<SEC-DOCUMENT>0001104659-21-013302.txt : 20210208
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<ACCEPTANCE-DATETIME>20210208072613
ACCESSION NUMBER:		0001104659-21-013302
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		18
CONFORMED PERIOD OF REPORT:	20210205
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20210208
DATE AS OF CHANGE:		20210208

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Valaris plc
		CENTRAL INDEX KEY:			0000314808
		STANDARD INDUSTRIAL CLASSIFICATION:	DRILLING OIL & GAS WELLS [1381]
		IRS NUMBER:				980635229
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08097
		FILM NUMBER:		21598534

	BUSINESS ADDRESS:	
		STREET 1:		110 CANNON STREET
		CITY:			LONDON
		STATE:			X0
		ZIP:			EC4N6EU
		BUSINESS PHONE:		4402076594660

	MAIL ADDRESS:	
		STREET 1:		110 CANNON STREET
		CITY:			LONDON
		STATE:			X0
		ZIP:			EC4N6EU

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Ensco Rowan plc
		DATE OF NAME CHANGE:	20190410

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Ensco plc
		DATE OF NAME CHANGE:	20100331

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Ensco International plc
		DATE OF NAME CHANGE:	20091223
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 14pt"><b>UNITED
STATES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 14pt"><b>SECURITIES
AND EXCHANGE COMMISSION</b></span></p>

<p style="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="text-transform: uppercase"><b>Washington,
D.C. 20549</b></span></p>

<p style="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b></b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p>

