VAL

SEC source: 0000902664-22-003268 · ownership.xml · nonDerivative · entry 1

OAK HILL ADVISORS LP · CIK 0001164688 · 10% owner

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 25,091

F1 · shares: 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.

F1 · price: 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 · ownership.nature: Pursuant to the policies of OHA, the restricted stock units received by Mr. Goldschmid are held for the benefit of certain OHA clients.

F3 · ownership.nature: 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.

SEC source: 0000314808-22-000070 · wf-form4_165515448638697.xml · nonDerivative · entry 1

Eliassen Gunnar W. · CIK 0001715313 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 9,068

F1 · shares: Consists of 3,068 restricted stock units, representing the recipient's annual equity retainer, which will vest in full on the earlier of the first anniversary of the date of grant or the next annual meeting of the Company's shareholders.

SEC source: 0000314808-22-000071 · wf-form4_165515459076943.xml · nonDerivative · entry 1

Goldschmid Joseph · CIK 0001858857 · Director · See Remarks

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 25,091

F1 · shares: Consists of 3,068 restricted stock units, representing the recipient's annual equity retainer, which will vest in full on the earlier of the first anniversary of the date of grant or the next annual meeting of the Company's shareholders.

F2 · ownership.direct: Pursuant to the policies of Oak Hill Advisors, L.P. ("OHA"), the restricted stock units received by Mr. Goldschmid are held for the benefit of certain clients of OHA.

SEC source: 0000314808-22-000069 · wf-form4_165515440440291.xml · nonDerivative · entry 1

LEYKUM ELIZABETH · CIK 0001560698 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 32,336

F1 · shares: Consists of 4,383 restricted stock units, representing the recipient's annual equity retainer, which will vest in full on the earlier of the first anniversary of the date of grant or the next annual meeting of the Company's shareholders.

SEC source: 0000314808-22-000068 · wf-form4_165515434435229.xml · nonDerivative · entry 1

SWENT JAMES W III · CIK 0001075947 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 25,091

F1 · shares: Consists of 3,068 restricted stock units, representing the recipient's annual equity retainer, which will vest in full on the earlier of the first anniversary of the date of grant or the next annual meeting of the Company's shareholders.

SEC source: 0000314808-22-000067 · wf-form4_165515428537892.xml · nonDerivative · entry 1

FAGERSTAL DICK · CIK 0001255723 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 25,091

F1 · shares: Consists of 3,068 restricted stock units, representing the recipient's annual equity retainer, which will vest in full on the earlier of the first anniversary of the date of grant or the next annual meeting of the Company's shareholders.

SEC source: 0000314808-22-000066 · wf-form4_165515421282656.xml · nonDerivative · entry 1

Munganahalli Deepak · CIK 0001858862 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 25,091

F1 · shares: Consists of 3,068 restricted stock units, representing the recipient's annual equity retainer, which will vest in full on the earlier of the first anniversary of the date of grant or the next annual meeting of the Company's shareholders.

SEC source: 0000314808-22-000059 · wf-form4_165489260741637.xml · nonDerivative · entry 1

Dibowitz Anton · CIK 0001869594 · Director · President & CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 120,397

F1 · shares: 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.

SEC source: 0000314808-22-000053 · wf-form4_165420957891393.xml · nonDerivative · entry 1

Grable Colleen · CIK 0001812403 · Controller

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 14,778

F1 · shares: Consists of a one-time grant of 2,445 restricted stock units, which will vest in three equal installments on each of the first three anniversaries of the date of grant.

SEC source: 0000314808-22-000051 · wf-form4_165420940754009.xml · derivative · entry 2

Vudakin Davor · CIK 0001929394 · SVP & General Counsel

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 22,452

Underlying: Common Shares · 22,452 shares

Expires not disclosed

F2 · derivative.exercise_price: Consists of a one-time grant of up to 22,452 share price based performance share units, of which 7,484 will vest upon the Company's achievement of a $45 closing share price, 7,484 will vest upon the Company's achievement of a $55 closing share price, and 7,484 will vest upon the Company's achievement of a $75 closing share price, in each case held for at least 90 consecutive trading days.

F2 · derivative.exercise_date: Consists of a one-time grant of up to 22,452 share price based performance share units, of which 7,484 will vest upon the Company's achievement of a $45 closing share price, 7,484 will vest upon the Company's achievement of a $55 closing share price, and 7,484 will vest upon the Company's achievement of a $75 closing share price, in each case held for at least 90 consecutive trading days.

F2 · derivative.expiration_date: Consists of a one-time grant of up to 22,452 share price based performance share units, of which 7,484 will vest upon the Company's achievement of a $45 closing share price, 7,484 will vest upon the Company's achievement of a $55 closing share price, and 7,484 will vest upon the Company's achievement of a $75 closing share price, in each case held for at least 90 consecutive trading days.

SEC source: 0000314808-22-000051 · wf-form4_165420940754009.xml · nonDerivative · entry 1

Vudakin Davor · CIK 0001929394 · SVP & General Counsel

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 14,962

F1 · shares: Consists of a one-time grant of 5,347 restricted stock units, which will vest in three installments, with 10% vesting on July 19, 2022, 45% vesting on July 19, 2023 and 45% vesting on July 19, 2024, with settlement of all vested restricted stock units generally deferred until July 19, 2024.

