Valaris Restructuring Support Agreement

On August 18, 2020, Valaris entered into a restructuring support agreement (“RSA”) with approximately 50 per cent and a “backstop” (BCA) commitment agreement for its unsecured bondholders to undertake a comprehensive financial restructuring and significantly reduce their debt profile. The agreed plan – which was developed during several months of discussions – will allow Valaris to support its continued operations in the current low demand environment and provide a strong financial platform to take advantage of the long-term market recovery. Valaris plc (OTC: VALPQ) is the leader in offshore drilling services in all waters and regions. Valaris operates a high-quality drilling rig with ultra-deep drilling vessels, multi-purpose semi-submersible boats and modern shallow water jackups and has experience in almost every major offshore basin. With an unwavering commitment to safety and operational excellence and a focus on technology and innovation, Valaris was ranked first in EnergyPoint Research`s latest independent survey, the ninth consecutive year the company has won the award. Valaris plc is an English limited company (England 7023598) headquartered at 110 Cannon Street, London EC4N 6EU. For more information, please visit our website at Slaughter and May advises Valaris plc (“Valaris”) in the implementation of its restructuring through previously agreed Chapter 11 cases and one or more parallel english trials. Valaris PLC on October 15 filed a proposed turnaround plan and disclosure statement in its Chapter 11 case, court documents show. The plan implements the terms of the company`s Restructuring Assistance Agreement (RSA), concluded as part of the company`s Chapter 11 bid on August 19. Slaughter and May works as Corporate and UK Restructuring Counsel as part of an integrated team with the Valaris and Kirkland-Ellis LLP legal team. Lazard is Valaris` financial advisor in connection with the restructuring and Alvarez-Marsal as a restructuring advisor.

Ashurst LLP is an independent advisor to the Valaris Board of Directors. This financial restructuring should enable Valaris to reduce its debt, improve its financial base and grow as a stronger and more agile company, ready to take full advantage of the demand for offshore drilling services to return to more normal levels. Burke continues: “We have taken several steps to bring our organization to the right size and streamline it, in line with our goal of being the head of offshore drilling. We now intend to use this restructuring to complement these measures to strengthen the company`s financial structure. Valaris will continue to serve our customers continuously through this process and ensure safe and reliable operation through its high-performance Rig fleet. Valaris filed Chapter 11 last month and joined RSA and BCA with approximately 50% of their shareholders in debt restructuring. Court documents and other information relating to the court-supervised proceedings are available on a website run by the company`s agent, Stretto, Please ask questions at our special restructuring hotline 855-348-2032 (free) or at 949-266-6309 (International).

LONDON, August 19, 2020 /PRNewswire/ — Valaris plc (NYSE: VAL) (“Valaris” or “company”) announced today that it has entered into a binding restructuring support agreement (the “RSA”) with approximately 50% of its bondholders (“Consenting Noteholders”) and a “backstop commitment agreement” (the “BCA”).