris" or the "Company") announced today new contracts and contract extensions, with associated contract backlog of $95 million, awarded subsequent to issuing the Company's most recent contract awards and fleet status update on September 1, 2022. Contract backlog excludes lump sum payments such as mobilization fees and capital reimbursements.

• Option exercised by TotalEnergies EP Brasil offshore Brazil for drillship VALARIS DS-15. The option has an estimated duration of 100 days and will be in direct continuation of the existing firm term.

• 292-day contract extension with Saudi Aramco for standard duty modern jackup VALARIS 76. The 292-day extension is in direct continuation of the existing contract.

• 204-day contract extension with Saudi Aramco for standard duty legacy jackup VALARIS 54. The 204-day extension is in direct continuation of the existing contract.

• 142-day contract extension with Saudi Aramco for heavy duty modern jackup VALARIS 108. The 142-day extension is in direct continuation of the existing contract.

• Four-well option exercised by BP offshore Trinidad for heavy duty modern jackup VALARIS 118. The four-well option has an estimated duration of 200 days and will be in direct continuation of the existing firm program. The four-well option has a total contract value of approximately $24 million.