Valaris Ltd - FORM 8-K - EX-99.1 - EXHIBIT 99.1

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Exhibit 99.1



			Ensco plc Fleet Status Report 24 April 2017



	New Contracts • ENSCO 106 awarded a four-well contract with Sapura Energy offshore Malaysia, which commenced in March 2017 • ENSCO 121 awarded a three-well contract with INEOS in the North Sea that is expected to commence in July 2017 • ENSCO 68 awarded a one-well contract with Ankor Energy in the U.S. Gulf of Mexico that is expected to commence in June 2017 Contract Extensions • ENSCO 92 contract with ConocoPhillips in the North Sea extended by more than four years to December 2022 • ENSCO 107 contract with Chevron offshore Australia extended by three months to July 2017 • Contracts for ENSCO 121 and ENSCO 80 extended to April 2017 in the North Sea Other • ENSCO 122 commenced a five-month contract with Ithaca Energy in the North Sea during April 2017 • ENSCO 87 began a four-month program with Talos Energy in the U.S. Gulf of Mexico in February 2017 • Received notice of early termination for convenience from customer for ENSCO 104 with estimated effective date in May 2017 • ENSCO 56 sold for scrap value

Page 1 of 10



			Ensco plc Fleet Status Report 24 April 2017

Changes: bolded rig names and underlined text signify changes in rig status from previous report.

Segment /

Region / Rig

Design

Water

Depth'⁽¹⁾

Customer/

Status

Location

Contract Start Date

Contract End Date⁽²⁾

Comments

Floaters

North & South America

ENSCO 8503

Semisubmersible DP

8500/10000

Stone

W&T Offshore

Talos

U.S. GOM

Mexico

Mar. 17

Apr. 17

Jun. 17

Apr. 17

May 17

Sep. 17

ENSCO 8505

Semisubmersible DP

8500/10000

Available

U.S. GOM

ENSCO 8500

Semisubmersible DP

8500/10000

Preservation Stacked⁽³⁾

U.S. GOM

ENSCO 8501

Semisubmersible DP

8500/10000

Preservation Stacked⁽³⁾

U.S. GOM

ENSCO 8502

Semisubmersible DP

8500/10000

Preservation Stacked⁽³⁾

U.S. GOM

ENSCO 8506

Semisubmersible DP

8500/10000

Preservation Stacked⁽³⁾

U.S. GOM

ENSCO 6001

Semisubmersible - DP Megathyst

5600

Petrobras

Brazil

Jun. 13

Jun. 18

Day rate of approx. $284,000, plus approx. $20,000 per day amortized through Jun. 18 for capital upgrades. Plus cost adjustments

ENSCO 6002

Semisubmersible - DP Megathyst

5600

Petrobras

Brazil

Jul. 13

Dec. 19

Day rate of approx. $248,000, plus approx. $17,000 per day amortized through Dec. 19 for capital upgrades. Plus cost adjustments

Page 2 of 10



			Ensco plc Fleet Status Report 24 April 2017

Changes: bolded rig names and underlined text signify changes in rig status from previous report.

Segment /

Region / Rig

Design

Water

Depth'⁽¹⁾

Customer/

Status

Location

Contract Start Date

Contract End Date⁽²⁾

Comments

Floaters

Europe & Mediterranean

ENSCO DS-6

Drillship, DP3 Samsung

10000/12000

Egypt

Feb. 13

Feb. 18

Day rate of approx. $485,000, plus approx. $102,000 per day amortized through Feb. 18. Plus two 1-year options at mutually agreed rates

ENSCO 5004

Semisubmersible - Conv F & G Enhanced Pacesetter

1500

Mellitah

Mediterranean

Aug. 14

Jul. 18

Expect to be on standby day rate of approx. $60,000 for five months from mid Apr. 17 to mid. Sep. 17, then return to day rate of approx. $204,000 for remainder of contract. Plus approx. $9,000 per day for mobilization and reimbursable upgrades amortized through Jul. 18

ENSCO DS-3

Drillship, DP3 Samsung

10000/12000

Preservation Stacked⁽³⁾

Spain

ENSCO DS-4

Drillship, DP3 Samsung

10000/12000

Preservation Stacked⁽³⁾

Spain

ENSCO DS-5

Drillship, DP3 Samsung

10000/12000

Preservation Stacked⁽³⁾

Spain

ENSCO DS-7

Drillship, DP3 Samsung

10000/12000

Available

Spain

Notice of early termination for convenience received from the customer with an effective date of early Nov. 16. For the first 90 days following the effective date, the daily termination fee is equal to the operating day rate of approx. $585,000. For the remaining term through Nov. 17, the daily termination fee is equal to approx. $439,000. If the rig is contracted to a third party, the day rate revenue received is deducted from the approx. $439,000 due from the original customer through Nov. 17

Africa

ENSCO DS-8

Drillship, DP3 Samsung GF12000

10000/12000

TOTAL

Angola

Nov. 15

Nov. 20

Day rate of approx. $618,000, plus periodic rate increases and approx. $14,000 per day amortized through Nov. 20 for mobilization. Plus one 1-year priced option

Page 3 of 10



			Ensco plc Fleet Status Report 24 April 2017

Changes: bolded rig names and underlined text signify changes in rig status from previous report.

