Valaris Ltd — Director's Dealing 2022

Jun 13, 2022

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Valaris Ltd (VAL)
CIK: 0000314808
Period of Report: 2022-06-09

Reporting Person: OAK HILL ADVISORS LP (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2022-06-09	Common Shares, $0.01 par value per share ("Common Shares")	A	3068	—	Acquired	25091	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	9412822	Indirect

Footnotes

F1: Consists of a grant of 3,068 restricted stock units to Mr. Joseph Goldschmid ("Mr. Goldschmid"), an employee of Oak Hill Advisors, L.P. ("OHA", or the "Reporting Person") and a member of the board of directors of the Issuer, which represent Mr. Goldschmid's annual equity retainer. These restricted stock units will vest in full on the earlier of the first anniversary of the date of grant or the next annual meeting of the Issuer's shareholders. Mr. Goldschmid has separately reported this grant on his own Form 4 as well.

F2: Pursuant to the policies of OHA, the restricted stock units received by Mr. Goldschmid are held for the benefit of certain OHA clients.

F3: OHA acts (directly or through an affiliate) as investment adviser to certain funds and client accounts (together, the "Oak Hill Advisory Entities"), with respect to the Common Shares directly held by the Oak Hill Advisory Entities. OHA is a subsidiary business of T. Rowe Price Associates, Inc. ("TRP"). OHA's beneficial ownership does not include any shares that may be beneficially owned by TRP. OHA disclaims beneficial ownership of the Common Shares held by the Oak Advisory Entities beyond its respective pecuniary interest therein, if any, for purposes of Section 16 under the Securities Exchange Act of 1934, as amended.

F4: The Form 3 filed by OHA on May 10, 2021 reported 8,979,806 Common Shares. Due to a rounding adjustment, the Oak Hill Advisory Entities in fact received 8,979,805 Common Shares, one Common Share less than the 8,979,806 Common Shares reported on the Form 3. Each Form 4 filed by the Reporting Person prior to the date hereof and since the filing of the Form 3 has not reflected such rounding adjustment. However, the number of Common Shares set forth on this line reflects such rounding adjustment.

F5: Reflects securities held by the Oak Hill Advisory Entities.