Valaris Earnings Report

ARO Drilling joint venture provides strong presence in the largest jackup market in the world ARO Drilling Overview • • • ARO Drilling ("ARO") is an unconsolidated 50/50 joint venture with Saudi Aramco that owns and operates jackup rigs in Saudi Arabia Strategic partnership with the largest global customer for jackups ARO owns seven jackup rigs operating under contracts with Saudi Aramco with contract backlog of $748M as of May 1, 2023 ARO leases eight jackup rigs from Valaris, each operating under contracts with Saudi Aramco1 ARO is scheduled to purchase 20 newbuild jackup rigs over the next decade, backed by long-term contracts with Saudi Aramco, which are expected to be financed by third-party financing non- recourse to Valaris² and cash from ARO operations Valaris has shareholder notes receivable with a principal balance of $403M from ARO as of March 31, 2023 Asset sales and attractive public company valuations in Middle East highlight value inherent in ARO VALARIS 1 Excludes VALARIS 76 and 108, which will be leased to ARO upon completion of their existing contracts ARO DRILLING أرامكو روان للحفر Income Statement Highlights Revenue EBITDA Cash 2022 $460M $99M Balance Sheet Highlights Mar 31, 2023 $101M $822M Zero Shareholder Notes Third-Party Debt 2 ARO paid a 25% down payment from cash on hand for each of the newbuilds ordered in January 2020 and is actively exploring financing options for the remaining payments due upon delivery. 28

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