Segment /

Region / Rig

Design

Water

Depth'⁽¹⁾

Customer/

Status

Location

Contract Start Date

Contract End Date⁽²⁾

Comments

Floaters

Asia & Pacific Rim

ENSCO 8504

Semisubmersible DP

8500/10000

Available

Singapore

ENSCO 5006

Semisubmersible - Conv Bingo 8,000

7000/7500

INPEX

Australia

Jan. 15

Aug. 19

Day rate of approx. $362,000, plus approx. $125,000 per day amortized through Aug. 19 for capital upgrades and day rates during shipyard stay and mobilizations

ENSCO DS-9

Drillship, DP3 Samsung GF12000

10000/12000

Available

Singapore

ENSCO 5005

Semisubmersible - Conv F & G Enhanced Pacesetter

1500/1700

Preservation Stacked⁽³⁾

Singapore

Under Construction

ENSCO DS-10

Drillship, DP3 Samsung GF12000

10000/12000

Under construction

South Korea

Scheduled delivery date 1Q19

Page 4 of 10



			Ensco plc Fleet Status Report 24 April 2017

Changes: bolded rig names and underlined text signify changes in rig status from previous report.

Segment /

Region / Rig

Design

Water

Depth'⁽¹⁾

Customer/

Status

Location

Contract Start Date

Contract End Date⁽²⁾

Comments

Jackups

North & South America

ENSCO 68

MLT 84-CE

400

Enven

W&T Offshore

Ankor

U.S. GOM

Feb. 17

May 17

Jun. 17

May 17

Jun. 17

Jul. 17

Day rate of approx. $60,000 for Enven contract

ENSCO 75

MLT Super 116-C

400

Walter Oil & Gas

U.S. GOM

Feb. 17

Jul. 17

ENSCO 81

MLT 116-C

350

Cold Stacked

U.S. GOM

ENSCO 82

MLT 116-C

300

Cold Stacked

U.S. GOM

ENSCO 87

MLT 116-C

350

Talos

U.S. GOM

Feb. 17

Jul. 17

Page 5 of 10



			Ensco plc Fleet Status Report 24 April 2017

Changes: bolded rig names and underlined text signify changes in rig status from previous report.

Segment /

Region / Rig

Design

Water

Depth'⁽¹⁾

Customer/

Status

Location

Contract Start Date

Contract End Date⁽²⁾

Comments

Jackups

Europe

ENSCO 70

Hitachi K1032N

250

Cold Stacked

ENSCO 71

Hitachi K1032N

225

Maersk

Denmark

Jul. 15

Jul. 18

Planned inspection for approx. 21 days in 4Q17. Day rate of approx. $93,000

ENSCO 72

Hitachi K1025N

225

ENGIE

Netherlands

Jan. 17

Aug. 17

Day rate of approx. $67,000, plus various priced options of up to 460 days in total for ENSCO 72 and ENSCO 101

ENSCO 80

MLT 116-CE

225

ENGIE

Repsol-Sinopec

Apr. 14

Jun. 17

Apr. 17

Dec. 18

Day rate of approx. $70,000 for ENGIE contract

ENSCO 92

MLT 116-C

225

ConocoPhillips

Feb. 17

Dec. 22

Planned inspection for approx. 23 days in 3Q17

ENSCO 100

MLT 150-88-C

350

Premier

Jul. 15

Nov. 18

Day rate of approx. $185,000

ENSCO 101

KFELS MOD V-A

400

ENGIE

Netherlands

Nov. 16

Aug. 17

Day rate of approx. $74,000, plus various priced options of up to 460 days in total for ENSCO 72 and ENSCO 101

ENSCO 102

KFELS MOD V-A

400

Available

ENSCO 120

ENSCO 120 Series

400

Available

Expect to work in the UK North Sea from Jul. 17 to Jul. 20, subject to receipt of notice to commence work from customer

ENSCO 121

ENSCO 120 Series

400

Wintershall

INEOS

Denmark

Jun. 14

Jul. 17

Apr. 17

Feb. 18

Plus five 1-well options

ENSCO 122

ENSCO 120 Series

400

Ithaca

Apr. 17

Aug. 17

Day rate of approx. $100,000

Page 6 of 10



			Ensco plc Fleet Status Report 24 April 2017

Changes: bolded rig names and underlined text signify changes in rig status from previous report.