<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>FORM <span id="xdx_90B_edei--DocumentType_c20210205__20210205_zzLmjED6gRL8"><ix:nonNumeric contextRef="From2021-02-05to2021-02-05" name="dei:DocumentType">8-K</ix:nonNumeric></span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b></b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 12pt"><b>CURRENT
REPORT PURSUANT</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 12pt; text-transform: uppercase"><b>to
Section 13 or</b></span><b> <span style="font-size: 12pt">15(d) OF THE</span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 12pt; text-transform: uppercase"><b>Securities
Exchange Act of 1934</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Date of Report (Date of earliest event
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><span id="xdx_902_edei--EntityRegistrantName_c20210205__20210205_z4yPhEuJ835c"><ix:nonNumeric contextRef="From2021-02-05to2021-02-05" name="dei:EntityRegistrantName">Valaris plc</ix:nonNumeric></span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(Exact name of registrant as specified
in its charter)</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.85pt; text-align: center"><b><span id="xdx_908_edei--EntityAddressAddressLine1_c20210205__20210205_zBU2BeE1blD5"><ix:nonNumeric contextRef="From2021-02-05to2021-02-05" name="dei:EntityAddressAddressLine1">Cannon Place</ix:nonNumeric></span>, <span id="xdx_901_edei--EntityAddressAddressLine2_c20210205__20210205_zBIdR3UV1Ymj"><ix:nonNumeric contextRef="From2021-02-05to2021-02-05" name="dei:EntityAddressAddressLine2">78 Cannon Street</ix:nonNumeric></span></b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>(Address of Principal Executive
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Registrant&#8217;s telephone number,
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(Former name or former address, if changed
since last report)</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Check the appropriate box below if the Form
8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Wingdings"><span id="xdx_900_edei--WrittenCommunications_c20210205__20210205_zzic4JJofBhh"><ix:nonNumeric contextRef="From2021-02-05to2021-02-05" format="ixt:booleanfalse" name="dei:WrittenCommunications">&#168;</ix:nonNumeric></span></span>
&#160;&#160;&#160;&#160;&#160;&#160;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Wingdings"><span id="xdx_905_edei--SolicitingMaterial_c20210205__20210205_zj5eHdBDIlo9"><ix:nonNumeric contextRef="From2021-02-05to2021-02-05" format="ixt:booleanfalse" name="dei:SolicitingMaterial">&#168;</ix:nonNumeric></span></span>
&#160;&#160;&#160;&#160;&#160;&#160;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Wingdings"><span id="xdx_902_edei--PreCommencementTenderOffer_c20210205__20210205_zpqFIp563sN9"><ix:nonNumeric contextRef="From2021-02-05to2021-02-05" format="ixt:booleanfalse" name="dei:PreCommencementTenderOffer">&#168;</ix:nonNumeric></span></span>
&#160;&#160;&#160;&#160;&#160;&#160;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Wingdings"><span id="xdx_90C_edei--PreCommencementIssuerTenderOffer_c20210205__20210205_ziHQemomui0i"><ix:nonNumeric contextRef="From2021-02-05to2021-02-05" format="ixt:booleanfalse" name="dei:PreCommencementIssuerTenderOffer">&#168;</ix:nonNumeric></span></span>
&#160;&#160;&#160;&#160;&#160;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Securities registered pursuant to Section
12(b) of the Act: <b>None.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2
of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 0; text-align: right"><span style="font: 10pt Times New Roman, Times, Serif">Emerging
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<p style="font: 10pt Wingdings; margin: 0pt 0; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section 13(a) of the Exchange Act. <span style="font-family: Wingdings">&#168;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 1in"><b>Item 1.01</b></td><td style="text-align: justify"><b>Entry into a Material
                                         Definitive Agreement</b></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Second Amendment to the Restructuring
Support Agreement </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As previously reported,
on August 18, 2020 Valaris plc (the &#8220;Company&#8221;) and certain of the Company&#8217;s wholly owned direct and indirect
subsidiaries (collectively, &#8220;Valaris&#8221;) entered into a Restructuring Support Agreement (the &#8220;RSA&#8221;) with
certain of the holders (the &#8220;Noteholders&#8221;) of the Company&#8217;s outstanding unsecured notes (the &#8220;Senior Notes&#8221;),
which was amended on September 10, 2020, to join a consenting equityholder as party to the RSA (the RSA as so amended, the &#8220;Amended
RSA&#8221;). On February 5, 2021, Valaris and certain of the Noteholders entered into a second amendment to the RSA (the &#8220;Second
RSA Amendment&#8221;) to effectuate certain modifications to include certain lenders under the Fourth Amended and Restated Credit
Agreement, dated as of May 7, 2013, among Valaris and Pride International LLC, as borrowers, and the banks party thereto (the
&#8220;Credit Facility&#8221; and such lenders, the &#8220;Lenders&#8221;) as parties to the RSA.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the terms
of the Second RSA Amendment, as a part of its rights offering (the &#8220;Rights Offering&#8221;), (i) 97.6% of the rights issued
pursuant to the Rights Offering (the &#8220;Subscription Rights&#8221;) will be offered to all record holders of any claim on
account of the Senior Notes and 2.4% of the Subscription Rights to certain record holders of Credit Facility Claims (as defined
in the RSA) who opt into the RCF New Money Participation Treatment (as defined in the Second RSA Amendment), (ii) each holder
that participates in the Rights Offering and Holdback (as defined in the Second RSA Amendment) will receive its pro rata share
of 30% of the new ordinary shares of the new parent company of Valaris (&#8220;New Valaris&#8221;), (iii) New Valaris will issue
approximately (a) 39% of its equity, subject to dilution by a newbuild equity pool of 0.5% of New Valaris equity, to the holders
of the Senior Notes, (b) 28.3% of its equity to holders of the Credit Facility Claims, and (c) 2.7% of its equity to the certain
commitment parties to the Backstop Commitment Agreement (as defined below), and (iv) all letters of credit outstanding under the
Credit Facility will be replaced or collateralized for cash. As of the date of this Current Report on Form 8-K, 72% of the Noteholders
and 88.72% of the Lenders have signed on to the Amended RSA.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The foregoing description
of the Second RSA Amendment does not purport to be complete and is qualified in its entirety by the full text of the Second RSA
Amendment, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated by reference in this
Item 1.01.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Third Amendment to the Backstop Commitment
Agreement</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As previously announced,
on August 18, 2020, Valaris and the commitment parties thereto entered into a Backstop Commitment Agreement which was amended
on September 10, 2020 and January 22, 2021 (as amended, the &#8220;Backstop Commitment Agreement&#8221;). On February 5, 2021,
Valaris and the other Debtors (as defined in the Backstop Commitment Agreement) and the Requisite Backstop Parties (as defined
in the Backstop Commitment Agreement) entered into an amendment to the Backstop Commitment Agreement (the &#8220;Backstop Commitment
Agreement Amendment&#8221;).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Backstop Commitment
Agreement Amendment provides for, among other things, (i) 2.4% of (x) the Holdback Notes (together with the corresponding Holdback
Shares) and (y) the New Secured Notes (together with the Participation Equity) offered in the Rights Offering (in each case, as
each such term is defined in the Backstop Commitment Agreement) to be offered to certain holders of Credit Facility Claims (as
defined in the Backstop Commitment Agreement) (the &#8220;RCF Lender Backstop Parties&#8221;) that joined the Backstop Commitment
Agreement simultaneously with the execution of the Backstop Commitment Agreement Amendment, with each other Backstop Commitment
Party (as defined in the Backstop Commitment Agreement) having its allocation reduced pro rata to accommodate the inclusion of
the RCF Lender Backstop Parties, (ii) an agreement by the RCF Lender Backstop Parties to purchase all Holdback Notes (together
with the corresponding Holdback Shares) and New Secured Notes (together with the Participation Equity) offered to such RCF Lender
Backstop Parties, (iii) approximately $1.2 million of the New Secured Notes reserved for the Backstop Premium (as defined in the
Backstop Commitment Agreement) will be paid to the RCF Lender Backstop Parties, with the amount paid to each Initial Backstop
Party (as defined in the Backstop Commitment Agreement) reduced pro rata to accommodate the inclusion of the RCF Lender Backstop
Parties and (iv) 0.07% of the New Valaris equity designated as Participation Equity to be issued at the Closing (as defined in
the Backstop Commitment Agreement) will be issued to the RCF Lender Backstop Parties instead of the other Backstop Commitment
Parties, with the amount of such Participation Equity otherwise to be issued to such other Backstop Commitment Parties reduced
pro rata to accommodate the inclusion of the RCF Lender Backstop Parties.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The foregoing description
of the Backstop Commitment Agreement Amendment does not purport to be complete and is qualified in its entirety by the full text
of the Backstop Commitment Agreement Amendment, a copy of which is filed as Exhibit 10.2 to this Current Report on Form 8-K and
is incorporated by reference in this Item 1.01.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 1in">Item 9.01</td><td style="text-align: justify">Financial Statements and Exhibits</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><span style="font-size: 10pt"><b>Exhibit<br />
    No.</b></span></td>
    <td style="padding-bottom: 1pt; width: 1%; text-align: center">&#160;</td>
    <td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; width: 89%; text-align: center"><span style="font-size: 10pt"><b>Description</b>&#160;&#160;</span></td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 2pt; padding-bottom: 2pt; text-align: center"><a href="tm215582d1_ex10-1.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">10.1*&#8224;</span></a></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="tm215582d1_ex10-1.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">Second Amendment to Restructuring Support Agreement, by and
    among Valaris plc, its Affiliate Debtors and the noteholders party thereto, dated as of February 5, 2021 </span></a></td></tr>
<tr style="vertical-align: top">
    <td style="padding-top: 2pt; padding-bottom: 2pt; text-align: center"><a href="tm215582d1_ex10-2.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">10.2*&#8224;</span></a></td>
    <td style="padding-top: 2pt; padding-bottom: 2pt; text-align: justify">&#160;</td>
    <td style="padding-bottom: 2pt; text-align: justify"><a href="tm215582d1_ex10-2.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">Third Amendment to Backstop Commitment
    Agreement, by and among Valaris plc, its Affiliate Debtors and the Commitment Parties, dated as of February 5, 2021</span></a></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse"><tr style="vertical-align: top; text-align: justify">
<td style="width: 10%; text-align: center">104</td>
    <td style="width: 1%">&#160;</td><td style="text-align: justify; width: 89%">Cover Page Interactive Data File (formatted as inline
XBRL and contained in Exhibit 101)</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">* <span style="background-color: white">Included
herewith.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><span style="background-color: white">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#8224; Certain schedules and similar attachments
have been omitted pursuant to Item 601(a)(5) of Regulation S-K and will be provided to the SEC upon request.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SIGNATURES</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>&#160;</b></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">                                                                                                                                                                                                                                                                                                                                                                                                                  <tr style="vertical-align: top; text-align: justify">
<td>&#160;</td><td style="text-align: left">&#160;</td><td style="text-align: justify"><b>Valaris plc</b></td></tr>
<tr style="vertical-align: top; text-align: justify">
<td>&#160;</td><td style="text-align: left">&#160;</td><td style="text-align: justify">&#160;</td></tr>
<tr style="vertical-align: top; text-align: justify">
<td style="width: 50%"></td><td style="width: 4%; text-align: left">By:</td><td style="border-bottom: Black 1pt solid; text-align: justify; width: 46%">/s/ Michael T. McGuinty</td>
</tr>
<tr style="vertical-align: top; text-align: justify">
<td></td><td style="text-align: left">Name:</td><td style="text-align: justify">&#160;&#160;Michael T. McGuinty</td>
</tr>
<tr style="vertical-align: top; text-align: justify">
<td></td><td style="text-align: left">Title:</td><td style="text-align: justify">&#160;Senior Vice President and General Counsel</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dated: February 8, 2021</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><B>Exhibit 10.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">THIS RESTRUCTURING SUPPORT AGREEMENT IS
NOT AN OFFER OR ACCEPTANCE WITH RESPECT TO ANY SECURITIES OR A SOLICITATION OF ACCEPTANCES OF A CHAPTER 11 PLAN WITHIN THE MEANING
OF SECTION&nbsp;1125 OF THE BANKRUPTCY CODE. ANY SUCH OFFER OR SOLICITATION WILL COMPLY WITH ALL APPLICABLE SECURITIES LAWS AND/OR
PROVISIONS OF THE BANKRUPTCY CODE. <FONT STYLE="text-transform: uppercase">Nothing contained in thIS RESTRUCTURING SUPPORT AGREEMENT
shall be an admission of fact or liability OR, UNTIL THE OCCURRENCE OF THE AGREEMENT EFFECTIVE DATE ON THE TERMS DESCRIBED HEREIN,
DEEMED BINDING ON ANY OF THE PARTIES HERETO.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B><I>AMENDED
RESTRUCTURING SUPPORT AGREEMENT</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This AMENDED RESTRUCTURING
SUPPORT AGREEMENT (including all exhibits, annexes, and schedules hereto in accordance with Section&nbsp;14.02, this&nbsp;&ldquo;<B><U>Agreement</U></B>&rdquo;)
is made and entered into as of February&nbsp;5, 2021 (the &ldquo;<B><U>Execution Date</U></B>&rdquo;), by and among the following
parties (each of the following described in sub-clauses&nbsp;(a)&nbsp;through (c)&nbsp;of this preamble, collectively, the&nbsp;&ldquo;<B><U>Parties</U></B>&rdquo;):<SUP>1</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">Valaris plc, a company incorporated under the Laws of England and Wales (&ldquo;<B><U>Valaris</U></B>&rdquo;
or the &ldquo;<B><U>Company</U></B>&rdquo;), and each of its affiliates to this Agreement listed in <B><U>Exhibit&nbsp;D</U></B>
that have executed and delivered counterpart signature pages&nbsp;to this Agreement to counsel to the Consenting Creditors, or
any affiliates that have, following the Agreement Effective Date, executed and delivered signature pages&nbsp;to a Joinder (as
applicable) to counsel to the Consenting Creditors (the Entities in this clause&nbsp;(a), collectively, the &ldquo;<B><U>Company
Parties</U></B>&rdquo;);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">the holders of, or investment advisors, sub-advisors, or managers of discretionary accounts that
hold, Senior Note Claims that have executed and delivered counterpart signature pages&nbsp;to the Original Restructuring Support
Agreement (and now deemed a party to this Agreement as a result of the Required Consenting Noteholders under the Original Restructuring
Support Agreement consenting to this Agreement), a Joinder, or a Transfer Agreement to counsel to the Company Parties and counsel
to the Consenting Creditors (the Entities in this clause&nbsp;(b), collectively, the&nbsp;&ldquo;<B><U>Consenting Noteholders</U></B>&rdquo;);
and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">the undersigned holders of Credit Facility Claims that have executed and delivered counterpart
signature pages&nbsp;to this Agreement, a Joinder, or a Transfer Agreement to counsel to the Company Parties and counsel to the
Consenting Creditors prior to the first date of the hearing to consider entry of the Confirmation Order (the Entities in this clause
(c), collectively, the&nbsp;&ldquo;<B><U>Consenting Lenders</U></B>&rdquo; and, together with the Consenting Noteholders, the&nbsp;&ldquo;<B><U>Consenting
Creditors</U></B>&rdquo;).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1</SUP></FONT></TD><TD STYLE="text-align: justify">Capitalized terms used but not defined in the preamble and recitals to this Agreement have the
meanings ascribed to them in Section 1.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>RECITALS</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>WHEREAS</B></FONT>,
the Company Parties and the Consenting Creditors have in good faith and at arms&rsquo; length negotiated and agreed to seek to
implement certain restructuring and recapitalization transactions with respect to the Group&rsquo;s and Company Parties&rsquo;
capital structure on the terms set forth in this Agreement and as specified in the Restructuring Term Sheet attached as <B><U>Exhibit&nbsp;A</U></B>
hereto (the&nbsp;&ldquo;<B><U>Restructuring Term Sheet</U></B>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>WHEREAS</B></FONT>,
the Company Parties intend to implement such restructuring and recapitalization transactions consistent with the Restructuring
Term Sheet, having commenced voluntary cases under chapter 11 of the Bankruptcy Code in the Bankruptcy Court (the&nbsp;&ldquo;<B><U>Chapter&nbsp;11
Cases</U></B>&rdquo;) with respect to the Filing Entities, and intending to pursue the implementation of the Plan in the Chapter
11 Cases, and through Administration or any other Implementation Mechanisms (such transactions being, the&nbsp;&ldquo;<B><U>Restructuring
Transactions</U></B>&rdquo;); <I>provided</I> that the consent of the Required Consenting Creditors shall not be required in relation
to the Ancillary Proceedings;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>WHEREAS</B></FONT>,
the Parties have agreed to take certain actions in support of the Restructuring Transactions on the terms and conditions set forth
in this Agreement and the Restructuring Term Sheet;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>WHEREAS</B></FONT>,
the members of the Ad Hoc Group have provided $500 million in debtor-in-possession financing to the Company during the Chapter
11 Cases on terms consistent with the DIP Commitment Letter and DIP Term Sheet (each as defined herein);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>WHEREAS</B></FONT>,
the members of the Ad Hoc Group, certain other Consenting Noteholders, and the Lender Backstop Parties (as defined below) have
committed to backstop a rights offering of $500&nbsp;million new money notes to be issued by the Company upon consummation of the
Plan on terms, and in accordance with, the New Secured Notes Term Sheet and the Backstop Agreement (each as defined herein);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>WHEREAS</B></FONT>,
the members of the Ad Hoc Group and the Company executed the Original Restructuring Support Agreement contemplating the above referenced
rights offering as well as the other Restructuring Transactions;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>WHEREAS</B></FONT>,
throughout the Chapter 11 Cases, the Company and members of the Ad Hoc Group negotiated with the Consenting Lenders to resolve
objections to the proposed Plan;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>WHEREAS</B></FONT>,
the Parties acknowledge this Agreement and the Restructuring Term Sheet have been implemented and expanded upon through the Plan
and Supplemental Disclosure Statement attached hereto as <B><U>Exhibits E</U></B> and <B><U>F</U></B>, which the Parties expressly
support; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>WHEREAS</B></FONT>,
pursuant to this Agreement, the parties to the Original Restructuring Support Agreement desire that the Original Restructuring
Support Agreement be amended to effectuate certain modifications to resolve the Consenting Lenders&rsquo; objections to the Plan
and to include the Consenting Lenders as parties to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>NOW,
THEREFORE</B></FONT>, in consideration of the covenants and agreements contained herein, and for other valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, each Party, intending to be legally bound hereby, agrees as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>AGREEMENT</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;1.</B></FONT><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Definitions
and Interpretation.</I></FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.01.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Definitions</U>.
The following terms shall have the following definitions:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>2020
Notes</U></B>&rdquo; means the 6.875% Senior Notes due 2020, issued by Pride International, LLC., a Delaware limited liability
company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>2021
Notes</U></B>&rdquo; means the 4.700% Senior Notes due 2021, issued by Ensco plc, a public limited company organized under the
laws of England and Wales.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>2022
Notes</U></B>&rdquo; means the 4.875% Senior Notes due 2022, originally issued by Rowan Companies,&nbsp;Inc., a Delaware corporation,
and assumed by Valaris.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>2026
Notes</U></B>&rdquo; means the 7.75% Senior Notes due 2026, issued by Ensco plc, a public limited company organized under the laws
of England and Wales.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>2027
Debentures</U></B>&rdquo; or &ldquo;<B><U>Ensco International Bonds</U></B>&rdquo; means the 7.20% Debentures due&nbsp;2027, issued
by ENSCO International Incorporated, a Delaware corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>2040
Notes</U></B>&rdquo; means the 7.875% Senior Notes due 2040, issued by Pride International, LLC., a Delaware limited liability
company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>2042
Notes</U></B>&rdquo; means the 5.40% Senior Notes due 2042, originally issued by Rowan Companies,&nbsp;Inc., a Delaware corporation,
and assumed by Valaris.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>3.0%
2024 Notes</U></B>&rdquo; or &ldquo;<B><U>Jersey Bonds</U></B>&rdquo; means the Exchangeable 3.0% Senior Notes due&nbsp;2024, issued
by ENSCO Jersey Finance Limited, a Jersey corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>4.5%
2024 Notes</U></B>&rdquo; means the 4.50% Senior Notes due 2024, issued by Ensco plc, a public limited company organized under
the laws of England and Wales.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>4.75%
2024 Notes</U></B>&rdquo; means the 4.75% Senior Notes due 2024, originally issued by Rowan Companies,&nbsp;Inc., a Delaware corporation,
and assumed by Valaris.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>5.2%
2025 Notes</U></B>&rdquo; means the 5.20% Senior Notes due 2025, issued by Ensco plc, a public limited company organized under
the laws of England and Wales.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>5.85%
2044 Notes</U></B>&rdquo; means the 5.85% Senior Notes due 2044, originally issued by Rowan Companies,&nbsp;Inc., a Delaware corporation,
and assumed by Valaris.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>5.75%
2044 Notes</U></B>&rdquo; means the 5.75% Senior Notes due 2044, issued by Ensco plc, a public limited company organized under
the laws of England and Wales.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>7.375%
2025 Notes</U></B>&rdquo; means the 7.375% Senior Notes due 2025, originally issued by Rowan Companies,&nbsp;Inc., a Delaware corporation,
and assumed by Valaris.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>8.0%
2024 Notes</U></B>&rdquo; means the 8.00% Senior Notes due 2024, issued by Ensco plc, a public limited company organized under
the laws of England and Wales.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Ad
Hoc Group</U></B>&rdquo; means the ad hoc group of noteholders represented by Kramer Levin, Akin Gump, Houlihan Lokey, and Porter
Hedges LLP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Administration</U></B>&rdquo;
has the meaning set forth in the definition of &ldquo;Implementation Mechanisms.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Affiliate</U></B>&rdquo;
has the meaning set forth in section 101(2)&nbsp;of the Bankruptcy Code as if such entity was a debtor in a case under the Bankruptcy
Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Agreement</U></B>&rdquo;
has the meaning set forth in the preamble to this Agreement and, for the avoidance of doubt, includes all the exhibits, annexes,
and schedules hereto in accordance with Section&nbsp;14.02 (including the Restructuring Term Sheet).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Agreement
Effective Date</U></B>&rdquo; means the date on which the conditions set forth in Section&nbsp;2 have been satisfied or waived
by the appropriate Party or Parties in accordance with this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Agreement
Effective Period</U></B>&rdquo; means, with respect to a Party, the period from the Agreement Effective Date to the Termination
Date applicable to that Party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Akin
Gump</U></B>&rdquo; means Akin Gump LLP as English legal counsel to the Ad Hoc Group.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Alternative
Restructuring Proposal</U></B>&rdquo; means any inquiry, proposal, offer, bid, term sheet, discussion, or agreement with respect
to a sale, disposition, new-money investment, restructuring, reorganization, merger, amalgamation, acquisition, consolidation,
dissolution, debt investment, equity investment, liquidation, tender offer, recapitalization, plan of reorganization, share exchange,
business combination, or similar transaction involving any one or more Company Parties or the debt, equity, or other interests
in any one or more Company Parties that is an alternative to one or more of the Restructuring Transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Ancillary
Proceedings</U></B>&rdquo; has the meaning set forth in the definition of &ldquo;Implementation Mechanisms.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Backstop
Agreement</U></B>&rdquo; means that certain backstop commitment agreement by and among the Backstop Parties and Valaris, as may
be amended, supplemented, or modified from time to time, setting forth, among other things, the terms and conditions of the Rights
Offering, the Backstop Commitments, and the payment of the Backstop Premium. An amendment to the Backstop Agreement is attached
as <B><U>Exhibit&nbsp;2</U></B> to the Restructuring Term Sheet.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Backstop
Commitment</U></B>&rdquo; means the Backstop Parties&rsquo; commitment to backstop the Rights Offering on the terms and conditions
set forth in the Restructuring Term Sheet and the Backstop Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Backstop
Parties</U></B>&rdquo; has the meaning set forth in the Restructuring Term Sheet.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Backstop
Premium</U></B>&rdquo; means the premium payable on, and as a condition to, the Plan Effective Date, to the members of the Ad Hoc
Group and the Lender Backstop Parties in consideration for the Backstop Commitment on the terms set forth in the Restructuring
Term Sheet and the Backstop Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Bankruptcy
Code</U></B>&rdquo; means title 11 of the United States Code, 11&nbsp;U.S.C.&nbsp;&sect;&sect; 101&ndash;1532, as now in effect
or hereafter amended, and the rules&nbsp;and regulations promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Bankruptcy
Court</U></B>&rdquo; means the United States Bankruptcy Court in which the Chapter 11 Cases are commenced or another United States
Bankruptcy Court with jurisdiction over the Chapter 11 Cases.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Business
Day</U></B>&rdquo; means any day other than a Saturday, Sunday, or other day on which commercial banks are authorized to close
under the Laws of, or are in fact closed in, the state of New York or in London, England.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Chapter
11 Cases</U></B>&rdquo; has the meaning set forth in the recitals to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Chosen
Court</U></B>&rdquo; means the United States District Court for the Southern District of New York or any New York state court;
<I>provided</I> that if any of the Company Parties commence Chapter&nbsp;11 Cases, then the Bankruptcy Court (or court of proper
appellate jurisdiction) shall be the exclusive Chosen Court.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Claim</U></B>&rdquo;
means any claim, as defined in section 101(5)&nbsp;of the Bankruptcy Code, against any of the Company Parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Company
Claims/Interests</U></B>&rdquo; means any Claim against, or Equity Interest in, a Company Party, including the Credit Facility
Claims, DIP Claims, and the Senior Notes Claims.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Company
Parties</U></B>&rdquo; has the meaning set forth in the recitals to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Confidentiality
Agreement</U></B>&rdquo; means an executed confidentiality agreement, including with respect to the issuance of a &ldquo;cleansing
letter&rdquo; or other public disclosure of material non-public information agreement, in connection with any proposed Restructuring
Transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Confirmation
Order</U></B>&rdquo; means the confirmation order with respect to the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Consenting
Creditors</U></B>&rdquo; has the meaning set forth in the preamble to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Consenting
Lenders</U></B>&rdquo; has the meaning set forth in the preamble to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Consenting
Noteholders</U></B>&rdquo; has the meaning set forth in the preamble to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Consenting
Noteholders Advisors</U></B>&rdquo; means, collectively, (i)&nbsp;Kramer Levin, (ii)&nbsp;Akin Gump, (iii)&nbsp;Houlihan Lokey,
(iv)&nbsp;DNB Markets, (v)&nbsp;Porter Hedges LLP, (vi)&nbsp;the board member search firm, (vii)&nbsp;the compensation consultant
to be engaged pursuant to the MIP Term Sheet, (viii)&nbsp;Appleby (Bermuda) Limited, and (ix)&nbsp;other local counsel and specialist
advisors retained by the members of the Ad Hoc Group.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Credit
Facility</U></B>&rdquo; means the Fourth Amended and Restated Credit Agreement, dated as of May&nbsp;7, 2013, among Valaris and
Pride International,&nbsp;Inc., as borrowers, the banks party thereto, Citibank, N.A., as Administrative Agent, DNB Bank ASA, as
Syndication Agent, Deutsche Bank Securities Inc., HSBC Bank USA, NA and Wells Fargo Bank, National Association, as Co-Documentation
Agents, and Citibank, N.A., DNB Bank ASA, New York Branch, Deutsche Bank AG New York Branch, HSBC Bank USA, NA and Wells Fargo
Bank, National Association, each as an Issuing Bank (as defined in the Credit Facility), as amended, restated, supplemented or
modified from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Credit
Facility Claims</U></B>&rdquo; means any Claim against any Company Party with respect to: (a)&nbsp;the Credit Facility and (b)&nbsp;each
Finance Document entered into pursuant to or in connection with the Credit Facility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Debtor</U></B>&rdquo;
means, as applicable, each of the Company Parties in its capacity as a debtor in its respective Chapter 11 Case.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Definitive
Documents</U></B>&rdquo; means the documents listed in Section&nbsp;3.01.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">&ldquo;</FONT><B><U>DIP
Claims</U></B><FONT STYLE="background-color: white">&rdquo; means any Claim on account of the DIP Facility Documents.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>DIP
Commitment Letter</U></B>&rdquo; means the commitment letter setting forth the terms and conditions of the DIP Facility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">&ldquo;</FONT><B><U>DIP
Credit Agreement</U></B><FONT STYLE="background-color: white">&rdquo; means that certain senior secured superpriority debtor-in-possession
credit agreement, dated September&nbsp;25, 2020, as amended, supplemented, amended and restated, supplemented, or modified from
time to time, by and among the Debtors, the DIP agent, and the DIP lenders, as approved by the Financing Order.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>DIP
Facility</U></B>&rdquo; means the $500 million superpriority senior secured credit facility provided by the DIP lenders pursuant
to the DIP Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>DIP
Facility Documents</U></B>&rdquo; means the DIP Credit Agreement and any other documentation necessary to effectuate the incurrence
of the DIP Facility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>DIP
Term Sheet</U></B>&rdquo; means the term sheet setting forth the terms and conditions of the DIP Facility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B><U>Enforcement Action</U></B>&rdquo;
means any action of any kind to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">declare
prematurely due and payable or otherwise seek to accelerate payment of all or any part of any Company Claims/Interests;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">recover,
or demand cash cover in respect of, all or any part of any Company Claims/Interests (including by exercising any set-off, save
as required by law);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">petition
for (or take or support any other step which may lead to) any corporate action, legal process (including legal proceedings, execution,
distress, and diligence) or other procedure or step being taken in relation to any Company Party entering into Insolvency Proceedings;
or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">sue,
claim, institute, or continue any legal process (including legal proceedings, execution, distress, and diligence) against any Company
Party;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>provided</I></FONT>
that, for the avoidance of doubt, the Harris County Litigation and the Pride Allegations shall be deemed Enforcement Actions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Ensco
International Bond Claims</U></B>&rdquo; means any Claim against any Company Party with respect to the&nbsp;2027 Debentures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Entity</U></B>&rdquo;
shall have the meaning set forth in section&nbsp;101(15) of the Bankruptcy Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Equity
Interests</U></B>&rdquo; means, collectively, the shares (or any class thereof), common stock, preferred stock, limited liability
company interests, units, and any other equity, ownership, or profits interests of any Company Party, and options, warrants, rights,
or other securities or agreements to acquire or subscribe for, or which are convertible into the shares (or any class thereof)
of, common stock, preferred stock, limited liability company interests, units, or other equity, ownership, or profits interests
of any Company Party (in each case whether or not arising under or in connection with any employment agreement).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Event</U></B>&rdquo;
means any event, development, occurrence, circumstance, effect, condition, result, state of facts or change.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Execution
Date</U></B>&rdquo; has the meaning set forth in the preamble to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Fiduciary
Out</U></B>&rdquo; has the meaning set forth in Section&nbsp;12.02(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Filing
Entities</U></B>&rdquo; means those Company Parties which are debtors in the Chapter&nbsp;11 Cases, in the first instance being
those entities identified as such on <B><U>Exhibit&nbsp;D</U></B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Finance
Documents</U></B>&rdquo; means, collectively, (a)&nbsp;the Credit Facility and the Senior Notes Indentures and (b)&nbsp;all other
documents entered into pursuant to or in connection with the foregoing documents in clause (a)&nbsp;of this definition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Financing
Order</U></B>&rdquo; means the <I>Order (A)&nbsp;Authorizing the Debtors to Obtain Postpetition Financing (B)&nbsp;Granting Liens
and Providing Superpriority Administrative Expense Status, (C)&nbsp;Modifying the Automatic Stay, and (D)&nbsp;Granting Related
Relief </I>[Docket No.&nbsp;274], which is the order of the Bankruptcy Court approving the DIP Facility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>First
Day Pleadings</U></B>&rdquo; means the first-day pleadings the Company Parties determined necessary or desirable to file.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Governing
Body</U></B>&rdquo; means the board of directors, board of managers, manager, general partner, investment committee, finance committee,
special committee, investigation committee, or such similar governing body of any Entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Group</U></B>&rdquo;
means Valaris and each of its direct and indirect subsidiaries in which Valaris has at least a simple majority ownership or voting
stake.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Harris
County Litigation</U></B>&rdquo; means the Original Petition captioned <I>UMB Bank v. Darin Gibbins</I>, 2020-18184, Harris County,
Texas that was filed on March&nbsp;19, 2020, as may be amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Houlihan
Lokey</U></B>&rdquo; means Houlihan Lokey Capital,&nbsp;Inc., as financial advisor to the Ad Hoc Group.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Implementation
Mechanisms</U></B>&rdquo; means, collectively, (i)&nbsp;an administration of Valaris under Part&nbsp;II of the Insolvency Act 1986
(United Kingdom) (an &ldquo;<B><U>Administration</U></B>&rdquo;) and (ii)&nbsp;ancillary proceedings to the Chapter 11 Cases or
Administration including to implement or effect cross-border recognition of the Chapter 11 Cases, the Restructuring Transactions,
and the Plan including proceedings under the UK Cross-Border Insolvency Regulations 2006, the appointment of administrators or
equivalent officeholders (howsoever described) under applicable law, dissolution proceedings under applicable law, and joint provisional
liquidations under the Laws of any other relevant jurisdiction (collectively, the &ldquo;<B><U>Ancillary Proceedings</U></B>&rdquo;),
for the purpose of implementing the Restructuring Transactions in a manner that conforms to and is consistent with the Restructuring
Term Sheet and gives effect to or facilitates the implementation of the Plan (including with respect to (i)&nbsp;the compromise
of all or a subset of the Company Claims/Interests, and (ii)&nbsp;the issuance of the Newco Valaris Equity) in the United Kingdom
and (if and as applicable) the Cayman Islands, Bermuda, Jersey, or other jurisdictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Insolvency
Proceeding</U></B>&rdquo; means any corporate action, legal proceeding, or other procedure or step taken in any jurisdiction in
relation to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
suspension of payments, a moratorium of any indebtedness, winding-up, bankruptcy, liquidation, dissolution, administration, receivership,
administrative receivership, judicial composition or reorganization (by way of voluntary arrangement, scheme or otherwise) of any
member of the Group, including under the Bankruptcy Code;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">a
composition, conciliation, scheme of arrangement, compromise or arrangement with the creditors generally of any member of the Group
or an assignment by any member of the Group of its assets for the benefit of its creditors generally or any member of the Group
becoming subject to a distribution of its assets;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
appointment of a liquidator, receiver, administrator, administrative receiver, compulsory manager, or other similar officer in
respect of any member of the Group or any of its assets;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">enforcement
of any security over any assets of any member of the Group; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">any
procedure or step in any jurisdiction analogous to those set out in paragraphs (a)&nbsp;to (d)&nbsp;above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Interest</U></B>&rdquo;
means any common stock, limited liability company interest, equity security (as defined in section 101(16) of the Bankruptcy Code),
equity, ownership, profit interests, unit, or share in a Company Party, including all issued, unissued, authorized, or outstanding
shares of capital stock of the Company Parties, and any other rights, options, warrants, stock appreciation rights, phantom stock
rights, restricted stock units, redemption rights, repurchase rights, convertible, exercisable or exchangeable securities or other
agreements, arrangements or commitments of any character relating to, or whose value is related to, any such interest or other
ownership interest in any Company Party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Jersey
Bond Claims</U></B>&rdquo; means any Claim against any Company Party with respect to the&nbsp;3.0% 2024 Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Joinder</U></B>&rdquo;
means a joinder to this Agreement substantially in the form attached hereto&nbsp;as&nbsp;<B><U>Exhibit&nbsp;C</U></B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Kramer
Levin</U></B>&rdquo; means Kramer Levin Naftalis&nbsp;&amp; Frankel LLP, as legal counsel to the Ad Hoc Group.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Law</U></B>&rdquo;
means any federal, state, local, or foreign law (including common law), statute, code, ordinance, rule, regulation, order, ruling,
or judgment, in each case, that is validly adopted, promulgated, issued, or entered by a governmental authority of competent jurisdiction
(including the Bankruptcy Court).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Legacy
Rowan Bond Claims</U></B>&rdquo; means any Claim against any Company Party with respect to the Legacy Rowan Bonds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Legacy
Rowan Bonds</U></B>&rdquo; means the 2022 Notes, the 2042 Notes, the 4.75% 2024 Notes, the 5.85% 2044 Notes, and the 7.375% 2025
Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Lender
Backstop Parties</U></B>&rdquo; means the Consenting Lenders that elected the RCF New Money Participation Treatment and have committed
to participate in a portion of the Rights Offering prior to the RCF New Money Participation Deadline on the terms set forth in
the Restructuring Term Sheet and the Backstop Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Material
Adverse Effect</U></B>&rdquo; means one or more Events or a series of Events that taken alone or together has a material adverse
effect on (i)&nbsp;the Group&rsquo;s ability to implement the Restructuring Transactions or (ii)&nbsp;the financial condition of
the Group taken as a whole, other than the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">a
breach of any financing arrangement (i)&nbsp;which has been waived, including, without limitation, under this Agreement or any
other document in each case with the consent of the Required Consenting Creditors, (ii)&nbsp;which arises as a result of the Restructuring
Transactions (including any of the factors identified in (e)&nbsp;below) or (iii)&nbsp;provided that Valaris or any other Debtor
is taking reasonable steps to remedy the breach;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">(i)&nbsp;the
failure to meet any projections or estimated revenues or profits (<U>provided</U> that the underlying cause of any such failure
may constitute, or be taken into account in determining, a Material Adverse Effect to the extent not otherwise excluded under this
definition of &ldquo;Material Adverse Effect&rdquo;) or (ii)&nbsp;the occurrence of exceeding any estimated costs or expenses;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">any
enforcement action which has been stayed, suspended or dismissed;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">any
litigation or similar action against any Company Party which arises from or relates to the Restructuring Transactions with respect
to the Company Parties&rsquo; capital structure and is being defended by a Company Party in good faith;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
commencement or pendency of any Chapter 11 Case, any Administration, or any Ancillary Proceedings, if any, or any other aspect
of the Implementation Mechanisms in accordance with and materially consistent with this Agreement;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
execution, announcement or performance of this Agreement or other Definitive Documents or the transactions contemplated hereby
or thereby (including any act or omission of Valaris or any other Debtor expressly required or prohibited, as applicable, by this
Agreement);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">any
matters known or expressly disclosed, (i)&nbsp;with respect to any Consenting Noteholder, prior to the Petition Date and, (ii)&nbsp;with
respect to any Consenting Lender, prior to the date of this Agreement; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">any
material changes after the date of this Agreement in applicable Law or GAAP or enforcement thereof; <I>provided</I> that such exception
shall not apply to the extent that such event is disproportionately adverse to the Group, taken as a whole, as compared to other
companies in the industries in which the Group operates.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Milestones</U></B>&rdquo;
means the dates set forth in Section&nbsp;8, as they may be extended in accordance with this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>MIP
Term Sheet</U></B>&rdquo; means the term sheet attached as <B><U>Exhibit&nbsp;4</U></B> to the Restructuring Term&nbsp;Sheet.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Newbuild
Debtors</U></B>&rdquo; has the meaning set forth in the Restructuring Term Sheet.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>New
Money Participating Credit Facility Creditors</U></B>&rdquo; has the meaning set forth in the Restructuring Term Sheet.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>New
Secured Notes</U></B>&rdquo; has the meaning set forth in the Restructuring Term Sheet.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>New
Secured Notes Documents</U></B>&rdquo; means the New Secured Notes Indenture and any other documentation necessary to effectuate
the incurrence of the New Secured Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>New
Secured Notes Indenture</U></B>&rdquo; means the indenture governing the New Secured Notes which shall be consistent with the New
Secured Notes Term Sheet.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>New
Secured Notes Term Sheet</U></B>&rdquo; means the term sheet setting forth the terms of the New Secured Notes Indenture attached
as <B><U>Exhibit&nbsp;1</U></B> to the Restructuring Term Sheet.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>New
Warrants</U></B>&rdquo; means those certain warrants to purchase Newco Valaris Equity on the terms set forth in the New Warrant
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>New
Warrant Agreement</U></B>&rdquo; means that certain agreement providing for, among other things, the issuance and terms of the
New Warrants issued by Newco Valaris as set forth in the Restructuring Term Sheet.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Newco
Valaris</U></B>&rdquo; means a newly-formed limited company, or other legal entity, in form and substance and incorporated in Bermuda
or such other jurisdiction as is reasonably determined in each case by the Company Parties and the Required Consenting Creditors
(such determination not to be unreasonably withheld, conditioned or delayed), that will be the ultimate parent of the Filing Entities
(other than Valaris) as from the Plan Effective Date and the issuer of the Newco Valaris Equity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Newco
Valaris Equity</U></B>&rdquo; means equity securities in Newco Valaris.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Original
Plan</U></B>&rdquo; means the <I>Debtors&rsquo; Third Amended Joint Chapter 11 Plan of Reorganization (As Modified)</I> [Docket
No.&nbsp;988], as may be further amended or modified in accordance with the terms of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Original
Restructuring Support Agreement</U></B>&rdquo; means <FONT STYLE="background-color: white">that certain restructuring support agreement,
by and among the Debtors and the Consenting Noteholders, dated August&nbsp;18, 2020, attached as <U>Exhibit&nbsp;A</U> to the <I>Declaration
of Jonathan Baksht, Executive Vice President and Chief Financial Officer of Valaris PLC, in Support of Chapter 11 Petitions and
First Day Motions</I></FONT> [Docket No.&nbsp;23].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Outside
Date</U></B>&rdquo; has the meaning set forth in Section&nbsp;8.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Parties</U></B>&rdquo;
has the meaning set forth in the preamble to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Permitted
Transfer</U></B>&rdquo; means each Transfer of Company Claims/Interests which meets the requirements of Section&nbsp;9.01.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Permitted
Transferee</U></B>&rdquo; means each transferee of any Company Claims/Interests who meets the requirements of Section&nbsp;9.01.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Petition
Date</U></B>&rdquo; means the first date any of the Filing Entities commences a Chapter 11 Case.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Plan</U></B>&rdquo;
means the joint plan of reorganization, attached hereto as <B><U>Exhibit&nbsp;E</U></B>, filed by the Debtors under chapter&nbsp;11
of the Bankruptcy Code that embodies the Restructuring Transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Plan
Effective Date</U></B>&rdquo; means the occurrence of the effective date of the Plan according to its terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Plan
Supplement</U></B>&rdquo; means the compilation of documents and forms of documents, schedules, and exhibits to the Plan that will
be filed by the Debtors with the Bankruptcy Court.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Pride
Allegations</U></B>&rdquo; means any Claim or cause of action, whether known or unknown, that is asserted or assertable against
the Company Parties or any of the Company Parties&rsquo; Related Parties, related to or arising out of: (a)&nbsp;certain of the
Company Parties&rsquo; arbitration with Samsung Heavy Industries in 2016, or the settlement or proceeds thereof; or (b)&nbsp;historical
transactions related to the acquisition of Pride Global II by certain Company Parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Pride
Bond Claims</U></B>&rdquo; means any Claim against any Company Party with respect to the&nbsp;Pride Bonds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Pride
Bonds</U></B>&rdquo; means collectively the 2020 Notes and the 2040 Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Qualified
Marketmaker</U></B>&rdquo; means an entity that (a)&nbsp;holds itself out to the public or the applicable private markets as standing
ready in the ordinary course of business to purchase from customers and sell to customers Company Claims/Interests (or enter with
customers into long and short positions in Company Claims/Interests), in its capacity as a dealer or market maker in Company Claims/Interests
and (b)&nbsp;is, in fact, regularly in the business of making a market in claims against issuers or borrowers (including debt securities
or other debt).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>RCF
Agent</U></B>&rdquo; means Citibank, N.A., in its capacity as administrative agent under the Credit Facility. For the avoidance
of doubt, the RCF Agent is a Consenting Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>RCF
Agent Advisors</U></B>&rdquo; means, collectively, (i)&nbsp;Shearman, including any expert retained by Shearman, (ii)&nbsp;Perella
Weinberg Partners, L.P., and (iii)&nbsp;other local counsel and specialist advisors retained by the RCF Agent or Shearman.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>RCF
Consenting Lender Base Treatment</U></B>&rdquo; has the meaning set forth in the Restructuring Term Sheet.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>RCF
New Money Participation Deadline</U></B>&rdquo; means 5:00 p.m.&nbsp;Central Time on February&nbsp;4,&nbsp;2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>RCF
New Money Participation Treatment</U></B>&rdquo; has the meaning set forth in the Restructuring Term Sheet.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Related
Party</U></B>&rdquo; means each of, and in each case in its capacity as such, current and former directors, managers, officers,
committee members, members of any Governing Body, equity holders (regardless of whether such interests are held directly or indirectly),
affiliated investment funds or investment vehicles, managed accounts or funds, predecessors, participants, successors, assigns,
subsidiaries, Affiliates, partners, limited partners, general partners, principals, members, management companies, fund advisors
or managers, employees, agents, trustees, advisory board members, financial advisors, attorneys (including any other attorneys
or professionals retained by any current or former director or manager in his or her capacity as director or manager of an Entity),
accountants, investment bankers, consultants, representatives, and other professionals and advisors and any such person&rsquo;s
