#1VALARIS ARO DRILLING أرامكو روان للحفر BOB PALMER ARO Drilling WARN November 2023#2Forward-Looking Statements Statements contained in this investor presentation that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include words or phrases such as "anticipate," "believe," "estimate," "expect," "intend," "likely," "plan," "project," "could," "may," "might," "should," "will" and similar words and specifically include statements regarding expected financial performance; expected utilization, day rates, revenues, operating expenses, cash flows, contract status, terms and duration, contract backlog, capital expenditures, insurance, financing and funding; the offshore drilling market, including supply and demand, customer drilling programs, stacking of rigs, effects of new rigs on the market and effect of the volatility of commodity prices; expected work commitments, awards, contracts and letters of intent; scheduled delivery dates for rigs; performance of our joint ventures, including our joint venture with Saudi Aramco; timing of the delivery of the Saudi Aramco Rowan Offshore Drilling Company ("ARO") newbuild rigs and the timing of additional ARO newbuild orders; the availability, delivery, mobilization, contract commencement, availability, relocation or other movement of rigs and the timing thereof; rig reactivations; suitability of rigs for future contracts; divestitures of assets; general economic, market, business and industry conditions, including inflation and recessions, trends and outlook; general political conditions, including political tensions, conflicts and war (such as the ongoing conflict in Ukraine); cybersecurity attacks and threats; impacts and effects of public health crises, pandemics and epidemics, such as the COVID-19 pandemic; any exercise of our options for delivery of the VALARIS DS-13 and DS-14; future operations; increasing regulatory complexity; targets, progress, plans and goals related to environmental, social and governance ("ESG") matters; the outcome of tax disputes; assessments and settlements; and expense management. The forward-looking statements contained in this investor presentation are subject to numerous risks, uncertainties and assumptions that may cause actual results to vary materially from those indicated, including cancellation, suspension, renegotiation or termination of drilling contracts and programs; our ability to obtain financing, service our debt, fund capital expenditures and pursue other business opportunities; adequacy of sources of liquidity for us and our customers; future share repurchases; actions by regulatory authorities, or other third parties; actions by our security holders; internal control risk; commodity price fluctuations and volatility, customer demand, loss of a significant customer or customer contract, downtime and other risks associated with offshore rig operations; adverse weather, including hurricanes; changes in worldwide rig supply, including as a result of reactivations and newbuilds; and demand, competition and technology; supply chain and logistics challenges; consumer preferences for alternative fuels and forecasts or expectations regarding the global energy transition; increased scrutiny of our ESG targets, including our Scope 1 emissions intensity reduction target, initiatives and reporting and our ability to achieve such targets or initiatives; changes in customer strategy; future levels of offshore drilling activity; governmental action, civil unrest and political and economic uncertainties, including recessions, volatility affecting the banking system and financial markets, inflation and adverse changes in the level of international trade activity; terrorism, piracy and military action; risks inherent to shipyard rig reactivation, upgrade, repair, maintenance or enhancement; our ability to enter into, and the terms of, future drilling contracts; suitability of rigs for future contracts; the cancellation of letters of intent or letters of award or any failure to execute definitive contracts following announcements of letters of intent, 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; compliance with our debt agreements and debt restrictions that may limit our liquidity and flexibility; cybersecurity risks and threats; and changes in foreign currency exchange rates. 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, which is available on the Securities and Exchange Commission's website at www.sec.gov or on the Investor Relations section of our website at www.valaris.com. Each forward-looking statement speaks only as of the date of the particular statement, and we undertake no obligation to update or revise any forward-looking statements, except as required by law. VALARIS 2#3ARO Drilling is a 50/50 joint venture between Valaris and Saudi Aramco Overview: • . • . ARO Drilling ("ARO") is a 50/50 joint venture between Valaris and Saudi Aramco that owns and operates jackup drilling rigs in the Kingdom of Saudi Arabia Over the next decade, ARO intends to construct 20 newbuild rigs, supported by attractive, long-term contracts with Saudi Aramco Newbuild jackup Kingdom 1 delivered in 4Q23 ARO operates independently with a separate dedicated management team ARO Board of Directors is composed of three members from Valaris and three members from Saudi Aramco; the Chairman is from Saudi Aramco ARO is treated as an equity investment by Valaris for accounting purposes, with financial results recognized primarily on the equity income line (not consolidated) Financing: Saudi Aramco and Valaris do not anticipate contributing additional capital into ARO for the newbuild program, however the program is supported by a $1.25 billion capital commitment from each shareholder, which ratchets down over time as rigs are delivered Valaris expects the newbuilds to be fully financed by ARO, through ARO-generated cash flow and external financing, supported by long term contracts at ARO - $359 million term loan secured in 4Q23 to finance newbuilds Kingdom 