ARO Drilling Joint Venture Overview

1 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

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