or Entity&rsquo;s respective heirs, executors, estates, and nominees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B><U>Required
Consenting Creditors</U></B>&rdquo; means, as of the relevant date, the Required Consenting Lenders and the Required Consenting
Noteholders</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B><U>Required
Consenting Lenders</U></B>&rdquo; means, as of the relevant date, Consenting Lenders holding at least</FONT> 50.01% of the aggregate
outstanding principal amount of Credit Facility Claims that are held by Consenting Lenders at the relevant time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<B><U>Required
Consenting Noteholders</U></B>&rdquo; means, as of the relevant date, Consenting Noteholders holding at least</FONT> 50.01% of
the aggregate outstanding principal amount of Senior Notes that are held by Consenting Noteholders at the relevant time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Restructuring
Steps Plan</U></B>&rdquo; means the steps plan which sets out the relevant steps for the Restructuring Transactions, including
the reorganization of the Company Parties and issuance of the Newco Valaris Equity, through the Chapter 11 Cases, the Plan, and
the Administration or other Implementation Mechanism.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Restructuring
Term Sheet</U></B>&rdquo; has the meaning set forth in the recitals to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Restructuring
Transactions</U></B>&rdquo; has the meaning set forth in the recitals to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Rights
Offering</U></B>&rdquo; has the meaning set forth in the Restructuring Term Sheet.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Rights
Offering Documents</U></B>&rdquo; means, collectively, the Backstop Agreement and any and all other agreements, documents, and
instruments delivered or entered into in connection with the Rights Offering, including the Rights Offering Procedures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Rights
Offering Procedures</U></B>&rdquo; means the procedures outlined in the <I>Rights Offering Materials </I>[Docket No.&nbsp;695],
as may be amended in accordance with this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Rowan
Ad Hoc Group Fees</U></B>&rdquo; means all pre- and post-petition fees of the ad hoc group of Rowan bondholders including reimbursement
of charges by Quinn Emanuel Urquhart&nbsp;&amp; Sullivan LLP, the indenture trustee and its counsel Katten Muchin Rosenman LLP
and local counsel, which for the avoidance of doubt includes all fees and expenses related to the Harris County Litigation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Rules</U></B>&rdquo;
means Rule&nbsp;501(a)(1), (2), (3), and (7)&nbsp;of the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Section&nbsp;510(b)&nbsp;Claim</U></B>&rdquo;
means any Claim against a Company Party arising from rescission of a purchase or sale of a security (as defined in section 2(a)(1)&nbsp;of
the Securities Act) of any Company Party or an Affiliate of any of the Company Parties, for damages arising from the purchase or
sale of such a security, or for reimbursement or contribution allowed under section&nbsp;502 of the Bankruptcy Code on account
of such a Claim.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Securities
Act</U></B>&rdquo; means the Securities Act of 1933, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Senior
Notes</U></B>&rdquo; means, collectively, the 2020 Notes, the 2021 Notes, the 2022 Notes, the&nbsp;4.5% 2024 Notes, the 3.0% 2024
Notes, the 4.75% 2024 Notes, the 8.0% 2024 Notes, the 5.2% 2025 Notes; the 7.375% 2025 Notes, the 2026 Notes, the 2027 Debentures,
the 2040 Notes, the 2042 Notes, the 5.85% 2044 Notes, and the 5.75% 2044 Notes.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Senior
Notes Claim</U></B>&rdquo; means any Claim on account of the Senior Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Senior
Notes Indentures</U></B>&rdquo; means, collectively, those certain indentures or bond agreements, as amended, supplemented or modified
from time to time, for the Senior Notes, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Shearman</U></B>&rdquo;
means Shearman&nbsp;&amp; Sterling LLP, as legal counsel to the RCF Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Solicitation
Materials</U></B>&rdquo; means all solicitation materials in respect of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Supplemental
Disclosure Statement</U></B>&rdquo; means the disclosure statement, attached hereto as <B><U>Exhibit&nbsp;F</U></B>, with respect
to the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Supplemental
Disclosure Statement Order</U></B>&rdquo; means an order entered by the Bankruptcy Court approving the Supplemental Disclosure
Statement and Solicitation Materials as containing, among other things, &ldquo;adequate information&rdquo; as required by sections
1125 and 1126(b)&nbsp;of the Bankruptcy Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Termination
Date</U></B>&rdquo; means the date on which termination of this Agreement as to a Party is effective in accordance with Section&nbsp;12.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Transfer</U></B>&rdquo;
means to sell, resell, reallocate, use, pledge, assign, transfer, hypothecate, participate, donate or otherwise encumber or dispose
of, directly or indirectly (including through derivatives, options, swaps, pledges, forward sales or other transactions).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Transfer
Agreement</U></B>&rdquo; means an executed form of the transfer agreement providing, among other things, that a transferee is bound
by the terms of this Agreement and substantially in the form attached hereto as <B><U>Exhibit&nbsp;B</U></B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Trustee</U></B>&rdquo;
means any indenture trustee or other trustee or similar entity under the Senior Notes Indentures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Valaris</U></B>&rdquo;
has the meaning set forth in the preamble to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">&ldquo;<B><U>Valaris
Bond Claims</U></B>&rdquo; means any Claim against any Company Party with respect to the&nbsp;2021 Notes, the 4.5% 2024 Notes,
the 8.0% 2024 Notes, the 5.2% 2025 Notes, the 7.75% 2026 Notes, and the 5.75% 2044 Notes (and collectively, the &ldquo;<B><U>Valaris
Bonds</U></B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.02.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Interpretation</U>.
For purposes of this Agreement:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">in
the appropriate context, each term, whether stated in the singular or the plural, shall include both the singular and the plural,
and pronouns stated in the masculine, feminine, or neuter gender shall include the masculine, feminine, and the neuter gender;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">capitalized
terms defined only in the plural or singular form shall nonetheless have their defined meanings when used in the opposite form;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">unless
otherwise specified, any reference herein to a contract, lease, instrument, order, release, indenture, or other agreement or document
being in a particular form or on particular terms and conditions means that such document shall be substantially in such form or
substantially on such terms and conditions;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">unless
otherwise specified, any reference herein to an existing document, schedule, or exhibit shall mean such document, schedule, or
exhibit, as it may have been or may be amended, restated, supplemented, or otherwise modified from time to time; <U>provided</U>
that any capitalized terms herein which are defined with reference to another agreement, are defined with reference to such other
agreement as of the date of this Agreement, without giving effect to any termination of such other agreement or amendments to such
capitalized terms in any such other agreement following the date hereof;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">unless
otherwise specified, all references herein to &ldquo;Sections&rdquo; are references to Sections of this Agreement;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
words &ldquo;herein,&rdquo; &ldquo;hereof,&rdquo; and &ldquo;hereto&rdquo; refer to this Agreement in its entirety rather than
to any particular portion of this Agreement;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">captions
and headings to Sections are inserted for convenience of reference only and are not intended to be a part of or to affect the interpretation
of this Agreement;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">references
to &ldquo;shareholders,&rdquo; &ldquo;directors,&rdquo; and/or &ldquo;officers&rdquo; shall also include &ldquo;members&rdquo;
and/or &ldquo;managers,&rdquo; as applicable, as such terms are defined under the applicable limited liability company Laws;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
use of &ldquo;include&rdquo; or &ldquo;including&rdquo; is without limitation, whether stated or not; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
phrases &ldquo;counsel to the Consenting Noteholders&rdquo; and &ldquo;counsel to the RCF Agent&rdquo; refer in this Agreement
to the applicable counsel specified as set forth in Section&nbsp;14.10.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;2.</B></FONT><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Effectiveness
of this Agreement.</I></FONT></B><FONT STYLE="font-size: 10pt"> This Agreement shall become effective and binding upon each of
the Parties at 12:00 a.m., prevailing Eastern Standard Time, on the Agreement Effective Date, which is the date on which all of
the following conditions have been satisfied or waived in accordance with this Agreement:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">each
of the Company Parties shall have executed and delivered counterpart signature pages&nbsp;of this Agreement to counsel to each
of the Parties;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">each
of the Company Parties shall have executed and delivered counterpart signature pages&nbsp;of the Backstop Agreement to counsel
to each of the Parties;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">holders
of at least 66.67% of the aggregate outstanding principal amount of Credit Facility Claims shall have executed and delivered counterpart
signature pages&nbsp;of this Agreement to counsel to each of the Parties; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">holders
of at least 50.01% of the aggregate outstanding principal amount of Senior Notes Claims who executed or joined the Original Restructuring
Support Agreement shall have given notice to the counsel to the Company Parties and counsel to the RCF Agent (by email through
counsel pursuant to the Original Restructuring Support Agreement) that such Required Consenting Noteholders consent to this Agreement;
and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">counsel
to the Company Parties shall have given notice to counsel to the Consenting Noteholders and counsel to the RCF Agent in the manner
set forth in Section&nbsp;14.10 hereof (by email or otherwise) that the other conditions to the Agreement Effective Date set forth
in this Section&nbsp;2 have occurred.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;3.</B></FONT><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Definitive
Documents.</I></FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.01.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Definitive Documents governing the Restructuring Transactions shall, subject always to Section&nbsp;3.02, include:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">irrespective
of Implementation Mechanism:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
Restructuring Steps Plan;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">any
organizational documents of Newco Valaris;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
Backstop Agreement and all other Rights Offering Documents;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
New Secured Notes Documents;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">any
and all documentation required to implement, issue, and distribute the Newco Valaris Equity and New Warrants (including the New
Warrant Agreement); and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">all
opinions, certificates, filings and other deliverables required to satisfy the conditions precedent to the effectiveness of the
foregoing documents and agreements; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">in
relation to an Administration, an order of the relevant court in which the application for Administration has been filed and any
material documents to which the Company is party in relation to the administration process (including in relation to the quantum
and structure of funding of the administrators and any sale and purchase agreements and related documents to be entered into or
used in connection with the direct or indirect sale of any of the Company Parties to Newco Valaris) where such documents are entered
into prior to the Plan Effective Date, provided that this shall not include, without limitation, any witness statements in respect
of the application for Administration, any protocol entered into between any of the Company Parties and an administrator, where
such protocol otherwise complies with this Agreement, nor any document, deed, agreement, filing, notification, letter or instrument
required to be issued, produced or otherwise created by an administrator pursuant to applicable Law;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">in
relation to the Chapter 11 Cases: (i)&nbsp;the Plan; (ii)&nbsp;the Confirmation Order; (iii)&nbsp;the Supplemental Disclosure Statement;
(iv)&nbsp;the Supplemental Disclosure Statement Order and the other Solicitation Materials and any related motions seeking the
approval thereof; (v)&nbsp;the DIP Facility Documents and the Financing Order; (vi)&nbsp;the First Day Pleadings and all orders
sought pursuant thereto and all other material pleadings filed in the Chapter 11 Cases; (vii)&nbsp;the Plan Supplement; and (viii)&nbsp;any
other documentation relating to distributions provided to the holders of any Claims or Equity Interests, exit financing or other
related documents and such other agreements and documentation reasonably desired or necessary to consummate and document the transactions
contemplated by this Agreement and the Restructuring Term Sheet; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">such
other documents as the Company Parties or the Required Consenting Creditors reasonably determine are necessary to implement the
Restructuring Transactions, or reasonably identify as documents which should be treated as Definitive Documents.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.02.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Parties acknowledge that the Definitive Documents not executed or in a form attached to this Agreement as of the Execution Date
remain subject to negotiation and completion. The final form of each of the Definitive Documents and every other document, deed,
agreement, filing, notification, letter or instrument related to the Restructuring Transactions shall contain terms, conditions,
representations, warranties, and covenants materially consistent in all respects with the terms of this Agreement and the Restructuring
Term Sheet, as they may be modified, amended, or supplemented in accordance with Section&nbsp;13. Each of the Definitive Documents
not executed or in a form attached to this Agreement as of the Execution Date shall be in a form and substance reasonably acceptable
to the Company Parties and the Required Consenting Creditors; <I>provided </I>that the New Secured Notes Documents need only be
reasonably acceptable to the Company Parties and the Required Consenting Noteholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in"><B>Section&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Commitments
of the Consenting Creditors.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.01.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>General
Commitments</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">During
the Agreement Effective Period, each Consenting Creditor agrees, in respect of all of its Company Claims/Interests, to:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">support
the Restructuring Transactions and vote and exercise any powers or rights available to it (including in any board, shareholders&rsquo;,
or creditors&rsquo; meeting or in any process requiring voting or approval to which they are legally entitled to participate) in
each case in favor of any matter requiring approval to the extent necessary to implement the Restructuring Transactions;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">use
commercially reasonable efforts to cooperate with and assist the Company Parties in obtaining additional support for the Restructuring
Transactions from the Company Parties&rsquo; other stakeholders;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">use
commercially reasonable efforts to oppose any party or person from taking any actions contemplated in Section&nbsp;4.01(b);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">use
commercially reasonable efforts to give any notice, order, instruction, or direction to the applicable Agent or Trustees (as applicable)
necessary to give effect to the Restructuring Transactions;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">consider
in good faith any amendments to this Agreement proposed by the Company Parties that may assist in obtaining approval of or additional
support for the Restructuring Transactions; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">negotiate
in good faith and use commercially reasonable efforts to execute and implement the Definitive Documents that are materially consistent
with this Agreement, the Restructuring Term Sheet, and the Restructuring Steps Plan, to which it is required to be a party.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">During
the Agreement Effective Period, each Consenting Creditor agrees, in respect of all of its Company Claims/Interests, that it shall
not directly or indirectly, or direct or encourage any person to:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">object
to, delay, impede, or take any other action to interfere with acceptance, implementation, or consummation of the Restructuring
Transactions;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">propose,
file, support, or vote for any Alternative Restructuring Proposal;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">file
any motion, pleading, or other document with the Bankruptcy Court or any other court (including any modifications or amendments
thereof) that, in whole or in part, is not materially consistent with this Agreement, any Implementation Mechanism or the Plan;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">initiate,
or have initiated on its behalf, any litigation or proceeding of any kind with respect to the Chapter 11 Cases, an Administration,
this Agreement, the Ancillary Proceedings, or the other Restructuring Transactions contemplated herein against the other Parties
other than to enforce this Agreement or any Definitive Document or as otherwise permitted under or contemplated by this Agreement,
or as otherwise agreed in writing to be necessary or desirable for the implementation of the Restructuring Transactions by the
Company Parties and the Required Consenting Creditors; <I>provided</I>, for the avoidance of doubt, that nothing in this Agreement
shall limit the right of any Party hereto to exercise any right or remedy provided under this Agreement, the Confirmation Order,
or any other Definitive Document or to file any pleading in the Chapter&nbsp;11 Cases, an Administration, or any Ancillary Proceedings
if the relief sought by the Company is inconsistent with this Agreement, the Confirmation Order or any other Definitive Document
or was filed without the consent of the Required Consenting Creditors;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">pursue
any pending discovery or litigation previously commenced in connection with the Chapter 11 Cases by any Party against any other
Party, which shall cease on the Agreement Effective Date; <I>provided</I> that all deadlines for such discovery or litigation shall
be automatically tolled from the original deadline for the amount of days from January&nbsp;29, 2021 through the termination of
this Agreement plus seven (7)&nbsp;days, or if later, until seven (7)&nbsp;days following such deadline as set forth in the <I>Stipulation
Regarding Scheduling for the Confirmation Hearing Related to the Debtors&rsquo; Joint Chapter 11 Plan of Reorganization </I>[Docket
No.&nbsp;774];</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">(A)&nbsp;take
(directly or indirectly) any Enforcement Actions; (B)&nbsp;direct or encourage any person to take any Enforcement Action; or (C)&nbsp;vote
or direct any proxy appointed by it to vote in favor of any Enforcement Action, in each case except as contemplated by this Agreement
or the Definitive Documents or as otherwise agreed in writing to be necessary or desirable for the implementation of the Restructuring
Transactions by the Company Parties and the Required Consenting Creditors; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">object
to, delay, impede, or take any other action to interfere with the Company Parties&rsquo; ownership and possession of their assets,
wherever located, or interfere with the automatic stay arising under section&nbsp;362 of the Bankruptcy Code.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.03.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Commitments
with Respect to Chapter 11 Cases</U>. During the Agreement Effective Period, each Consenting Creditor that is entitled to vote
to accept or reject the Plan pursuant to its terms agrees that it shall, subject to receipt by such Consenting Creditor, whether
before or after the commencement of the Chapter&nbsp;11 Cases, of the Solicitation Materials:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">vote
each of its Company Claims/Interests to accept the Plan by delivering its duly executed and completed ballot accepting the Plan
on a timely basis following the commencement of the solicitation of the Plan and its actual receipt of the Solicitation Materials
and the ballot;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">to
the extent it is permitted to elect whether to opt out of the releases set forth in the Plan, elect not to opt out of the releases
set forth in the Plan by timely delivering its duly executed and completed ballot(s)&nbsp;indicating such election; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">not
change, withdraw, amend, or revoke (or cause to be changed, withdrawn, amended, or revoked) any vote or election referred to in
clauses (a)(i)&nbsp;and (a)(ii)&nbsp;above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">During
the Agreement Effective Period, each Consenting Creditor, in respect of each of its Company Claims/Interests, will support the
Restructuring Transactions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">As
soon as is reasonably practicable after the Agreement Effective Date, each Consenting Creditor agrees to (as applicable): (i)&nbsp;consult
in good faith with the Company Parties regarding the form and substance of the Definitive Documents, and (ii)&nbsp;negotiate the
form and substance of the Definitive Documents in good faith.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.04.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Backstop
Commitments</U>. Upon the terms and subject to the conditions hereof, (i)&nbsp;Valaris shall conduct the Rights Offering and (ii)&nbsp;the
Backstop Parties shall provide their respective Backstop Commitment, in each case pursuant to and in accordance with the Backstop
Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.05.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Forbearances
and Waivers</U>. Each Consenting Creditor, during the Agreement Effective Period, hereby temporarily waives, and agrees to forbear
from exercising or directing any Entity to exercise remedies on account of, any breach by any Company Party of, and any default
or event of default (howsoever described) under, the Credit Facility or any Senior Notes Indenture which shall or may arise as
a result of, directly or indirectly:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
commencement of any Chapter 11 Cases, Administration, Ancillary Proceedings, or other Implementation Mechanisms or any of the steps,
actions, or transactions required by, specified or contemplated in and/or implemented by or undertaken pursuant to this Agreement;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">failing
to make any payment of principal, amortization, interest, or other amounts due under any Credit Facility or Senior Notes Indenture
to any Agent, Trustee, Consenting Lender, or Consenting Noteholder; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">failing
to comply with any covenant under the Credit Facility or any Senior Notes Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;5.</B></FONT><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Additional
Provisions Regarding the Consenting Creditors&rsquo; Commitments.</I></FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notwithstanding anything contained in this
Agreement, nothing in this Agreement shall: (a)&nbsp;affect the ability of any Consenting Creditor to consult with any other Consenting
Creditor, the Company Parties, or any other party in interest in the Restructuring Transactions or the Chapter&nbsp;11 Cases (including
any official committee and the United States Trustee) or any other Implementation Mechanism; (b)&nbsp;impair or waive the rights
of any Consenting Creditor to assert or raise any objection permitted under this Agreement in connection with the Restructuring
Transactions; (c)&nbsp;be construed to prohibit any Consenting Creditor from appearing as a party-in-interest in a Chapter 11 Case,
so long as such appearance and any positions advocated in connection therewith are not materially inconsistent with this Agreement;
(d)&nbsp;be construed to prohibit any Consenting Creditor from asserting, whether any matter, factor, or thing is a breach of,
or is materially inconsistent with, this Agreement; (e)&nbsp;obligate any Consenting Creditor to waive (to the extent waivable
by such Consenting Creditor) any condition set forth in any Definitive Document; or (f)&nbsp;require any Consenting Creditor to
incur any expenses, liabilities or other obligations, or agree to any commitments, undertakings, concessions, indemnities or other
arrangements that are reasonably likely to result in expenses, liabilities, or other obligations to any Consenting Creditor or
any of its affiliates; <I>provided</I> that nothing in the foregoing clause (f)&nbsp;shall serve to limit, alter, or modify any
Consenting Creditor&rsquo;s obligations under the terms of this Agreement or the Definitive Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;6.</B></FONT><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Commitments
of the Company Parties.</I></FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.01.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Affirmative
Commitments</U>. Except as set forth in Section&nbsp;7, during the Agreement Effective Period, the Company Parties agree to:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">support
and take all steps reasonably necessary and desirable to consummate the Restructuring Transactions in accordance with this Agreement
and the Restructuring Term Sheet, including:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">negotiate
in good faith and use commercially reasonable efforts to execute and implement the Restructuring Steps Plan;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">in
consultation with the advisors to the Consenting Creditors and keeping them reasonably informed throughout, prepare to implement
the Restructuring Transactions in England and Wales pursuant to the Administration and any other Implementation Mechanisms;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">consult
with the advisors to the Consenting Creditors throughout the Agreement Effective Period regarding any Implementation Mechanisms
that are being considered, and the proposed details thereof;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">in
relation to the Chapter 11 Cases: (A)&nbsp;completing the preparation, as soon as reasonably practicable after the Agreement Effective
Date, of each of the Plan, the Supplemental Disclosure Statement and the other Definitive Documents; (B)&nbsp;providing drafts
of the Plan, the Supplemental Disclosure Statement and all other Definitive Documents and any other material pleadings to, and
affording reasonable opportunity of comment and review of such documents by, the Consenting Noteholders and the RCF Agent in advance
of any filing, execution, distribution or use (as applicable) thereof; (C)&nbsp;consulting in good faith with the Consenting Noteholders
and the RCF Agent regarding the form and substance of the Plan, the Supplemental Disclosure Statement, and the other Definitive
Documents in advance of the filing, execution, distribution or use (as applicable) thereof, and negotiating in good faith, executing,
performing its obligations under, and consummating the transactions contemplated by, the Definitive Documents to which it is (or
will be) a party; <I>provided</I> that the obligations under this Section&nbsp;6.01(a)&nbsp;shall in no way alter or diminish any
right expressly provided to any applicable Consenting Creditor under this Agreement to review, comment on, and/or consent to the
form and/or substance of any document; (D)&nbsp;timely filing a formal objection to any motion filed with the Bankruptcy Court
by any person seeking the entry of an order (1)&nbsp;directing the appointment of an examiner with expanded powers or a trustee,
(2)&nbsp;converting any of the Chapter 11 Cases to a case under chapter 7 of the Bankruptcy Code (unless it is the Debtors filing
such motion with the consent of the RCF Agent and the Consenting Noteholders, not to be unreasonably withheld, conditioned, or
delayed), (3)&nbsp;dismissing the Chapter&nbsp;11 Cases, or (4)&nbsp;for relief that (x)&nbsp;is materially inconsistent with this
Agreement, or (y)&nbsp;would, or would reasonably be expected to, frustrate the purposes of this Agreement, including by preventing
the consummation of the Restructuring Transactions; and (E)&nbsp;timely filing a formal objection to any motion filed with the
Bankruptcy Court by any person seeking the entry of an order modifying or terminating any Debtor&rsquo;s exclusive right to file
and/or solicit acceptances of a plan of reorganization;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">to
the extent any legal or structural impediment arises that would prevent, hinder, or delay the consummation of the Restructuring
Transactions contemplated herein, take all steps reasonably necessary and desirable to address any such impediment;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">use
commercially reasonable efforts to obtain any and all required regulatory and/or third-party approvals for the Restructuring Transactions;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">negotiate
in good faith and use commercially reasonable efforts to&nbsp;agree to the form of, execute, and deliver the Definitive Documents
and any other required agreements to effectuate and consummate the Restructuring Transactions as contemplated by this Agreement;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">use
commercially reasonable efforts to seek additional support for the Restructuring Transactions from their other material stakeholders
to the extent reasonably prudent;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">in
each case in a manner that is, taking into account the Restructuring Transactions, consistent insofar as reasonably possible,
with past practices, and in compliance with Law (where non-compliance with such Law might have a Material Adverse Effect), use
commercially reasonable efforts to (i)&nbsp;conduct, and cause their respective subsidiaries to conduct, their businesses and
operations in the ordinary course; (ii)&nbsp;maintain their physical assets, properties, and facilities in their working order
condition and repair; (iii)&nbsp;maintain their respective books and records in the ordinary course; (iv)&nbsp;maintain all insurance
policies (including all directors and officers policies), or suitable replacements therefor, in full force and effect, in the
ordinary course; and (v)&nbsp;use reasonable best efforts to preserve intact their business organizations and relationships with
third parties (including creditors, lessors, licensors, suppliers, distributors, franchisors and customers) and employees in the
ordinary course;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">promptly
notify counsel to the Consenting Noteholders and counsel to the RCF Agent (and in any event within two (2)&nbsp;Business Days
after obtaining actual knowledge thereof) of (i)&nbsp;any Material Adverse Effect; (ii)&nbsp;the happening or existence of any
Event that Valaris&rsquo; board of directors, special committee or similar governing bodies of the Debtors determine, in good
faith and based upon advice of legal counsel, are likely to make any of the conditions precedent set forth in (or to be set forth
in) any of the Definitive Documents incapable of being satisfied prior to the Outside Date; (iii)&nbsp;the occurrence of any termination
event pursuant to Section&nbsp;12; and (iv)&nbsp;the receipt of notice from any governmental entity or other third party alleging
that the consent of such person is or may be required in connection with the consummation of any part of the Restructuring Transactions,
unless such notice is disclosed on the docket maintained in the Chapter 11 Cases; <I>provided</I> that the foregoing obligation
shall not require any Company Party to (1)&nbsp;take any action which is restricted or prohibited by obligations of confidentiality
binding on the Company Parties, applicable Law or the rules&nbsp;of any applicable securities exchange (provided, that such Company
Party must only withhold the portion of such information or materials that are actually subject to such confidentiality obligations,
applicable Law or rules&nbsp;of any applicable securities exchange, and unless otherwise restricted from doing so by any of the
aforementioned, use commercially reasonable efforts to provide such withheld information or materials to counsel to the Consenting
Creditors pursuant to a Confidentiality Agreement) nor (2)&nbsp;disclose any document or share any information over which any
Company Party asserts any legal professional privilege nor waive or forego the benefit of any applicable legal professional privilege;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">upon
request keep the Consenting Creditors reasonably informed about the operations of the Company and its direct and indirect subsidiaries,
and, subject to applicable non-disclosure agreements and the terms thereof, use commercially reasonable efforts to provide the
Consenting Creditors any information reasonably requested regarding the Company or any of its direct and indirect subsidiaries
and provide, and direct the Company&rsquo;s current employees, officers, advisors and other representatives to provide, to the
Consenting Noteholders Advisors and the RCF Agent Advisors: (i)&nbsp;reasonable access to the Company&rsquo;s books, records,
and facilities, and (ii)&nbsp;reasonable access to the senior management and advisors of the Company for the purposes of evaluating
the Company&rsquo;s assets, liabilities, operations, businesses, finances, strategies, prospects, and affairs, <I>provided</I>
that the foregoing obligation shall not require any Company Party or any of their employees, officers, advisors or other representatives
to (1)&nbsp;take any action or share any information which is restricted or prohibited by obligations of confidentiality binding
on the Company Parties, applicable Law or the rules&nbsp;of any applicable securities exchange (provided, that such Company Party
must only withhold the portion of such information or materials that are actually subject to such confidentiality obligations,
applicable Law or rules&nbsp;of any applicable securities exchange, and unless otherwise restricted from doing so by any of the
aforementioned, use commercially reasonable efforts to provide such withheld information or materials to counsel to the Consenting
Creditors pursuant to a Confidentiality Agreement) nor (2)&nbsp;disclose any document or share any information over which any
Company Party asserts any legal professional privilege nor waive or forego the benefit of any applicable legal professional privilege;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">unless
otherwise required by the Bankruptcy Court, the rules&nbsp;of any applicable securities exchange or applicable Law, cause the
amount of the Claims and Interests held by the Consenting Creditors and the identity of the Consenting Creditors as set forth
on the signature pages&nbsp;attached to this Agreement (or, with respect to any Consenting Creditor that becomes a party hereto
after the date hereof, to any Joinder Agreement) to be redacted to the extent this Agreement or the Restructuring Term Sheet is
(A)&nbsp;filed on the docket maintained in the Chapter 11 Cases, or (B)&nbsp;otherwise made publicly available; <I>provided</I>
that if such disclosure is required, then the Debtors shall, unless prohibited or restricted from doing so by applicable Law or
the rules&nbsp;of any applicable securities exchange, afford the relevant Consenting Creditor a reasonable opportunity to review
and comment in advance of such disclosure and shall take all reasonable measures to limit such disclosure;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">promptly
pay the fees and expenses of the RCF Agent Advisors, the Consenting Noteholders Advisors, and the Rowan Ad Hoc Group Fees pursuant
to Section&nbsp;14.21; and</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
Debtors shall promptly seek the entry of an order of the Bankruptcy Court approving the payment of RCF Agent Advisor and Consenting
Noteholder Advisors fees and expenses in accordance with Section&nbsp;6.01(j).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.02.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Negative
Commitments</U>. Except as set forth in Section&nbsp;7, during the Agreement Effective Period, each of the Company Parties shall
not directly or indirectly:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">object
to, delay, impede, or take any other action to interfere with acceptance, implementation, or consummation of the Restructuring
Transactions;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">pursue
an Implementation Mechanism in England and Wales without the prior consent of the Required Consenting Creditors (not to be unreasonably
withheld, conditioned, or delayed); <I>provided </I>that no such consent shall be required in relation to the Administration or
any Ancillary Proceedings;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">take
any action that is inconsistent in any material respect with, or is intended to frustrate or impede approval, implementation,
and consummation of the Restructuring Transactions described in, this Agreement or the Plan, including, but not limited to, (i)&nbsp;initiating
any proceeding or taking any other action to oppose the execution or delivery of any of the Definitive Documents, the performance
of any obligations of any party to any of the Definitive Documents or the consummation of the transactions contemplated by any
of the Definitive Documents, (ii)&nbsp;initiating any proceeding or taking any other action to amend, supplement or otherwise
modify any of the Definitive Documents, which amendment, modification, or supplement is inconsistent with this Agreement or otherwise
not reasonably acceptable to the Required Consenting Creditors, or (iii)&nbsp;initiating any proceeding or taking any other action
that is barred by or is otherwise inconsistent with this Agreement, the Restructuring Term Sheet, or any of the other Definitive
Documents;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">announce
publicly, or announce to any of the Consenting Creditors or other holders of Claims and Interests, its intention not to support
the Restructuring Transactions;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">modify
the Plan, in whole or in part, in a manner that is not consistent with this Agreement in all material respects;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)&nbsp;&nbsp;&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">file
any motion, pleading, or Definitive Documents with the Bankruptcy Court or any other court (including any modifications or amendments
thereof) that, in whole or in part, is not materially consistent with this Agreement or the Plan;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">move
for an order (which order may be the Confirmation Order) from the Bankruptcy Court authorizing the assumption or rejection of
any executory contract or unexpired lease, other than any assumption or rejection except (A)&nbsp;with the prior written consent
of the Required Consenting Creditors, not to be unreasonably withheld, conditioned or delayed, or (B)&nbsp;as is expressly contemplated
by the Plan (which, for the avoidance of doubt, contemplates assumption of all executory contracts and unexpired leases of the
Debtors);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">(A)&nbsp;prepare
or commence an avoidance action or other legal proceeding that challenges the amount, validity, allowance, character, enforceability,
or priority of any Senior Notes Claim held by a Consenting Creditors; (B)&nbsp;prepare or commence an avoidance action or other
legal proceeding that challenges the amount, validity, allowance, character, enforceability, or priority of any Credit Facility
Claim held by a Consenting Lender; or (C)&nbsp;support any third party in connection with any of the acts described in clauses
(A)&nbsp;and (B);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">enter
into any commitment or agreement with respect to debtor-in-possession financing, cash collateral usage, exit financing and/or
other financing arrangements, other than as expressly contemplated under the Plan or this Agreement;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">in
respect of any person who is an insider (as defined in the Bankruptcy Code) of the Company Parties, and other than in the ordinary
course of business, (A)&nbsp;grant or agree to grant any increase in the wages, salary, bonus, commissions, retirement benefits,
severance or other compensation or benefits of any director, manager, officer or employee of any of the Debtors or any of their
respective subsidiaries, except for any increase that is done with the consent of the Required Consenting Creditors (not to be
unreasonably withheld, conditioned, or delayed); or (B)&nbsp;enter into, adopt or establish any new compensation or employee benefit
plans or arrangements (including employment agreements), or amend or agree to amend any existing compensation or employee benefit
plans or arrangements (including employment agreements), except for any of the foregoing that is done with the written consent
of the Required Consenting Creditors (not to be unreasonably withheld, conditioned, or delayed); or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">authorize,
create, or issue any additional Equity Interests, or redeem, purchase, acquire, declare any distribution on, or make any distribution
on any Equity Interests other than pursuant to the Restructuring Transactions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;7.</B></FONT><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Additional
Provisions Regarding Company Parties&rsquo; Commitments.</I></FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.01.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Notwithstanding
anything to the contrary in this Agreement, nothing in this Agreement shall require a Company Party or the board of directors,
board of managers, or similar Governing Body of a Company Party, after consulting with counsel, to take any action or to refrain
from taking any action with respect to the Restructuring Transactions, including terminating this Agreement pursuant to Section&nbsp;12.02(b),
to the extent taking or failing to take such action would be inconsistent with applicable Law or its fiduciary obligations under
applicable Law and any such action or inaction pursuant to this Section&nbsp;7.01 shall not be deemed to constitute a breach of
this Agreement; <I>provided</I> that this Section&nbsp;7.01 shall not impede any Party&rsquo;s right to terminate this Agreement
pursuant to Section&nbsp;12, including, for the avoidance of doubt, the Consenting Creditors&rsquo; rights to terminate in accordance
with Section&nbsp;12.01; <I>provided further</I> that the Company Parties shall provide notice as soon as reasonably practicable
(before or after) to the Ad Hoc Group (with email to Kramer Levin being sufficient) and the RCF Agent (with email to Shearman
being sufficient) of (a)&nbsp;any such action or inaction in reliance on this Section&nbsp;7 or (b)&nbsp;the board of directors,
board of managers, or such similar Governing Body of any Company Party having made a determination to terminate this Agreement
pursuant to Section&nbsp;12.02(b).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.02.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Notwithstanding
anything to the contrary in this Agreement, each Company Party and their respective directors, officers, employees, investment
bankers, attorneys, accountants, consultants, and other advisors or representatives shall have the rights to: (a)&nbsp;solicit,
encourage, consider, respond to, and facilitate Alternative Restructuring Proposals; (b)&nbsp;provide access to non-public information
concerning any Company Party to any Entity or enter into Confidentiality Agreements or nondisclosure agreements with any Entity;
(c)&nbsp;maintain or continue discussions or negotiations with respect to Alternative Restructuring Proposals; (d)&nbsp;otherwise
cooperate with, assist, participate in, facilitate, and respond to any inquiries, proposals, discussions, or negotiation of Alternative
Restructuring Proposals; and (e)&nbsp;enter into or continue discussions or negotiations with holders of Claims against or Equity
Interests in a Company Party (including any Consenting Creditor), any other party in interest in the Chapter 11 Cases (including
any official committee and the United States Trustee), or any other Entity regarding the Restructuring Transactions or Alternative
Restructuring Proposals.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.03.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Nothing
in this Agreement shall: (a)&nbsp;impair or waive the rights of any Company Party to assert or raise any objection permitted under
this Agreement in connection with the Restructuring Transactions; or (b)&nbsp;prevent any Company Party from enforcing this Agreement
or contesting whether any matter, fact, or thing is a breach of, or is inconsistent with, this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;8.</B></FONT><B>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Milestones.</I></FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.01.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Milestones</U>.
The Company Parties shall use commercially reasonable efforts to achieve each of the following Milestones, as applicable, unless
otherwise expressly and mutually agreed in writing among the Company Parties and the Required Consenting Creditors:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">by
no later than March&nbsp;15, 2021, the Debtors shall have obtained entry of the Confirmation Order by the Bankruptcy Court; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">by
no later than June&nbsp;15, 2021, the Plan Effective Date shall have occurred (the&nbsp;&ldquo;<B><U>Outside Date</U></B>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.02.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Milestone
Extension</U>. Upon payment by the Company Parties of the Extension Fee (as defined in the Backstop Agreement), the Milestones
in Sections 8.01(a)&nbsp;and 8.01(b)&nbsp;(Confirmation Order and Plan Effective Date) shall be deemed extended by 60 days.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;9.</B></FONT><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Transfer
of Interests and Securities.</I></FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.01.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">During
the Agreement Effective Period, no Consenting Creditor shall Transfer any ownership (including any beneficial ownership as defined
in the Rule&nbsp;13d-3 under the Securities Exchange Act of 1934, as amended) in any Company Claims/Interests to any affiliated
or unaffiliated party, including any party in which it may hold a direct or indirect beneficial interest, unless:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">in
the case of any Company Claims/Interests, the authorized transferee is either (i)&nbsp;a qualified institutional buyer as defined
in Rule&nbsp;144A of the Securities Act, (ii)&nbsp;a non-U.S. person in an offshore transaction as defined under Regulation S
under the Securities Act, (iii)&nbsp;an institutional accredited investor (as defined in the Rules), or (iv)&nbsp;a Consenting
Creditor; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">either
(i)&nbsp;the transferee executes and delivers to counsel to the Company Parties, counsel to the Consenting Noteholders, and counsel
to the RCF Agent at or before the time of the proposed Transfer, a Transfer Agreement or (ii)&nbsp;the transferee is a Consenting
Creditor and the transferee provides notice of such Transfer (including the amount and type of Company Claims/Interest Transferred)
to counsel to the Company Parties, counsel to the RCF Agent, and counsel to the Consenting Noteholders at or before the time of
the proposed Transfer; <I>provided</I> that if the transferor of Claims is a Backstop Party, the transferee of such Claims (or
any subsequent transferee) may not become or be deemed to become a Backstop Party with respect to such Claims; <I>provided further
</I>that the transfer of Credit Facility Claims shall not change the treatment of such Credit Facility Claim to receive its <I>pro
rata</I> share of either the RCF Consenting Lender Base Treatment or the RCF New Money Participation Treatment as elected as of
the RCF New Money Participation Deadline.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.02.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Upon
compliance with the requirements of Section&nbsp;9.01, the transferor shall be deemed to relinquish its rights (and be released
from its obligations, subject to Section&nbsp;14.19 herein) under this Agreement to the extent of the rights and obligations in
respect of such transferred Company Claims/Interests. With respect to Company Claims/Interests held by the relevant transferee
upon consummation of a Transfer, such transferee is deemed to make all of the representations and warranties of a Consenting Creditor
and undertake all obligations relevant to such transferor (including, for the avoidance of doubt, the commitments made in Section&nbsp;4)
set forth in this Agreement. Any Transfer in violation of Section&nbsp;9.01 shall be void <I>ab initio</I>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.03.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">This
Agreement shall in no way be construed to preclude the Consenting Creditors from acquiring additional Company Claims/Interests;
<I>provided</I> that (a)&nbsp;such additional Company Claims/Interests shall automatically and immediately upon acquisition by
a Consenting Creditor be deemed subject to the terms of this Agreement (regardless of when or whether notice of such acquisition
is given to counsel to the Company Parties, counsel to the RCF Agent, or counsel to the Consenting Noteholders) and (b)&nbsp;such
Consenting Creditor must provide notice of such acquisition (including the amount and type of Company Claims/Interest acquired)
to counsel to the Company Parties, counsel to the RCF Agent, and counsel to the Consenting Noteholders within five (5)&nbsp;Business
Days of such acquisition.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.04.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">This
Section&nbsp;9 shall not impose any obligation on any Company Party to issue any&nbsp;&ldquo;cleansing letter&rdquo; or otherwise
publicly disclose information for the purpose of enabling a Consenting Creditor to Transfer any of its Company Claims/Interests.
Notwithstanding anything to the contrary herein, to the extent a Company Party and another Party have entered into a Confidentiality
Agreement, the terms of such Confidentiality Agreement shall continue to apply and remain in full force and effect according to
its terms, and this Agreement does not supersede any rights or obligations otherwise arising under such Confidentiality Agreements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.05.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Notwithstanding
Section&nbsp;9.01, a Qualified Marketmaker that acquires any Company Claims/Interests with the purpose and intent of acting as
a Qualified Marketmaker for such Company Claims/Interests shall not be required to execute and deliver a Transfer Agreement in
respect of such Company Claims/Interests if (a)&nbsp;such Qualified Marketmaker subsequently transfers such Company Claims/Interests
(by purchase, sale assignment, participation, or otherwise) within five (5)&nbsp;Business Days of its acquisition to a transferee
that is an entity that is not an affiliate, affiliated fund, or affiliated entity with a common investment advisor; (b)&nbsp;the
transferee otherwise is a Permitted Transferee under Section&nbsp;9.01; and (c)&nbsp;the Transfer otherwise is a Permitted Transfer
under Section&nbsp;9.01. To the extent that a Consenting Creditor is acting in its capacity as a Qualified Marketmaker, it may
Transfer (by purchase, sale, assignment, participation, or otherwise) any right, title or interests in Company Claims/Interests
that the Qualified Marketmaker acquires from a holder of the Company Claims/Interests who is not a Consenting Creditor without
the requirement that the transferee be a Permitted Transferee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.06.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Notwithstanding
anything to the contrary in this Section&nbsp;9, the restrictions on Transfer set forth in this Section&nbsp;9 shall not apply
to the grant of any liens or encumbrances on any claims and interests in favor of a bank or broker-dealer holding custody of such
claims and interests in the ordinary course of business and which lien or encumbrance is released upon the Transfer of such claims
