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    <link:label id="lab_val_SevenPointEightSevenFivePercentSeniorNotesMember_108E8A88A97E37DFF642C5FFB0916349_verboseLabel_en-US" xlink:label="lab_val_SevenPointEightSevenFivePercentSeniorNotesMember_108E8A88A97E37DFF642C5FFB0916349" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">7.38% Senior notes due 2025</link:label>
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    <link:label id="lab_us-gaap_OtherNoncashIncomeExpense_3967B54E27DD2FBBB9E8C7D54ACC117D_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_OtherNoncashIncomeExpense_3967B54E27DD2FBBB9E8C7D54ACC117D" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Other</link:label>
    <link:label id="lab_us-gaap_OtherNoncashIncomeExpense_3967B54E27DD2FBBB9E8C7D54ACC117D_label_en-US" xlink:label="lab_us-gaap_OtherNoncashIncomeExpense_3967B54E27DD2FBBB9E8C7D54ACC117D" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other Noncash Income (Expense)</link:label>
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    <link:label id="lab_us-gaap_PensionContributions_EC3BCFA5802CA060496DC7D54ACC2498_label_en-US" xlink:label="lab_us-gaap_PensionContributions_EC3BCFA5802CA060496DC7D54ACC2498" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Payment for Pension Benefits</link:label>
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    <link:label id="lab_us-gaap_NetCashProvidedByUsedInOperatingActivities_4BCFEC74F42374BA8D49C7D54ACCF097_label_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInOperatingActivities_4BCFEC74F42374BA8D49C7D54ACCF097" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Net Cash Provided by (Used in) Operating Activities</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:label="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_4BCFEC74F42374BA8D49C7D54ACCF097" xlink:type="locator" />
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    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:label="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_3A3AE61752E9D33C9E47C7D54ACCB1BF" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_3A3AE61752E9D33C9E47C7D54ACCB1BF" xlink:to="lab_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_3A3AE61752E9D33C9E47C7D54ACCB1BF" xlink:type="arc" />
    <link:label id="lab_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_7D7387A5CA4AF1ADF642C7D54ACCFB39_terseLabel_en-US" xlink:label="lab_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_7D7387A5CA4AF1ADF642C7D54ACCFB39" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Additions to property and equipment</link:label>
    <link:label id="lab_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_7D7387A5CA4AF1ADF642C7D54ACCFB39_label_en-US" xlink:label="lab_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_7D7387A5CA4AF1ADF642C7D54ACCFB39" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Payments to Acquire Property, Plant, and Equipment</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" xlink:label="loc_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_7D7387A5CA4AF1ADF642C7D54ACCFB39" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_7D7387A5CA4AF1ADF642C7D54ACCFB39" xlink:to="lab_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_7D7387A5CA4AF1ADF642C7D54ACCFB39" xlink:type="arc" />
    <link:label id="lab_us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment_D7E65620FAF888EBC0B9C7D54ACCA81E_terseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment_D7E65620FAF888EBC0B9C7D54ACCA81E" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Proceeds from Sale of Property, Plant, and Equipment</link:label>
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    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment" xlink:label="loc_us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment_D7E65620FAF888EBC0B9C7D54ACCA81E" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment_D7E65620FAF888EBC0B9C7D54ACCA81E" xlink:to="lab_us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment_D7E65620FAF888EBC0B9C7D54ACCA81E" xlink:type="arc" />
