What changed in this filing

/stocks — the workspaceLOADING

Item 2. Properties

2026-02-20 compared with 2025-02-20 · 31 added, 42 removed, 73 unchanged (50% of the section changed)

8 unchanged sentences

Under contract

VALARIS DS-9 Drillship 2015 Dynamically Positioned 12,000'/40,000' Cyprus

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

Under contract

1 unchanged sentence

Dynamically Positioned 12,000'/40,000' Spain

Future 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' Egypt

Under contract

VALARIS DS-12 Drillship 2013 Dynamically Positioned 12,000'/40,000' Spain

Future contract

VALARIS DS-13 Drillship 2023

1 unchanged sentence

VALARIS DS-14 Drillship 2023 Dynamically Positioned 12,000'/40,000' Spain Preservation stacked (1)

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 contract

VALARIS DS-17 Drillship 2014 Dynamically Positioned 12,000'/40,000' Brazil

Under contract

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

VALARIS DS-15 Drillship 2014 Dynamically Positioned 12,000'/40,000' Spain

Future contract

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

Under contract

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

VALARIS DS-17 Drillship 2014 Dynamically Positioned 12,000'/40,000' Brazil

Under contract

VALARIS DPS-3 Semisubmersible 2010 Dynamically Positioned 8,500'/37,500' Gulf of Mexico Preservation stacked (1)(2)

VALARIS DPS-5 Semisubmersible 2012 Dynamically Positioned 8,500'/35,000' Gulf of Mexico Available (2)

VALARIS DPS-6 Semisubmersible 2012 Dynamically Positioned 8,500'/35,000' Gulf of Mexico Preservation stacked (1)(2)

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

VALARIS DPS-1 Semisubmersible 2012 Dynamically Positioned 10,000'/35,000' Malaysia

Held for sale

VALARIS MS-1 Semisubmersible 2011 F&G ExD Millennium, Moored

8,200'/40,000 Australia Under contract

8,200'/40,000 Malaysia

VALARIS 72 Jackup 1981

3 unchanged sentences

MLT 116-C 210'/25,000' United Kingdom Under contract

VALARIS 102 Jackup 2002 KFELS MOD V-A 400'/30,000' Gulf of Mexico Preservation stacked (1)

VALARIS 104 Jackup 2002

KFELS MOD V-B 400'/30,000' UAE Preservation stacked (1)

VALARIS 106 Jackup 2005 KFELS MOD V-B 400'/30,000' Indonesia Under contract

VALARIS 106 Jackup 2005 KFELS MOD V-B 400'/30,000' Indonesia Future contract

VALARIS 107 Jackup 2006 KFELS MOD V-B 400'/30,000' Australia Under contract

7 unchanged sentences

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

Under contract

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

2 unchanged sentences

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

Rig Name Rig Type Year Delivered

Design Maximum

Drilling Depth Location Status

VALARIS 123 Jackup 2019

7 unchanged sentences

Under contract

VALARIS 145 Jackup 2010 LT Super 116-E 350'/35,000' Gulf of Mexico Preservation stacked (1)

Rig Name Rig Type Year Delivered

Design Maximum

Drilling Depth Location Status

VALARIS 146 Jackup 2011

4 unchanged sentences

LT Super 116-E 350'/30,000' UAE Preservation stacked (1)

VALARIS 247 Jackup 1998 LT Super Gorilla 400'/35,000' Australia

Under contract

VALARIS 248 Jackup 2000

12 unchanged sentences

These steps are designed to reduce time and lower cost to reactivate the rig once returned to the active fleet.

(2) In the first quarter of 2025, management approved a plan to retire VALARIS DPS-3, VALARIS DPS-5 and VALARIS DPS-6 from the fleet.

The Company expects that these rigs will be removed from the global drilling supply and repurposed for alternative uses or scrapped.

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

The engines power a top-drive mechanism that turns the drill string and drill bit so that the hole is drilled by grinding subsurface materials, which are then returned to the rig by the drilling fluid.

The intended water depth, well depth and geological conditions are the principal factors that determine the size and type of rig most suitable for a particular drilling project.

We provide Mobile Offshore Drilling Units (MODUs) and associated services to support our clients' offshore exploration, appraisal, production and carbon capture and storage activities, including drilling new wells, servicing existing wells and eventually abandoning wells.

Our MODUs are marine vessels that function as drilling rigs, equipped to drill offshore wells and, on occasion, install customer’s surface and subsea equipment.

The intended water depth, environmental conditions, well depth and geological conditions are the principal factors that determine the size and type of drilling unit most suitable for a particular offshore project.

Floater rigs consist of drillships and semisubmersibles.

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 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.

Drillships are purpose-built maritime vessels outfitted with drilling equipment packages.

Drillships are self-propelled and can be positioned over a well location through the use of dynamic positioning systems.

Our 13 drillships are capable of drilling in water depths of up to 12,000 feet.

Semisubmersibles are drilling rigs with pontoons and columns that are partially submerged at the drilling location to provide added stability during drilling operations.

Semisubmersibles are held in a fixed location over the ocean floor either by being anchored to the sea bottom with mooring chains or dynamically positioned by computer-controlled propellers or "thrusters" similar to that used by our drillships.

Moored semisubmersibles are most commonly used for drilling in water depths of 4,499 feet or less.

However, VALARIS MS-1, which is a moored semisubmersible, is capable of deepwater drilling in water depths greater than 5,000 feet.

Dynamically positioned semisubmersibles generally are outfitted for drilling in deeper water depths and are well-suited for deepwater development and exploratory well drilling.

Further, we have two hybrid semisubmersibles, VALARIS DPS-3 and VALARIS DPS-5, which leverage both moored and dynamically positioned configurations.

This hybrid design provides multi-faceted drilling solutions to customers with both shallow water and deepwater requirements.

Jackup rigs stand on the ocean floor with their hull and drilling equipment elevated above the water on connected leg supports.

Jackups are generally preferred over other rig types in shallow water depths of 400 feet or less, primarily because jackups provide a more stable drilling platform with above water well-control equipment.

Our jackups are of the independent leg design where each leg can be fixed into the ocean floor at varying depths and equipped with a cantilever that allows the drilling equipment to extend outward from the hull over fixed platforms enabling safer drilling of both exploratory and development wells.

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

Semisubmersibles are held in a fixed location over the ocean floor either by mooring systems or through dynamic positioning.

Our moored semisubmersible is capable of drilling in water depths of up to 8,000 feet and our dynamically positioned semisubmersible is capable of drilling in water depths of up to 10,000 feet.

Jackups are drilling rigs that operate in shallower water depths of 400 feet or less.

They are self-elevating MODUs that can be towed to a field location and elevated above the waterline using leg-jacking systems.

The cantilever and drilling equipment extends outward from the hull over fixed platforms or open water locations to allow well operations to take place.

We currently have 31 jackup rigs in our fleet.

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

We lease various office, warehouse and storage facilities worldwide, including our corporate offices in Houston, Texas and other offices and facilities located in various countries in North America, South America, Europe, Africa and the Asia Pacific region.

We own offices and other facilities in the U.S.

1 unchanged sentence

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