and interests.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;10.</B></FONT><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Representations
and Warranties.</I></FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Each
Consenting Creditor severally, and not jointly, represents and warrants that, as of the date such Consenting Creditor executes
and delivers this Agreement and on the Plan Effective Date:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">it
is the beneficial or record owner of the face amount of the Company Claims/Interests or is the nominee, investment manager, or
advisor for beneficial holders of the Company Claims/Interests reflected in, and, having made reasonable inquiry, is not the beneficial
or record owner of any Company Claims/Interests other than those reflected in, such Consenting Creditor&rsquo;s signature page&nbsp;to
this Agreement or a Joinder or a Transfer Agreement, as applicable (as may be updated pursuant to Section&nbsp;9);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">it
has the full power and authority to act on behalf of, vote and consent to matters concerning, such Company Claims/Interests;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">such
Company Claims/Interests are free and clear of any pledge, lien, security interest, charge, claim, equity, option, proxy, voting
restriction, right of first refusal, or other limitation on disposition, transfer, or encumbrances of any kind, that would adversely
affect in any way such Consenting Creditor&rsquo;s ability to perform any of its obligations under this Agreement at the time
such obligations are required to be performed;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">it
has the full power to vote, approve changes to, and transfer all of its Company Claims/Interests referable to it as contemplated
by this Agreement subject to applicable Law; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">solely
with respect to holders of Company Claims/Interests, (i)&nbsp;it is either (A)&nbsp;a qualified institutional buyer as defined
in Rule&nbsp;144A of the Securities Act, (B)&nbsp;not a U.S. person (as defined in Regulation S of the Securities Act), or (C)&nbsp;an
institutional accredited investor (as&nbsp;defined in the Rules), and (ii)&nbsp;any securities acquired by the Consenting Creditor
in connection with the Restructuring Transactions will have been acquired for investment and not with a view to distribution or
resale in violation of the Securities Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Each
Company Party severally, and not jointly, represents and warrants that, as of the date such Company Party executes and delivers
this Agreement and on the Plan Effective Date:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">it
has not, and no member of the Group has, entered into an arrangement in respect of any of the Finance Documents (including with
any individual lender thereunder) on terms that are not reflected in the Restructuring Term Sheet; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">following
the incentive and retention programs put in place in May&nbsp;2020 or as approved by the Bankruptcy Court in the Chapter 11 Cases,
it has not established any further, new or amended incentive or retention programs.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;11.</B></FONT><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Mutual
Representations, Warranties, and Covenants</I></FONT></B><FONT STYLE="font-size: 10pt">. Each of the Parties represents, warrants,
and covenants to each other Party, as of the date such Party executed and delivers this Agreement and on the Plan Effective Date:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">it
is validly existing and in good standing under the Laws of the state of its organization, and this Agreement is a legal, valid,
and binding obligation of such Party, enforceable against it in accordance with its terms, except as enforcement may be limited
by applicable Laws relating to or limiting creditors&rsquo; rights generally or by equitable principles relating to enforceability;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">except
as expressly provided in this Agreement (including the Restructuring Term Sheet), the Plan, and the Bankruptcy Code or as expressly
contemplated by the Implementation Mechanisms, no consent or approval is required by any other person or entity in order for it
to effectuate the Restructuring Transactions contemplated by, and perform its respective obligations under, this Agreement;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
entry into and performance by it of, and the transactions contemplated by, this Agreement do not, and will not, conflict in any
material respect with any Law or regulation applicable to it or with any of its articles of association, memorandum of association
or other constitutional documents;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">except
as expressly provided in this Agreement, it has (or will have, at the relevant time) all requisite corporate or other power and
authority to enter into, execute, and deliver this Agreement and to effectuate the Restructuring Transactions contemplated by,
and perform its respective obligations under, this Agreement; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">except
as expressly provided by this Agreement, it is not party to any restructuring or similar agreements or arrangements with the other
Parties to this Agreement that have not been disclosed to all Parties to this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;12.</B></FONT><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Termination
Events</I>.</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.01.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Consenting
Creditor Termination Events</U>. This Agreement may be terminated (a)&nbsp;with respect to the Consenting Lenders, by the Required
Consenting Lenders, (b)&nbsp;with respect to the Consenting Noteholders, by the Required Consenting Noteholders, by the delivery
to the Company Parties of a written notice in accordance with Section&nbsp;14.10 hereof upon the occurrence of the following events:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
breach in any material respect by a Company Party of any of the representations, warranties, or covenants of the Company Parties
set forth in this Agreement that (i)&nbsp;is adverse to the one or more of the Consenting Creditors seeking termination pursuant
to this provision and (ii)&nbsp;remains uncured for seven (7)&nbsp;Business Days after such terminating Consenting Creditors transmit
a written notice in accordance with Section&nbsp;14.10 hereof detailing any such breach;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
issuance by any governmental authority, including any regulatory authority or court of competent jurisdiction, of any final, non-appealable
ruling or order that (i)&nbsp;enjoins the consummation of a material portion of the Restructuring Transactions and (ii)&nbsp;remains
in effect for ten (10)&nbsp;Business Days after such terminating Consenting Creditors transmit a written notice in accordance
with Section&nbsp;14.10 hereof detailing any such issuance; <I>provided</I> that this termination right may not be exercised by
any Party that sought or requested such ruling or order in contravention of any obligation set out in this Agreement;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
Bankruptcy Court enters an order denying confirmation of the Plan, or the Confirmation Order is reversed, stayed, dismissed, vacated,
reconsidered, modified, or amended without the consent of the Required Consenting Creditors (not to be unreasonably withheld,
conditioned, or delayed), or a motion for reconsideration, reargument, or rehearing with respect to any such order has been filed
and the Company Parties have failed to timely object to such motion;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
entry of an order by the Bankruptcy Court, or the filing of a motion or application by any Company Party seeking an order (without
the prior written consent of the Required Consenting Creditors, not to be unreasonably withheld, conditioned, or delayed), (i)&nbsp;converting
one or more of the Chapter 11 Cases of a Filing Entity to a case under Chapter 7 (other than the Newbuild Debtors) of the Bankruptcy
Code absent the consent of the Required Consenting Creditors to such conversion (not to be unreasonably withheld, conditioned,
or delayed), (ii)&nbsp;appointing an examiner with expanded powers beyond those set forth in sections&nbsp;1106(a)(3)&nbsp;and
1106(a)(4)&nbsp;of the Bankruptcy Code or a trustee in one or more of the Chapter 11 Cases of a Company Party, (iii)&nbsp;rejecting
this Agreement, or (iv)&nbsp;terminating any Debtor&rsquo;s exclusive right to file and/or solicit acceptances of a chapter 11
plan without the approval of the Required Consenting Creditors;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
acceleration of amounts outstanding under the DIP Facility pursuant to a DIP Termination Event (as defined in the Financing Order)
and expiration of the applicable Remedies Notice Period (as defined in the Financing Order) without reversal by the Bankruptcy
Court;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">termination
of the DIP Facility;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
Bankruptcy Court grants relief terminating, annulling, or modifying the automatic stay (as set forth in section 362 of the Bankruptcy
Code) with regard to any assets (other than the assets underlying the Newbuild Contracts) of any Debtor having an aggregate fair
market value in excess of $50 million without the approval of the Required Consenting Creditors and which remains uncured for
seven (7)&nbsp;Business Days after such terminating Consenting Creditors transmit a written notice in accordance with Section&nbsp;14.10
hereof detailing any such Event;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
Bankruptcy Court grants relief that (A)&nbsp;(i)&nbsp;is materially inconsistent with this Agreement in any respect or (ii)&nbsp;would,
or would reasonably be expected to, materially frustrate the purposes of this Agreement, including by preventing the consummation
of the Restructuring Transactions without the approval of the Required Consenting Creditors and (B)&nbsp;(i)&nbsp;is adverse to
one or more of the Consenting Creditors seeking termination pursuant to this provision and (ii)&nbsp;remains uncured for seven
(7)&nbsp;Business Days after such terminating Consenting Creditors transmit a written notice in accordance with Section&nbsp;14.10
hereof detailing any such breach;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
Bankruptcy Court enters an order authorizing or directing the assumption, assumption and assignment, or rejection of an executory
contract or unexpired lease which remains uncured for seven (7)&nbsp;Business Days after such terminating Consenting Creditors
transmit a written notice in accordance with Section&nbsp;14.10 hereof detailing any such Event; <I>provided</I> that this clause
(j)&nbsp;shall not apply to any assumption, assumption and assignment, or rejection that (A)&nbsp;is consented to by the Required
Consenting Creditors, which consent shall not be unreasonably withheld, conditioned, or delayed, or (B)&nbsp;is expressly contemplated
by the Plan;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">any
of the Debtors file or seek the approval of a chapter 11 plan which is not the Plan without the approval of the Required Consenting
Creditors (not to be unreasonably withheld, conditioned, or delayed) and which remains uncured for seven (7)&nbsp;Business Days
after such terminating Consenting Creditors transmit a written notice in accordance with Section&nbsp;14.10 hereof detailing any
such breach;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">any
Debtor (A)&nbsp;withdraws the Plan; (B)&nbsp;publicly announces or states in writing its intention to (i)&nbsp;withdraw the Plan
or not support the Plan or (ii)&nbsp;enter into an Alternative Restructuring Proposal; (C)&nbsp;moves to voluntarily dismiss any
of the Chapter 11 Cases (other than the cases of the Newbuild Debtors) absent the consent of the Required Consenting Creditors
(not to be unreasonably withheld, conditioned, or delayed); (D)&nbsp;moves for conversion of any of the Chapter&nbsp;11 Cases
(other than the cases of the Newbuild Debtors) to cases under chapter 7 under the Bankruptcy Code absent the consent of the Required
Consenting Creditors (not to be unreasonably withheld, conditioned, or delayed); or (E)&nbsp;moves for the appointment of an examiner
with expanded powers or a chapter&nbsp;11 trustee;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(l)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
waiver, amendment, or modification of any material term or condition of the Plan, or any of the other Definitive Documents, or
the filing by any Debtor of a pleading seeking to waive, amend, or modify any material term or condition of the Plan or any of
the other Definitive Documents, in each case which waiver, amendment, modification, or filing contains any provision that is inconsistent
with this Agreement, unless it is otherwise acceptable to the Required Consenting Creditors (not to be unreasonably withheld,
conditioned, or delayed), in each case which remains uncured for seven (7)&nbsp;Business Days after such terminating Consenting
Creditors transmit a written notice in accordance with Section&nbsp;14.10 hereof detailing any such Event;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(m)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">any
of the Debtors files any action or initiates any proceeding, or the Debtors publicly or in writing support any action or proceeding
seeking to challenge the amount, validity, allowance, character, enforceability, or priority of any Senior Notes Claim held by
a Consenting Noteholder or any Credit Facility Claim held by a Consenting Lender, in each case which remains uncured for seven
(7)&nbsp;Business Days after such terminating Consenting Noteholder or Consenting Lender transmits a written notice in accordance
with Section&nbsp;14.10 hereof detailing any such Event; <I>provided</I> that only holders of the affected Senior Notes or Credit
Facility Claims (as applicable) may terminate this Agreement pursuant to this subsection (n)&nbsp;and each such holder shall have
an individual termination right under this subsection (n);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(n)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">any
of the Debtors takes any action inconsistent with this Agreement that materially and adversely affects (A)&nbsp;the holders of
Senior Notes or adversely modifies the treatment of the related Claims of such Senior Notes, without the approval of the Consenting
Noteholders who own or control at least 50.1% of the aggregate principal amount of the respective Senior Notes as of such date
and which remains uncured for seven (7)&nbsp;Business Days after such terminating Consenting Noteholder transmits a written notice
in accordance with Section&nbsp;14.10 hereof detailing any such Event or (B)&nbsp;the holders of Credit Facility Claims or adversely
modifies the treatment of the Credit Facility Claims, without the approval of the Consenting Lenders who hold or control at least
50.1% of the aggregate principal amount of the respective Credit Facility Claims as of such date and which remains uncured for
seven (7)&nbsp;Business Days after such terminating Consenting Lender transmits a written notice in accordance with Section&nbsp;14.10
hereof detailing any such Event; <I>provided </I>that only holders of the affected Senior Notes or Credit Facility Claims (as applicable)
may terminate this Agreement pursuant to this subsection (n)&nbsp;and each such holder shall have an individual termination right
under this subsection (n);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(o)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
failure to obtain entry of the Financing Order substantially on the terms set forth in the DIP Commitment Letter except to the
extent such Financing Order is modified with the consent of the Required Consenting Noteholders (not to be unreasonably withheld,
conditioned, or delayed), or the Debtors file a motion seeking authority to secure post-petition or exit financing without the
consent of the Required Consenting Creditors other than as contemplated by this Agreement, and which Event remains uncured for
seven (7)&nbsp;Business Days after such terminating Consenting Creditors transmit a written notice in accordance with Section&nbsp;14.10
hereof detailing any such Event;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(p)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
failure to satisfy any one of the Milestones unless such Milestone is extended with the express prior written consent of the Required
Consenting Creditors, which consent may be provided via email from counsel; <I>provided</I> that the determination of whether the
Company Parties failed to satisfy any Milestone on a date specified in Section&nbsp;8 above (as modified, waived, or extended in
accordance with this Agreement) shall be without regard to the Company Parties&rsquo; use of commercially reasonable efforts to
satisfy such Milestone; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(q)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">this
Agreement may be terminated (a)&nbsp;by the Required Consenting Noteholders upon (i)&nbsp;the exercise of any termination right
by the Required Consenting Lenders or (ii)&nbsp;the breach in any material respect by one or more of the Consenting Lenders of
any provision set forth in this Agreement that (A)&nbsp;is adverse to the Consenting Noteholders or the Company Parties, but only
if the non-breaching Consenting Lenders then hold less than 66.67% of the outstanding aggregate principal amounts of the Credit
Facility Claims &nbsp;and (B)&nbsp;remains uncured for a period of seven Business Days after the Required Consenting Noteholders
transmit a written notice in accordance with Section&nbsp;14.10 hereof detailing any such breach; and (b)&nbsp;by the Required
Consenting Lenders upon (i)&nbsp;the exercise of any termination right by the Required Consenting Noteholders or (ii)&nbsp;the
breach in any material respect by one or more of the Consenting Noteholders of any provision set forth in this Agreement that (A)&nbsp;is
adverse to the Consenting Lenders or the Company Parties, but only if the non-breaching Consenting Noteholders then hold less than
66.67% of the outstanding aggregate principal amounts of the Senior Notes and (B)&nbsp;remains uncured for a period of seven Business
Days after the Required Consenting Lenders transmit a written notice in accordance with Section&nbsp;14.10 hereof detailing any
such breach; <I>provided</I> that, in the event this Agreement is terminated as to the Required Consenting Lenders, the Consenting
Noteholders will automatically become party to and re-bound in all respects by the terms of the Original Restructuring Support
Agreement, including requirements to support the Original Plan; <I>provided further </I>that, notwithstanding anything to the contrary
herein, the obligations and effects of termination described in this Section&nbsp;12.01(q)&nbsp;shall survive the termination of
this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12.02.</FONT><FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Company
Party Termination Events</U>.&nbsp; Any Company Party may terminate this Agreement as to some or all Parties upon prior written
notice to all Parties in accordance with Section&nbsp;14.10 hereof upon the occurrence of any of the following events:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
breach in any material respect by one or more of the Consenting Noteholders or the Consenting Lenders of any provision set forth
in this Agreement that (i)&nbsp;is adverse to the Company Parties seeking termination pursuant to this provision, but only if the
non-breaching Consenting Noteholders or the non-breaching Consenting Lenders then hold less than 66.67% of the outstanding aggregate
principal amounts of the Senior Notes or the Credit Facility Claims, respectively, and (ii)&nbsp;remains uncured for a period of
seven Business Days after such terminating Company Parties transmit a written notice in accordance with Section&nbsp;14.10 hereof
detailing any such breach;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
board of directors, board of managers, or such similar Governing Body of any Company Party determines, after consulting with counsel,
(i)&nbsp;that proceeding with any of the Restructuring Transactions would be inconsistent with the exercise of its fiduciary duties
or applicable Law or (ii)&nbsp;in the exercise of its fiduciary duties, to pursue an Alternative Restructuring Proposal;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
issuance by any governmental authority, including any regulatory authority or court of competent jurisdiction, of any final, non-appealable
ruling or order that (i)&nbsp;enjoins the consummation of a material portion of the Restructuring Transactions and (ii)&nbsp;remains
in effect for fifteen Business Days after such terminating Company Party transmits a written notice in accordance with Section&nbsp;14.10
hereof detailing any such issuance; <I>provided</I> that this termination right shall not apply to or be exercised by any Company
Party that sought or requested such ruling or order in contravention of any obligation or restriction set out in this Agreement;
or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
Bankruptcy Court enters an order denying confirmation of the Plan.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.03.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Mutual
Termination</U>.&nbsp; This Agreement, and the obligations of all Parties hereunder, may be terminated by mutual written agreement
among all of the following: (a)&nbsp;the Required Consenting Creditors and (b)&nbsp;each Company Party.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.04.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Automatic
Termination</U>.&nbsp; This Agreement shall terminate automatically without any further required action or notice (i)&nbsp;upon
termination of the Backstop Agreement in accordance with its terms or (ii)&nbsp;immediately after&nbsp;the Plan Effective Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.05.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Effect
of Termination.</U>&nbsp; Upon the occurrence of a Termination Date as to a Party, this Agreement shall be of no further force
and effect as to such Party and each Party subject to such termination shall be released from its commitments, undertakings, and
agreements under or related to this Agreement and shall have the rights and remedies that it would have had, had it not entered
into this Agreement, and shall be entitled to take all actions, whether with respect to the Restructuring Transactions or otherwise,
that it would have been entitled to take had it not entered into this Agreement, including with respect to any and all Claims or
causes of action.&nbsp; Upon the occurrence of a Termination Date prior to the Confirmation Order being entered by a Bankruptcy
Court, any and all consents or ballots tendered by the Parties subject to such termination before a Termination Date shall be deemed,
for all purposes, to be null and void from the first instance and shall not be considered or otherwise used in any manner by the
Parties in connection with the Restructuring Transactions and this Agreement or otherwise; <I>provided</I> that any Consenting
Creditor withdrawing or changing its vote pursuant to this Section&nbsp;12.05 shall promptly provide written notice of such withdrawal
or change to each other Party to this Agreement and file notice of such withdrawal or change with the Bankruptcy Court. Nothing
in this Agreement shall be construed as prohibiting a Company Party or any of the Consenting Creditors from contesting whether
any such termination is in accordance with its terms or to seek enforcement of any rights under this Agreement that arose or existed
before a Termination Date. Except as expressly provided in this Agreement, nothing herein is intended to, or does, in any manner
waive, limit, impair, or restrict (a)&nbsp;any right of any Company Party or the ability of any Company Party to protect and reserve
its rights (including rights under this Agreement), remedies, and interests, including its claims against any Consenting Creditor,
and (b)&nbsp;any right of any Consenting Creditor, or the ability of any Consenting Creditor, to protect and preserve its rights
(including rights under this Agreement), remedies, and interests, including its claims against any Company Party or Consenting
Creditor. No purported termination of this Agreement shall be effective under this Section&nbsp;12.05 or otherwise if the Party
seeking to terminate this Agreement is in material breach of this Agreement, except a termination pursuant to Section&nbsp;12.02(b)&nbsp;or
Section&nbsp;12.02(d). Nothing in this Section&nbsp;12.05 shall restrict any Company Party&rsquo;s right to terminate this Agreement
in accordance with Section&nbsp;12.02(b). Termination by any individual Consenting Creditor pursuant to Section&nbsp;12 shall only
be effective as to such Consenting Creditor and this Agreement shall continue in full force and effect as to all other Parties.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.06.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Tolling
Effect</U>. This Agreement tolls the pursuit of confirmation of the Original Plan and all litigation and discovery related thereto
among the Parties to this Agreement. In the event that this Agreement is terminated pursuant to this Section&nbsp;12, such tolling
effect shall immediately cease. Following termination of this Agreement, all Parties to this Agreement consent to entry of a stipulation
as soon as reasonably practicable that shall provide: (i)&nbsp;the Plan and Supplemental Disclosure Statement shall be deemed immediately
withdrawn; (ii)&nbsp;the Original Plan shall be reinstated as the chapter&nbsp;11 plan proposed for confirmation; (iii)&nbsp;all
solicitation results with respect to the Original Plan shall be reinstated, subject to any provisions in the solicitation procedures
that allow for modification of solicitation results; <I>provided</I> that the parties who did not submit a vote on the Original
Plan shall have three Business Days after the termination of this Agreement to submit a vote on the Original Plan; <I>provided
further</I> that each Consenting Lender (regardless of whether such Consenting Lender submitted a vote on the Original Plan) shall
be deemed to reject the Original Plan unless such Consenting Lender affirmatively accepts the Original Plan within three Business
Days after the termination of this Agreement; and (iv)&nbsp;all litigation and discovery efforts of the Parties to this Agreement
in connection with the Debtors&rsquo; pursuit of confirmation of the Original Plan, which shall be resumed in accordance with Section&nbsp;4.01(b)(v)&nbsp;hereof.
For the avoidance of doubt, this tolling does not apply to litigation and discovery involving Daewoo Shipbuilding&nbsp;&amp; Marine
Engineering Co.,&nbsp;Ltd. Notwithstanding anything to the contrary herein, the obligations and effects of termination described
in this Section&nbsp;12.06 shall survive the termination of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Section&nbsp;13.</B></FONT><B><FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><I>Amendments
and Waivers</I>.</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">This
Agreement may not be modified, amended, or supplemented, and no condition or requirement of this Agreement may be waived, in any
manner except in accordance with this Section&nbsp;13.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">This
Agreement may be modified, amended, or supplemented, or a condition or requirement of this Agreement may be waived, in a writing
(including by email through counsel) by each Company Party, the Required Consenting Lenders (with email from Shearman being sufficient),
and the Required Consenting Noteholders (with email from Kramer Levin being sufficient); <I>provided</I> that if the proposed modification,
amendment, waiver, or supplement has a material, disproportionate, and adverse effect on any of the Company Claims/Interests held
by a Consenting Creditor, then the consent of each such affected Consenting Creditor shall also be required to effectuate such
modification, amendment, waiver, or supplement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Any
proposed modification, amendment, waiver, or supplement that does not comply with this Section&nbsp;13 shall be ineffective and
void <I>ab initio</I>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
waiver by any Party of a breach of any provision of this Agreement shall not operate or be construed as a further or continuing
waiver of such breach or as a waiver of any other or subsequent breach. No failure on the part of any Party to exercise, and no
delay in exercising, any right, power, or remedy under this Agreement shall operate as a waiver of any such right, power, or remedy
or any provision of this Agreement, nor shall any single or partial exercise of such right, power, or remedy by such Party preclude
any other or further exercise of such right, power, or remedy or the exercise of any other right, power, or remedy. All remedies
under this Agreement are cumulative and are not exclusive of any other remedies provided by Law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section&nbsp;14.</B></FONT><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Miscellaneous.</I></FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">14.01.</FONT><FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Acknowledgement</U>.
Notwithstanding any other provision herein, this Agreement is not and shall not be deemed to be an offer with respect to any securities
or solicitation of votes for the acceptance of a plan of reorganization for purposes of sections&nbsp;1125 and 1126 of the Bankruptcy
Code or otherwise.&nbsp; Any such offer or solicitation will be made only in compliance with all applicable securities Laws, provisions
of the Bankruptcy Code, and/or other applicable Law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">14.02.</FONT><FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Exhibits
Incorporated by Reference; Conflicts</U>. Each of the exhibits, annexes, signatures pages, and schedules attached hereto is expressly
incorporated herein and made a part of this Agreement, and all references to this Agreement shall include such exhibits, annexes,
and schedules. In the event of any inconsistency between this Agreement (without reference to the exhibits, annexes, and schedules
hereto) and the exhibits, annexes, and schedules hereto, this Agreement (without reference to the exhibits, annexes, and schedules
thereto) shall govern.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">14.03.</FONT><FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Further
Assurances</U>.&nbsp; Subject to the other terms of this Agreement, the Parties agree to execute and deliver such other instruments
and perform such acts, in addition to the matters herein specified, as may be reasonably appropriate or necessary, or as may be
required by order of the Bankruptcy Court, from time to time, to effectuate the Restructuring Transactions, as applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">14.04.</FONT><FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Complete
Agreement</U>.&nbsp; Except as otherwise explicitly provided herein, this Agreement constitutes the entire agreement among the
Parties with respect to the subject matter hereof and supersedes all prior agreements, oral or written, among the Parties with
respect thereto, other than any Confidentiality Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">14.05.</FONT><FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>GOVERNING
LAW; SUBMISSION TO JURISDICTION; SELECTION OF FORUM</U>.&nbsp; THIS AGREEMENT IS TO BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED IN SUCH STATE, WITHOUT GIVING EFFECT TO
THE CONFLICT OF LAWS PRINCIPLES THEREOF.&nbsp; Each Party hereto agrees that it shall bring any action or proceeding in respect
of any claim arising out of or related to this Agreement, to the extent possible, in the Chosen Court, and solely in connection
with claims arising under this Agreement: (a)&nbsp;irrevocably submits to the exclusive jurisdiction of the Chosen Court; (b)&nbsp;waives
any objection to laying venue in any such action or proceeding in the Chosen Court; and (c)&nbsp;waives any objection that the
Chosen Court is an inconvenient forum or does not have jurisdiction over any Party hereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">14.06.</FONT><FONT STYLE="text-transform: uppercase">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt; text-transform: uppercase"><U>Trial
by Jury Waiver</U></FONT><FONT STYLE="font-size: 10pt">. EACH PARTY HERETO IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY
IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">14.07.</FONT><FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Execution
of Agreement</U>.&nbsp; This Agreement may be executed and delivered in any number of counterparts and by way of electronic signature
and delivery, each such counterpart, when executed and delivered, shall be deemed an original, and all of which together shall
constitute the same agreement.&nbsp; Except as expressly provided in this Agreement, each individual executing this Agreement on
behalf of a Party has been duly authorized and empowered to execute and deliver this Agreement on behalf of said Party.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">14.08.</FONT><FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Rules&nbsp;of
Construction</U>.&nbsp; This Agreement is the product of negotiations among the Company Parties, the RCF Agent, and the Consenting
Noteholders, and in the enforcement or interpretation hereof, is to be interpreted in a neutral manner, and any presumption with
regard to interpretation for or against any Party by reason of that Party having drafted or caused to be drafted this Agreement,
or any portion hereof, shall not be effective in regard to the interpretation hereof. The Company Parties, the RCF Agent, and the
Consenting Noteholders were each represented by counsel during the negotiations and drafting of this Agreement and continue to
be represented by counsel.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">14.09.</FONT><FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Successors
and Assigns; Third Parties</U>.&nbsp; This Agreement is intended to bind and inure to the benefit of the Parties and their respective
successors and permitted assigns, as applicable. There are no third party beneficiaries under this Agreement, and the rights or
obligations of any Party under this Agreement may not be assigned, delegated, or transferred to any other person or entity, except
in compliance with Section&nbsp;9.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">14.10.</FONT><FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Notices</U>.&nbsp;
All notices hereunder shall be deemed given if in writing and delivered, by electronic mail, courier, or registered or certified
mail (return receipt requested), to the following addresses (or at such other addresses as shall be specified by like notice):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">if
to a Company Party, to:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Valaris plc<BR>
5847 San Felipe Street, Suite&nbsp;3300<BR>
Houston, TX 77057</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Attention: Michael McGuinty, General Counsel<BR>
E-mail address: Michael.McGuinty@valaris.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">with copies to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Kirkland&nbsp;&amp; Ellis LLP<BR>
300 North LaSalle Street<BR>
Chicago,&nbsp;IL 60654<BR>
Attention: Anup Sathy, P.C., Ross M. Kwasteniet, P.C., and Spencer Winters<BR>
E-mail addresses: anup.sathy@kirkland.com; ross.kwasteniet@kirkland.com; spencer.winters@kirkland.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Slaughter
and May<BR>
</FONT>One Bunhill Row<BR>
London EC1Y 8YY<BR>
Attention: Hywel Davies and Ian Johnson<BR>
E-mail addresses: hywel.davies@slaughterandmay.com; ian.johnson@slaughterandmay.com; ProjectPhoenixSM@slaughterandmay.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">if
to a Consenting Noteholder, to:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Kramer Levin Naftalis&nbsp;&amp; Frankel
LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">1177 Avenue of the Americas</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">New York, NY 10036</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Attention: Thomas Moers Mayer, Stephen Zide, and Nathaniel
Allard</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">E-mail addresses: TMayer@kramerlevin.com; SZide@kramerlevin.com;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">NAllard@kramerlevin.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Akin Gump Strauss Hauer&nbsp;&amp; Feld</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Ten Bishops Square, Eighth Floor<BR>
London, E1 6EG United Kingdom</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Attention: James Terry, Jakeob Brown, and Diana Dai</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">E-mail addresses: james.terry@akingump.com; jakeob.brown@akingump.com;
diana.dai@akingump.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">if
to the RCF Agent, to:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Shearman&nbsp;&amp; Sterling LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">599 Lexington Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">New York, NY 10022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Attention: Fredric Sosnick, Ned Schodek</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">E-mail addresses: fsosnick@shearman.com; ned.schodek@shearman.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">Any
notice given by delivery, mail, or courier shall be effective when received.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">14.11.</FONT><FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Independent
Due Diligence and Decision Making</U>. Each Consenting Creditor hereby confirms that its decision to execute this Agreement has
been based upon its independent investigation of the operations, businesses, financial, and other conditions, and prospects of
the Company Parties.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">14.12.</FONT><FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Enforceability
of Agreement</U>. Each of the Parties to the extent enforceable waives any right to assert that the exercise of termination rights
under this Agreement is subject to the automatic stay provisions of the Bankruptcy Code, and expressly stipulates and consents
hereunder to the prospective modification of the automatic stay provisions of the Bankruptcy Code for purposes of exercising termination
rights under this Agreement, to the extent the Bankruptcy Court determines that such relief is required.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">14.13.</FONT><FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Waiver</U>.
If the Restructuring Transactions are not consummated, or if this Agreement is terminated for any reason, the Parties fully reserve
any and all of their rights. This Agreement shall in no event be construed as, or deemed to be evidence of, an admission or concession
on the part of any Party of any claim or fault or liability or damages whatsoever. Each of the Parties denies any and all wrongdoing
or liability of any kind and does not concede any infirmity in the claims and defenses which it has asserted or could assert. No
Party shall have, by reason of this Agreement, a fiduciary relationship in respect of any other Party or any person, or the Company,
and nothing in this Agreement, expressed or implied, is intended to, or shall be construed as to, impose upon any Party any obligation
in respect of this Agreement except as expressly set forth herein. This Agreement is part of a proposed settlement of matters that
could otherwise be the subject of litigation among the Parties. To the extent applicable under Rule&nbsp;408 of the Federal Rules&nbsp;of
Evidence, any applicable state rules&nbsp;of evidence and any other applicable law, foreign or domestic, (a)&nbsp;this Agreement
and all negotiations relating hereto shall not be admissible into evidence in any proceeding other than a proceeding to enforce
its terms or the payment of damages to which a Party may be entitled under this Agreement, and (b)&nbsp;this Agreement, the Restructuring
Term Sheet and the Plan shall not be construed as or be deemed to be evidence of an admission or concession on the part of any
Party of any claim, fault, liability or damages whatsoever. Each of the Parties denies any and all wrongdoing or liability of any
kind and does not concede any infirmity in the claims or defenses which it has asserted or could assert.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">14.14.</FONT><FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Specific
Performance</U>. It is understood and agreed by the Parties that money damages would be an insufficient remedy for any breach of
this Agreement by any Party, and each non-breaching Party shall be entitled to specific performance and injunctive or other equitable
relief (without the posting of any bond and without proof of actual damages) as a remedy of any such breach, including an order
of the Bankruptcy Court or other court of competent jurisdiction requiring any Party to comply promptly with any of its obligations
hereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">14.15.</FONT><FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Several,
Not Joint, Claims</U>. Except where otherwise specified, the agreements, representations, warranties, and obligations of the Parties
under this Agreement are, in all respects, several and not joint.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">14.16.</FONT><FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Severability
and Construction</U>. If any provision of this Agreement shall be held by a court of competent jurisdiction to be illegal, invalid,
or unenforceable, the remaining provisions shall remain in full force and effect if essential terms and conditions of this Agreement
for each Party remain valid, binding, and enforceable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">14.17.</FONT><FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Remedies
Cumulative</U>. All rights, powers, and remedies provided under this Agreement or otherwise available in respect hereof at Law
or in equity shall be cumulative and not alternative, and the exercise of any right, power, or remedy thereof by any Party shall
not preclude the simultaneous or later exercise of any other such right, power, or remedy by such Party.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.18.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Capacities
of Consenting Creditors</U>. Each Consenting Creditor has entered into this agreement on account of all Company Claims/Interests
that it holds (directly or through discretionary accounts that it manages or advises) and, except where otherwise specified in
this Agreement, shall take or refrain from taking all actions that it is obligated to take or refrain from taking under this Agreement
with respect to all such Company Claims/Interests.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.19.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Survival</U>.
Notwithstanding (i)&nbsp;any Transfer of any Company Claims/Interests in accordance with Section&nbsp;9 or (ii)&nbsp;the termination
of this Agreement in accordance with its terms, the agreements and obligations of the Parties in Section&nbsp;12.01(q), Section&nbsp;12.06,
and Section&nbsp;14 shall survive such Transfer and/or termination and shall continue in full force and effect for the benefit
of the Parties in accordance with the terms hereof and thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.20.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Email
Consents</U>. Where a written consent, acceptance, approval, or waiver is required pursuant to or contemplated by this Agreement,
pursuant to Section&nbsp;3.02, Section&nbsp;13, or otherwise, including a written approval by the Company Parties or the Required
Consenting Creditors or any subset thereof, such written consent, acceptance, approval, or waiver shall be deemed to have occurred
if, by agreement between counsel to the Parties submitting and receiving such consent, acceptance, approval, or waiver, it is conveyed
in writing (including electronic mail) between each such counsel without representations or warranties of any kind on behalf of
such counsel.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.21.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Fees&nbsp;&amp;
Expenses</U>. Through the Plan Effective Date, the Debtors shall pay currently in cash all reasonable and documented fees and expenses
of the RCF Agent Advisors and the Consenting Noteholders Advisors; <I>provided</I> the Debtors shall not be required to make any
payments during the Chapter 11 Cases absent authorization by the Bankruptcy Court. On the Plan Effective Date, all remaining unpaid
and/or unreimbursed reasonable and documented fees and expenses (including for the avoidance of doubt, any value added tax or equivalent
tax) of the RCF Agent Advisors, the Consenting Noteholders Advisors, and the Rowan Ad Hoc Group Fees in connection with the Company
Parties or the Restructuring Transactions shall be paid in full in cash by the Debtors, and the Debtors hereby agree, on a joint
and several basis, to pay such fees and expenses in full in cash, without any requirement for Bankruptcy Court review or further
Bankruptcy Court order. All reasonable fees and expenses of the RCF Agent Advisors and the Consenting Noteholders Advisors incurred
following the Plan Effective Date relating to the effectiveness and closing of the Plan, the Restructuring Transactions, the Definitive
Documents (including all Plan Supplement documents), the UK Implementation Agreement, any other documents required to implement,
issue, and distribute the Newco Valaris Equity and New Secured Notes, and in each case, any related documents, agreements, securities,
and transactions, shall be paid in full in cash without any requirement for Bankruptcy Court review or further Bankruptcy Court
order.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.22.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Public
Disclosure</U>. Under no circumstances may any Party make any public disclosure of any kind that would disclose either: (i)&nbsp;the
holdings of any Consenting Creditor (including the signature pages&nbsp;hereto, which shall not be publicly disclosed or filed)
or (ii)&nbsp;the identity of any Consenting Creditor, in each case without the prior written consent of such Consenting Creditor
or the order of a Bankruptcy Court or other court with competent jurisdiction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">IN WITNESS WHEREOF, the undersigned Parties hereto have executed this Agreement on the day and year first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Company Parties&rsquo; Signature Page&nbsp;to<BR>
the Amended Restructuring Support Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>VALARIS PLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ALPHA ACHIEVER COMPANY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ALPHA ADMIRAL COMPANY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ALPHA ARCHER COMPANY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ALPHA OFFSHORE DRILLING SERVICES COMPANY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ALPHA ORCA COMPANY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ATLANTIC MARITIME SERVICES LLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ATWOOD AUSTRALIAN WATERS DRILLING PTY LTD</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ATWOOD DEEP SEAS, LTD.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ATWOOD OCEANICS AUSTRALIA PTY. LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ATWOOD OCEANICS LLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ATWOOD OCEANICS PACIFIC LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ATWOOD OFFSHORE DRILLING LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ATWOOD OFFSHORE WORLDWIDE LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ENSCO (THAILAND) LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ENSCO ASIA PACIFIC PTE. LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ENSCO ASSOCIATES COMPANY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ENSCO AUSTRALIA PTY LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ENSCO CAPITAL LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ENSCO CORPORATE RESOURCES LLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ENSCO DEVELOPMENT LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ENSCO DO BRASIL PETROLEO E GAS LTDA.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ENSCO DRILLING I LTD.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ENSCO DRILLING MEXICO LLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ENSCO ENDEAVORS LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ENSCO GLOBAL GMBH</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ENSCO GLOBAL INVESTMENTS LP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ENSCO GLOBAL IV LTD</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ENSCO GLOBAL RESOURCES LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ENSCO HOLDING COMPANY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ENSCO HOLDINGS I LTD.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ENSCO HOLLAND B.V.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ENSCO INCORPORATED</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ENSCO INTERCONTINENTAL GMBH</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ENSCO INTERNATIONAL INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ENSCO INTERNATIONAL LTD.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ENSCO INVESTMENTS LLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ENSCO JERSEY FINANCE LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ENSCO LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ENSCO MANAGEMENT CORP.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ENSCO MARITIME LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ENSCO MEXICO SERVICES, S. DE R.L. DE C.V.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ENSCO OCEAN 2 COMPANY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ENSCO OCEANICS COMPANY LLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ENSCO OCEANICS INTERNATIONAL COMPANY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ENSCO OFFSHORE COMPANY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ENSCO OFFSHORE INTERNATIONAL COMPANY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ENSCO OFFSHORE INTERNATIONAL HOLDINGS LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ENSCO OFFSHORE INTERNATIONAL INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ENSCO OFFSHORE U.K. LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ENSCO OVERSEAS LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ENSCO TRANSCONTINENTAL II LP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ENSCO TRANSNATIONAL I LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ENSCO UK DRILLING LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ENSCO UNITED INCORPORATED</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ENSCO UNIVERSAL LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ENSCO VISTAS LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ENSCO WORLDWIDE GMBH</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>GREAT WHITE SHARK LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>GREEN TURTLE LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>OFFSHORE DRILLING SERVICES LLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>PRIDE FORAMER S.A.S.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>PRIDE FORASOL S.A.S.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>PRIDE GLOBAL II LTD.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>PRIDE INTERNATIONAL LLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>PRIDE INTERNATIONAL MANAGEMENT COMPANY LP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>RALPH COFFMAN LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>RALPH COFFMAN LUXEMBOURG S.A R.L.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>RCI INTERNATIONAL, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>RD INTERNATIONAL SERVICES PTE. LTD.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>RDC ARABIA DRILLING, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>RDC HOLDINGS LUXEMBOURG S.A R.L.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ROCAL CAYMAN LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ROWAN COMPANIES LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ROWAN COMPANIES LLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ROWAN DRILLING (TRINIDAD) LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ROWAN DRILLING (U.K.) LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ROWAN DRILLING, S. DE R.L. DE C.V.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ROWAN INTERNATIONAL RIG HOLDINGS S.A R.L.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ROWAN MARINE SERVICES, LLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ROWAN N-CLASS (GIBRALTAR) LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ROWAN NO. 1 LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ROWAN NORWAY LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ROWAN OFFSHORE (GIBRALTAR) LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ROWAN OFFSHORE LUXEMBOURG S.A R.L.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ROWAN REX LIMITED</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ROWAN RIGS S.A R.L.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ROWAN SERVICES LLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>ROWAN, S. DE R.L. DE C.V. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>ROWANDRILL, LLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%">/s/ Jonathan H. Baksht</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Name: Jonathan H. Baksht</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Authorized Signatory</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<B>Consenting Creditor Signature Page&nbsp;to<BR>
the Amended Restructuring Support Agreement]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><I>[Signature pages
of the Consenting Creditors on file with the Company.]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>EXHIBIT&nbsp;A</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Restructuring Term Sheet</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt; text-align: right"><B><I>EXECUTION VERSION</I></B></P>

