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Rowan Companies
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June 2018 Investor Presentation
| Thomas Burke | Page 30 of 11 |
September 11, 2026
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"June 2018 Investor Presentation "
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Overview of ARO Drilling, a 50/50 offshore drilling joint venture between Rowan Companies and Saudi Aramco • ARO Drilling (ARO) is a 50/50 joint venture between Rowan and Saudi Aramco that owns and operates jack-up drilling rigs in the Kingdom of Saudi Arabia (KSA) • Over the next decade, ARO expected to construct 20 newbuild rigs, supported by attractive, long term contracts from Saudi Aramco • ARO operates independently with a separate dedicated management team, ensuring an arm’s length relationship – both the CEO and the head of operations are from Rowan; the CFO is from Saudi Aramco • ARO Board of Directors is comprised of three members from Rowan and three members from Saudi Aramco; the Chairman is from Saudi Aramco • Rowan’s KSA operations were transferred to ARO. Costs for Rowan’s existing KSA shorebase support were assumed by ARO • ARO is treated as an equity investment for accounting purposes, with financial results recognized primarily on the equity income line