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

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Exhibit 99.1



			Ensco plc Fleet Status Report 23 April 2018



New Contracts and Extensions Floaters • ENSCO 8503 contract with Deep Gulf Energy in the U.S. Gulf of Mexico extended by two wells, with an estimated total duration of 130 days. Option wells transferred from ENSCO 8505 • ENSCO 8505 awarded a one-well contract with Eni in the U.S. Gulf of Mexico that is expected to commence in May 2018 • ENSCO 8505 awarded a two-well contract with Marubeni in the U.S. Gulf of Mexico that is expected to commence in May 2018 Jackups • ENSCO 108 expected to work in the Middle East from 4Q18 to 4Q21 • ENSCO 68 awarded a three-well contract with Energy XXI in the U.S. Gulf of Mexico that is expected to commence in May 2018 • ENSCO 68 awarded a two-well contract with Castex Energy in the U.S. Gulf of Mexico that is expected to commence in July 2018 • ENSCO 72 awarded a seven-well contract with Petrofac in the North Sea that is expected to commence in April 2018 • ENSCO 101 contract with Neptune Energy in the North Sea extended by three wells, with an estimated total duration of seven months. ENSCO 101 contract with ENGIE transferred to Neptune Energy following its acquisition of ENGIE E&P International in February 2018 • ENSCO 101 awarded a one-well contract with Nautical Petroleum in the North Sea that is expected to commence in July 2018 during a break between the first and second well of the Neptune Energy contract noted above • ENSCO 121 contract with INEOS in the North Sea extended by one well, with an estimated duration of 14 days Other • ENSCO DS-10 commenced a one-year contract with Shell offshore Nigeria during March 2018 • ENSCO DS-7 commenced a six-well contract with Noble Energy offshore Israel during April 2018 • ENSCO 8504 contract terminated by customer due to force majeure • ENSCO 7500, ENSCO 81 and ENSCO 82 sold for scrap value

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			Ensco plc Fleet Status Report 23 April 2018

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

Apache

Deep Gulf Energy

U.S. GOM

Apr. 18

Aug. 18

Contracted for one well (estimated duration 15 days)

Contracted for two wells (estimated duration Apr. 18 to Aug. 18). Transferred from ENSCO 8505

ENSCO 8505

Semisubmersible DP

8500/10000

Deep Gulf Energy

Eni

Marubeni

Stone

U.S. GOM

Nov. 17

May 18

Jun. 18

Apr. 18

May 18

Jun. 18

Jul. 18

Contracted for two wells (estimated duration Nov. 17 to Apr. 18). Plus two 1-well priced options transferred to ENSCO 8503

Contracted for one well (estimated duration 10 days)

Contracted for two wells (estimated duration 45 days)

Contracted for one well (estimated duration 30 days). Transferred from ENSCO 8503

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 DS-12

Drillship, DP3

DSME

12000

Kosmos Energy

Suriname

Oct. 17

May 18

-----. Contracted for one well (estimated duration Apr. 18 to May 18). -----

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



			Ensco plc Fleet Status Report 23 April 2018

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-7

Drillship, DP3 Samsung

10000/12000

Noble Energy

Israel

Apr. 18

Dec. 18

Contracted for six wells (estimated duration Apr. 18 to Dec. 18). Plus two 2-well priced options

ENSCO 5004

Semisubmersible - Conv F & G Enhanced Pacesetter

1500

Mellitah

Mediterranean

Aug. 14

Aug. 18

Day rate of approx. $204,000, plus approx. $9,000 per day for mobilization and reimbursable upgrades amortized through Jul. 18

ENSCO DS-6

Drillship, DP3 Samsung

10000/12000

Available

Spain

ENSCO DS-11

Drillship, DP3

DSME

12000

Available

Spain

ENSCO DS-3

Drillship, DP3 Samsung

10000/12000

Preservation

Stacked⁽³⁾

Spain

ENSCO DS-5

Drillship, DP3 Samsung

10000/12000

Preservation

Stacked⁽³⁾

Spain



			Ensco plc Fleet Status Report 23 April 2018

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

Africa

ENSCO DS-4

Drillship, DP3 Samsung

10000/12000

Chevron

Nigeria

Aug. 17

Aug. 19

Plus one 1-year priced option

ENSCO DS-8

Drillship, DP3 Samsung GF12000

10000/12000

Total

Angola

Nov. 15

Nov. 20

Day rate of approx. $620,000, plus periodic rate increases and approx. $14,000 per day amortized through Nov. 20 for mobilization. Plus one 1-year priced option. We are in final discussions with the customer and expect to execute a contract amendment that will not impact the day rate or term. We do not expect a significant impact to our operating results from the amendment. See our Form 10-K filed with the SEC on February 27, 2018 for additional information.