SEC source: 0000314808-21-000109 · wf-form4_163917066432267.xml · derivative · entry 2

Dibowitz Anton · CIK 0001869594 · Director · President & CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 511,299

Underlying: Common Shares · 511,299 shares

Expires not disclosed

F2 · derivative.exercise_price: Consists of a one-time grant of up to 511,299 share price based performance share units, of which 170,433 will vest upon the Company's achievement of a $45 closing share price, 170,433 will vest upon the Company's achievement of a $55 closing share price, and 170,433 will vest upon the Company's achievement of a $75 closing share price, in each case held for at least 90 consecutive trading days.

F2 · derivative.exercise_date: Consists of a one-time grant of up to 511,299 share price based performance share units, of which 170,433 will vest upon the Company's achievement of a $45 closing share price, 170,433 will vest upon the Company's achievement of a $55 closing share price, and 170,433 will vest upon the Company's achievement of a $75 closing share price, in each case held for at least 90 consecutive trading days.

F2 · derivative.expiration_date: Consists of a one-time grant of up to 511,299 share price based performance share units, of which 170,433 will vest upon the Company's achievement of a $45 closing share price, 170,433 will vest upon the Company's achievement of a $55 closing share price, and 170,433 will vest upon the Company's achievement of a $75 closing share price, in each case held for at least 90 consecutive trading days.

SEC source: 0000314808-21-000109 · wf-form4_163917066432267.xml · nonDerivative · entry 1

Dibowitz Anton · CIK 0001869594 · Director · President & CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 121,738

F1 · shares: Consists of a one-time grant of 103,304 restricted stock units, which will vest ratably in three installments on each of the first three anniversaries of July 19, 2021, with settlement of all vested restricted stock units generally deferred until the third anniversary of July 19, 2021.

SEC source: 0000902664-21-004055 · ownership.xml · nonDerivative · entry 3

OAK HILL ADVISORS LP · CIK 0001164688 · 10% owner

Oak Hill Advisors GenPar, L.P. · CIK 0001515759 · 10% owner

Oak Hill Advisors MGP, Inc. · CIK 0001312600 · 10% owner

AUGUST GLENN R · CIK 0001013025 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 9,412,823

F1 · ownership.nature: Oak Hill Advisors GenPar, L.P. is the general partner of Oak Hill Advisors, L.P. ("OHA"). Oak Hill Advisors MGP, Inc. is the managing general partner of Oak Hill Advisors GenPar, L.P. Mr. Glenn R. August, the Founder, Senior Partner and Chief Executive Officer of OHA, controls OHA. OHA and its affiliates are managed or otherwise controlled directly or indirectly by Mr. August. The interests beneficially owned by the Oak Hill Advisors Entities (as defined below) may be deemed to be beneficially owned by Mr. August, OHA and/or its affiliates. Mr. August, OHA and/or its affiliates disclaim beneficial ownership of the Common Shares beyond their respective pecuniary interest in the Oak Hill Advisors Entities for purposes of Section 16 under the Securities Exchange Act of 1934, as amended.

F2 · ownership.nature: Reflects securities held by client accounts (each, an "Oak Hill Advisors Entity") advised and/or managed by OHA and/or its affiliates. As an advisor or manager to the Oak Hill Advisors Entities, OHA has the power to vote or direct the vote of, and the power to dispose or to direct the disposition of, the Common Shares owned by such entities.

SEC source: 0000902664-21-004055 · ownership.xml · nonDerivative · entry 2

OAK HILL ADVISORS LP · CIK 0001164688 · 10% owner

Oak Hill Advisors GenPar, L.P. · CIK 0001515759 · 10% owner

Oak Hill Advisors MGP, Inc. · CIK 0001312600 · 10% owner

AUGUST GLENN R · CIK 0001013025 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 9,327,423

F1 · ownership.nature: Oak Hill Advisors GenPar, L.P. is the general partner of Oak Hill Advisors, L.P. ("OHA"). Oak Hill Advisors MGP, Inc. is the managing general partner of Oak Hill Advisors GenPar, L.P. Mr. Glenn R. August, the Founder, Senior Partner and Chief Executive Officer of OHA, controls OHA. OHA and its affiliates are managed or otherwise controlled directly or indirectly by Mr. August. The interests beneficially owned by the Oak Hill Advisors Entities (as defined below) may be deemed to be beneficially owned by Mr. August, OHA and/or its affiliates. Mr. August, OHA and/or its affiliates disclaim beneficial ownership of the Common Shares beyond their respective pecuniary interest in the Oak Hill Advisors Entities for purposes of Section 16 under the Securities Exchange Act of 1934, as amended.

F2 · ownership.nature: Reflects securities held by client accounts (each, an "Oak Hill Advisors Entity") advised and/or managed by OHA and/or its affiliates. As an advisor or manager to the Oak Hill Advisors Entities, OHA has the power to vote or direct the vote of, and the power to dispose or to direct the disposition of, the Common Shares owned by such entities.

SEC source: 0000902664-21-004055 · ownership.xml · nonDerivative · entry 1

OAK HILL ADVISORS LP · CIK 0001164688 · 10% owner

Oak Hill Advisors GenPar, L.P. · CIK 0001515759 · 10% owner

Oak Hill Advisors MGP, Inc. · CIK 0001312600 · 10% owner

AUGUST GLENN R · CIK 0001013025 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 9,268,837

F1 · ownership.nature: Oak Hill Advisors GenPar, L.P. is the general partner of Oak Hill Advisors, L.P. ("OHA"). Oak Hill Advisors MGP, Inc. is the managing general partner of Oak Hill Advisors GenPar, L.P. Mr. Glenn R. August, the Founder, Senior Partner and Chief Executive Officer of OHA, controls OHA. OHA and its affiliates are managed or otherwise controlled directly or indirectly by Mr. August. The interests beneficially owned by the Oak Hill Advisors Entities (as defined below) may be deemed to be beneficially owned by Mr. August, OHA and/or its affiliates. Mr. August, OHA and/or its affiliates disclaim beneficial ownership of the Common Shares beyond their respective pecuniary interest in the Oak Hill Advisors Entities for purposes of Section 16 under the Securities Exchange Act of 1934, as amended.

