Valaris Ltd — Director's Dealing 2019

Nov 25, 2019

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: Valaris plc (VAL)
CIK: 0000314808
Period of Report: 2019-11-15

Reporting Person: LUMINUS MANAGEMENT LLC (10% Owner)
Reporting Person: Luminus Energy Partners Master Fund, Ltd. (10% Owner)
Reporting Person: Barrett Jonathan Dan (10% Owner)

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A ordinary shares ("Common Stock")	19775434	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Equity Swaps (obligation to buy)	$4.25	2019-11-22	Common Stock (17206642)		Indirect

Footnotes

F1: The securities to which this filing relates are held directly by Luminus Energy Partners Master Fund, Ltd., for which Luminus Management, LLC serves as the investment manager. Jonathan Barrett is the ultimate beneficial owner of Luminus Management, LLC. The filing of this statement shall not be deemed an admission that any of the Reporting Persons is the beneficial owner of the securities reported herein for purposes of Section 16 of the Securities Act of 1934, as amended, or otherwise. The Reporting Persons expressly disclaim beneficial ownership of the securities reported herein except to the extent of its or his pecuniary interest therein.

F2: The equity swaps will be automatically physically settled on the expiration date. The equity swaps were entered into on November 15, 2019.