Valaris Ltd — Director's Dealing 2019

Apr 15, 2019

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Ensco Rowan plc (ESV)
CIK: 0000314808
Period of Report: 2019-04-11

Reporting Person: WEDEMEYER PHIL D (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2019-04-11	Class A Ordinary Shares	M	11565	—	Acquired	30703	Direct
2019-04-11	Class A Ordinary Shares	F	4083	$16.37	Disposed	26620	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2019-04-11	Restricted Share Units	$	M	11565	Disposed		Class A Ordinary Shares (11565)	Direct

Footnotes

F1: On April 11, 2019, Ensco Rowan plc (the "Company") effected a 1 for 4 reverse stock split. All share counts on this Form 4 are represented on a post-split basis.

F2: The reporting person's restricted share units vested as a result of his retirement from the board of directors of the Company. Upon the vesting of the restricted share units, the reporting person was required to pay the aggregate nominal value (par value), $0.40 per share (on a post-split basis), of our Class A ordinary shares actually issued, in accordance with U.K. corporate law. In connection with the transaction reported above, the reporting person paid $2,992.80 to the Company with respect to the shares actually issued upon vesting of the restricted share units.

F3: These shares were withheld upon vesting to enable the reporting person to satisfy tax withholding obligations that arose upon such vesting, which will be paid by the issuer to the appropriate taxing authority in cash.