F2 · ownership.nature: Reflects securities held by client accounts (each, an "Oak Hill Advisors Entity") advised and/or managed by OHA and/or its affiliates. As an advisor or manager to the Oak Hill Advisors Entities, OHA has the power to vote or direct the vote of, and the power to dispose or to direct the disposition of, the Common Shares owned by such entities.

SEC source: 0000902664-21-003999 · ownership.xml · nonDerivative · entry 3

OAK HILL ADVISORS LP · CIK 0001164688 · 10% owner

Oak Hill Advisors GenPar, L.P. · CIK 0001515759 · 10% owner

Oak Hill Advisors MGP, Inc. · CIK 0001312600 · 10% owner

AUGUST GLENN R · CIK 0001013025 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 9,212,324

F1 · ownership.nature: Oak Hill Advisors GenPar, L.P. is the general partner of Oak Hill Advisors, L.P. ("OHA"). Oak Hill Advisors MGP, Inc. is the managing general partner of Oak Hill Advisors GenPar, L.P. Mr. Glenn R. August, the Founder, Senior Partner and Chief Executive Officer of OHA, controls OHA. OHA and its affiliates are managed or otherwise controlled directly or indirectly by Mr. August. The interests beneficially owned by the Oak Hill Advisors Entities (as defined below) may be deemed to be beneficially owned by Mr. August, OHA and/or its affiliates. Mr. August, OHA and/or its affiliates disclaim beneficial ownership of the Common Shares beyond their respective pecuniary interest in the Oak Hill Advisors Entities for purposes of Section 16 under the Securities Exchange Act of 1934, as amended.

F2 · ownership.nature: Reflects securities held by client accounts (each, an "Oak Hill Advisors Entity") advised and/or managed by OHA and/or its affiliates. As an advisor or manager to the Oak Hill Advisors Entities, OHA has the power to vote or direct the vote of, and the power to dispose or to direct the disposition of, the Common Shares owned by such entities.

SEC source: 0000902664-21-003999 · ownership.xml · nonDerivative · entry 2

OAK HILL ADVISORS LP · CIK 0001164688 · 10% owner

Oak Hill Advisors GenPar, L.P. · CIK 0001515759 · 10% owner

Oak Hill Advisors MGP, Inc. · CIK 0001312600 · 10% owner

AUGUST GLENN R · CIK 0001013025 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 9,136,796

F1 · ownership.nature: Oak Hill Advisors GenPar, L.P. is the general partner of Oak Hill Advisors, L.P. ("OHA"). Oak Hill Advisors MGP, Inc. is the managing general partner of Oak Hill Advisors GenPar, L.P. Mr. Glenn R. August, the Founder, Senior Partner and Chief Executive Officer of OHA, controls OHA. OHA and its affiliates are managed or otherwise controlled directly or indirectly by Mr. August. The interests beneficially owned by the Oak Hill Advisors Entities (as defined below) may be deemed to be beneficially owned by Mr. August, OHA and/or its affiliates. Mr. August, OHA and/or its affiliates disclaim beneficial ownership of the Common Shares beyond their respective pecuniary interest in the Oak Hill Advisors Entities for purposes of Section 16 under the Securities Exchange Act of 1934, as amended.

F2 · ownership.nature: Reflects securities held by client accounts (each, an "Oak Hill Advisors Entity") advised and/or managed by OHA and/or its affiliates. As an advisor or manager to the Oak Hill Advisors Entities, OHA has the power to vote or direct the vote of, and the power to dispose or to direct the disposition of, the Common Shares owned by such entities.

SEC source: 0000902664-21-003999 · ownership.xml · nonDerivative · entry 1

OAK HILL ADVISORS LP · CIK 0001164688 · 10% owner

Oak Hill Advisors GenPar, L.P. · CIK 0001515759 · 10% owner

Oak Hill Advisors MGP, Inc. · CIK 0001312600 · 10% owner

AUGUST GLENN R · CIK 0001013025 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 9,079,806

F1 · ownership.nature: Oak Hill Advisors GenPar, L.P. is the general partner of Oak Hill Advisors, L.P. ("OHA"). Oak Hill Advisors MGP, Inc. is the managing general partner of Oak Hill Advisors GenPar, L.P. Mr. Glenn R. August, the Founder, Senior Partner and Chief Executive Officer of OHA, controls OHA. OHA and its affiliates are managed or otherwise controlled directly or indirectly by Mr. August. The interests beneficially owned by the Oak Hill Advisors Entities (as defined below) may be deemed to be beneficially owned by Mr. August, OHA and/or its affiliates. Mr. August, OHA and/or its affiliates disclaim beneficial ownership of the Common Shares beyond their respective pecuniary interest in the Oak Hill Advisors Entities for purposes of Section 16 under the Securities Exchange Act of 1934, as amended.

F2 · ownership.nature: Reflects securities held by client accounts (each, an "Oak Hill Advisors Entity") advised and/or managed by OHA and/or its affiliates. As an advisor or manager to the Oak Hill Advisors Entities, OHA has the power to vote or direct the vote of, and the power to dispose or to direct the disposition of, the Common Shares owned by such entities.