    <link:label id="lab_us-gaap_PaymentsForProceedsFromShortTermInvestments_B0F3A1EB81363A8BA5F0C7D54ACC84E6_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_PaymentsForProceedsFromShortTermInvestments_B0F3A1EB81363A8BA5F0C7D54ACC84E6" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Maturities of short-term investments</link:label>
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    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_PaymentsForProceedsFromShortTermInvestments" xlink:label="loc_us-gaap_PaymentsForProceedsFromShortTermInvestments_B0F3A1EB81363A8BA5F0C7D54ACC84E6" xlink:type="locator" />
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    <link:label id="lab_val_FourPointFivePercentSeniorNotesMemberMember_91F28A518366D0E3DED4C92AEDC18D17_verboseLabel_en-US" xlink:label="lab_val_FourPointFivePercentSeniorNotesMemberMember_91F28A518366D0E3DED4C92AEDC18D17" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">4.50% Senior Notes due 2024</link:label>
    <link:label id="lab_val_FourPointFivePercentSeniorNotesMemberMember_91F28A518366D0E3DED4C92AEDC18D17_label_en-US" xlink:label="lab_val_FourPointFivePercentSeniorNotesMemberMember_91F28A518366D0E3DED4C92AEDC18D17" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Four Point Five Percent Senior Notes Member [Member]</link:label>
    <link:label id="lab_val_FourPointFivePercentSeniorNotesMemberMember_91F28A518366D0E3DED4C92AEDC18D17_documentation_en-US" xlink:label="lab_val_FourPointFivePercentSeniorNotesMemberMember_91F28A518366D0E3DED4C92AEDC18D17" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Four Point Five Percent Senior Notes Member [Member]</link:label>
    <link:loc xlink:href="val-20200331.xsd#val_FourPointFivePercentSeniorNotesMemberMember" xlink:label="loc_val_FourPointFivePercentSeniorNotesMemberMember_91F28A518366D0E3DED4C92AEDC18D17" xlink:type="locator" />
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    <link:label id="lab_val_EightPercentSeniorNotesMember_12B708A8A98E32A40347C92AEDC28566_verboseLabel_en-US" xlink:label="lab_val_EightPercentSeniorNotesMember_12B708A8A98E32A40347C92AEDC28566" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">8.00% Senior Notes due 2024</link:label>
    <link:label id="lab_val_EightPercentSeniorNotesMember_12B708A8A98E32A40347C92AEDC28566_label_en-US" xlink:label="lab_val_EightPercentSeniorNotesMember_12B708A8A98E32A40347C92AEDC28566" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Eight Percent Senior Notes Member</link:label>
    <link:label id="lab_val_EightPercentSeniorNotesMember_12B708A8A98E32A40347C92AEDC28566_documentation_en-US" xlink:label="lab_val_EightPercentSeniorNotesMember_12B708A8A98E32A40347C92AEDC28566" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Eight Percent Senior Notes [Member]</link:label>
    <link:loc xlink:href="val-20200331.xsd#val_EightPercentSeniorNotesMember" xlink:label="loc_val_EightPercentSeniorNotesMember_12B708A8A98E32A40347C92AEDC28566" xlink:type="locator" />
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    <link:label id="lab_val_FivePointTwoPercentSeniorNotesMember_A0034A0A2310AF049914C92AEDC2F872_verboseLabel_en-US" xlink:label="lab_val_FivePointTwoPercentSeniorNotesMember_A0034A0A2310AF049914C92AEDC2F872" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">5.20% Senior Notes due 2025</link:label>
    <link:label id="lab_val_FivePointTwoPercentSeniorNotesMember_A0034A0A2310AF049914C92AEDC2F872_label_en-US" xlink:label="lab_val_FivePointTwoPercentSeniorNotesMember_A0034A0A2310AF049914C92AEDC2F872" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Five Point Two Percent Senior Notes [Member]</link:label>
    <link:label id="lab_val_FivePointTwoPercentSeniorNotesMember_A0034A0A2310AF049914C92AEDC2F872_documentation_en-US" xlink:label="lab_val_FivePointTwoPercentSeniorNotesMember_A0034A0A2310AF049914C92AEDC2F872" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Five Point Two Percent Senior Notes [Member]</link:label>
    <link:loc xlink:href="val-20200331.xsd#val_FivePointTwoPercentSeniorNotesMember" xlink:label="loc_val_FivePointTwoPercentSeniorNotesMember_A0034A0A2310AF049914C92AEDC2F872" xlink:type="locator" />
