Valaris Ltd 10-K

Item 2. Properties Contract Drilling Fleet The following table provides certain information about the rigs in our drilling fleet as of February 17, 2026: Rig Name Rig Type Year Delivered Design Maximum Water Depth/ Drilling Depth Location Status Floaters 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' Angola Under contract VALARIS DS-8 Drillship 2015 Dynamically Positioned 12,000'/40,000' Brazil Under contract VALARIS DS-9 Drillship 2015 Dynamically Positioned 12,000'/40,000' Angola Under contract VALARIS DS-10 Drillship 2017 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' Spain Future contract VALARIS DS-13 Drillship 2023 Dynamically Positioned 12,000'/40,000' Spain Preservation stacked (1) 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' Spain Future contract VALARIS DS-16 Drillship 2014 Dynamically Positioned 12,000'/40,000' Gulf of America 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 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 Malaysia Available Jackups VALARIS 72 Jackup 1981 Hitachi K1025N 225'/25,000' United Kingdom Under contract VALARIS 76 Jackup 2000 MLT Super 116-C 350'/30,000' Saudi Arabia Leased to ARO drilling VALARIS 92 Jackup 1982 MLT 116-C 210'/25,000' United Kingdom Under contract 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 Future contract VALARIS 107 Jackup 2006 KFELS MOD V-B 400'/30,000' Australia Under contract VALARIS 108 Jackup 2007 KFELS MOD V-B 400'/30,000' Saudi Arabia Leased to ARO drilling VALARIS 109 Jackup 2008 KFELS MOD V-Super B 350'/35,000' Namibia Preservation stacked (1) VALARIS 110 Jackup 2015 KFELS MOD V-B 400'/35,000' Qatar Under contract VALARIS 111 Jackup 2003 KFELS MOD V Enhanced B-Class 400'/36,000' Croatia Preservation stacked (1) VALARIS 115 Jackup 2013 Baker Marine Pacific Class 400 400'/30,000' Brunei Under contract VALARIS 116 Jackup 2008 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 Trinidad Under contract VALARIS 120 Jackup 2013 KFELS Super A 400'/40,000' United Kingdom Under contract VALARIS 121 Jackup 2013 KFELS Super A 400'/40,000' United Kingdom Under contract VALARIS 122 Jackup 2013 KFELS Super A 400'/40,000' United Kingdom Under contract VALARIS 123 Jackup 2019 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 Leased to ARO drilling VALARIS 143 Jackup 2010 LT EXL Super 116-E 350'/35,000' UAE Preservation stacked (1) VALARIS 144 Jackup 2010 LT Super 116-E 350'/35,000' Angola Under contract 45 Rig Name Rig Type Year Delivered Design Maximum Water Depth/ Drilling Depth Location Status Jackups (Continued) VALARIS 146 Jackup 2011 LT EXL Super 116-E 320'/35,000' Saudi Arabia Leased to ARO drilling VALARIS 147 Jackup 2013 LT Super 116-E 350'/30,000' UAE Preservation stacked (1) VALARIS 148 Jackup 2013 LT Super 116-E 350'/30,000' UAE Preservation stacked (1) VALARIS 248 Jackup 2000 LT Super Gorilla 400'/35,000' United Kingdom Under contract VALARIS 249 Jackup 2001 LT Super Gorilla 400'/35,000' Trinidad Under contract VALARIS 250 Jackup 2003 LT Super Gorilla XL 550'/35,000' Saudi Arabia Leased to ARO drilling VALARIS Viking Jackup 2010 KEFLS N Class 435'/35,000' United Kingdom Preservation stacked (1) VALARIS Stavanger Jackup 2011 KEFLS N Class 400'/35,000' United Kingdom Under contract VALARIS Norway Jackup 2011 KEFLS N Class 400'/35,000' United Kingdom Under contract (1) Prior to stacking, upfront steps are taken to preserve the rig. This may include a quayside power source to dehumidify key equipment and/or provide electric current to the hull to prevent corrosion. Also, certain equipment may be removed from the rig for storage in a temperature-controlled environment. While stacked, large equipment that remains on the rig is periodically inspected and maintained by Valaris personnel. These steps are designed to reduce time and lower cost to reactivate the rig once returned to the active fleet. 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 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 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, Middle East, Africa and the Asia Pacific region. We own offices and other facilities in the U.S. (Louisiana) and Brazil. 46