SEC source: 0000314808-21-000068 · wf-form4_162690163336353.xml · nonDerivative · entry 1

Grable Colleen · CIK 0001812403 · Controller

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 12,333

F1 · shares: Consists of a one-time grant of 12,333 restricted stock units, which will vest ratably in three installments on each of the first three anniversaries of the date of grant, with settlement of all vested restricted stock units generally deferred until the third anniversary of the date of grant.

F1 · balance_after: Consists of a one-time grant of 12,333 restricted stock units, which will vest ratably in three installments on each of the first three anniversaries of the date of grant, with settlement of all vested restricted stock units generally deferred until the third anniversary of the date of grant.

SEC source: 0000314808-21-000067 · wf-form4_162690156647558.xml · derivative · entry 2

Baksht Jonathan · CIK 0001658406 · Executive Vice President & CFO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 183,510

Underlying: Common Shares · 183,510 shares

Expires not disclosed

F2 · derivative.exercise_price: Consists of a one-time grant of up to 183,510 share price based performance share units, of which 61,170 will vest upon the Company's achievement of a $45 closing share price, 61,170 will vest upon the Company's achievement of a $55 closing share price, and 61,170 will vest upon the Company's achievement of a $75 closing share price, in each case held for at least 90 consecutive trading days

F2 · derivative.exercise_date: Consists of a one-time grant of up to 183,510 share price based performance share units, of which 61,170 will vest upon the Company's achievement of a $45 closing share price, 61,170 will vest upon the Company's achievement of a $55 closing share price, and 61,170 will vest upon the Company's achievement of a $75 closing share price, in each case held for at least 90 consecutive trading days

F2 · derivative.expiration_date: Consists of a one-time grant of up to 183,510 share price based performance share units, of which 61,170 will vest upon the Company's achievement of a $45 closing share price, 61,170 will vest upon the Company's achievement of a $55 closing share price, and 61,170 will vest upon the Company's achievement of a $75 closing share price, in each case held for at least 90 consecutive trading days

SEC source: 0000314808-21-000067 · wf-form4_162690156647558.xml · nonDerivative · entry 1

Baksht Jonathan · CIK 0001658406 · Executive Vice President & CFO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 43,695

F1 · shares: Consists of a one-time grant of 43,695 restricted stock units, which will vest ratably in three installments on each of the first three anniversaries of the date of grant, with settlement of all vested restricted stock units generally deferred until the third anniversary of the date of grant.

F1 · balance_after: Consists of a one-time grant of 43,695 restricted stock units, which will vest ratably in three installments on each of the first three anniversaries of the date of grant, with settlement of all vested restricted stock units generally deferred until the third anniversary of the date of grant.

SEC source: 0000314808-21-000065 · wf-form4_162690137896604.xml · derivative · entry 2

Burke Thomas Peter · CIK 0001479353 · Director · President and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 483,194

Underlying: Common Shares · 483,194 shares

Expires not disclosed

F2 · derivative.exercise_price: Consists of a one-time grant of up to 483,194 share price based performance share units, of which 161,064 will vest upon the Company's achievement of a $45 closing share price, 161,065 will vest upon the Company's achievement of a $55 closing share price, and 161,065 will vest upon the Company's achievement of a $75 closing share price, in each case held for at least 90 consecutive trading days

F2 · derivative.exercise_date: Consists of a one-time grant of up to 483,194 share price based performance share units, of which 161,064 will vest upon the Company's achievement of a $45 closing share price, 161,065 will vest upon the Company's achievement of a $55 closing share price, and 161,065 will vest upon the Company's achievement of a $75 closing share price, in each case held for at least 90 consecutive trading days

F2 · derivative.expiration_date: Consists of a one-time grant of up to 483,194 share price based performance share units, of which 161,064 will vest upon the Company's achievement of a $45 closing share price, 161,065 will vest upon the Company's achievement of a $55 closing share price, and 161,065 will vest upon the Company's achievement of a $75 closing share price, in each case held for at least 90 consecutive trading days

SEC source: 0000314808-21-000065 · wf-form4_162690137896604.xml · nonDerivative · entry 1

Burke Thomas Peter · CIK 0001479353 · Director · President and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 115,047

F1 · shares: Consists of a one-time grant of 115,047 restricted stock units, which will vest ratably in three installments on each of the first three anniversaries of the date of grant, with settlement of all vested restricted stock units generally deferred until the third anniversary of the date of grant.

F1 · balance_after: Consists of a one-time grant of 115,047 restricted stock units, which will vest ratably in three installments on each of the first three anniversaries of the date of grant, with settlement of all vested restricted stock units generally deferred until the third anniversary of the date of grant.

SEC source: 0000314808-21-000066 · wf-form4_162690150142200.xml · derivative · entry 2

Quintero Alan · CIK 0001396028 · SVP-Business Development

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 123,574

Underlying: Common Shares · 123,574 shares

Expires not disclosed

F2 · derivative.exercise_price: Consists of a one-time grant of up to 123,574 share price based performance share units, of which 41,191 will vest upon the Company's achievement of a $45 closing share price, 41,191 will vest upon the Company's achievement of a $55 closing share price, and 41,192 will vest upon the Company's achievement of a $75 closing share price, in each case held for at least 90 consecutive trading days

F2 · derivative.exercise_date: Consists of a one-time grant of up to 123,574 share price based performance share units, of which 41,191 will vest upon the Company's achievement of a $45 closing share price, 41,191 will vest upon the Company's achievement of a $55 closing share price, and 41,192 will vest upon the Company's achievement of a $75 closing share price, in each case held for at least 90 consecutive trading days