<P STYLE="border-bottom: Black 1pt solid; margin: 0pt">&nbsp;</P>

<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt; font-variant: small-caps">Valaris
plc</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-variant: small-caps"><B><U>Restructuring
Term Sheet</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>February 5, 2021</B></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">This term sheet
(the &ldquo;<B><U>Restructuring Term Sheet</U></B>&rdquo;) sets forth certain material terms of a restructuring (the&nbsp;&ldquo;<B><U>Restructuring
Transactions</U></B>&rdquo;) of the debt obligations and equity of Valaris plc (&ldquo;<B><U>Valaris</U></B>&rdquo;) on the terms
set forth in the amended restructuring support and lock-up agreement (the &ldquo;<B><U>Amended Restructuring Support Agreement</U></B>&rdquo;)
to which this Restructuring Term Sheet is attached as <B><U>Exhibit A</U></B>.<FONT STYLE="font-family: Times New Roman, Times, Serif; color: black"><SUP>1</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">This Restructuring
Term Sheet and the information contained herein are entitled to protection from any use or disclosure to any party or person pursuant
to Rule 408 of the Federal Rules of Evidence and any other applicable rule, statute, or doctrine of similar import protecting
the use or disclosure of confidential settlement discussions. This Restructuring Term Sheet is confidential and subject to applicable
confidentiality provisions and agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">The transactions described herein will be subject to the negotiation and completion
of definitive documents incorporating the terms set forth herein and the closing of any transaction shall be subject to the terms
and conditions set forth in such agreed and executed definitive documents. &nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #BFBFBF">
    <TD COLSPAN="2" STYLE="border: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Overview
    of Restructuring Transactions</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5pt; width: 24%; padding-top: 6pt; padding-bottom: 6pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Implementation</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 6pt 5.4pt; width: 76%; font-size: 10pt; text-align: justify; text-indent: 0in">The
    Amended Restructuring Support Agreement contemplates that the Restructuring Transactions will be implemented through the Plan
    in the Company&rsquo;s voluntary cases under chapter 11 of title 11 of the United States Code (the&nbsp;&ldquo;<B><U>Chapter&nbsp;11&nbsp;Cases</U></B>&rdquo;),
    with respect to the Filing Entities, and through an Administration or one or more of the other Implementation Mechanisms.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: black 1pt solid; padding-left: 5pt; padding-top: 6pt; padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">DIP
    Facility</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">The
    members of the Ad Hoc Group have entered a $500 million new-money debtor-in-possession financing facility with the Debtors
    (the &ldquo;<B><U>DIP Facility</U></B>&rdquo;).&nbsp;&nbsp;</FONT></TD></TR>


