Valaris Earnings Report

Valaris has a compelling value proposition built on four key elements Active Fleet 33 rigs including drillships VALARIS DS-8 and DS-17 that are currently being reactivated Active fleet generated adjusted EBITDAR (excluding one- time reactivation costs) of $412 million in 20221 Earnings power from the active fleet expected to increase meaningfully due to improving utilization and day rates. 2 Stacked Fleet and New build Drillship Options 11 high-quality modern assets and two newbuild drillship options Significant operating leverage in an improving market environment Proven ability to win work for preservation stacked assets, with six long-term floater contracts awarded since mid-2021 VALARIS ③ Leased and Managed Rigs • Eight rigs owned by Valaris currently leased to ARO Drilling under bareboat charter agreements, provide high levels of utilization and stable cash flows² Two managed rigs, which Valaris operates on behalf of a customer 2022 adjusted EBITDAR was $82 million1 4 ARO Drilling Unconsolidated 50/50 joint venture with Saudi Aramco, the largest customer for jackups in the world ARO 2022 EBITDA was $99 million and ARO had cash of $101 million as of March 31, 2023 20-rig newbuild program provides future growth with guaranteed contracts at attractive economics Asset sales and attractive public company valuations in Middle East highlight value inherent in ARO 1 Adjusted EBITDAR for active fleet and leased and managed rigs excludes onshore support costs and general and administrative expense 2 Excludes VALARIS 76 and 108, which will be leased to ARO upon completion of their existing contracts 25

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