F2 · derivative.expiration_date: Consists of a one-time grant of up to 123,574 share price based performance share units, of which 41,191 will vest upon the Company's achievement of a $45 closing share price, 41,191 will vest upon the Company's achievement of a $55 closing share price, and 41,192 will vest upon the Company's achievement of a $75 closing share price, in each case held for at least 90 consecutive trading days

SEC source: 0000314808-21-000066 · wf-form4_162690150142200.xml · nonDerivative · entry 1

Quintero Alan · CIK 0001396028 · SVP-Business Development

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 29,424

F1 · shares: Consists of a one-time grant of 29,424 restricted stock units, which will vest ratably in three installments on each of the first three anniversaries of the date of grant, with settlement of all vested restricted stock units generally deferred until the third anniversary of the date of grant.

F1 · balance_after: Consists of a one-time grant of 29,424 restricted stock units, which will vest ratably in three installments on each of the first three anniversaries of the date of grant, with settlement of all vested restricted stock units generally deferred until the third anniversary of the date of grant.

SEC source: 0000314808-21-000064 · wf-form4_162690130195300.xml · derivative · entry 2

Luca Gilles · CIK 0001626810 · Senior Vice President & COO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 173,891

Underlying: Common Shares · 173,891 shares

Expires not disclosed

F2 · derivative.exercise_price: Consists of a one-time grant of up to 173,891 share price based performance share units, of which 57,963 will vest upon the Company's achievement of a $45 closing share price, 57,964 will vest upon the Company's achievement of a $55 closing share price, and 57,964 will vest upon the Company's achievement of a $75 closing share price, in each case held for at least 90 consecutive trading days.

F2 · derivative.exercise_date: Consists of a one-time grant of up to 173,891 share price based performance share units, of which 57,963 will vest upon the Company's achievement of a $45 closing share price, 57,964 will vest upon the Company's achievement of a $55 closing share price, and 57,964 will vest upon the Company's achievement of a $75 closing share price, in each case held for at least 90 consecutive trading days.

F2 · derivative.expiration_date: Consists of a one-time grant of up to 173,891 share price based performance share units, of which 57,963 will vest upon the Company's achievement of a $45 closing share price, 57,964 will vest upon the Company's achievement of a $55 closing share price, and 57,964 will vest upon the Company's achievement of a $75 closing share price, in each case held for at least 90 consecutive trading days.

SEC source: 0000314808-21-000064 · wf-form4_162690130195300.xml · nonDerivative · entry 1

Luca Gilles · CIK 0001626810 · Senior Vice President & COO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 41,403

F1 · shares: Consists of a one-time grant of 41,403 restricted stock units, which will vest ratably in three installments on each of the first three anniversaries of the date of grant, with settlement of all vested restricted stockunits generally deferred until the third anniversary of the date of grant.

SEC source: 0000314808-21-000058 · wf-form4_162560553120005.xml · nonDerivative · entry 1

Dibowitz Anton · CIK 0001869594 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 18,434

F1 · shares: Consists of a one-time grant of 12,930 restricted stock units awarded in connection with the Company's emergence from chapter 11, which will vest ratably in three installments on each of the first three anniversaries of the date of grant, and 5,504 restricted stock units, representing the recipient's annual equity retainer, which will vest in full on the earlier of the first anniversary of the date of grant or the next annual meeting of the Company's shareholders.

F1 · balance_after: Consists of a one-time grant of 12,930 restricted stock units awarded in connection with the Company's emergence from chapter 11, which will vest ratably in three installments on each of the first three anniversaries of the date of grant, and 5,504 restricted stock units, representing the recipient's annual equity retainer, which will vest in full on the earlier of the first anniversary of the date of grant or the next annual meeting of the Company's shareholders.

SEC source: 0000902664-21-003185 · ownership.xml · nonDerivative · entry 1

OAK HILL ADVISORS LP · CIK 0001164688 · 10% owner

Oak Hill Advisors GenPar, L.P. · CIK 0001515759 · 10% owner

Oak Hill Advisors MGP, Inc. · CIK 0001312600 · 10% owner

AUGUST GLENN R · CIK 0001013025 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 22,023

F1 · shares: Consists of a one-time grant of 14,823 restricted stock units and an annual equity retainer of 7,200 restricted stock units. The one-time grant was awarded in connection with the Issuer's emergence from chapter 11 to Mr. Joseph Goldschmid ("Mr. Goldschmid"), an employee of Oak Hill Advisors, L.P. ("OHA") and a member of the board of directors of the Issuer. These restricted stock units will vest ratably in three installments on each of the first three anniversaries of the date of grant. The 7,200 restricted stock units, representing the recipient's annual equity retainer, 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.

F1 · price: Consists of a one-time grant of 14,823 restricted stock units and an annual equity retainer of 7,200 restricted stock units. The one-time grant was awarded in connection with the Issuer's emergence from chapter 11 to Mr. Joseph Goldschmid ("Mr. Goldschmid"), an employee of Oak Hill Advisors, L.P. ("OHA") and a member of the board of directors of the Issuer. These restricted stock units will vest ratably in three installments on each of the first three anniversaries of the date of grant. The 7,200 restricted stock units, representing the recipient's annual equity retainer, 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.

