Valaris Restructuring Agreement

In order to implement the terms of the RSA and the BCA, Valaris voluntarily submitted a chapter 11 financial restructuring (Chapter 11 Cases) to the U.S. Bank bankruptcy court for the Southern District of Texas (Bankruptcy Court). Burke continues: “We have taken several steps to bring our organization to the right size and streamline it, in line with our goal of being the head of offshore drilling. We now intend to use this restructuring to complement these measures to strengthen the company`s financial structure. Valaris will continue to serve our customers continuously through this process and ensure safe and reliable operation through its high-performance Rig fleet. Offshore Drill Valaris supported more than 70% of senior noteholders for the restructuring of the support agreement (RSA) and the backstop commitment agreement (BCA). This financial restructuring should enable Valaris to reduce its debt, improve its financial base and grow as a stronger and more agile company, ready to take full advantage of the demand for offshore drilling services to return to more normal levels. Valaris is aiming for an effective restructuring process and is leaving Chapter 11 as soon as possible and is convinced that a comprehensive financial restructuring is in the long-term interest of the company and its stakeholders. Following the planned restructuring, Valaris will have one of the best balance sheets in the offshore drilling industry. Court documents and other information relating to the court-supervised proceedings are available on a website run by the company`s agent, Stretto, cases.stretto.com/Valaris.

Please ask questions at our special restructuring hotline 855-348-2032 (free) or at 949-266-6309 (International). Slaughter and May advises Valaris plc (“Valaris”) in the implementation of its restructuring through previously agreed Chapter 11 cases and one or more parallel english trials. Valaris PLC on October 15 filed a proposed turnaround plan and disclosure statement in its Chapter 11 case, court documents show. The plan implements the terms of the company`s Restructuring Assistance Agreement (RSA), concluded as part of the company`s Chapter 11 bid on August 19. Valaris plc (OTC: VALPQ) is the leader in offshore drilling services in all waters and regions. Valaris operates a high-quality drilling rig with ultra-deep drilling vessels, multi-purpose semi-submersible boats and modern shallow water jackups and has experience in almost every major offshore basin.