ARO Drilling Joint Venture Overview

ARO 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

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