Valaris Ltd — Director's Dealing 2019

Aug 28, 2019

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: Valaris plc (VAL)
CIK: 0000314808
Period of Report: 2019-08-20-04:00

Reporting Person: GOLDMAN SACHS GROUP INC (N/A)
Reporting Person: GOLDMAN SACHS & CO. LLC (N/A)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Units	20282861	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Convertible Bonds	$56.074	2024-01-31-05:00	Common Units (636074.58)		Indirect

Footnotes

F1: This statement is being filed by The Goldman Sachs Group, Inc. ("GS Group") and Goldman Sachs & Co. LLC ("Goldman Sachs" and together with GS Group, the "Reporting Persons"). Goldman Sachs is a subsidiary of GS Group. Each Reporting Person disclaims beneficial ownership of the securities reported herein except to the extent of its pecuniary interest therein. On the date listed Column 2, the Reporting Persons experienced an increase in their beneficial ownership of Valaris plc (the "Issuer") but did not experience an increase in their pecuniary interest in the Issuer. On August 21, 2019, the Reporting Persons experienced a decrease in their beneficial ownership that reduced their beneficial ownership to below 10% but did not experience a change in their pecuniary interest.

F2: The Common Units of the Issuer reported herein as indirectly purchased were beneficially owned directly by Goldman Sachs and indirectly by GS Group.

F3: Pursuant to the terms of the ENSCO Jersey Finance Limited convertible bond, Goldman Sachs may exchange all or a portion of its convertible bonds at any time for Common Units of the Issuer on a 1-for-17.8336 basis.