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    <link:label id="lab_val_SevenPointSevenFivePercentSeniorNotesDueTwoThousandTwentySixMember_7C27A1C405C48488C03EC92AEDC2BDD0_verboseLabel_en-US" xlink:label="lab_val_SevenPointSevenFivePercentSeniorNotesDueTwoThousandTwentySixMember_7C27A1C405C48488C03EC92AEDC2BDD0" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">7.75% Senior Notes due 2026</link:label>
    <link:label id="lab_val_SevenPointSevenFivePercentSeniorNotesDueTwoThousandTwentySixMember_7C27A1C405C48488C03EC92AEDC2BDD0_label_en-US" xlink:label="lab_val_SevenPointSevenFivePercentSeniorNotesDueTwoThousandTwentySixMember_7C27A1C405C48488C03EC92AEDC2BDD0" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Seven Point Seven Five Percent Senior Notes Due Two Thousand Twenty Six [Member]</link:label>
    <link:label id="lab_val_SevenPointSevenFivePercentSeniorNotesDueTwoThousandTwentySixMember_7C27A1C405C48488C03EC92AEDC2BDD0_documentation_en-US" xlink:label="lab_val_SevenPointSevenFivePercentSeniorNotesDueTwoThousandTwentySixMember_7C27A1C405C48488C03EC92AEDC2BDD0" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Seven Point Seven Five Percent Senior Notes Due Two Thousand Twenty Six [Member]</link:label>
    <link:loc xlink:href="val-20200331.xsd#val_SevenPointSevenFivePercentSeniorNotesDueTwoThousandTwentySixMember" xlink:label="loc_val_SevenPointSevenFivePercentSeniorNotesDueTwoThousandTwentySixMember_7C27A1C405C48488C03EC92AEDC2BDD0" xlink:type="locator" />
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    <link:label id="lab_val_FivePointSevenFivePercentSeniorNotesMember_5B87F40CCCF1D0E80ED3C92AEDC31FC9_terseLabel_en-US" xlink:label="lab_val_FivePointSevenFivePercentSeniorNotesMember_5B87F40CCCF1D0E80ED3C92AEDC31FC9" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">5.75% Senior notes due 2044</link:label>
    <link:label id="lab_val_FivePointSevenFivePercentSeniorNotesMember_5B87F40CCCF1D0E80ED3C92AEDC31FC9_label_en-US" xlink:label="lab_val_FivePointSevenFivePercentSeniorNotesMember_5B87F40CCCF1D0E80ED3C92AEDC31FC9" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Five Point Seven Five Percent Senior Notes [Member]</link:label>
    <link:label id="lab_val_FivePointSevenFivePercentSeniorNotesMember_5B87F40CCCF1D0E80ED3C92AEDC31FC9_documentation_en-US" xlink:label="lab_val_FivePointSevenFivePercentSeniorNotesMember_5B87F40CCCF1D0E80ED3C92AEDC31FC9" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Five Point Seven Five Percent Senior Notes [Member]</link:label>
    <link:loc xlink:href="val-20200331.xsd#val_FivePointSevenFivePercentSeniorNotesMember" xlink:label="loc_val_FivePointSevenFivePercentSeniorNotesMember_5B87F40CCCF1D0E80ED3C92AEDC31FC9" xlink:type="locator" />
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    <link:label id="lab_val_A5.40SeniorNotesDue2042Member_4252F3A339D2FB01E5D9C92AEDC3C8A4_terseLabel_en-US" xlink:label="lab_val_A5.40SeniorNotesDue2042Member_4252F3A339D2FB01E5D9C92AEDC3C8A4" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">5.40% Senior Notes Due 2042 [Member]</link:label>
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    <link:label id="lab_val_A5.85SeniorNotesDue2044Member_7B648A56DB1FED12BBBBC92AEDC47B81_terseLabel_en-US" xlink:label="lab_val_A5.85SeniorNotesDue2044Member_7B648A56DB1FED12BBBBC92AEDC47B81" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">5.85% Senior Notes Due 2044 [Member]</link:label>
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    <link:label id="lab_dei_EntityInformationLineItems_F6117E0F1DC7628CE3AEC92AEDC4C9C7_label_en-US" xlink:label="lab_dei_EntityInformationLineItems_F6117E0F1DC7628CE3AEC92AEDC4C9C7" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Information [Line Items]</link:label>
    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityInformationLineItems" xlink:label="loc_dei_EntityInformationLineItems_F6117E0F1DC7628CE3AEC92AEDC4C9C7" xlink:type="locator" />
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    <link:label id="lab_dei_DocumentType_5F7DDD00C9FC38F6A531C92AEDC53154_terseLabel_en-US" xlink:label="lab_dei_DocumentType_5F7DDD00C9FC38F6A531C92AEDC53154" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Document Type</link:label>