Segment /

Region / Rig

Design

Water

Depth'⁽¹⁾

Customer/

Status

Location

Contract Start Date

Contract End Date⁽²⁾

Comments

Jackups

Middle East

ENSCO 54

F&G L-780 Mod II-C

300

Saudi Aramco

Saudi Arabia

Sep. 14

Sep. 22

Planned inspection for approx. 80 days in 1Q18. Day rate of approx. $72,000, plus approx. $5,000 per day for upgrade costs and mobilization amortized through Sep. 22

ENSCO 76

MLT Super 116-C

350

Saudi Aramco

Saudi Arabia

Jan. 15

Dec. 18

Day rate of approx. $127,000 to year-end 2017. Day rate increases to approx. $170,000 Jan. 18 to Dec. 18

ENSCO 84

MLT 82 SD-C

250

Saudi Aramco

Saudi Arabia

Jan. 17

Aug. 21

Day rate of approx. $72,000

ENSCO 88

MLT 82 SD-C

250

Saudi Aramco

Saudi Arabia

Nov. 13

Nov. 19

Day rate of approx. $65,000, plus one 1-year priced option

ENSCO 96

Hitachi 250-C

250

Saudi Aramco

Saudi Arabia

Feb. 15

Feb. 19

Planned inspection for approx. 60 days in 3Q17. Day rate of approx. $65,000 to year-end 2017. Day rate increases to approx. $125,000 Jan. 18 to Feb. 19

ENSCO 97

MLT 82 SD-C

250

Saudi Aramco

Saudi Arabia

Jan. 15

Feb. 19

Planned inspection for approx. 21 days in 3Q17. Day rate of approx. $65,000 to year-end 2017. Day rate increases to approx. $125,000 Jan. 18 to Feb. 19

ENSCO 104

KFELS MOD V-B

400

NDC/ Wintershall

UAE

Nov. 16

May 17

Received notice of early termination for convenience from customer with estimated effective date of May 17. Day rate of approx. $64,000

ENSCO 110

KFELS MOD V-B

400

Available

UAE

ENSCO 140

ENSCO 140 Series

340/400

Available

UAE

ENSCO 141

ENSCO 140 Series

340/400

Available

UAE

Page 7 of 10



			Ensco plc Fleet Status Report 24 April 2017

Changes: bolded rig names and underlined text signify changes in rig status from previous report.

Segment /

Region / Rig

Design

Water

Depth'⁽¹⁾

Customer/

Status

Location

Contract Start Date

Contract End Date⁽²⁾

Comments

Jackups

Africa

ENSCO 109

KFELS MOD V-Super B

350

Chevron

Angola

Dec. 14

Jan. 18

Day rate of approx. $172,000, plus $13,000 per day for mobilization amortized through Jan. 18. Plus cost adjustments

Asia & Pacific Rim

ENSCO 52

F&G L-780 Mod II-C

300

Murphy/Repsol

Malaysia

Aug. 14

Aug. 17

Sublet to Repsol Apr. 17 to Aug. 17. Day rate of approx. $99,000

ENSCO 67

MLT 84-CE

400

Pertamina

Indonesia

Dec. 16

Dec. 17

Day rate of approx. $50,000, plus one 1-year priced option

ENSCO 105

KFELS MOD V-B

400

Cold Stacked

Singapore

ENSCO 106

KFELS MOD V-B

400

Sapura Energy

Malaysia

Indonesia

Mar. 17

Jan. 18

Sep. 17

Jan. 23

Plus 13 1-well priced options

ENSCO 107

KFELS MOD V-B

400

Chevron

Australia

Oct. 16

Jul. 17

Day rate of approx. $129,000, plus three 1-month options

ENSCO 108

KFELS MOD V-B

400

PTTEP

Thailand

Apr. 14

Apr. 17

Day rate of approx. $160,000

Page 8 of 10



			Ensco plc Fleet Status Report 24 April 2017

Changes: bolded rig names and underlined text signify changes in rig status from previous report.

