Offshore drilling contractor Valaris has confirmed that one of its jack-up rigs, which recently left a shipyard in
Scotland, is en route to its upcoming drilling assignment in the UK sector of the North Sea.

A few months ago, Valaris secured a one-well contract with NEO Energy in the UK North Sea for the Valaris
Norway heavy-duty ultra-harsh environment jack-up rig. The contract, which was slated to start in July 2023 and
end in August 2023, has an estimated duration of 20 days. The operating day rate is $105,000.

In an update on 15 August 2023, the rig owner explained that the Valaris Norway rig had recently departed the
shipyard in Dundee, Scotland. Currently, the rig is on its way to the Victoria subsea well in the UK North Sea for
its upcoming campaign with NEO Energy.

Tord Vintervold, Rig Manager, commented: “The Valaris Norway departed the shipyard after a short visit between
contracts. The rig safely completed some maintenance work scopes, including BOP recertification, changing out
the 15K choke & Kill manifold, shaker upgrades, and crane maintenance and recertification. We wish the crew
the best for the upcoming campaign.”

Valaris' fleet status report from August 2023 shows the change in the rig's schedule, thus, the jack-up is expected
to start its work with NEO Energy in August 2023 and finish it in September 2023. The rig worked for Centrica
Storage in the UK until June 2023.

After completing the work for NEO Energy, the rig is scheduled to kick off its assignment with North Sea Natural
Resources in September 2023 and wrap it up in October 2023.

The 2011-built Valaris Norway jack-up rig is of KFELS N Class design. It can accommodate 130 people and its
maximum drilling depth is 35,000 ft.

Valaris won new contracts for two floaters and two jack-ups in its rig fleet during 2Q 2023, enabling its rigs to
carry out operations in West Africa, the U.S. Gulf of Mexico, and Australia.