    <link:label id="lab_dei_DocumentType_5F7DDD00C9FC38F6A531C92AEDC53154_label_en-US" xlink:label="lab_dei_DocumentType_5F7DDD00C9FC38F6A531C92AEDC53154" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Document Type</link:label>
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    <link:loc xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentQuarterlyReport" xlink:label="loc_dei_DocumentQuarterlyReport_B449DB2AA9FDAEDBE4B1C92AEDC53E21" xlink:type="locator" />
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    <link:label id="lab_dei_DocumentPeriodEndDate_9D188081859E3267583BC92AEDC68B12_label_en-US" xlink:label="lab_dei_DocumentPeriodEndDate_9D188081859E3267583BC92AEDC68B12" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Document Period End Date</link:label>
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    <link:label id="lab_val_ContractwithCustomerLiabilityRevenueRecognizedAddedDuringPeriod_F751A9E91E9AB52A6A78C5FFB3941725_documentation_en-US" xlink:label="lab_val_ContractwithCustomerLiabilityRevenueRecognizedAddedDuringPeriod_F751A9E91E9AB52A6A78C5FFB3941725" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Contract with Customer, Liability, Revenue Recognized, Added During Period</link:label>
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    <link:label id="lab_us-gaap_ContractWithCustomerAssetReclassifiedToReceivable_352F4E2C044C9711C227C5FFB394679D_terseLabel_en-US" xlink:label="lab_us-gaap_ContractWithCustomerAssetReclassifiedToReceivable_352F4E2C044C9711C227C5FFB394679D" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Contract with Customer, Asset, Reclassified to Receivable</link:label>
    <link:label id="lab_us-gaap_ContractWithCustomerAssetReclassifiedToReceivable_352F4E2C044C9711C227C5FFB394679D_label_en-US" xlink:label="lab_us-gaap_ContractWithCustomerAssetReclassifiedToReceivable_352F4E2C044C9711C227C5FFB394679D" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Contract with Customer, Asset, Reclassified to Receivable</link:label>
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    <link:label id="lab_us-gaap_GuaranteesTextBlock_B5E678CB2C54E243A10FC5FFB0AD27C8_terseLabel_en-US" xlink:label="lab_us-gaap_GuaranteesTextBlock_B5E678CB2C54E243A10FC5FFB0AD27C8" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Guarantee Of Registered Securities</link:label>
    <link:label id="lab_us-gaap_GuaranteesTextBlock_B5E678CB2C54E243A10FC5FFB0AD27C8_label_en-US" xlink:label="lab_us-gaap_GuaranteesTextBlock_B5E678CB2C54E243A10FC5FFB0AD27C8" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Guarantees [Text Block]</link:label>
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    <link:label id="lab_us-gaap_NetCashProvidedByUsedInOperatingActivities_272DA5335BCD9CDA69F3C7DB2C1BA2BC_terseLabel_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInOperatingActivities_272DA5335BCD9CDA69F3C7DB2C1BA2BC" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Net cash provided by (used in) operating activities</link:label>
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    <link:label id="lab_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_D59CB3B5E348EBA70A1FC7DAB5131836_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_D59CB3B5E348EBA70A1FC7DAB5131836" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Additions to property and equipment</link:label>
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    <link:label id="lab_us-gaap_PaymentsForProceedsFromOtherInvestingActivities_A465561C2271292415A8C7DAB5137BCE_negatedLabel_en-US" xlink:label="lab_us-gaap_PaymentsForProceedsFromOtherInvestingActivities_A465561C2271292415A8C7DAB5137BCE" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Other</link:label>
    <link:label id="lab_us-gaap_PaymentsForProceedsFromOtherInvestingActivities_A465561C2271292415A8C7DAB5137BCE_label_en-US" xlink:label="lab_us-gaap_PaymentsForProceedsFromOtherInvestingActivities_A465561C2271292415A8C7DAB5137BCE" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Payments for (Proceeds from) Other Investing Activities</link:label>
