ARO Drilling Joint Venture Overview

1 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

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