<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding-left: 5pt; width: 24%; padding-top: 6pt; padding-bottom: 6pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Rights
    Offering</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 76%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Newco
                                         Valaris shall effectuate a rights offering (the &ldquo;<B><U>Rights Offering</U></B>&rdquo;)
                                         for $500&nbsp;million of first lien secured notes (the &ldquo;<B><U>New Secured Notes</U></B>&rdquo;)
                                         on the terms set forth in the term sheet attached hereto as <B><U>Exhibit 1</U></B> (the
                                         &ldquo;<B><U>New Secured Notes Term Sheet</U></B>&rdquo;). Approximately 97.6% of the
                                         rights issued pursuant to the Rights Offering (the &ldquo;<B><U>Subscription Rights</U></B>&rdquo;)
                                         shall be offered to all record holders as of a specified record date (the &ldquo;<B><U>Record
                                         Date</U></B>&rdquo;) of Senior Notes Claims. Approximately 2.4% of the Subscription Rights
                                         shall be purchased directly by record holders of Credit Facility Claims (the &ldquo;<B><U>New
                                         Money Participating Credit Facility Creditors</U></B>&rdquo;) who opt into the RCF New
                                         Money Participation Treatment (defined below). The recipients of the Subscription Rights
                                         will not have oversubscription privileges.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The Rights Offering
        is backstopped by certain Senior Noteholders (the &ldquo;<B><U>Senior Notes Backstop Parties</U></B>&rdquo;) and RCF Lenders
        (the &ldquo;<B><U>Lender Backstop Parties</U></B>,&rdquo; together with the Senior Notes Backstop Parties, the &ldquo;<B><U>Backstop
        Parties</U></B>&rdquo;) on the terms set forth in the backstop commitment agreement (as amended, the &ldquo;<B><U>Backstop
        Agreement</U></B>&rdquo;). An&nbsp;amendment to the Backstop Agreement is attached hereto as <B><U>Exhibit 2</U></B>;
        <I>provided </I>that, for the avoidance of doubt, the Lender Backstop Parties are not backstopping the offering of the
        Subscription Rights to holders of Senior Notes Claims.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The Backstop
        Parties shall have the exclusive right and obligation to purchase&nbsp;37.5% of the New Secured Notes offered in the Rights
        Offering (such amount, the&nbsp;&ldquo;<B><U>Holdback</U></B>&rdquo;). The Senior Notes Backstop Parties shall have the
        exclusive right and obligation to participate in approximately 97.6% of the Holdback and the Lender Backstop Parties shall
        have the exclusive right and obligation to participate in approximately 2.4% of the Holdback. In&nbsp;addition to participating
        in the Holdback, the Backstop Parties shall have the right and obligation to participate in the Rights Offering pursuant
        to the terms of the Backstop Agreement.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Each holder
        that participates in the Rights Offering and Holdback shall receive its <I>pro rata</I> share (in respect of the Subscription
        Rights and Holdback rights exercised by such holder) of 30.0% of the New Valaris Equity (subject to dilution by the New
        Warrants and the MIP) (the &ldquo;<B><U>Participation Equity</U></B>&rdquo;).</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The members
        of the Ad Hoc Group<FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>2</SUP></FONT> (the
        &ldquo;<B><U>Noteholder Initial Backstop Parties</U></B>&rdquo;) and certain of the RCF Lenders (the &ldquo;<B><U>Lender
        Backstop Parties</U></B>&rdquo;) shall receive a backstop premium (the &ldquo;<B><U>Backstop Premium</U></B>&rdquo;),
        paid-in-kind, of Notes equal to 10% of the aggregate amount of New Secured Notes (<I>i.e.</I>, $50 million principal amount
        of New Secured Notes) multiplied by such party&rsquo;s Backstop Commitment Percentage (as defined in the Backstop Agreement)
        as of the date hereof. The Lender Backstop Parties shall be entitled to receive approximately $1.2 million of the New
        Secured Notes reserved for the Backstop Premium. The Noteholder Initial Backstop Parties shall be entitled to receive
        approximately $48.8 million of the New Secured Notes reserved for the Backstop Premium.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The Lender Backstop
        Parties shall receive an additional approximately 0.07% of the New Valaris Equity in exchange for their commitments as
        set forth in the Backstop Agreement. The Senior Notes Backstop Parties shall receive approximately 2.63% of the New Valaris
        Equity in exchange for their commitments as set forth in the Backstop Agreement.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">All Backstop
        Parties shall maintain their commitment under the Backstop Agreement for 10 months commencing from August 18, 2020. In
        connection with such commitment, the Noteholder Initial Backstop Parties received a commitment fee (the&nbsp;&ldquo;<B><U>Backstop
        Commitment Fee</U></B>&rdquo;) of $20 million, divided in accordance with each Noteholder Initial Backstop Party&rsquo;s
        Backstop Commitment Percentage (as defined in the Backstop Agreement). On the Plan Effective Date, an amount equal to
        the Backstop Commitment Fee shall be lent to the Reorganized Company (as defined below) in exchange for $20 million in
        principal amount of New Senior Notes which shall reduce the principal amount of the New Senior Notes issued to the Noteholder
        Initial Backstop Parties pursuant to the Backstop Premium in an equal amount. The Company Parties shall have the option
        to extend the commitment from all Backstop Parties for an additional two months in exchange for an incremental fee of
        2.0% of the aggregate amount of New Senior Notes, paid in cash, to the Noteholder Initial Backstop Parties and the Lender
        Backstop Parties in accordance with each party&rsquo;s Backstop Commitment Percentage.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">All Backstop
        Parties shall be required to join the Amended Restructuring Support Agreement. For a period of at least 15 business days
        after the commencement of the chapter 11 cases, qualified holders of Senior Notes Claims were eligible to become Backstop
        Parties; <I>provided</I> that if holders of Senior Notes Claims (by principal amount) that were entitled to more than
        23% of the Senior Note Equity Pool become additional Backstop Parties, the percentage of the Holdback available to the
        Noteholder Initial Backstop Parties was not diluted by such excess.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top; width: 0.25in"><SUP>1</SUP></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Capitalized terms used but not immediately defined
    herein have the meaning given to them in the Amended Restructuring Support Agreement or the Plan, as applicable.</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><SUP>2</SUP></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&ldquo;Ad Hoc Group&rdquo; means the ad hoc group
    of noteholders represented by Kramer Levin Naftalis &amp; Frankel LLP, Akin Gump LLP, Houlihan Lokey, and Porter Hedges LLP.</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;<FONT STYLE="font-size: 1pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 1pt"></FONT></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 1pt"></FONT>&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: Black 1pt solid; padding-left: 5.4pt; padding-top: 6pt">&nbsp;</TD>
<TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-right: Black 1pt solid; text-align: left; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom">The
Rights Offering shall be conducted by Newco Valaris and consummated on the terms and conditions of, and in accordance with procedures
that are consistent in all material respects with, this Restructuring Term Sheet, the Backstop Agreement, the Rights Offering
Procedures, and applicable securities laws and otherwise in form and substance reasonably acceptable to the Company Parties and
the Required Consenting Creditors in all respects.</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-left: black 1pt solid; padding-left: 5.4pt; padding-top: 6pt; width: 24%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Equitization</FONT></TD>
<TD STYLE="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-right: 5.4pt; padding-left: 5.4pt; width: 76%; vertical-align: bottom">On
the Plan Effective Date:</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-right: Black 1pt solid; border-left: black 1pt solid; padding-top: 6pt"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD>
<TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD></TR>
</TABLE>




