What changed in this filing

/stocks — the workspaceLOADING

Item 2. Properties

2023-02-21 compared with 2022-02-22 · 26 added, 36 removed, 69 unchanged (47% of the section changed)

2 unchanged sentences

Drilling Depth

VALARIS DS-4 Drillship 2010 Dynamically Positioned 12,000'/40,000' Spain Under reactivation (3)

VALARIS DS-4 Drillship 2010 Dynamically Positioned 12,000'/40,000' Brazil Under contract

VALARIS DS-7 Drillship 2013 Dynamically Positioned 10,000'/40,000' Spain Preservation stacked (1)

VALARIS DS-8 Drillship 2015 Dynamically Positioned 12,000'/40,000' Spain Preservation stacked (1)

VALARIS DS-9 Drillship 2015 Dynamically Positioned 12,000'/40,000' Spain Under reactivation (3)

VALARIS DS-10 Drillship 2015 Dynamically Positioned 12,000'/40,000' Namibia Under contract

VALARIS DS-9 Drillship 2015 Dynamically Positioned 12,000'/40,000' Angola Under contract

VALARIS DS-10 Drillship 2015 Dynamically Positioned 12,000'/40,000' Nigeria Under contract

VALARIS DS-11 Drillship 2013 Dynamically Positioned 12,000'/40,000' Spain Preservation stacked (1)

VALARIS DS-12 Drillship 2013 Dynamically Positioned 12,000'/40,000' Angola Under contract

VALARIS DS-13 Drillship Under construction Dynamically Positioned 12,000'/40,000' South Korea Option (2)

VALARIS DS-14 Drillship Under construction Dynamically Positioned 12,000'/40,000' South Korea Option (2)

VALARIS DS-13 Drillship Under construction (2)

Dynamically Positioned 12,000'/40,000' South Korea Option (2)

VALARIS DS-14 Drillship Under construction (2)

Dynamically Positioned 12,000'/40,000' South Korea Option (2)

VALARIS DS-15 Drillship 2014 Dynamically Positioned 12,000'/40,000' Brazil Under contract

VALARIS DS-16 Drillship 2014 Dynamically Positioned 12,000'/40,000' Gulf of Mexico Under reactivation (3)

VALARIS DS-17 Drillship 2014 Dynamically Positioned 12,000'/40,000' Spain Preservation stacked (1)

VALARIS DS-16 Drillship 2014 Dynamically Positioned 12,000'/40,000' Gulf of Mexico Under contract

VALARIS DS-17 Drillship 2014 Dynamically Positioned 12,000'/40,000' Spain Under reactivation (3)

VALARIS DS-18 Drillship 2015 Dynamically Positioned 12,000'/40,000' Gulf of Mexico Under contract

VALARIS DPS-1 Semisubmersible 2012 Dynamically Positioned 10,000'/35,000' Australia Under contract

VALARIS DPS-3 Semisubmersible 2010 Dynamically Positioned 8,500'/37,500' Gulf of Mexico Preservation stacked (1)

VALARIS DPS-5 Semisubmersible 2012 Dynamically Positioned 8,500'/35,000' Gulf of Mexico Under contract

VALARIS DPS-5 Semisubmersible 2012 Dynamically Positioned 8,500'/35,000' Mexico Under contract

VALARIS DPS-6 Semisubmersible 2012 Dynamically Positioned 8,500'/35,000' Gulf of Mexico Preservation stacked (1)

VALARIS MS-1 Semisubmersible 2011 F&G ExD Millennium 8,200'/40,000 Australia Under contract

VALARIS 36 Jackup 1981/2011 MLT 116-C 300'/25,000' Saudi Arabia Leased to ARO drilling

VALARIS 54 Jackup 1982/2004 F&G L-780 MOD II-C 300'/25,000' Saudi Arabia Under contract

VALARIS 67 Jackup 1976/2005 MLT 84-CE 350'/30,000' Indonesia Preservation stacked (1)

VALARIS 72 Jackup 1981/2011 Hitachi K1025N 225'/25,000' United Kingdom Under contract

10 unchanged sentences

VALARIS 111 Jackup 2003 KFELS MOD V Enhanced B-Class 400'/36,000' Croatia Preservation stacked (1)

VALARIS 113 Jackup 2012 Baker Marine Pacific Class 400 400'/30,000' Philippines Preservation stacked (1)

Rig Name Rig Type Year Built/

Rebuilt Design Maximum

Drilling Depth Location Status

VALARIS 114 Jackup 2012 Baker Marine Pacific Class 400 400'/30,000' Philippines Preservation stacked (1)

VALARIS 115 Jackup 2013 Baker Marine Pacific Class 400 400'/30,000' Thailand Under contract

VALARIS 115 Jackup 2013 Baker Marine Pacific Class 400 400'/30,000' Brunei Under contract

VALARIS 116 Jackup 2008/2018 LT 240- C 375'/35,000' Saudi Arabia Leased to ARO drilling

VALARIS 117 Jackup 2009 LT 240- C 350'/35,000' Mexico Under contract

VALARIS 118 Jackup 2012 LT 240- C 350'/35,000 Mexico Under contract

VALARIS 118 Jackup 2012 LT 240- C 350'/35,000 Trinidad Under contract

VALARIS 120 Jackup 2013 KFELS Super A 400'/40,000' United Kingdom Under contract

1 unchanged sentence

VALARIS 122 Jackup 2013 KFELS Super A 400'/40,000' United Kingdom Under contract

Rig Name Rig Type Year Built/

Rebuilt Design Maximum

Drilling Depth Location Status

VALARIS 123 Jackup 2016 KFELS Super A 400'/40,000' Netherlands Under contract

VALARIS 140 Jackup 2016 LT Super 116E 340'/30,000' Saudi Arabia Leased to ARO drilling

