ARO Drilling Joint Venture Overview

2 Leased Rigs: Overview and Financial Impact VALARIS • Revenue (Bareboat Charter Rate) • Special Surveys (Opex) Undisclosed % of EBITDA • ARO DRILLING أرامكو روان للحفر Revenue Opex & Overhead Allocation • EBITDA • · Special Surveys (Capex) Currently eight Valaris rigs leased to ARO1 Valaris receives a percentage of rig EBITDA (after an ARO overhead allocation), which is recognized as revenue on Valaris' income statement • Five-year special surveys are paid by Valaris Leased rigs impact ARO net income, 50% of which flow through equity in earnings of ARO line in Valaris' income statement VALARIS 1 Excludes VALARIS 108 and 76, which are expected to commence lease contracts with ARO in 2024 . Maintenance Capex Day rates for the leased rigs will be “consistent with the Pricing Mechanism, unless otherwise agreed" The market pricing mechanism is based on a global index of similar rigs (excluding Norway and other niche harsh environment markets) with a modest discount to market, and a floor that provides a minimum level of profitability Rig revenue and opex recorded on ARO's income statement Allocation of overhead costs based on rig's proportion of total ARO revenue Maintenance capex paid by ARO 7

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