F1 · balance_after: Consists of a one-time grant of 14,823 restricted stock units and an annual equity retainer of 7,200 restricted stock units. The one-time grant was awarded in connection with the Issuer's emergence from chapter 11 to Mr. Joseph Goldschmid ("Mr. Goldschmid"), an employee of Oak Hill Advisors, L.P. ("OHA") and a member of the board of directors of the Issuer. These restricted stock units will vest ratably in three installments on each of the first three anniversaries of the date of grant. The 7,200 restricted stock units, representing the recipient's annual equity retainer, 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 · ownership.nature: Pursuant to the policies of OHA, the restricted stock units received by Mr. Goldschmid are held for the benefit of certain clients of OHA.

F3 · ownership.nature: Oak Hill Advisors GenPar, L.P. is the general partner of OHA. Oak Hill Advisors MGP, Inc. is the managing general partner of Oak Hill Advisors GenPar, L.P. Mr. Glenn R. August, the Founder, Senior Partner and Chief Executive Officer of OHA, controls OHA. OHA and its affiliates are managed or otherwise controlled directly or indirectly by Mr. August. The interests beneficially owned by the Oak Hill Advisors Entities (as defined below) may be deemed to be beneficially owned by Mr. August, OHA and/or its affiliates. Mr. August, OHA and/or its affiliates disclaim beneficial ownership of the Common Shares beyond their respective pecuniary interest in the Oak Hill Advisors Entities for purposes of Section 16 under the Securities Exchange Act of 1934, as amended.

SEC source: 0000314808-21-000050 · wf-form4a_162396723348090.xml · nonDerivative · entry 1

LEYKUM ELIZABETH · CIK 0001560698 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 27,953

F1 · shares: Consists of a one-time grant of 19,059 restricted stock units awarded in connection with the Company's emergence from chapter 11, which will vest ratably in three installments on each of the first three anniversaries of the date of grant, and 8,894 restricted stock units, representing the recipients annual equity retainer, which will vest in full on the earlier of the first anniversary of the date of grant or the next annual meeting of the Company's shareholders.

F1 · balance_after: Consists of a one-time grant of 19,059 restricted stock units awarded in connection with the Company's emergence from chapter 11, which will vest ratably in three installments on each of the first three anniversaries of the date of grant, and 8,894 restricted stock units, representing the recipients annual equity retainer, which will vest in full on the earlier of the first anniversary of the date of grant or the next annual meeting of the Company's shareholders.

SEC source: 0000314808-21-000048 · wf-form4_162396420365451.xml · nonDerivative · entry 1

Goldschmid Joseph · CIK 0001858857 · Director · See Remarks

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 22,023

F1 · shares: Consists of a one-time grant of 14,823 restricted stock units and an annual equity retainer of 7,200 restricted stock units. The one-time grant was awarded in connection with the Issuer's emergence from chapter 11 to Mr. Joseph Goldschmid ("Mr. Goldschmid"), an employee of Oak Hill Advisors, L.P. ("OHA") and a member of the board of directors of the Issuer. These restricted stock units will vest ratably in three installments on each of the first three anniversaries of the date of grant. The 7,200 restricted stock units, representing the recipient's annual equity retainer, 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.

F1 · balance_after: Consists of a one-time grant of 14,823 restricted stock units and an annual equity retainer of 7,200 restricted stock units. The one-time grant was awarded in connection with the Issuer's emergence from chapter 11 to Mr. Joseph Goldschmid ("Mr. Goldschmid"), an employee of Oak Hill Advisors, L.P. ("OHA") and a member of the board of directors of the Issuer. These restricted stock units will vest ratably in three installments on each of the first three anniversaries of the date of grant. The 7,200 restricted stock units, representing the recipient's annual equity retainer, 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.

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

SEC source: 0000314808-21-000047 · wf-form4_162396405873848.xml · nonDerivative · entry 1

SWENT JAMES W III · CIK 0001075947 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 22,023

F1 · shares: Consists of a one-time grant of 14,823 restricted stock units awarded in connection with the Company's emergence from chapter 11, which will vest ratably in three installments on each of the first three anniversaries of the date of grant, and 7,200 restricted stock units, representing the recipients annual equity retainer, which will vest in full on the earlier of the first anniversary of the date of grant or the next annual meeting of the Company's shareholders.

F1 · balance_after: Consists of a one-time grant of 14,823 restricted stock units awarded in connection with the Company's emergence from chapter 11, which will vest ratably in three installments on each of the first three anniversaries of the date of grant, and 7,200 restricted stock units, representing the recipients annual equity retainer, which will vest in full on the earlier of the first anniversary of the date of grant or the next annual meeting of the Company's shareholders.

SEC source: 0000314808-21-000046 · wf-form4_162396363591349.xml · nonDerivative · entry 1

LEYKUM ELIZABETH · CIK 0001560698 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 27,953

F1 · shares: Consists of a one-time grant of 8,894 restricted stock units awarded in connection with the Company's emergence from chapter 11, which will vest ratably in three installments on each of the first three anniversaries of the date of grant, and 19,059 restricted stock units, representing the recipients annual equity retainer, which will vest in full on the earlier of the first anniversary of the date of grant or the next annual meeting of the Company's shareholders.

F1 · balance_after: Consists of a one-time grant of 8,894 restricted stock units awarded in connection with the Company's emergence from chapter 11, which will vest ratably in three installments on each of the first three anniversaries of the date of grant, and 19,059 restricted stock units, representing the recipients annual equity retainer, which will vest in full on the earlier of the first anniversary of the date of grant or the next annual meeting of the Company's shareholders.