ENSCO DS-10

Drillship, DP3 Samsung GF12000

10000/12000

Shell

Nigeria

Mar. 18

Mar. 19

Plus five 1-year priced options



			Ensco plc Fleet Status Report 23 April 2018

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 DPS-1

Semisubmersible DP

F&G ExD Millennium

10000

Woodside

Australia

Feb. 18

Aug. 19

Contracted for 12 wells (estimated duration Feb. 18 to Aug. 19). Plus two 3-month options or one 3-month and one 6-month option

ENSCO MS-1

Semisubmersible

F&G ExD Millennium

8200

Contract Preparations

Australia

Contracted to Woodside in Australia for one well (estimated duration May 18 to Jun. 18)

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 8504

Semisubmersible DP

8500/10000

Available

Singapore

A force majeure event was declared on the project ENSCO 8504 was scheduled to commence offshore Vietnam during Apr. 18 and the customer has terminated this contract

ENSCO DS-9

Drillship, DP3 Samsung GF12000

10000/12000

Available

Singapore

Under Construction

ENSCO DS-13

Drillship, DP3

DSME

12000

Under Construction

South Korea

Scheduled delivery date 3Q19. Upon delivery, final milestone payment of approx. $84 million and accrued interest charges may be financed through a promissory note that will bear interest at a rate of 5% per annum with a maturity date of December 30, 2022

ENSCO DS-14

Drillship, DP3

DSME

12000

Under Construction

South Korea

Scheduled delivery date 2Q20. Upon delivery, final milestone payment of approx. $165 million and accrued interest charges may be financed through a promissory note that will bear interest at a rate of 5% per annum with a maturity date of December 30, 2022



			Ensco plc Fleet Status Report 23 April 2018

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

ANKOR Energy

Energy XXI

Castex

U.S. GOM

Apr. 18

May 18

Jul. 18

May 18

Jul. 18

Oct. 18

Contracted for one well (estimated duration Apr. 18 to May 18)

Contracted for three wells (estimated duration May 18 to Jul. 18)

Contracted for two wells (estimated duration Jul. 18 to Oct. 18)

ENSCO 75

MLT Super 116-C

400

Energy XXI

Talos

U.S. GOM

Feb. 18

May 18

Sep. 18

Contracted for two wells (estimated duration (Feb. 18 to May 18)

Contracted for 120 days (estimated duration May 18 to Sep. 18). Plus one 90-day option

ENSCO 87

MLT 116-C

350

Fieldwood

U.S. GOM

Mar. 18

Jul. 18

Contracted for three P&A and two recompletion wells (estimated duration Mar. 18 to Jul. 18)

ENSCO 102

KFELS MOD V-A

400

Arena

U.S. GOM

Nov. 17

Dec. 18

Plus one 90-day option



			Ensco plc Fleet Status Report 23 April 2018

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

Preservation

Stacked⁽³⁾

ENSCO 71

Hitachi K1032N

225

Preservation

Stacked⁽³⁾

ENSCO 72

Hitachi K1025N

225

Petrofac

Apr. 18

Sep. 18

Contracted for seven wells (estimated duration Apr. 18 to Sep. 18). Plus two 1-well options

ENSCO 80

MLT 116-CE

225

Repsol-Sinopec

Jun. 17

May 18

Contracted for 13 wells (estimated duration Jun. 17 to May 18). Plus one 100-day option

ENSCO 92

MLT 116-C

225

ConocoPhillips

Feb. 17

Dec. 22

ENSCO 100

MLT 150-88-C

350

Premier

Jul. 15

Aug. 18

Day rate of approx. $185,000. Contracted for 18 wells (estimated duration Jul. 15 to Aug. 18). Plus four 3-well options

ENSCO 101

KFELS MOD V-A

400

Neptune

Nautical

Neptune

Mar. 18

Jul. 18

Sep. 18

May 18

Aug. 18

Jan. 19

Contracted for one well (estimated duration Mar. 18 to May 18)

Contracted for one well (estimated duration Jul. 18 to Aug. 18)

Contracted for two wells (estimated duration Sep. 18 to Jan. 19). Plus unlimited 1-well options