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    <link:label id="lab_val_ProceedsFromPaymentsForOtherFinancingActivitiesExcludingProceedsFromPaymentsForExerciseOfStockOptions_522BFDBEBB67F9A5F0CCC7DAB5167244_terseLabel_en-US" xlink:label="lab_val_ProceedsFromPaymentsForOtherFinancingActivitiesExcludingProceedsFromPaymentsForExerciseOfStockOptions_522BFDBEBB67F9A5F0CCC7DAB5167244" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other</link:label>
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    <link:label id="lab_us-gaap_HedgingRelationshipDomain_A5233EE6BB90B8DDF9CEC75D3CF08EAE_label_en-US" xlink:label="lab_us-gaap_HedgingRelationshipDomain_A5233EE6BB90B8DDF9CEC75D3CF08EAE" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Hedging Relationship [Domain]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_HedgingRelationshipDomain" xlink:label="loc_us-gaap_HedgingRelationshipDomain_A5233EE6BB90B8DDF9CEC75D3CF08EAE" xlink:type="locator" />
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    <link:label id="lab_us-gaap_FairValueHedgingMember_98DF6DA6204E62202185C75D3CF1B755_label_en-US" xlink:label="lab_us-gaap_FairValueHedgingMember_98DF6DA6204E62202185C75D3CF1B755" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fair Value Hedging [Member]</link:label>
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    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd#us-gaap_DerivativeInstrumentsGainLossLineItems" xlink:label="loc_us-gaap_DerivativeInstrumentsGainLossLineItems_29F21AFD08DF5C86F5C7C75D3CF1DD03" xlink:type="locator" />
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    <link:label id="lab_us-gaap_EstimateOfFairValueFairValueDisclosureMember_DDD4E9DA014F00410F98C5FFB2EE46F3_label_en-US" xlink:label="lab_us-gaap_EstimateOfFairValueFairValueDisclosureMember_DDD4E9DA014F00410F98C5FFB2EE46F3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Estimate of Fair Value Measurement [Member]</link:label>
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    <link:label id="lab_val_A7.88SeniorNotesDue2019Member_3638CF9039749D6D6F77C5FFB2EF84B6_documentation_en-US" xlink:label="lab_val_A7.88SeniorNotesDue2019Member_3638CF9039749D6D6F77C5FFB2EF84B6" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">7.88%SeniorNotesDue2019 [Member]</link:label>
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    <link:loc xlink:href="val-20200331.xsd#val_FourPointSevenZeroPercentSeniorNotesMember" xlink:label="loc_val_FourPointSevenZeroPercentSeniorNotesMember_5C586A122E8A37B531CAC5FFB2EF8490" xlink:type="locator" />
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    <link:label id="lab_val_ThreepercentexchangeableseniornotesduetwentytwentyfourMember_A642F9F3140793FCC246C5FFB2F0F28F_terseLabel_en-US" xlink:label="lab_val_ThreepercentexchangeableseniornotesduetwentytwentyfourMember_A642F9F3140793FCC246C5FFB2F0F28F" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Three percent exchangeable senior notes due twenty twenty four [Member]</link:label>
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    <link:label id="lab_val_FourPointFivePercentSeniorNotesMemberMember_961D09121B49188DD5E9C5FFB2F0677C_terseLabel_en-US" xlink:label="lab_val_FourPointFivePercentSeniorNotesMemberMember_961D09121B49188DD5E9C5FFB2F0677C" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Four Point Five Percent Senior Notes Member [Member]</link:label>
    <link:loc xlink:href="val-20200331.xsd#val_FourPointFivePercentSeniorNotesMemberMember" xlink:label="loc_val_FourPointFivePercentSeniorNotesMemberMember_961D09121B49188DD5E9C5FFB2F0677C" xlink:type="locator" />
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    <link:label id="lab_val_A8.00seniornotesdue2024Member_6087FF291B17201C65A2C5FFB2F0025B_terseLabel_en-US" xlink:label="lab_val_A8.00seniornotesdue2024Member_6087FF291B17201C65A2C5FFB2F0025B" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">8.00% senior notes due 2024 [Member]</link:label>
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    <link:label id="lab_val_A8.00seniornotesdue2024Member_6087FF291B17201C65A2C5FFB2F0025B_documentation_en-US" xlink:label="lab_val_A8.00seniornotesdue2024Member_6087FF291B17201C65A2C5FFB2F0025B" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">8.00% senior notes due 2024 [Member]</link:label>