VALARIS 141 Jackup 2016 LT Super 116E 340'/30,000' Saudi Arabia Under contract

VALARIS 141 Jackup 2016 LT Super 116E 340'/30,000' Saudi Arabia Leased to ARO drilling

VALARIS 143 Jackup 2010/2018 LT EXL Super 116-E 350'/35,000' Saudi Arabia Leased to ARO drilling

8 unchanged sentences

VALARIS 250 Jackup 2003 LT Super Gorilla XL 550'/35,000' Saudi Arabia Leased to ARO drilling

VALARIS Viking Jackup 2011 KEFLS N Class 435'/35,000' Norway Under contract

VALARIS Stavanger Jackup 2011 KEFLS N Class 400'/35,000' Norway Under contract

VALARIS Viking Jackup 2011 KEFLS N Class 435'/35,000' United Kingdom Preservation stacked (1)

VALARIS Stavanger Jackup 2011 KEFLS N Class 400'/35,000' United Kingdom Available

VALARIS Norway Jackup 2011 KEFLS N Class 400'/35,000' United Kingdom Under contract

4 unchanged sentences

These steps are designed to reduce time and lower cost to reactivate the rig when market conditions improve.

(2) Prior to our chapter 11 filing, we had contractual commitments for the construction of VALARIS DS-13 and VALARIS DS-14.

On February 26, 2021, we entered into amended agreements with the shipyard that became effective upon our emergence from bankruptcy.

The amendments provide for, among other things, an option construct whereby the Company has the right, but not the obligation, to take delivery of either or both rigs on or before December 31, 2023.

Under the amended agreements, the purchase price for the rigs is estimated to be approximately $119.1 million for the VALARIS DS-13 and $218.3 million for the VALARIS DS-14, assuming a December 31, 2023 delivery date.

(2) We have construction agreements with a shipyard that provide for, among other things, an option construct whereby the Company has the right, but not the obligation, to take delivery of either or both VALARIS DS-13 AND VALARIS DS-14 rigs which were recently constructed, on or before December 31, 2023.

Under the amended agreements, the purchase prices for the rigs are estimated to be $119.1 million for the VALARIS DS-13 and $218.3 million for the VALARIS DS-14, assuming a December 31, 2023 delivery date.

Delivery can be requested any time prior to December 31, 2023 with a downward purchase price adjustment based on predetermined terms.

If the Company elects not to purchase the rigs, the Company has no further obligations to the shipyard.

The amended agreements removed any parent company guarantee.

(3) Rig being reactivated for a firm contract.

(4) Rig preservation stacked but has a firm contract that commences in July 2024.

In February 2022, the customer decided not to sanction and therefore withdraw from the project associated with this contract.

As of the date hereof, the customer has not terminated the contract, but may do so upon the payment of an early termination fee should the project not receive a final investment decision (FID).

The project has not received FID.

We are in discussions with the customer and its partner on the project to determine next steps.

The equipment on our drilling rigs includes engines, draw works, derricks, pumps to circulate drilling fluid, well control systems, drill string and related equipment.

3 unchanged sentences

Drillships are purpose-built maritime vessels outfitted with drilling apparatus.

Drillships are self-propelled and can be positioned over a drill site through the use of a computer-controlled propeller or "thruster" dynamic positioning systems.

Our drillships are capable of drilling in water depths of up to 12,000 feet and are suitable for deepwater drilling in remote locations because of their superior mobility and large load-carrying capacity.

Drillships are self-propelled and can be positioned over a drill site through the use of computer-controlled propellers or "thruster" dynamic positioning systems.

Our drillships are capable of drilling in water depths of up to 12,000 feet and are suitable for deepwater drilling in remote locations because of their

superior mobility and large load-carrying capacity.

Although drillships are most often used for deepwater drilling and exploratory well drilling, drillships can also be used as a platform to carry out well maintenance or completion work such as casing and tubing installation or subsea tree installations.

10 unchanged sentences

The jackup hull supports the drilling equipment, jacking system, crew quarters, storage and loading facilities, helicopter landing pad and related equipment and supplies.

As of February 21, 2022, we owned all rigs in our fleet.

We also manage the drilling operations for two platform rigs owned by a third-party.

We lease office space in the UK (London & Aberdeen), the USA (Houston), Australia, Indonesia, Mexico, Brazil, Nigeria, The Netherlands, UAE (Dubai), Saudi Arabia, Thailand, and Norway.

We own offices and other facilities in Louisiana, Angola, and Brazil.

We own all rigs in our fleet and we manage the drilling operations for two platform rigs owned by a third-party.

We lease office space in the United States (Houston and Louisiana), United Kingdom (London and Aberdeen), Australia, Indonesia, Mexico, Brazil, Nigeria, Netherlands, United Arab Emirates (Dubai and Abu Dhabi), Saudi Arabia, Thailand, Norway, New Zealand and Trinidad.

We own offices and other facilities in United States (Louisiana), Angola and Brazil.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 2. Properties