Valaris Announces New Contract Awards

Valaris plc (VAL) (Valaris) announced new contracts and contract extensions, with associated revenue backlog of approximately $285 million, awarded subsequent to a prior fleet status report dated October 25, 2019.

- VALARIS DS-18 (Relentless) contract extended due to the exercise of a one-well priced option with EnVen in the U.S. Gulf of Mexico, with an estimated duration of 45 days from February 2020 to March 2020; the rig has also been awarded a two-well contract with an undisclosed operator in the U.S. Gulf of Mexico that is expected to commence in June 2020, with an estimated duration of 180 days

- VALARIS DS-15 (Renaissance) awarded a one-well contract with Eni in the U.S. Gulf of Mexico that is expected to commence in November 2019, with an estimated duration of 30 days; the rig has also been awarded a two-well contract with CNOOC offshore Mexico that is expected to commence in April 2020, with an estimated duration of 160 days

- VALARIS JU-292 (Norway) contract extended due to the exercise of a six-well priced option with ConocoPhillips offshore Norway, with an estimated duration of 300 days from early May 2020 to late February 2021

- VALARIS JU-290 (Viking) contract to provide accommodation services with Repsol offshore Norway extended by approximately 50 days from early February 2020 to late March 2020

- VALARIS JU-249 (Gorilla VII) contract with Chrysaor in the North Sea extended by one year from November 2019 to November 2020

- VALARIS JU-144 (EXL II) awarded a 12-well contract with Eni offshore Mexico that is expected to commence in April 2020, with an estimated duration of two years

- VALARIS JU-122 contract extended due to the exercise of a one-well priced option with Shell in the North Sea, with an estimated duration of 150 days from November 2020 to April 2021

- VALARIS JU-117 (Ralph Coffman) contract extended due to the exercise of a two-well priced option with an undisclosed operator offshore Trinidad, with an estimated duration of 60 days from February 2020 to April 2020

- VALARIS JU-115 contract extended due to the exercise of a four-month priced option with Mubadala Petroleum offshore Thailand from March 2020 to July 2020

- VALARIS JU-87 awarded a 21-well contract with Exxon in the U.S. Gulf of Mexico that is expected to commence in November 2019, with an estimated duration of 295 days

Valaris plc (VAL) is the industry leader in offshore drilling services across all water depths and geographies. Operating a high-quality rig fleet of ultra-deepwater drillships, versatile semisubmersibles and modern shallow-water jackups, Valaris has experience operating in nearly every major offshore basin. With an unwavering commitment to safety and operational excellence, and a focus on technology and innovation, Valaris was rated first in total customer satisfaction in the latest independent survey by EnergyPoint Research - the ninth consecutive year that the Company has earned this distinction. Valaris plc is an English limited company (England No. 7023598) with its corporate headquarters located at 6 Chesterfield Gardens, London W1J 5BQ.