SEC source: 0000314808-21-000045 · wf-form4_162396346582685.xml · nonDerivative · entry 1

FAGERSTAL DICK · CIK 0001255723 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 22,023

F1 · shares: Consists of a one-time grant of 14,823 restricted stock units awarded in connection with the Company's emergence from chapter 11, which will vest ratably in three installments on each of the first three anniversaries of the date of grant, and 7,200 restricted stock units, representing the recipients annual equity retainer, which will vest in full on the earlier of the first anniversary of the date of grant or the next annual meeting of the Company's shareholders.

F1 · balance_after: Consists of a one-time grant of 14,823 restricted stock units awarded in connection with the Company's emergence from chapter 11, which will vest ratably in three installments on each of the first three anniversaries of the date of grant, and 7,200 restricted stock units, representing the recipients annual equity retainer, which will vest in full on the earlier of the first anniversary of the date of grant or the next annual meeting of the Company's shareholders.

SEC source: 0000314808-21-000044 · wf-form4_162396333952273.xml · nonDerivative · entry 1

Munganahalli Deepak · CIK 0001858862 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 22,023

F1 · shares: Consists of a one-time grant of 14,823 restricted stock units awarded in connection with the Company's emergence from chapter 11, which will vest ratably in three installments on each of the first three anniversaries of the date of grant, and 7,200 restricted stock units, representing the recipients annual equity retainer, which will vest in full on the earlier of the first anniversary of the date of grant or the next annual meeting of the Company's shareholders.

F1 · balance_after: Consists of a one-time grant of 14,823 restricted stock units awarded in connection with the Company's emergence from chapter 11, which will vest ratably in three installments on each of the first three anniversaries of the date of grant, and 7,200 restricted stock units, representing the recipients annual equity retainer, which will vest in full on the earlier of the first anniversary of the date of grant or the next annual meeting of the Company's shareholders.

SEC source: 0001104659-21-061301 · tm2115180-14_4seq1.xml · derivative · entry 1

Albrecht William E · CIK 0001433667 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

Underlying: Class A Ordinary Shares · 35,492 shares

Expires not disclosed

F1 · derivative.exercise_price: On the Effective Date (as defined below), all outstanding restricted share units were cancelled and extinguished in accordance with the Plan (as defined below) approved by the Bankruptcy Court (as defined below).

F1 · kind: On the Effective Date (as defined below), all outstanding restricted share units were cancelled and extinguished in accordance with the Plan (as defined below) approved by the Bankruptcy Court (as defined below).

F2 · kind: 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").

F3 · kind: 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 Plan became effective in accordance with its terms and the Issuer emerged from chapter 11.

F1 · derivative.exercise_date: On the Effective Date (as defined below), all outstanding restricted share units were cancelled and extinguished in accordance with the Plan (as defined below) approved by the Bankruptcy Court (as defined below).

F1 · derivative.expiration_date: On the Effective Date (as defined below), all outstanding restricted share units were cancelled and extinguished in accordance with the Plan (as defined below) approved by the Bankruptcy Court (as defined below).

SEC source: 0001104659-21-061300 · tm2115180-13_4seq1.xml · derivative · entry 2

ROWSEY PAUL E III · CIK 0001184169 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

Underlying: Class A Ordinary Shares · 3,483 shares

Expires not disclosed

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

F1 · kind: 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 · kind: 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.

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

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

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

SEC source: 0001104659-21-061300 · tm2115180-13_4seq1.xml · derivative · entry 1

ROWSEY PAUL E III · CIK 0001184169 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,579

Underlying: Common Shares · 1,579 shares

Expires 2028-04-29

F1 · kind: 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 · kind: 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 · kind: 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 vested but unsettled 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 voluntary, without additional consideration and in accordance with the Plan approved by the Bankruptcy Court.

F1 · price: 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 · price: 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 · price: 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 vested but unsettled 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 voluntary, without additional consideration and in accordance with the Plan approved by the Bankruptcy Court.

F3 · derivative.exercise_date: 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 vested but unsettled 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 voluntary, without additional consideration and in accordance with the Plan approved by the Bankruptcy Court.

SEC source: 0001104659-21-061298 · tm2115180-12_4seq1.xml · derivative · entry 1

McGuinty Michael · CIK 0001666008 · SVP-General Counsel/Secretary

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

Underlying: Class A Ordinary Shares · 34,403 shares

Expires not disclosed

F1 · derivative.exercise_price: On the Effective Date (as defined below), all outstanding restricted share units were cancelled and extinguished in accordance with the Plan (as defined below) approved by the Bankruptcy Court (as defined below).

F1 · kind: On the Effective Date (as defined below), all outstanding restricted share units were cancelled and extinguished in accordance with the Plan (as defined below) approved by the Bankruptcy Court (as defined below).

F2 · kind: 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").

F3 · kind: 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 Plan became effective in accordance with its terms and the Issuer emerged from chapter 11.

F1 · derivative.exercise_date: On the Effective Date (as defined below), all outstanding restricted share units were cancelled and extinguished in accordance with the Plan (as defined below) approved by the Bankruptcy Court (as defined below).

F1 · derivative.expiration_date: On the Effective Date (as defined below), all outstanding restricted share units were cancelled and extinguished in accordance with the Plan (as defined below) approved by the Bankruptcy Court (as defined below).

SEC source: 0001104659-21-061297 · tm2115180-11_4seq1.xml · derivative · entry 2

Quintero Alan · CIK 0001396028 · SVP - Business Development

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

Underlying: Class A Ordinary Shares · 129,415 shares

Expires not disclosed

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

F1 · kind: 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 · kind: 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.

