ARO Drilling Joint Venture Overview

Summary: Valaris and ARO Financials VALARIS REVENUE OPEX OTHER INCOME / EXPENSE CAPEX VALARIS • Leased Rigs - Bareboat Charter Fee . Owned Rigs • Leased Rigs Leased Rigs Special Survey Interest Income on Shareholder Loan Newbuild Rigs Owned Rigs ARO DRILLING أرامكو روان للحفر Leased Rigs . Newbuild Rigs • G&A Expense . Interest Expense on Shareholder Loan 50% of ARO net earnings flow through equity in earnings of ARO line in Valaris' income statement Leased Rigs - Special Survey Owned Rigs • Leased Rigs - Maintenance Capex • Newbuild Rigs 9

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