<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-left: Black 1pt solid; width: 24%">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; text-align: center; width: 6%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; text-align: justify; width: 70%">Newco Valaris will issue
    approximately 39.0% of the Newco Valaris Equity to holders of the Senior Notes and approximately 28.3% of the Newco Valaris
    Equity to holders of the Credit Facility Claims.</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; text-align: justify">&nbsp;</TD></TR>
</TABLE>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5pt; padding-top: 6pt; width: 24%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">New
    Warrants</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 76%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
    the Plan Effective Date, Newco Valaris will issue to the Existing Shareholders, as applicable, 7-year warrants, with no Black
    Scholes protection, to purchase up to 7% of the Newco Valaris Equity with a strike price set at a price per share equal to
    the value at which holders of the Senior Notes would receive a 100% recovery on their Claims (calculated as of the Petition
    Date), subject to dilution on account of the Management Incentive Plan, as applicable (the&nbsp;&ldquo;<B><U>New Warrants</U></B>&rdquo;);
    <I>provided </I>that no New Warrants shall be issued to Existing Shareholders in the event that Existing Shareholders do not,
    as a class, vote in favor of the Plan.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5pt; padding-top: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Newbuild
    Claims</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 6pt 5.4pt 3pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
    or before the Plan Effective Date, those certain contracts for the construction and delivery of rigs (the &ldquo;<B><U>Newbuild
    Contracts</U></B>&rdquo;) between Alpha Admiral Company and Alpha Archer Company, each respectively as purchaser, and Atwood
    Oceanics Pacific Limited, as guarantor (collectively, the &ldquo;<B><U>Newbuild Debtors</U></B>&rdquo;) and the shipyard party
    to the Newbuild Contracts (the &ldquo;<B><U>Shipyard</U></B>&rdquo;) shall be either assumed or rejected under section 365
    of the Bankruptcy Code, consistent with the terms set forth below.</FONT></TD></TR>
<TR STYLE="background-color: #BFBFBF">
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; padding-bottom: 6pt; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 6pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Treatment
    of Claims and Interests</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-top: 6pt; text-align: justify; padding-left: 5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Each
    holder of an allowed Claim or Interest, as applicable in the Chapter 11 Cases, shall receive under the Plan the treatment
    described below in full and final satisfaction, settlement, release, and discharge of and in exchange for such holder&rsquo;s
    allowed Claim or Interest, except to the extent different treatment is agreed to by the reorganized Debtors (the &ldquo;<B><U>Reorganized
    Debtors</U></B>&rdquo; or &ldquo;<B><U>Reorganized Company</U></B>&rdquo;) and the holder of such allowed Claim or Interest,
    as applicable.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5pt; padding-top: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">DIP
    Facility Claims</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-top: 6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
    the Plan Effective Date, all DIP Claims shall (i) be paid in full in cash, or (ii) receive such other treatment as may be
    consented to by the holders of DIP Claims.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5pt; padding-top: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Administrative,
    Priority Tax, and Other Priority Claims</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-top: 6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Each
    holder of an allowed administrative, priority tax, or other priority claim (the&nbsp;&ldquo;<B><U>Administrative and Priority
    Claims</U></B>&rdquo;) shall be paid in full in cash on the Plan Effective Date or in the ordinary course of business as and
    when due, or otherwise receive treatment consistent with the provisions of section 1129(a) of the Bankruptcy Code.</FONT></TD></TR>
</TABLE>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 6pt 5.4pt 6pt 5pt; width: 24%; font-size: 10pt"><FONT STYLE="font-size: 10pt">Other
    Secured Claims</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 6pt 5.4pt; width: 76%; font-size: 10pt; text-align: justify">On
    or as soon as practicable after the Plan Effective Date, in full and final satisfaction, compromise, settlement, release,
    and discharge of and in exchange for any secured claim that is not an Administrative and Priority Claim (an &ldquo;<B><U>Other
    Secured Claim</U></B>&rdquo;), the holder of such Other Secured Claim shall receive (i) payment in cash in an amount equal
    to such Other Secured Claim, (ii) the collateral securing such Other Secured Claim, or (iii) such other treatment so as to
    render such Other Secured Claim unimpaired pursuant to section 1124 of the Bankruptcy Code.</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: black 1pt solid; padding-left: 5pt; padding-top: 6pt; padding-bottom: 6pt; font-size: 10pt; width: 24%"><FONT STYLE="font-size: 10pt">Credit
    Facility Claims </FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; width: 76%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Base
                                         Treatment</B>: Each Consenting Lender that is not a New Money Participating Credit Facility
                                         Creditor (a &ldquo;<B><U>Consenting Base Treatment Lender</U></B>&rdquo;) shall be entitled
                                         to its <I>pro rata </I>share of the Consenting Lender Base Treatment Pool (the &ldquo;<B><U>RCF
                                         Consenting Lender Base Treatment</U></B>&rdquo;). Each holder of an Allowed Credit Facility
                                         Claim that is not a Consenting Lender (a &ldquo;<B><U>Non-Consenting Lender</U></B>&rdquo;)
                                         shall be entitled to its <I>pro rata</I> share of the RCF Base Treatment Pool.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Participation Treatment</B>:
        Each New Money Participating Credit Facility Creditor shall be entitled, on account of its Allowed Credit Facility Claim,
        to a <I>pro rata </I>share of the RCF New Money Participation Treatment.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B><U>Base Treatment Credit
        Facility Claims</U></B>&rdquo; means the aggregate of Non-Consenting Credit Facility Claims and Consenting Base Treatment
        Credit Facility Claims.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B><U>Consenting Base Treatment
        Credit Facility Claims</U></B>&rdquo; means Credit Facility Claims held by Consenting Base Treatment Lenders.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B><U>Consenting Base Treatment
        Distributable Shares</U></B>&rdquo; means an amount of the aggregate of RCF Base Treatment Distributable Shares equal
        to the aggregate RCF Base Treatment Distributable Shares multiplied by a fraction (i) the numerator of which is the aggregate
        principal amount of Consenting Base Treatment Credit Facility Claims minus $96.1 million and (ii) the denominator of which
        is the aggregate principal amount of Base Treatment Credit Facility Claims minus $96.1 million.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B><U>Consenting Lender
        Base Treatment Pool</U></B>&rdquo; means: (i) $96.1 million in Cash and (ii)&nbsp;the Consenting Base Treatment Distributable
        Shares.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B><U>Non-Consenting Credit
        Facility Claims</U></B>&rdquo; means Credit Facility Claims held by Non-Consenting Lenders.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B><U>RCF Base Treatment
        Distributable Shares</U></B>&rdquo; means 23.0% of the New Valaris Equity.<FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><SUP>3</SUP></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B><U>RCF Base Treatment
        Pool</U></B>&rdquo; means an allocation of RCF Base Treatment Distributable Shares equal to the aggregate of the RCF Base
        Treatment Distributable Shares minus the Consenting Base Treatment Distributable Shares.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B><U>RCF New Money Participation
        Treatment</U></B>&rdquo; means: (i) 5.3% of the New Valaris Equity,<FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><SUP>4
        </SUP></FONT>(ii) 2.4% of the New Secured Notes (and associated Participation Equity offered in the Rights Offering),
        and (iii) $7.8 million.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: black 1pt solid; padding-left: 5pt; padding-top: 6pt; padding-bottom: 6pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Pride
    Bond Claims</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 6pt 5.4pt; font-size: 10pt; text-align: justify">On
    the Plan Effective Date, each holder of an allowed Pride Bond Claim shall receive its <I>pro rata</I> share of: (x) 8.808%
    of the Senior Notes Distributable Pool,<FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>5</SUP></FONT>
    and (y) an aggregate $1.25 million payment in cash.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: black 1pt solid; padding-left: 5pt; padding-top: 6pt; padding-bottom: 6pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Ensco
    International Bond Claims</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 6pt 5.4pt; font-size: 10pt; text-align: justify">On
    the Plan Effective Date, each holder of an allowed Ensco International Bond Claim shall receive its <I>pro rata</I> share
    of: &nbsp;(x) 1.549% of the Senior Notes Distributable Pool, and (y) an aggregate $1 million payment in cash.</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="width: 25%"><DIV STYLE="border-top: Black 1pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>3</SUP></FONT></TD><TD STYLE="text-align: justify">Subject
                                         to dilution on account of the Management Incentive Plan and the New Warrants, as applicable.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>4</SUP></FONT></TD><TD STYLE="text-align: justify">Subject
                                         to dilution on account of the Management Incentive Plan and the New Warrants, as applicable.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>5</SUP></FONT></TD><TD STYLE="text-align: justify">&ldquo;<B><U>Senior
                                         Notes Distributable Pool</U></B>&rdquo; shall mean (a) 38.980% of the New Valaris Equity,
                                         subject to dilution on account of the Management Incentive Plan, the Newbuild Equity
                                         Pool, and the New Warrants, as applicable, and (b) 97.6% of the Subscription Rights.
                                         The&nbsp;allocation of the Senior Note Distributable Pool among holders of Senior Note
                                         Claims is based on the methodology set forth on <B><U>Exhibit&nbsp;3</U></B>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding-left: 5pt; width: 24%; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">Jersey
    Bond Claims</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 6pt 5.4pt; width: 76%; text-align: justify">On
    the Plan Effective Date, each holder of an allowed Jersey Bond Claim shall receive its <I>pro rata</I> share of 20.204% of
    the Senior Notes Distributable Pool.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 6pt 5.4pt 6pt 5pt"><FONT STYLE="font-size: 10pt">Valaris
    Bond Claims</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 6pt 5.4pt; text-align: justify">On the
    Plan Effective Date, each holder of an allowed Valaris Bond Claim shall receive its <I>pro rata</I> share of 36.834% of the
    Senior Notes Distributable Pool.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 6pt 5.4pt 6pt 5pt"><FONT STYLE="font-size: 10pt">Legacy
    Rowan Bond Claims</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 6pt 5.4pt; text-align: justify">On the
    Plan Effective Date, each holder of an allowed Legacy Rowan Bond Claim shall receive its <I>pro rata</I> share of: &nbsp;(x)
    32.605% of the Senior Notes Distributable Pool, and (y)&nbsp;an aggregate $23.75 million payment in cash.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 6pt 5.4pt 6pt 5pt"><FONT STYLE="font-size: 10pt">General
    Unsecured Claims </FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 6pt 5.4pt; text-align: justify">Each holder
    of an allowed General Unsecured Claim against the Debtors (other than the Newbuild Debtors) shall receive payment in full
    in cash within 90 days after the later of (x)&nbsp;the Plan Effective Date and (y) the date such Claim comes due under applicable
    Law or in the ordinary course of business in accordance with the terms and conditions of the particular transaction giving
    rise to such Claim.</TD></TR>
</TABLE>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-left: black 1pt solid; padding: 6pt 3pt 6pt 5pt; width: 24%"><FONT STYLE="font-size: 10pt">Claims
    Against the Newbuild Debtors</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; width: 76%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On
                                         the Plan Effective Date, in full and final satisfaction of the Allowed Newbuild Claims,
                                         if the Shipyard:</P></TD></TR>
</TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-left: Black 1pt solid; width: 24%">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; text-align: center; width: 6%">(i)</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; text-align: justify; width: 70%">votes in favor of the Plan,
    the Shipyard shall receive (x) 0.50% of the New Valaris Equity, subject to dilution on account of the Management Incentive
    Plan and the New Warrants, as applicable (the &ldquo;<B><U>Newbuild Equity Pool</U></B>&rdquo;), (y) $5 million in cash payable
    on or prior to the Effective Date, and (z) such other consideration as set forth in the Newbuild Contracts, as amended and
    assumed pursuant to Article V of the Plan; and</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; padding-right: 5.4pt">(ii)</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; text-align: justify">does
    not vote in favor of the Plan, the Shipyard shall receive its Liquidation Recovery (as defined in the Plan) promptly after
    the date the Newbuild Claims are Allowed, but in any event no later than ten&nbsp;days after such date.</TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5pt; padding-top: 6pt; padding-bottom: 6pt; width: 24%"><FONT STYLE="font-size: 10pt">Intercompany
    Claims</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 6pt 5.4pt; text-align: justify; width: 76%">Subject
    to any specific provisions contained in the Plan Supplement, Intercompany Claims shall be, at the option of the Reorganized
    Debtors with the consent of the Required Consenting Creditors (not to be unreasonably withheld, conditioned, or delayed),
    reinstated, set off, settled, distributed, contributed, cancelled, or released without any distribution on account of such
    Claims, or such other treatment as reasonably determined by the Reorganized Debtors and the Required Consenting Creditors.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5pt; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">Intercompany
    Interests</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 6pt 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Subject
    to any specific provisions contained in the Plan Supplement, Intercompany Interests shall be, at the option of the Reorganized
    Debtors with the consent of the Required Consenting Creditors (not to be unreasonably withheld, conditioned, or delayed),
    reinstated, set off, settled, distributed, contributed, cancelled and released without any distribution on account of such
    Claims, or such other treatment as reasonably determined by the Reorganized Debtors and the Required Consenting Creditors.&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5pt; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-size: 10pt">Section
    510(b) Claims</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; padding-top: 6pt; padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">Any
    Claims arising under section 510(b) of the Bankruptcy Code shall be discharged without any distribution.</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-top: Black 1pt solid; padding-top: 6pt; border-left: Black 1pt solid; padding-left: 5pt"><FONT STYLE="font-size: 10pt">Equity
    Interests</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; padding-top: 6pt; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-left: 5.4pt">On
    the Plan Effective Date, each holder of an allowed Interest in Valaris (an &ldquo;<B><U>Existing Shareholder</U></B>&rdquo;)
    shall:</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-left: Black 1pt solid; width: 24%">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; width: 6%">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; width: 70%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; text-align: center">(a)</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; text-align: justify">if the Existing Shareholders as a class
    vote in favor of the Plan, receive its <I>pro rata</I> share of the New Warrants; or</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">(b)</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; text-align: justify">if the
    Existing Shareholders as a class do not vote in favor of the Plan, not receive a recovery and no New Warrants shall be issued.</TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #A6A6A6">
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Other
    Provisions</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5pt; padding-top: 6pt; padding-bottom: 6pt; font-size: 10pt; width: 24%"><FONT STYLE="font-size: 10pt">Letters
    of Credit</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: justify; font-size: 10pt; width: 76%"><FONT STYLE="font-size: 10pt">The
    Plan shall provide that, on or prior to the Effective Date, all letters of credit outstanding under the Credit Facility shall
    be replaced or cash collateralized in accordance with the terms of the Credit Facility.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5pt; padding-top: 6pt; padding-bottom: 6pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Harris
    County Litigation</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The
                                         Plan shall implement a settlement of the Harris County Litigation<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>6
                                         </SUP></FONT>under which the Legacy Rowan Bonds shall receive the recoveries provided
                                         for in this Restructuring Term Sheet in exchange for the release of all claims asserted
                                         in the Harris County Litigation.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Th<FONT STYLE="color: black">e
        parties to the Harris County Litigation previously filed a joint notice of stay that stays the Harri</FONT>s County Litigation
        and all deadlines in the Harris County Litigation shall remain tolled until the earlier of (i)&nbsp;60&nbsp;days following
        the termination of the Amended Restructuring Support Agreement or (ii)&nbsp;the Plan Effective Date.&nbsp; <FONT STYLE="color: black">Within
        three Business Days after the Plan Effective Date, the plaintiff in the Harris County Litigation, UMB Bank, shall file
        a notice of nonsuit with prejudice dismissing the Harris County Litigation.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5pt; padding-top: 6pt; padding-bottom: 6pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Governance</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The
                                         new board of directors or managers of Newco Valaris (as applicable) (the&nbsp;&ldquo;<B><U>New&nbsp;Board</U></B>&rdquo;)
                                         shall consist of seven members, comprised of (i) the Chief Executive Officer of Newco
                                         Valaris; (ii)&nbsp;four&nbsp;members appointed by the Ad Hoc Group; and (iii) two members
                                         appointed by a majority of holders by principal amount of Credit Facility Claims.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Excluding the appointment of the
        members of the New Board as set forth above, all corporate governance matters related to Newco Valaris, and the definitive
        documents governing all corporate governance matters will be determined by the Required Consenting Creditors in their
        reasonable discretion.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: black 1pt solid; padding: 6pt 3pt 6pt 5pt; width: 24%; font-size: 10pt"><FONT STYLE="font-size: 10pt">Reorganized
    Equity Interests / Listing</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 76%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On
                                         or prior to the Plan Effective Date, Newco Valaris shall issue new ordinary shares (the&nbsp;&ldquo;<B><U>New&nbsp;Valaris
                                         Equity</U></B>&rdquo;) in accordance with the terms of the Plan, any organization documents
                                         of Newco Valaris, and applicable Law (including applicable securities laws). The New
                                         Valaris Equity will be issued pursuant to section 1145 of the Bankruptcy Code or otherwise
                                         be freely transferrable under applicable securities laws without further registration,
                                         subject to certain restrictions on affiliates and underwriters under applicable securities
                                         laws.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The New
        Secured Notes issued pursuant to the Rights Offering will be issued in reliance on the Section 1145 Exemption to the maximum
        extent possible and, to the extent the Section 1145 Exemption is unavailable, will be issued in reliance on the exemption
        provided by section 4(a)(2) under the Securities Act or another applicable exemption.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The New
        Secured Notes issued pursuant to the Backstop Agreement and the Holdback will be issued in reliance on the exemption provided
        by Section 4(a)(2) under the Securities Act or another applicable exemption.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>6</SUP></FONT></TD><TD STYLE="text-align: justify">&ldquo;<B><U>Harris
                                         County Litigation</U></B>&rdquo; means the Original Petition captioned <I>UMB Bank v.
                                         Darin Gibbins</I>, 2020-18184, Harris County, Texas that was filed on March 19, 2020,
                                         as may be amended.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: black 1pt solid; width: 24%; padding-top: 6pt; padding-bottom: 6pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; width: 76%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The New
        Secured Notes issued pursuant to the Backstop Premium will be issued in reliance on the Section 1145 Exemption.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">All New
        Valaris Equity not issued in reliance on the Section 1145 Exemption (or issued in reliance on the Section 1145 Exemption
        to affiliates of New Valaris, if any) will be subject to a Registration Rights Agreement (as defined in the Backstop Agreement)
        providing for customary registration rights including, among other things, a resale shelf registration statement (the
        &ldquo;<B><U>Registration Statement</U></B>&rdquo;) to be filed by the Company within 30 days of the Plan Effective Date
        if the Company is eligible to use Form S-3, and 45 days if the Company is not eligible to use Form S-3 and, in the case
        of New Valaris Equity, customary piggyback registration rights. For the avoidance of doubt, the Registration Rights Agreement
        will provide for underwritten shelf takedowns. In&nbsp;addition, on the Plan Effective Date, to the extent that the Depository
        Trust Company (&ldquo;<B><U>DTC</U></B>&rdquo;) will accept such securities, all New Valaris Equity and New Secured Notes
        will be issued through DTC. The Company shall use commercially reasonable efforts to ensure that the New Secured Notes
        will be rated as promptly as possible.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon the Plan Effective Date,
        (i) the New Valaris Equity shall be registered under the Securities Act and, unless otherwise agreed by the Debtors and
        the Required Consenting Creditors, shall be listed for public trading on a national securities exchange, and (ii) each
        of New Valaris Holdco and the Reorganized Debtors will be a reporting company under the Exchange Act.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding-left: 5pt; width: 24%; padding-top: 6pt; padding-bottom: 6pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Employee
    Matters</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 76%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant
                                         to the Amended Restructuring Support Agreement and this Restructuring Term Sheet, the
                                         Consenting Creditors consent to (i) the continuation of the Company Parties&rsquo; wages,
                                         compensation, and benefits programs according to existing terms and practices, including
                                         executive compensation programs, and (ii) any motions in the Bankruptcy Court for approval
                                         thereof.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Except as otherwise provided in
        the Plan or the Plan Supplement, on the Effective Date, subject to any Final Order and, without limiting any authority
        provided to the New Valaris Holdco Board under the Debtors&rsquo; respective formation and constituent documents, the
        Reorganized Debtors shall (i) amend, adopt, assume, and/or honor in the ordinary course of business any contracts, agreements,
        policies, programs, and plans, in accordance with their respective terms, for, among other things, compensation, including
        any incentive plans, retention plans, health care benefits, disability benefits, deferred compensation benefits, savings,
        severance benefits, retirement benefits, welfare benefits, workers&rsquo; compensation insurance, supplemental executive
        retirement plans, change-in-control agreements, and accidental death and dismemberment insurance for the directors, officers,
        and employees of any of the Company Parties who served in such capacity before and after the effective date of the Restructuring
        Support Agreement; and (ii)&nbsp;honor, in the ordinary course of business, Claims of employees employed as of the Plan
        Effective Date for accrued vacation time arising prior to the effective date of the Restructuring Support Agreement and
        not otherwise paid in the ordinary course of business or pursuant to a court order. Notwithstanding the foregoing, pursuant
        to section 1129(a)(13) of the Bankruptcy Code, from and after the Plan Effective Date, all retiree benefits (as such term
        is defined in section&nbsp;1114 of the Bankruptcy Code), if any, shall continue to be paid in accordance with applicable
        law. For avoidance of doubt, nothing herein shall impact or limit the ability of Newco Valaris to amend, modify, or terminate
        such arrangements in accordance with their terms following the Plan Effective Date. For avoidance of doubt, all equity
        or equity&ndash;based awards and plans (including phantom awards denominated in equity, options, and equity appreciation
        rights), granted to employees, directors or other service providers, whether or not vested, shall be cancelled as of the
        Effective Date.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: black 1pt solid; padding-left: 5pt; width: 24%; padding-top: 6pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; width: 76%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company Parties shall not
        terminate or otherwise reduce the coverage under any directors&rsquo; and officers&rsquo; insurance policies in effect
        prior to the Plan Effective Date, and any directors and officers of the Company Parties who served in such capacity at
        any time before or after the Plan Effective Date shall be entitled, subject to and in accordance with the terms and conditions
        of such insurance policy in all respects, to the full benefits of any such policy for the full term of such policy regardless
        of whether such directors and/or officers remain in such positions after the Plan Effective Date. Notwithstanding anything
        herein to the contrary, the Company Parties shall retain the ability to supplement such directors&rsquo; and officers&rsquo;
        insurance policies as the Company Parties deem necessary, including by purchasing any tail coverage (including, without
        limitation, a tail policy).</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notwithstanding anything to the
        contrary above: (1) (i) all existing employment and change in control agreements, (ii) all existing severance arrangements,
        including the Executive Severance Plan, and (iii) all existing incentive awards denominated in cash shall be assumed subject
        to the modifications set forth in the Management Incentive Plan Term Sheet (defined below) and will be listed in the Plan
        Supplement, (2) in respect of any person who is an insider (as defined in the Bankruptcy Code) of the Company Parties,
        and other than in the ordinary course of business, there shall be no new or further incentive or retention programs put
        into place during the Chapter 11 Cases absent the consent of the Ad Hoc Group (such consent not to be unreasonably withheld,
        conditioned, or delayed), (3) the assets of the 2005 Benefit Reserve Trust and the Trust Agreement executed August 27,
        2003 and revised and restated, effective January 1, 2004, by and between ENSCO International Incorporated, each participating
        affiliated company who is or becomes a signatory thereto and T. Rowe Price Trust Company rabbi trusts shall be used to
        satisfy the claims of creditors and shall be terminated, (4) no change in control provision under any employment or severance
        agreement shall be triggered as a result of the Plan or the Restructuring Transactions, and (5) any equity grant requirement
        in an employment agreement will be superseded by the MIP.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
</TABLE>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding-left: 5pt; width: 24%; padding-top: 6pt; padding-bottom: 6pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Indemnification
    Obligations</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 76%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On
                                         and after the Plan Effective Date, the obligations of each of the Company Parties pursuant
                                         to its certificate of incorporation, bylaws, deeds of indemnity, or other agreements
                                         to indemnify the current and former officers, directors, agents, and/or employees with
                                         respect to all present and future actions, suits, and proceedings against the Company
                                         Parties, or such directors, officers, agents, and/or employees, based upon any act or
                                         omission relating to the Company Parties (collectively, the &ldquo;<B><U>Company Indemnity
                                         Obligations</U></B>&rdquo;), will be assumed and irrevocable and survive the effectiveness
                                         of the Restructuring Transactions. Newco Valaris&rsquo;s new organizational documents,
                                         if any, will provide for the indemnification, defense, reimbursement, exculpation, and/or
                                         limitation of liability of, and advancement of fees and expenses to the Company Parties&rsquo;
                                         and Valaris&rsquo;s or Newco Valaris&rsquo;s, as applicable, current and former directors,
                                         officers, employees, and agents to the fullest extent permitted by law and at least to
                                         the same extent as the organizational documents of each of the respective Company Parties,
                                         against any claims or causes of action whether direct or derivative, liquidated or unliquidated,
                                         fixed or contingent, disputed or undisputed, matured or unmatured, known or unknown,
                                         foreseen or unforeseen, asserted or unasserted.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">None of the Company Parties, or
        Newco Valaris, as applicable, will amend and/or restate their respective governance documents before or after the Plan
        Effective Date to amend, augment, terminate, or adversely affect any of the Company Parties&rsquo; or Newco Valaris&rsquo;s
        obligations to provide such indemnification rights or such directors&rsquo;, officers&rsquo;, employees&rsquo;, or agents&rsquo;
        indemnification rights.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: black 1pt solid; padding: 6pt 3pt 6pt 5pt; font-size: 10pt; width: 24%"><FONT STYLE="font-size: 10pt">Management
    Incentive Plan</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt 6pt 5pt; text-align: justify; font-size: 10pt; width: 76%"><FONT STYLE="font-size: 10pt">The
    Plan will provide for a MIP (as defined in the Management Incentive Plan Term Sheet) consistent with the term sheet (the &ldquo;<B><U>Management
    Incentive Plan Term Sheet</U></B>&rdquo;) attached hereto as <B><U>Exhibit 4</U></B>.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: black 1pt solid; padding: 6pt 3pt 6pt 5pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Reasonable
    Assistance</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt 6pt 5pt; text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">The
    Company and the Consenting Creditors shall use commercially reasonable efforts to provide assistance to each other with the
    matters contained in this Restructuring Term Sheet</FONT>.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: black 1pt solid; padding: 6pt 3pt 6pt 5pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Releases,
    Third-Party Releases, and Exculpation</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt 12pt 5pt; text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">The
    Plan, which is attached as <U>Exhibit E</U> to the Amended Restructuring Support Agreement, shall include the releases and
    exculpations on the terms set forth therein.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: black 1pt solid; padding: 6pt 3pt 6pt 5pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Tax
    Structure</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt 6pt 5pt; text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">To
    the extent practicable, the Restructuring Transactions and the consideration received in the Restructuring Transactions shall
    be structured in a manner that (i)&nbsp;minimizes any current taxes payable as a result of the consummation of the Restructuring
    Transactions and (ii) optimizes the tax efficiency (including, but not limited to, by way of the preservation or enhancement
    of favorable tax attributes, or potentially moving certain businesses to new entities incorporated in different jurisdictions)
    of the Restructuring Transactions to the Debtors (including Valaris), the Reorganized Debtors and the holders of equity or
    debt in the Reorganized Debtors going forward, in each case as reasonably determined by the Debtors and the Required Consenting
    Creditors.&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: black 1pt solid; padding: 6pt 3pt 6pt 5pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Executory
    Contracts and Unexpired Leases</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All
                                         executory contracts and unexpired leases will be assumed under the Plan on the Plan Effective
                                         Date, except those executory contracts and unexpired leases that the Company Parties
                                         determine to reject with the consent of the Required Consenting Creditors (not to be
                                         unreasonably withheld, conditioned, or delayed). The Company shall reasonably provide
                                         the Ad Hoc Group and its advisors with all reasonable information needed to analyze such
                                         decision to reject any material executory contract or material unexpired lease; <I>provided
                                         </I>that this shall not require any Company Party to (1) take any action which is restricted
                                         or prohibited by obligations of confidentiality binding on any Company Party, applicable
                                         Law or the rules of any applicable securities exchange (provided that the Company must
                                         only withhold the portion of such information or materials that are actually subject
                                         to such confidentiality obligations, applicable Law or rules of any applicable securities
                                         exchange) nor (2) disclose any document or share any information over which any Company
                                         Party asserts any legal professional privilege nor waive or forego the benefit of any
                                         applicable legal professional privilege.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any executory contracts and unexpired
        leases assumed on the Plan Effective Date shall be deemed amended and modified to provide that the confirmation and consummation
        of the Plan shall not trigger any &ldquo;change of control&rdquo; provisions in such contract or lease.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: black 1pt solid; padding: 6pt 3pt 6pt 5pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Fees</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt 6pt 5pt; font-size: 10pt; text-align: justify">The
    Plan will provide that the Company will pay in cash all unpaid reasonable and documented fees and expenses of the Credit Facility
    Agent Advisors and the Consenting Noteholder Advisors and the Rowan Ad Hoc Group Fees on the terms set forth in the Amended
    Restructuring Support Agreement.&nbsp;&nbsp;The&nbsp;RCF Lenders shall support the current payment of all professional fees
    for the Ad Hoc Group pursuant to the Financing Order.</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3pt; padding-left: 5pt">Conditions Precedent
    to the Plan Effective Date</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-left: 5pt; padding-right: 5.4pt; text-align: justify">The
    occurrence of the Plan Effective Date shall be subject to the following additional conditions precedent:</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; text-align: justify; width: 24%">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; text-align: center; width: 6%">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; text-align: justify; width: 70%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; text-align: center"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; text-align: justify">the Amended Restructuring Support Agreement
    shall not have been terminated and shall remain in full force and effect;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; text-align: center"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; text-align: justify">the Restructuring Transactions have been
    implemented in accordance with the Restructuring Steps Plan in all material respects;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; text-align: center"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; text-align: justify">the orders approving the Disclosure Statement
    and the Plan shall have been entered and such orders shall not have been stayed, modified, or vacated on appeal;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; text-align: center"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; text-align: justify">the Backstop Agreement shall not have
    been terminated and shall remain in full force and effect;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; text-align: center"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; text-align: justify">the Plan, confirmation order, and all
    schedules, documents, supplements, and exhibits to the Plan, and any other Definitive Documents shall have become effective,
    subject to the consent and approval rights set forth in the Amended Restructuring Support Agreement;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; text-align: center"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; text-align: justify">issuance of the New Secured Notes (with
    all conditions precedent thereto having been satisfied or waived);</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; text-align: center"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; text-align: justify">payment of all invoiced professional
    fees and other amounts required to be paid pursuant to the Amended Restructuring Support Agreement, in any Definitive Document,
    or in any order of the Bankruptcy Court related thereto;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; text-align: center"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; text-align: justify">any and all requisite governmental, regulatory,
    and third&#45;party approvals and consents shall have been obtained; and</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; text-align: center"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; text-align: justify">such
    other conditions as may be mutually agreed to by Valaris, the Credit Facility Agent, and the Ad Hoc Group.</TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5pt; padding-top: 6pt; padding-bottom: 6pt; font-size: 10pt; width: 24%"><FONT STYLE="font-size: 10pt">Governing
    Law</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 6pt 5.4pt 6pt 2.1pt; font-size: 10pt; text-align: justify; width: 76%">The
    governing law for all applicable documentation shall be New York law (except any documents in respect of the Administration
    and implementation of the Plan in the UK or, in the event Newco Valaris is incorporated in Bermuda, in which case the corporate
    governance documents of Newco Valaris shall be governed by applicable law).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5pt; padding-top: 6pt; padding-bottom: 6pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Reservation
    of Rights</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.1pt; text-align: justify">The
                                         execution of the Restructuring Term Sheet is without prejudice to the Company&rsquo;s,
                                         the Credit Facility Agent&rsquo;s, and the Ad Hoc Group&rsquo;s respective rights to
                                         negotiate the Definitive Documents.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.1pt; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the event of an inconsistency
        between the Plan and this Restructuring Term Sheet, the terms of the Plan shall control in all respects. Nothing herein
        is an admission of any kind. If the Restructuring Transactions are not consummated for any reason, all parties reserve
        any and all of their respective rights.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: -0.5in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: -0.5in"><B><U>Exhibit
1</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: -0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: -0.5in"><B>New Secured
Notes Term Sheet</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: -0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: -0.5in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: -0.5in"><B>&nbsp;</B></P>