Segment /

Region / Rig

Design

Water

Depth'⁽¹⁾

Customer/

Status

Location

Contract Start Date

Contract End Date⁽²⁾

Comments

Jackups

Under Construction

ENSCO 123

ENSCO 120 Series

400

Under construction

Singapore

Scheduled delivery date 1Q18

Other

Drilling Management

Thunder Horse

Deepwater Semisubmersible

6000

U.S. GOM

Jan. 17

Jan. 22

Day rate of approx. $95,000, plus cost adjustments and five 1-year options

Mad Dog

Deepwater Spar Drilling Rig

4500

U.S. GOM

Jan. 17

Jan. 22

Day rate of approx. $57,000, plus cost adjustments and five 1-year options

Held for Sale

Continuing Operations

ENSCO 56

F&G L-780 Mod II-C

300

Sold

Sold for scrap value. Sale price in line with net book value of rig

ENSCO 86

MLT 82 SD-C

250

Cold Stacked

U.S. GOM

ENSCO 99

MLT 82 SD-C

250

Cold Stacked

U.S. GOM

Discontinued Operations

ENSCO 7500

Semisubmersible DP

7500/8000

Cold Stacked

Spain

ENSCO 90

MLT 82 SD-C

250

Cold Stacked

U.S. GOM

⁽¹⁾ For rigs that may be modified to drill in deeper water depths, both the currently outfitted and maximum upgrade capabilities are shown.

⁽²⁾ Contract duration does not include any unexercised optional extensions. Contract end dates can vary based on how long it takes to complete the wells subject to the contract.

⁽³⁾ 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 electrical 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 Ensco personnel. These steps are designed to reduce the time and lower cost to reactivate the rig when market conditions improve.

Page 9 of 10



			Ensco plc Fleet Status Report 24 April 2017

Additional Information Regarding this Fleet Status Report

Day Rate and Terms. The day rates reflected in this Fleet Status Report are stated in U.S. dollars and are the operating day rates charged to customers, which may include estimated contractual adjustments for changes in operating costs and/or reimbursable cost adjustments for ongoing expenses such as crew, catering, insurance and taxes. The day rates, however, do not include certain types of non-recurring revenues such as lump sum mobilization payments, revenues earned during mobilizations, revenues associated with contract preparation and other non-recurring reimbursable items such as mobilizations and capital enhancements, and the impact of the fair market value adjustments to previously acquired drilling contracts. Routine and non-routine downtime may reduce the actual revenues recognized during the contract term. Additionally, we sometimes negotiate special rates and/or day rate adjustments with customers that may reduce revenues recognized. Ensco announced in its Fleet Status Report dated 22 February 2017 that going forward it does not expect to release day rates for new contracts in its Fleet Status Reports. Significant zero rate estimates are reflected in the comments section for 2017.

Forward Looking Statement. Statements contained in this Fleet Status Report that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements include words or phrases such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “project,” “could,” “may,” “might,” “should,” “will” and similar words and specifically include statements involving future rig day rates including adjustments with the customer; discussions with the customer; backlog; cost adjustments; utilization; estimated rig availability; expected work commitments and contracts; contract duration, status, terms and other contract commitments; letters of intent or letters of award; rig enhancement projects; new rig commitments; the expected period of time and number of rigs that will be in a shipyard for repairs, maintenance, enhancement or construction; sale leaseback transactions; scheduled delivery dates for new rigs; and the timing of delivery, mobilization, contract commencement, relocation or other movement of rigs. Such statements are subject to numerous risks, uncertainties and assumptions that may cause actual results to vary materially from those indicated, including commodity price fluctuations, customer demand, new rig supply, downtime and other risks associated with offshore rig operations, relocations, severe weather or hurricanes; changes in worldwide rig supply and demand, competition and technology; future levels of offshore drilling activity; governmental action, civil unrest and political and economic uncertainties; terrorism, piracy and military action; risks inherent to shipyard rig construction, repair, maintenance or enhancement; possible cancellation, suspension; repudiation; or termination of drilling contracts, including termination for convenience (without cause), as a result of mechanical difficulties, performance, customer liquidity and finances, the decline or the perceived risk of a further decline in oil and/or natural gas prices, or other reasons; the cancellation of letters of intent or any failure to execute definitive contracts following announcements of letters of intent or letters of award or other expected work commitments; the outcome of litigation, legal proceedings, investigations or other claims or contract disputes; governmental regulatory, legislative and permitting requirements affecting drilling operations; our ability to attract and retain skilled personnel on commercially reasonable terms; environmental or other liabilities, risks or losses; debt restrictions that may limit our liquidity and flexibility; and cybersecurity risks and threats. In addition to the numerous factors described above, you should also carefully read and consider “Item 1A. Risk Factors” in Part I and “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II of our most recent annual report on Form 10-K, as updated in our subsequent quarterly reports on Form 10-Q, which are available on the SEC’s website at www.sec.gov or on the Investor Relations section of our website at www.enscoplc.com. Each forward-looking statement contained herein speaks only as of the date of this Fleet Status Report, and we undertake no obligation to publicly update or revise any forward looking statements, except as required by law.

Page 10 of 10

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