1 and 2 As of September 30, 2023, ARO had a cash balance of $110 million As of September 30, 2023, the principal amount of ARO shareholder notes were $822 million, including $403 million. due to Valaris ARO EBITDA1 in 2022 was $99 million VALARIS 1 EBITDA calculated as operating income add depreciation 3#4Value Drivers ARO DRILLING أرامكو روان للحفر VALARIS 1 Owned Rigs 2 Leased Rigs 3 Newbuild Rigs#51 Owned Rigs: Overview of Contributions and Cash Flows VALARIS ARO DRILLING أرامكو السعودية • $25M cash • ARO 2001 (Gilbert Rowe) • ARO 3001 (Bob Keller) • ARO 3002 (J.P. Bussell) • ARO 3003 (Scooter Yeargain) • ARO 3004 (Hank Boswell) • Spare inventory/assets. • Shorebase support 50% of excess cash أرامكو روان للحفر ـال In 2Q 2017, Valaris and Saudi Aramco contributed $25 million cash each to form ARO In 4Q 2017, Valaris transferred three jackups, and Saudi Aramco transferred two jackups and additional cash ARO commenced operations on October 17, 2017 In 4Q 2017, Valaris and Saudi Aramco received $88 million each as a cash distribution VALARIS 50% of excess cash saudi aramco $25M cash ARO 2003 (SAR 201) • ARO 4001 (SAR 202) • Spare inventory/assets Matching cash In 4Q 2018, Valaris transferred two jackups and Saudi Aramco transferred a matching contribution in cash In 4Q 2018, Valaris and Saudi Aramco received $95 million each as a cash distribution On an annual basis, ARO Board of Directors elects to make interest payments in cash or payment-in-kind (LIBOR +2%) In 3Q 2022, Valaris and Saudi Aramco each received $40 million as a partial early repayment of shareholder notes 5#61 Owned Rigs: Income and Cash Flow Impacts VALARIS ARO DRILLING أرامكو روان للحفر • Interest Income (from shareholder loan) Equity Income Revenue Opex ⚫ Interest Expense (from shareholder loans) Capex . Valaris receives interest income on its shareholder loan balance outstanding either in the form of a cash payment or payment-in-kind added to the principal balance of the note Owned rigs impact ARO net income, 50% of which flow through equity in earnings of ARO line in Valaris' income statement Owned rig results are recorded directly on ARO's income statement ARO receives revenues from rigs contracted to Saudi Aramco and incurs all operating costs associated with these rigs ARO is also responsible for all capital expenditures associated with owned rigs ARO records interest expense on the shareholder loans due to Valaris and Saudi Aramco VALARIS 6#72 Leased Rigs: Overview and Financial Impact VALARIS • Revenue (Bareboat Charter Rate) • Special Surveys (Opex) Undisclosed % of EBITDA • ARO DRILLING أرامكو روان للحفر Revenue Opex & Overhead Allocation • EBITDA • · Special Surveys (Capex) Currently eight Valaris rigs leased to ARO1 Valaris receives a percentage of rig EBITDA (after an ARO overhead allocation), which is recognized as revenue on Valaris' income statement • Five-year special surveys are paid by Valaris Leased rigs impact ARO net income, 50% of which flow through equity in earnings of ARO line in Valaris' income statement VALARIS 1 Excludes VALARIS 108 and 76, which are expected to commence lease contracts with ARO in 2024 . Maintenance Capex Day rates for the leased rigs will be “consistent with the Pricing Mechanism, unless otherwise agreed" The market pricing mechanism is based on a global index of similar rigs (excluding Norway and other niche harsh environment markets) with a modest discount to market, and a floor that provides a minimum level of profitability Rig revenue and opex recorded on ARO's income statement Allocation of overhead costs based on rig's proportion of total ARO revenue Maintenance capex paid by ARO 7#83 Newbuild Rigs: Overview and Financial Impact Overview: ARO intends to build 20 jackups over the next decade The first two jackups were built at the Lamprell shipyard in UAE. Kingdom 1 was delivered in 4Q23, and Kingdom 2 is expected to be delivered in 1Q24 Remaining shipyard purchase price for Kingdom 1 and 2 was financed by a $359 million term loan. The loan matures in eight years and has a 16-year amortization profile with a 50% balloon payment due at maturity Thereafter, new rigs will be built at the new Maritime Yard - The King Salman International Complex for Maritime Industries and Services, a cornerstone project in the Saudi 2030 Vision The Maritime Yard is a joint venture between Saudi Aramco, Bahri, Hyundai Heavy Industries and Lamprell Newbuild rigs will be designed fit-for-purpose for Saudi Aramco operations. The first two newbuild rigs are based on the LeTourneau 116E design VALARIS Financial Impact: . • Day rates for the initial eight-year contracts will be determined using a pricing mechanism that targets a six-year payback for construction costs on an EBITDA basis These will be followed by a minimum of another eight years of term, re-priced every three years, based on a market pricing. mechanism The market pricing mechanism is based on a global index of similar rigs (excluding Norway and other niche harsh environment markets) with a modest discount to market, and a floor that provides a minimum level of profitability Thereafter, if the rigs meet the technical specifications and the operational requirements of Saudi Aramco, preference for new Saudi Aramco drilling contracts will be given to these rigs Newbuild rigs impact ARO net income, 50% of which flow through equity in earnings of ARO line in Valaris' income statement 8#9Summary: Valaris and ARO Financials VALARIS REVENUE OPEX OTHER INCOME / EXPENSE CAPEX VALARIS • Leased Rigs - Bareboat Charter Fee . Owned Rigs • Leased Rigs Leased Rigs Special Survey Interest Income on Shareholder Loan Newbuild Rigs Owned Rigs ARO DRILLING أرامكو روان للحفر Leased Rigs . Newbuild Rigs • G&A Expense . Interest Expense on Shareholder Loan 50% of ARO net earnings flow through equity in earnings of ARO line in Valaris' income statement Leased Rigs - Special Survey Owned Rigs • Leased Rigs - Maintenance Capex • Newbuild Rigs 9#10VALARIS FOCUSED VALUE DRIVEN RESPONSIBLE