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

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

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

SEC source: 0001104659-21-061297 · tm2115180-11_4seq1.xml · derivative · entry 1

Quintero Alan · CIK 0001396028 · SVP - Business Development

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 874

Underlying: Common Shares · 874 shares

Expires 2028-04-29

F1 · kind: 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 · kind: 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 · kind: 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.

F1 · price: 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 · price: 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 · price: 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.

F3 · derivative.exercise_date: 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.

SEC source: 0001104659-21-061296 · tm2115180-10_4seq1.xml · derivative · entry 2

Burke Thomas Peter · CIK 0001479353 · Director · President and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

Underlying: Class A Ordinary Shares · 244,025 shares

Expires not disclosed

F1 · derivative.exercise_price: On the Effective Date (as defined below), all outstanding restricted share units were cancelled and extinguished in accordance with the Plan (as defined below) approved by the Bankruptcy Court (as defined below).

F1 · kind: On the Effective Date (as defined below), all outstanding restricted share units were cancelled and extinguished in accordance with the Plan (as defined below) approved by the Bankruptcy Court (as defined below).

F2 · kind: 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").

F3 · kind: 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.

F1 · derivative.exercise_date: On the Effective Date (as defined below), all outstanding restricted share units were cancelled and extinguished in accordance with the Plan (as defined below) approved by the Bankruptcy Court (as defined below).

F1 · derivative.expiration_date: On the Effective Date (as defined below), all outstanding restricted share units were cancelled and extinguished in accordance with the Plan (as defined below) approved by the Bankruptcy Court (as defined below).

SEC source: 0001104659-21-061296 · tm2115180-10_4seq1.xml · derivative · entry 1

Burke Thomas Peter · CIK 0001479353 · Director · President and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: Not disclosed

Underlying: Class A Ordinary Shares · 420,085 shares

Expires not disclosed

F1 · derivative.exercise_price: On the Effective Date (as defined below), all outstanding restricted share units were cancelled and extinguished in accordance with the Plan (as defined below) approved by the Bankruptcy Court (as defined below).

F2 · kind: 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").

F3 · kind: 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.

F1 · derivative.exercise_date: On the Effective Date (as defined below), all outstanding restricted share units were cancelled and extinguished in accordance with the Plan (as defined below) approved by the Bankruptcy Court (as defined below).

F1 · derivative.expiration_date: On the Effective Date (as defined below), all outstanding restricted share units were cancelled and extinguished in accordance with the Plan (as defined below) approved by the Bankruptcy Court (as defined below).

SEC source: 0001104659-21-061294 · tm2115180-9_4seq1.xml · derivative · entry 3

Luca Gilles · CIK 0001626810 · Senior Vice President and COO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

Underlying: Class A Ordinary Shares · 12,045 shares

Expires not disclosed

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

F1 · kind: 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 · kind: 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.

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

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

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

SEC source: 0001104659-21-061294 · tm2115180-9_4seq1.xml · derivative · entry 2

Luca Gilles · CIK 0001626810 · Senior Vice President and COO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

Underlying: Class A Ordinary Shares · 1,284 shares

Expires not disclosed

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

F1 · kind: 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 · kind: 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.

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

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

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

SEC source: 0001104659-21-061294 · tm2115180-9_4seq1.xml · derivative · entry 1

Luca Gilles · CIK 0001626810 · Senior Vice President and COO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,029

Underlying: Common Shares · 1,029 shares

Expires 2028-04-29

F1 · kind: 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 · kind: 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 · kind: 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") and vested but unsettled 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, subject to applicable rounding by the Depository Trust Company. 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 voluntary, without additional consideration and in accordance with the Plan approved by the Bankruptcy Court.

F1 · price: 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 · price: 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 · price: 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") and vested but unsettled 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, subject to applicable rounding by the Depository Trust Company. 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 voluntary, without additional consideration and in accordance with the Plan approved by the Bankruptcy Court.

F3 · derivative.exercise_date: 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") and vested but unsettled 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, subject to applicable rounding by the Depository Trust Company. 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 voluntary, without additional consideration and in accordance with the Plan approved by the Bankruptcy Court.

SEC source: 0001104659-21-061290 · tm2115180d8_4seq1.xml · derivative · entry 2

ARNOLD FREDERICK · CIK 0001516604 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

Underlying: Class A Ordinary Shares · 23,437 shares

Expires not disclosed

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

F1 · kind: 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 · kind: 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.

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

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

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

SEC source: 0001104659-21-061290 · tm2115180d8_4seq1.xml · derivative · entry 1

ARNOLD FREDERICK · CIK 0001516604 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 698

Underlying: Common Shares · 698 shares

Expires 2028-04-29

F1 · kind: 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 · kind: 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 · kind: 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 vested but unsettled 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 voluntary, without additional consideration and in accordance with the Plan approved by the Bankruptcy Court.

F1 · price: 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 · price: 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 · price: 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 vested but unsettled 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 voluntary, without additional consideration and in accordance with the Plan approved by the Bankruptcy Court.

F3 · derivative.exercise_date: 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 vested but unsettled 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 voluntary, without additional consideration and in accordance with the Plan approved by the Bankruptcy Court.

SEC source: 0001104659-21-061289 · tm2115180-7_4seq1.xml · derivative · entry 1

SZEWS CHARLES L · CIK 0001230604 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,066

Underlying: Common Shares · 1,066 shares

Expires 2028-04-29

F1 · kind: 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 · kind: 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 · kind: 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.

F1 · price: 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 · price: 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 · price: 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.

F3 · derivative.exercise_date: 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.