    <link:loc xlink:href="val-20200331.xsd#val_A8.00seniornotesdue2024Member" xlink:label="loc_val_A8.00seniornotesdue2024Member_6087FF291B17201C65A2C5FFB2F0025B" xlink:type="locator" />
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    <link:label id="lab_val_A7.38SeniorNotesDue2025Member_F1BA1AEA554409F132F7C5FFB2F12556_verboseLabel_en-US" xlink:label="lab_val_A7.38SeniorNotesDue2025Member_F1BA1AEA554409F132F7C5FFB2F12556" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">7.38% Senior Notes Due 2025 [Member]</link:label>
    <link:loc xlink:href="val-20200331.xsd#val_A7.38SeniorNotesDue2025Member" xlink:label="loc_val_A7.38SeniorNotesDue2025Member_F1BA1AEA554409F132F7C5FFB2F12556" xlink:type="locator" />
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    <link:loc xlink:href="val-20200331.xsd#val_FivePointTwoPercentSeniorNotesMember" xlink:label="loc_val_FivePointTwoPercentSeniorNotesMember_E70236E961D5428B1E56C5FFB2F11980" xlink:type="locator" />
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    <link:loc xlink:href="val-20200331.xsd#val_SevenPointSevenFivePercentSeniorNotesDueTwoThousandTwentySixMember" xlink:label="loc_val_SevenPointSevenFivePercentSeniorNotesDueTwoThousandTwentySixMember_CCB1760E49CDC8006FC5C5FFB2F1C9C6" xlink:type="locator" />
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    <link:label id="lab_val_SevenPointTwoZeroPercentDebenturesMember_F58643C9FD0C1FE366A9C5FFB2F2C0B0_label_en-US" xlink:label="lab_val_SevenPointTwoZeroPercentDebenturesMember_F58643C9FD0C1FE366A9C5FFB2F2C0B0" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Seven Point Two Zero Percent Debentures Member</link:label>
    <link:label id="lab_val_SevenPointTwoZeroPercentDebenturesMember_F58643C9FD0C1FE366A9C5FFB2F2C0B0_documentation_en-US" xlink:label="lab_val_SevenPointTwoZeroPercentDebenturesMember_F58643C9FD0C1FE366A9C5FFB2F2C0B0" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Seven Point Two Zero Percent Debentures [Member]</link:label>
    <link:loc xlink:href="val-20200331.xsd#val_SevenPointTwoZeroPercentDebenturesMember" xlink:label="loc_val_SevenPointTwoZeroPercentDebenturesMember_F58643C9FD0C1FE366A9C5FFB2F2C0B0" xlink:type="locator" />
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    <link:label id="lab_val_SevenPointEightSevenFivePercentSeniorNotesMember_42CBD11C9028FCD907A3C5FFB2F2482E_terseLabel_en-US" xlink:label="lab_val_SevenPointEightSevenFivePercentSeniorNotesMember_42CBD11C9028FCD907A3C5FFB2F2482E" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Seven Point Eight Seven Five Percent Senior Notes Member</link:label>
    <link:loc xlink:href="val-20200331.xsd#val_SevenPointEightSevenFivePercentSeniorNotesMember" xlink:label="loc_val_SevenPointEightSevenFivePercentSeniorNotesMember_42CBD11C9028FCD907A3C5FFB2F2482E" xlink:type="locator" />
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    <link:label id="lab_val_DebenturesDue2027Member_676EBA1C58CD42FA428EC5FFB2F401B4_terseLabel_en-US" xlink:label="lab_val_DebenturesDue2027Member_676EBA1C58CD42FA428EC5FFB2F401B4" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Debentures Due2027 [Member]</link:label>
    <link:label id="lab_val_DebenturesDue2027Member_676EBA1C58CD42FA428EC5FFB2F401B4_label_en-US" xlink:label="lab_val_DebenturesDue2027Member_676EBA1C58CD42FA428EC5FFB2F401B4" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debentures Due2027 [Member]</link:label>
    <link:label id="lab_val_DebenturesDue2027Member_676EBA1C58CD42FA428EC5FFB2F401B4_documentation_en-US" xlink:label="lab_val_DebenturesDue2027Member_676EBA1C58CD42FA428EC5FFB2F401B4" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Debentures Due 2027 [Member]</link:label>
    <link:loc xlink:href="val-20200331.xsd#val_DebenturesDue2027Member" xlink:label="loc_val_DebenturesDue2027Member_676EBA1C58CD42FA428EC5FFB2F401B4" xlink:type="locator" />
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    <link:label id="lab_us-gaap_LineOfCreditMember_7B35FF161F40FB58843FC5FFB2F4A01A_label_en-US" xlink:label="lab_us-gaap_LineOfCreditMember_7B35FF161F40FB58843FC5FFB2F4A01A" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Line of Credit [Member]</link:label>
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