Valaris Ltd — Director's Dealing 2021

May 5, 2021

SEC Form 4/A — Form 4/A

Issuer: Valaris Ltd (VAL)
CIK: 0000314808
Period of Report: 2021-04-30

Reporting Person: Francis Mary (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2021-04-30	Warrants to purchase Common Shares	$131.88	J	423	Acquired	2028-04-29	Common Shares (423)	Direct
2021-04-30	Restricted Share Units	$	J	2533	Disposed		Class A Ordinary Shares (2533)	Direct

Footnotes

F1: On August 19, 2020, Valaris plc ("Legacy Valaris") and certain of its wholly owned direct and indirect subsidiaries (collectively, the "Debtors") commenced
voluntary cases (the "Chapter 11 Cases") under chapter 11 of title 11 of the United States Code (the "Bankruptcy Code") in the United States Bankruptcy Court for
the Southern District of Texas (the "Bankruptcy Court"). On March 3, 2021, the Bankruptcy Court entered an order confirming the Debtors' Fourth Amended Joint
Chapter 11 Plan of Reorganization pursuant to Chapter 11 of the Bankruptcy Code (as amended, modified or supplemented from time to time, the "Plan").

F2: In connection with the Chapter 11 Cases and the Plan, on and prior to the Effective Date (as defined below), the Company effectuated certain restructuring transactions, pursuant to which Valaris Limited, a Bermuda exempted company (the "Issuer") was formed and - through a series of transactions - Legacy Valaris transferred to a subsidiary of the Issuer substantially all of the subsidiaries, and other assets, of Legacy Valaris. On April 30, 2021 (the "Effective Date"), the Plan became effective in accordance with its terms and the Issuer emerged from chapter 11.

F3: On the Effective Date, the Reporting Person received Warrants (the "Warrants") to purchase common shares, par value $0.01 per share, of the Issuer (the
"Common Shares"), with respect to Legacy Valaris ordinary shares (the "Existing Equity Interest") held by the Reporting Person on the Effective Date at an
effective exchange ratio of 0.0274975 of a Warrant for each share of Exiting Equity Interest. The Warrants are exercisable for one Common Share from the date of issuance until 5:00 p.m., New York time, on the Expiration Date. The receipt of the Warrants was involuntary, without additional consideration and in accordance with the Plan approved by the Bankruptcy Court.

F4: On the Effective Date, all outstanding restricted share units were cancelled and extinguished in accordance with the Plan approved by the Bankruptcy Court.