ENSCO 111

KFELS MOD V-B

400

Cold Stacked

Malta

ENSCO 112

MLT Super 116-E

350

Cold Stacked

Malta

ENSCO 120

ENSCO 120 Series

400

ConocoPhillips

Jul. 17

Jul. 20

Plus two 1-year options

ENSCO 121

ENSCO 120 Series

400

INEOS

Jul. 17

Jul. 18

Contracted for five wells (estimated duration Jul. 17 to Jul. 18). Plus three 1-well priced options

ENSCO 122

ENSCO 120 Series

400

NAM

Netherlands

Sep. 17

Jul. 18

Contracted for three wells (estimated duration Sep. 17 to Jul. 18). Plus various options through Dec. 20



			Ensco plc Fleet Status Report 23 April 2018

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 2Q18. 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

Nov. 18

Day rate of approx. $127,000 to Nov. 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 2Q18. Day rate of approx. $65,000 to year-end 2018. Day rate increases to approx. $125,000 Jan. 19 to Feb. 19

ENSCO 97

MLT 82 SD-C

250

Saudi Aramco

Saudi Arabia

Jan. 15

Feb. 19

Day rate of approx. $65,000 to year-end 2018. Day rate increases to approx. $125,000 Jan. 19 to Feb. 19

ENSCO 104

KFELS MOD V-B

400

ADNOC

UAE

Feb. 18

May 19

ENSCO 110

KFELS MOD V-B

400

North Oil Company

Qatar

Sep. 17

Sep. 20

Plus one 1-year priced option

ENSCO 140

ENSCO 140 Series

340/400

Contract Preparations

UAE

Expect to work in the Middle East from 2Q18 to 2Q21

ENSCO 141

ENSCO 140 Series

340/400

Contract Preparations

UAE

Expect to work in the Middle East from 3Q18 to 3Q21



			Ensco plc Fleet Status Report 23 April 2018

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

Jul. 19

In conjunction with one year extension of contract, rig on standby day rate of $20,000 from mid Oct. 17 to mid Mar. 18. Then planned inspection for approx. 30 days from mid Mar. 18 to mid Apr. 18. Next return to day rate of approx. $172,000 from mid Apr. 18 to Jul. 18, followed by undisclosed day rate from Aug. 18 to Jul. 19

Asia & Pacific Rim

ENSCO 67

MLT 84-CE

400

Pertamina

Indonesia

Dec. 16

Dec. 18

In conjunction with proposed extension of contract, rig on zero rate from late Feb. 18 to late May 18

ENSCO 105

KFELS MOD V-B

400

Preservation
Stacked⁽³⁾

Singapore

ENSCO 106

KFELS MOD V-B

400

Indonesia

Jan. 18

Jan. 23

Plus 13 1-well priced options

ENSCO 107

KFELS MOD V-B

400

Available

Singapore

Contracted to Quadrant Energy in Australia for five wells (estimated duration May 18 to Oct. 18). Plus five 1-well options

ENSCO 108

KFELS MOD V-B

400

Available

Singapore

Expect to work in the Middle East from 4Q18 to 4Q21

ENSCO 113

Pacific Class 400

400

Cold Stacked

Philippines

ENSCO 114

Pacific Class 400

400

Cold Stacked

Philippines

ENSCO 115

Pacific Class 400

400

Mubadala Petroleum

Thailand

Oct. 17

Aug. 18

Plus two 4-month priced options



			Ensco plc Fleet Status Report 23 April 2018

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

Milestone payment of $207 million made in Jan. 18 and remaining payment of $6 million to be made upon delivery in 1Q19

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 5005

Semisubmersible - Conv F & G Enhanced Pacesetter

1500/1700

Cold Stacked

Singapore

ENSCO 81

MLT 116-C

350

Sold

Sold for scrap value. Immaterial gain on sale to be recognized in 2Q18

ENSCO 82

MLT 116-C

300

Sold

Sold for scrap value. Immaterial gain on sale to be recognized in 2Q18

Discontinued Operations

ENSCO 7500

Semisubmersible DP

7500/8000

Sold

Sold for scrap value. Immaterial gain on sale recognized in 1Q18

⁽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.



			Ensco plc Fleet Status Report 23 April 2018

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 2018.

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, letters of award or other correspondence indicating an 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; costs and difficulties related to the integration of Atwood Oceanics, Inc.; 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; our ability to enter into, and the terms of, future drilling contracts; the cancellation of letters of intent or any failure to execute definitive contracts following announcements of letters of intent, letters of award or other expected work commitments or awards; 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.

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