Valaris Earnings Report

Valaris owns 50% of joint venture with Saudi Aramco, the world's largest jackup customer |||||||||| VALARIS Valaris operates one jackup offshore Saudi Arabia outside of ARO Drilling joint venture¹ 50% Ownership $403M Shareholder Notes Receivable ARO DRILLING أرامكو روان للحفر 50% Ownership أرامكو السعودية $419M Shareholder Notes Receivable saudi aramco Leased Jackups (8) bbbbbbbb Day rates set by an agreed pricing mechanism Valaris receives bareboat charter fee based on % of rig-level EBITDA Owned Jackups (7) Rigs contracted for three or five-year terms for at least an aggregate of 15 years from JV inception Rigs contribute to ARO Drilling results, of which Valaris recognizes 50% of net income . • Newbuild Jackups (20) bbbbbbbbbb Initial 8-year contracts; day rate based on 6- year EBITDA payback mechanism² Further 8-year contracts; day rate set by market pricing mechanism and re-priced every 3 years Rigs 1 and 2 expected to be delivered in 2023 Rigs contribute to ARO Drilling results, of which Valaris recognizes 50% of net income VALARIS 1 VALARIS 108 completed its contract with Saudi Aramco in April 2023, and is expected to commence a three-year lease agreement with ARO in July 2023. VALARIS 76 is expected to complete its current contract with Saudi Aramco in October 2023, and is expected to commence a three-year lease agreement with ARO in February 2024. 2 Down payment on each newbuild rig is no more than 25% before delivery 34

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