<!-- Field: Split-Segment; Name: 02 -->
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">VALARIS
PLC</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">SENIOR SECURED
NOTES TERM SHEET<FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><SUP>7</SUP></B></FONT><BR>
<BR>
Summary of Proposed Material Terms and Conditions</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-weight: normal">This
Summary of Proposed Material Terms and Conditions (this &ldquo;</FONT><U>Term Sheet</U><FONT STYLE="font-weight: normal">&rdquo;),
dated as of August 18, 2020, sets forth the material terms and conditions of the senior secured notes (the &ldquo;</FONT><U>New
Secured Notes</U><FONT STYLE="font-weight: normal">&rdquo;) to be issued in connection with a proposed restructuring to be implemented
through a chapter 11 plan (the &ldquo;</FONT><U>Plan</U><FONT STYLE="font-weight: normal">&rdquo;) of Valaris plc (the &ldquo;</FONT><U>Company</U><FONT STYLE="font-weight: normal">&rdquo;
or the &ldquo;</FONT><U>Issuer</U><FONT STYLE="font-weight: normal">&rdquo;) and certain of its subsidiaries (collectively, the
 &ldquo;</FONT><U>Debtors</U><FONT STYLE="font-weight: normal">&rdquo;) that have filed on August 18, 2020 (the &ldquo;</FONT><U>Petition
Date</U><FONT STYLE="font-weight: normal">&rdquo;) cases under chapter 11 of Title 11 of the United States Code, 11 U.S.C. &sect;
101 et seq. (the &ldquo;</FONT><U>Bankruptcy Code</U><FONT STYLE="font-weight: normal">&rdquo;) which cases are pending before
the United States Bankruptcy Court for the Southern District of Texas (the &ldquo;</FONT><U>Bankruptcy Court</U><FONT STYLE="font-weight: normal">&rdquo;).
Capitalized terms used and not otherwise defined in this Term Sheet have the meanings assigned thereto in the Restructuring Term
Sheet or the AMENDED Restructuring Support Agreement, as applicable. This Term Sheet shall be subject to the disclaimers and other
provisions of the Restructuring Term Sheet, as if more fully set forth herein. Matters not covered by the provisions hereof and
in the Restructuring Term Sheet (including, without limitation, the terms of any security and guaranty documentation) are subject
to mutual approval and agreement of the Ad Hoc Group and the Company.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; padding: 6pt 5.4pt; width: 26%; font-size: 10pt; text-align: justify"><B>Issuer</B></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 6pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 74%; font-size: 10pt; text-align: justify">Newco Valaris</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding: 6pt 5.4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; text-align: justify"><B>New Secured Notes; Issue Amount</B></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 6pt 5.4pt; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Senior secured first lien notes (the &ldquo;<B><U>New
        Secured Notes</U></B>&rdquo;); aggregate principal amount equal to $500 million plus the aggregate principal amount of $50 million
        of New Secured Notes issued as Backstop Premium (as defined in the Backstop Commitment Agreement).</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The parties intend that the issue price
        of the New Secured Notes for United States federal income tax purposes will be determined by including the value of the Rights
        Offering (as defined below) in the investment unit consisting of the New Secured Notes and New Valaris Equity.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If Newco Valaris is a UK tax resident company,
        the New Secured Notes shall be listed on a nationally recognized exchange, which is a &ldquo;recognised stock exchange&rdquo; for
        UK tax purposes.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding: 6pt 5.4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; text-align: left"><B>Trustee and Collateral Agent</B></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 6pt 5.4pt; border-bottom: Black 1pt solid; font-size: 10pt; text-align: justify">To be mutually selected by the Company and the Ad Hoc Group</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><SUP>7</SUP> Note this term sheet will
be further expanded by the Indenture, with all parties&rsquo; rights reserved.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; padding: 6pt 5.4pt; width: 26%; font-size: 10pt; text-align: justify"><B>Initial Purchasers </B></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 6pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 74%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(i) All Eligible Holders<FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><SUP>8</SUP></FONT>
        that validly exercise (and do not validly revoke) their subscription rights in the Rights Offering; and</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(ii) Members of the Ad Hoc Group<FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><SUP>9</SUP></FONT>,
certain of the RCF Lenders, and any Joining Parties<FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><SUP>10
</SUP></FONT>that purchase and/or receive an allocation of the New Secured Notes (a)&nbsp;pursuant to the &ldquo;holdback&rdquo;
allocated to them in the Rights Offering (as further described in the Restructuring Term Sheet and the Backstop Commitment Agreement),
(b) pursuant to the Backstop Commitment Agreement (as further described below) and (c) in respect of their backstop premium under
the Backstop Commitment Agreement.&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding: 6pt 5.4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; text-align: justify"><B>Purchase Price</B></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 6pt 5.4pt; border-bottom: Black 1pt solid; font-size: 10pt; text-align: justify">$500 million </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding: 6pt 5.4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; text-align: justify"><B>Use of Proceeds</B></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 6pt 5.4pt; border-bottom: Black 1pt solid; font-size: 10pt; text-align: justify">The cash proceeds from the issuance and sale of the New Secured Notes shall be used to fund the Company&rsquo;s cash needs in connection with and subsequent to consummation of the Plan, including to (i) repay the Company&rsquo;s debtor-in-possession credit facility, (ii) provide working capital to the Company and for other general corporate purposes and (iii) pay interest, fees, costs and expenses related to the New Secured Notes.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding: 6pt 5.4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; text-align: justify"><B>Closing Date</B></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 6pt 5.4pt; border-bottom: Black 1pt solid; font-size: 10pt; text-align: justify">The effective date of the consummation of the Plan (the &ldquo;<B><U>Closing Date</U></B>&rdquo;).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding: 6pt 5.4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; text-align: justify"><B>Maturity</B></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 6pt 5.4pt; border-bottom: Black 1pt solid; font-size: 10pt; text-align: justify">The seven (7) year anniversary of the Closing Date (the &ldquo;<B><U>Maturity Date</U></B>&rdquo;). &nbsp;All references herein to the anniversaries shall be from the date of the issue of the New Secured Notes.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding: 6pt 5.4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; text-align: justify"><B>Interest</B></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 6pt 5.4pt; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">With respect to any interest period, solely
        at the Issuer&rsquo;s option:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(i) 8.25% per annum, payable in cash semi-annually
        in arrears commencing on the date that is six months after the Closing Date, computed on the basis of a 360-day year composed of
        twelve 30-day months;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(ii) 10.25% per annum, payable semi-annually
        in arrears commencing on the date that is six months after the Closing Date, computed on the basis of a 360-day year composed of
        twelve 30-day months, with 5.125% of such interest to be payable in cash and 5.125% of such interest to be payable-in-kind by issuing
        additional New Secured Notes (&ldquo;<B><U>PIK Notes</U></B>&rdquo;); or</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(iii) 12% per annum, payable semi-annually
in arrears commencing on the date that is six months after the Closing Date, computed on the basis of a 360-day year composed
of twelve 30-day months, with the entirety of such interest to be payable-in-kind by issuing PIK Notes.&nbsp;</P></TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>8</SUP></FONT>
 &ldquo;<B><U>Eligible Holders</U></B>&rdquo; means all record holders of Senior Notes Claims and Credit Facility Claims against
the Company in connection with the Plan; <I>provided</I> that, to the extent any issuance of New Secured Notes would not qualify
for the exemption provided for under Section 1145 of the Bankruptcy Code, a holder that certifies that it is either (A) a qualified
institutional buyer as defined in Rule 144A of the Securities Act, (B) an institutional accredited investor (as defined in Rule
501(a)(1), (2), (3), or (7) under the Securities Act), or (C) a non-U.S. person under Regulation S under the Securities Act this
is located outside of the U.S. (within the meaning of Regulation S under the Securities Act), shall be an eligible participant,
subject to such other requirements as may be prescribed in the Rights Offering Procedures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>9</SUP></FONT>
 &ldquo;<B><U>Ad Hoc Group</U></B>&rdquo; means that ad hoc group of noteholders represented by Kramer Levin Naftalis &amp; Frankel
LLP, Akin Gump LLP and Houlihan Lokey.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>10</SUP></FONT>
Holders of existing Company notes who join the backstop are referred to as &ldquo;<B><U>Joining Parties</U></B>.&rdquo; In order
to qualify as a Joining Party any such holder shall be a QIB or IAI.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; padding: 6pt 5.4pt; width: 26%; font-size: 10pt; text-align: justify"><B>Notes Offering</B></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 6pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 74%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company will issue rights (the &ldquo;<B><U>Subscription
        Rights</U></B>&rdquo;) to purchase New Secured Notes to Eligible Holders in connection with the Plan (the &ldquo;<B><U>Rights Offering</U></B>&rdquo;).
        The&nbsp;Rights Offering terms are described in the Backstop Commitment Agreement.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Ad Hoc Group shall enter into
an agreement to subscribe for, in accordance with the Backstop Commitment Agreement, any portion of the New Secured Notes not
subscribed for in the Rights Offering (including with respect to any holders of eligible claims against the Company that are not
Eligible Holders), on the terms and conditions set forth therein.&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding: 6pt 5.4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; text-align: justify"><B>Exemptions / Transfer</B></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 6pt 5.4pt; border-bottom: Black 1pt solid; font-size: 10pt; text-align: justify">The issuance of Subscription Rights to the creditors and the exercise of the Subscription Rights are intended to be exempt from registration under the Securities Act pursuant to Section 1145 of the Bankruptcy Code to the maximum extent allowable and otherwise pursuant to private placement exemptions, as further set forth in the Backstop Commitment Agreement.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding: 6pt 5.4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; text-align: justify"><B>Denomination</B></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 6pt 5.4pt; border-bottom: Black 1pt solid; font-size: 10pt; text-align: justify">The New Secured Notes shall be issued in a minimum denomination of US$[__] per New Secured Note (and integral multiples thereof).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding: 6pt 5.4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; text-align: justify"><B>Guarantees</B></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 6pt 5.4pt; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The New Secured Notes will be unconditionally
        guaranteed (the &ldquo;<B><U>Guarantees</U></B>&rdquo;) by the Issuer&rsquo;s restricted (direct and indirect) subsidiaries (definition
        to be agreed), subject to exclusions to be agreed, including exclusions for (a) non-wholly owned subsidiaries and (b) any subsidiary
        that is prohibited from providing a guarantee by (i) any governmental authority with authority over such subsidiary, (ii) applicable
        law or regulation or analogous restriction, or such subsidiary&rsquo;s guarantee would result in a substantial risk to the officers
        or directors of such restricted subsidiary of civil or criminal liability as determined by the Issuer acting reasonably or (iii)
        contractual restrictions not entered into in contemplation of such subsidiary providing a guarantee (and not entered into in contemplation
        of, or following entry of, the indenture) (provided that in the case of clause (i), (ii) or (iii), the Issuer or applicable subsidiary
        shall use its commercially reasonable efforts to obtain any relevant governmental consent or other authority that would permit
        such restricted subsidiary to become a Guarantor, to mitigate any risk of liability in connection therewith or to lift any such
        contractual restriction) (collectively, each, a &ldquo;<B><U>Guarantor</U></B>&rdquo;, and collectively, the &ldquo;<B><U>Guarantors</U></B>,&rdquo;
        and together with the Issuer, each an &ldquo;<B><U>Obligor</U></B>&rdquo; and collectively, the &ldquo;<B><U>Obligors</U></B>&rdquo;).
        Rowan Rex Limited or any other wholly-owned subsidiary of the Issuer (collectively, &ldquo;<B><U>Rowan Rex</U></B>&rdquo;) that,
        directly or indirectly, owns equity interests in the ARO JV or notes issued by the ARO JV (as defined below) shall be a restricted
        subsidiary and a Guarantor.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B><U>ARO JV</U></B>&rdquo;
means Saudi Aramco Rowan Offshore Drilling Company (or any successor) that is the entity formed pursuant to the joint venture
agreement dated November 21, 2016, as amended, between Rowan Rex Limited and Saudi Armco Development Company (or its assignee)
(and such joint venture agreement, the &ldquo;<B><U>ARO JV Agreement</U></B>&rdquo;).&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding: 6pt 5.4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; text-align: justify"><B>First Lien Priority</B></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 6pt 5.4pt; border-bottom: Black 1pt solid; font-size: 10pt; text-align: justify">The New Secured Notes will be at least pari passu in right of payment with other permitted senior indebtedness of the Obligors (baskets to be agreed, as further described below). </TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; padding: 6pt 5.4pt; width: 26%; font-size: 10pt; text-align: justify"><B>First Lien Security</B></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 6pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 74%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All amounts owing under the New Secured
        Notes (and all obligations under the Guarantees) will be secured by, subject to customary exceptions and other exceptions to be
        agreed, a first priority security interest in and lien on: (i) all present and after-acquired property and assets of each Obligor
        and all proceeds thereof, including substantially all inventory, real property, equipment (including, but not limited to, spare
        parts), accounts, cash and cash equivalents, general intangibles, intercompany receivables and rights in intercompany arrangements,
        contract rights, supporting obligations and letter-of-credit rights, instruments (including, but not limited to, intercompany notes,
        receivables and other payment obligations), deposit accounts, investment property (including, but not limited to, 100% of the equity
        interests held by the Obligors in their respective direct subsidiaries to the extent permitted under the relevant joint venture
        or shareholder agreement without consent; <I>provided</I>, that the Company or applicable Obligor shall use commercially reasonable
        efforts to seek such consent), intellectual property, books and records, investments, vessels and mobile offshore drilling units
        (including without limitation any jackup rig, semi-submersible rig, drillship, and barge rig) (each such vessel or unit now or
        hereafter owned by any of the Obligors, an &ldquo;<B><U>Owned Rig</U></B>&rdquo; and each such vessel or unit now or hereafter
        chartered or managed by any Obligor and not owned by a Obligor, a &ldquo;<B><U>Third Party Rig</U></B>&rdquo;) (each Owned Rig
        and Third Party Rig, individually a &ldquo;<B><U>Rig</U></B>&rdquo; and collectively, the &ldquo;<B><U>Rigs</U></B>&rdquo;), charters,
        intercompany charters, drilling contracts, rig or vessel construction contracts, any kind of agreement relating to the employment
        of Rigs, services agreement, insurance, insurance claims, rig or vessel earnings, proceeds of all owned and leased real estate,
        and (ii) any other asset or property that secures the obligations and amounts owned under any other permitted first lien senior
        indebtedness of the Obligors, and in each case, proceeds thereof (the assets described in clauses (i) and (ii) above, collectively
        the &ldquo;<B><U>Collateral</U></B>&rdquo;).</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Rowan Rex shall use its commercially reasonable
        efforts to grant a first priority security interest in all of its rights to the ARO JV Related Assets and each applicable Obligor
        shall use its commercially reasonable efforts to grant a first priority security interest in the equity interests in non-wholly
        owned subsidiaries owned by such Obligor.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B><U>ARO JV Related Assets</U></B>&rdquo;
        means collectively, (i) the equity interest of the ARO JV owned, directly or indirectly, by Rowan Rex or any other Obligor, (ii)
        any loans, notes or other obligations of the ARO JV to any Obligor, (iii) any charterparty, pool agreement, agreement to operate
        or drilling contract between any Obligor and the ARO JV in respect of any Rig and (iv) any agreement pursuant to which any Obligor
        manages a Third Party Rig for the ARO JV; <I>provided</I>, that, if any ARO JV Related Assets are, at any time, to be held by any
        Obligor that is not Rowan Rex, such Obligor shall use its commercially reasonable efforts to grant a first priority security interest
        in all of its rights to the ARO JV Related Assets.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Creation and perfection of security
interests in Collateral will be subject to certain &ldquo;collateral principles&rdquo; to be agreed.&nbsp;</P></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; padding: 6pt 5.4pt; width: 26%; font-size: 10pt; text-align: justify"><B>Offer to Purchase from Asset Sale Proceeds</B></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 6pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 74%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Issuer will be required to make an
        offer to repurchase the New Secured Notes on a pro rata basis with the net cash proceeds from non-ordinary course asset sales or
        dispositions (subject to customary exclusions and thresholds to be agreed, including an exclusion for net cash proceeds received
        by the Issuer or any Guarantor from scrapping any Owned Rigs listed on a schedule to be agreed) (each, an &ldquo;<B><U>Asset Sale</U></B>&rdquo;),
        by the Issuer or any Guarantor to the extent such net cash proceeds exceed an amount to be agreed (on a basis consistent with the
        Applicable Secured Bond Standard (as defined below)) and are not, within 365 days, reinvested in the business of the Company or
        its subsidiaries with such proceeds being applied to the New Secured Notes in a manner to be agreed, subject to other exceptions
        and baskets consistent with the Applicable Secured Bond Standard.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Such repurchase shall be at a purchase
        price equal to 100% of the principal amount of the New Secured Notes to be purchased <U>plus</U> accrued and unpaid interest, if
        any, to, but excluding, the date of purchase; <I>provided</I>, that, if the Asset Sale results in a disposition or sale of any
        of the ARO JV Related Assets, or any of the equity interests, held by Rowan Rex to any non-Obligor party, then the applicable purchase
        price shall instead equal the sum of (1) the lesser of (A) 103% of the principal amount of the New Secured Notes to be repurchased
        and (B) the applicable call protection premium at such time, plus (2) accrued and unpaid interest, if any, which may be, with respect
        to such interest, paid-in-kind by issuing PIK Notes in accordance with the interest provisions noted above, to, but excluding,
        the date of purchase.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Such purchase shall be subject
to the right of the holder of record on the relevant record date to receive interest due on the relevant interest payment date.&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding: 6pt 5.4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; text-align: justify"><B>Optional Redemption</B></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 6pt 5.4pt; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At any time, or from time to time, prior
        to the second anniversary of the Closing Date, the Issuer may redeem all or a part of the New Secured Notes, upon at least 30 but
        not more than 60 days prior written notice before the redemption date, at a redemption price equal to 104% of the principal amount
        of the New Secured Notes to be redeemed <U>plus</U> the Applicable Premium (as defined below) as of, and accrued and unpaid interest,
        if any, to, but excluding, the date of redemption (any applicable date of redemption hereunder, the &ldquo;<B><U>Redemption Date</U></B>&rdquo;),
        subject to the rights of holders of record on the relevant record date to receive interest due on the relevant interest payment
        date.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B><U>Applicable Premium</U></B>&rdquo;
        means, with respect to any New Secured Note on any Redemption Date, the present value at such Redemption Date of all required interest
        payments due on such New Secured Note (assuming cash interest payments) through, in each case, the second year anniversary of the
        Closing Date, computed using a discount rate equal to the treasury rate as of such Redemption Date plus 50 basis points.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On or after the second anniversary of the
        Closing Date, the Issuer may from time to time redeem for cash all or part of the outstanding New Secured Notes at a redemption
        price (the &ldquo;<B><U>Redemption Price</U></B>&rdquo;) equal to the <U>sum</U> of (1) (a) from and after the second anniversary
        until (but not including) the third anniversary of the Closing Date, 104% of the principal amount of the New Secured Notes to be
        redeemed, (b) from and after the third anniversary until (but not including) the fourth anniversary of the Closing Date, 103% of
        the principal amount of the New Secured Notes to be redeemed, (c)&nbsp;from and after the fourth anniversary until (but not including)
        the fifth anniversary of the Closing Date, 102% of the principal amount of the New Secured Notes to be redeemed, (d) from and after
        the fifth anniversary, 100% of the principal amount of the New Secured Notes to be redeemed; <U>plus</U> (2) accrued and unpaid
        interest, if any, to, but excluding, the Redemption Date.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In each case, redemptions shall
be subject to the right of the holder of record on the relevant record date to receive interest due on the relevant interest payment
date. The optional redemption provisions will be otherwise customary for high yield debt securities and consistent with the Applicable
Secured Bond Standard.&nbsp;</P></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; padding: 6pt 5.4pt; width: 26%; font-size: 10pt; text-align: justify"><B>Mergers &amp; Acquisitions; Change of Control </B></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 6pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 74%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The indenture governing the New Secured
        Notes will generally allow for the New Secured Notes to continue to be outstanding or assumed by a successor entity in connection
        with mergers and/or acquisitions, subject to certain &ldquo;change of control&rdquo; restrictions (e.g., pursuant to covenants
        or events of default) to be agreed (provided that (x) &ldquo;stock-for-stock&rdquo; mergers (or any similar combinations), (y)
        transactions or series of related transactions following which the aggregate value of the Collateral is at least 200% of the then
        outstanding aggregate obligations under the New Secured Notes, and (z) transactions pursuant to which assets are exchanged with
        another strategic purchaser subject to an equivalent asset appraisal valuation, shall not be deemed to constitute a &ldquo;change
        of control&rdquo;); <I>provided</I>, that, for the avoidance of doubt, the guarantees of and Collateral securing the New Secured
        Notes, shall not be materially and adversely affected by such transactions; <I>provided</I>, <I>further</I>, that upon any consolidation
        or merger, or any sale, assignment, transfer, lease, conveyance or other disposition of all or substantially all of the assets
        or equity of the Issuer and its subsidiaries (taken as a whole), the successor formed by such consolidation or into or with which
        the Issuer is merged or to which such sale, assignment, transfer, lease, conveyance or other disposition is made shall succeed
        to, and be substituted for the Issuer (so that from and after the date of such consolidation, merger, sale, lease, conveyance or
        other disposition, the provisions of the indenture governing the New Secured Notes referring to the Issuer shall refer instead
        to the successor and not to the Issuer), and such successor Person may exercise every right and power of the Issuer under the indenture
        with the same effect as if such successor Person had been named as the Issuer therein; <I>provided</I>, <I>however</I>, that the
        predecessor Issuer shall not be relieved from the obligation to pay the principal of and interest on the New Secured Notes except
        in the case of a sale, assignment, transfer, conveyance or other disposition of all or substantially all of the Issuer&rsquo;s
        assets that meets the requirements of the indenture.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The New Secured Notes will provide that
        holders of greater than 50% of the then outstanding amount may waive any event of default resulting from a &ldquo;change of control&rdquo;.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any optional redemption of the
New Secured Notes shall remain subject to the provisions in &ldquo;Optional Redemption&rdquo; above. Holders of the New Secured
Notes may (in their sole discretion) require Issuer to purchase for cash all or part of their New Secured Notes in connection
with or anticipation of a &ldquo;change of control&rdquo; at the customary 101% of par.&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding: 6pt 5.4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; text-align: justify"><B>Covenants</B></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 6pt 5.4pt; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The indenture governing the New Secured
        Notes will contain affirmative and incurrence-based negative covenants (to be applicable to the Issuer and its restricted subsidiaries)
        substantially consistent with those that would be found in a customary senior secured high-yield indenture, giving due regard to
        the operational requirements of the Issuer and its subsidiaries, their size, industries, businesses, business practices, and proposed
        business plan (the &ldquo;<B><U>Applicable Secured Bond Standard</U></B>&rdquo;).</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to customary negative covenants,
        if Rowan Rex is unable to grant the holders of the New Secured Notes a security interest in all of its rights to the ARO JV Related
        Assets, it shall be prohibited from granting a guaranty (other than a guaranty of the New Secured Notes), security interest or
        other interest or claim over such assets to any other creditor or incurring any intercompany claims.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Covenants with respect to incurrence of
        pari passu and subordinated indebtedness to be agreed, but to include a basket of up to $275 million of permitted senior secured
        indebtedness ranking pari passu with the New Secured Notes, which shall increase by the amount of any future reduction in the outstanding
        obligations under the New Secured Notes, subject to terms to be agreed.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Other covenants and/or baskets to be addressed
        at the documentation stage; for the avoidance of doubt, the indenture will include limitations on unsecured or junior secured debt
        and will be no less favorable to the Company than those that would be found in a customary first lien secured high yield indenture
        for a similarly situated issuer.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the avoidance of doubt, the
New Secured Notes will include no financial covenants.&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding: 6pt 5.4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; text-align: justify"><B>Defeasance and Discharge Provisions</B></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 6pt 5.4pt; border-bottom: Black 1pt solid; text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">Customary for high yield debt securities and consistent with the Applicable Secured Bond Standard.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding: 6pt 5.4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; text-align: justify"><B>Modification</B></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 6pt 5.4pt; border-bottom: Black 1pt solid; text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">Customary for high yield debt securities and consistent with the Applicable Secured Bond Standard.</FONT></TD></TR>
</TABLE>

<P STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; padding: 6pt 5.4pt; width: 26%; font-size: 10pt; text-align: justify"><B>Events of Default</B></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 6pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 74%; text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">The indenture governing the New Secured Notes will include customary events of default that are customary for high yield debt securities and consistent with the Applicable Secured Bond Standard (to be applicable to the Issuer and its restricted subsidiaries) with certain customary exceptions, qualifications and grace periods to be set forth therein, including (i) nonpayment of principal when due or interest, fees or other amounts after a customary grace period; (ii) failure to perform or observe covenants set forth in the indenture governing the New Secured Notes, subject (where customary and appropriate) to notice and an appropriate grace period; (iii) cross-defaults and cross-acceleration to other indebtedness in an amount to be set forth in the indenture; (iv) bankruptcy, insolvency proceedings, etc. (with a customary grace period for involuntary proceedings); (v) inability to pay debts, attachment, judgments, etc.; (vi) monetary judgment defaults in an amount to be set forth in the indenture;&nbsp;and (vii) invalidity of the security documentation or the Guarantees or impairment of security interests in the Collateral.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding: 6pt 5.4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; text-align: left"><B>Expenses and Indemnification</B></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 6pt 5.4pt; border-bottom: Black 1pt solid; text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">The indenture will contain customary and appropriate provisions relating to indemnity, reimbursement, exculpation and other related matters.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding: 6pt 5.4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; text-align: justify"><B>Documentation</B></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 6pt 5.4pt; border-bottom: Black 1pt solid; text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">The terms of the indenture, the form of New Secured Notes, and other applicable documentation related to the New Secured Notes to be in form and substance satisfactory to the Company and the Ad Hoc Group, which shall be consistent with the Applicable Secured Bond Standard and shall include an AHYDO savings clause (if relevant) as well as any applicable non-U.S. laws or requirements, including, without limitation customary withholding tax provisions and qualifications reflecting, amongst other things, the jurisdiction of incorporation and tax residency of the Issuer.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding: 6pt 5.4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; text-align: justify"><B>Transfer Restrictions </B></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 6pt 5.4pt; border-bottom: Black 1pt solid; font-size: 10pt; text-align: justify">To the extent any New Secured Notes are not issued pursuant to Section 1145 of the Bankruptcy Code, customary transfer restrictions in order to comply with applicable securities laws.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding: 6pt 5.4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; text-align: justify"><B>Governing Law</B></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 6pt 5.4pt; border-bottom: Black 1pt solid; font-size: 10pt; text-align: justify">State of New York</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding: 6pt 5.4pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; text-align: justify"><B>Forum</B></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 6pt 5.4pt; border-bottom: Black 1pt solid; font-size: 10pt; text-align: justify">State of New York</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: -0.5in"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: -0.5in"><B><U>Exhibit
2</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: -0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: -0.5in"><B>Amendment
to Backstop Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: -0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: -0.5in"><B></B></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: -0.5in"><FONT>Execution
Version</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: -0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AMENDMENT AND JOINDER TO BACKSTOP COMMITMENT
AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">THIS AMENDMENT AND JOINDER
(this &ldquo;<B><U>Agreement</U></B>&rdquo;) TO THE BACKSTOP COMMITMENT AGREEMENT by and among Valaris plc, a company organized
under the Laws of England and Wales (the &ldquo;<B><U>Company</U></B>&rdquo;) and each of its direct and indirect debtor subsidiaries
that files chapter 11 cases (the &ldquo;<B><U>Chapter 11 Cases</U></B>&rdquo;) under Title 11 of the United States Code, 11 U.S.C.
 &sect;&sect;&nbsp;101-1532 (as it may be amended from time to time, the&nbsp;&ldquo;<B><U>Bankruptcy Code</U></B>&rdquo;) in the
Bankruptcy Court (together with the Company, each a &ldquo;<B><U>Debtor</U></B>&rdquo; and, collectively, the &ldquo;<B><U>Debtors</U></B>&rdquo;),
on the one hand, and the Backstop Parties party thereto, dated as of August&nbsp;18, 2020, as previously amended (and as may be
further amended, supplemented or otherwise modified from time to time in accordance with its terms, the &ldquo;<B><U>BCA</U></B>&rdquo;),
is made by and among the Requisite Backstop Parties and the Debtors as of February&nbsp;5, 2021. Capitalized terms used but not
otherwise defined herein shall have the meaning ascribed to such terms in the BCA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>RECITALS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">WHEREAS, on August&nbsp;18,
2020, the Company, the other Debtors and the Initial Backstop Parties entered into the BCA and a related Restructuring Support
Agreement, which provides for the restructuring of the Debtors&rsquo; capital structure and financial obligations pursuant to a
plan of reorganization (the &ldquo;<B><U>Plan</U></B>&rdquo;) in the Chapter 11 Cases implementing the terms and conditions of
the Restructuring;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">WHEREAS, the BCA was
amended by the Requisite Backstop Parties and the Debtors on September&nbsp;10, 2020 to extend the period for which holders of
Senior Notes Claims could join the BCA pursuant to Section&nbsp;2.7 of the BCA;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">WHEREAS, the BCA was
amended by the Requisite Backstop Parties and the Debtors on January&nbsp;22, 2021, as set forth on <U>Exhibit&nbsp;A</U>, to update
certain funding mechanics with respect to funding required by Backstop Parties that are lenders under the Debtors&rsquo; debtor-in-possession
credit facility pursuant to Section&nbsp;2.4 of the BCA; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">WHEREAS, the Requisite
Backstop Parties and the Debtors desire to further amend the Restructuring Support Agreement and the BCA to facilitate the joinder
by certain holders of Credit Facility Claims to such agreements by allowing such holders to participate in certain rights and obligations
set forth herein and therein by way of joinder to the BCA pursuant to <U>Section&nbsp;5.4</U> of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">NOW, THEREFORE, in consideration
of the mutual promises, agreements, representations, warranties and covenants contained herein, each of the parties hereto hereby
agrees as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase; color: #010000">ARTICLE&nbsp;I</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase; color: #010000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase; color: #010000"></FONT><FONT STYLE="text-transform: uppercase"><B>Definitions</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;1.1&nbsp;&nbsp;
</FONT><U>Definitions</U>. The BCA shall be amended to include the following definitions in Section&nbsp;1.1 thereof, placed in
alphabetical order therein, and to the extent any such term had previously been defined therein, such previous definition is hereby
amended and restated in its entirety as set forth herein:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B><U>Additional
Backstop Party</U></B>&rdquo; means each Person that is a qualified institutional buyer (as defined in Rule&nbsp;144A under the
Securities Act) or an Institutional Accredited Investor (which is an &ldquo;accredited investor&rdquo; as such term is defined
in Rule&nbsp;501(a)(1), (2), (3)&nbsp;or (7)&nbsp;under the Securities Act) and that is a holder of any Senior Notes Claim or Credit
Facility Claim against the Debtors that agrees to participate in the Backstop Commitment by joining this Agreement and the Restructuring
Support Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B><U>Backstop
Commitment Percentage</U></B>&rdquo; means, with respect to each Backstop Party, the percentage set forth opposite such Backstop
Party&rsquo;s name under the column titled &ldquo;<U>Backstop Commitment Percentage</U>&rdquo; on <U>Schedule 1</U> (as it may
be amended, supplemented or otherwise modified from time to time in accordance with this Agreement). <U>Schedule 1</U> shall be
redacted in any public filings with the SEC, the Bankruptcy Court or otherwise and shall be updated from time to time to reflect
the addition of Additional Backstop Parties that become party hereto, which updates shall be provided to the counsel to the Initial
Backstop Parties upon reasonable request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B><U>Backstop
Party Default</U></B>&rdquo; means the failure by (i)&nbsp;any Backstop Party other than an RCF Lender Backstop Party to deliver
and pay the aggregate Purchase Price for such Backstop Party&rsquo;s Backstop Commitment Percentage of Backstop Securities or Additional
Notes, (ii)&nbsp;any RCF Lender Backstop party to deliver and pay the aggregate Purchase Price for the Rights Offering Securities
such RCF Lender Backstop Party is obligated to purchase under <U>Section&nbsp;2.1(b)</U>&nbsp;or (iii)&nbsp;any Backstop Party
to deliver and pay the aggregate Purchase Price for such Backstop Party&rsquo;s Backstop Commitment Percentage of Holdback Securities,
in each case by the Backstop Escrow Funding Date in accordance with <U>Section&nbsp;2.4</U> and/or <U>Section&nbsp;3.5</U>, as
applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B><U>Credit Facility
Claims</U></B>&rdquo; shall have the meaning set forth in the Plan with respect to each RCF Lender Backstop Party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B><U>Deemed Claim
Amount</U></B>&rdquo; means, (a)&nbsp;for any Person other than an RCF Lender Backstop Party, the sum of each Claims Amount of
such Person <I>multiplied by</I> the applicable Claims Multiplier and (b)&nbsp;for each RCF Lender Backstop Party, an amount equal
to its Credit Facility Claim.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B><U>RCF Lender
Backstop Party</U></B>&rdquo; means those Persons identified as &ldquo;RCF Lender Backstop Parties&rdquo; on <U>Schedule 1</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;1.2&nbsp;&nbsp;
</FONT><U>Additional Defined Terms</U>. The BCA shall be amended to include the following definitions in Section&nbsp;1.2 thereof,
in alphabetical order therein:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 1in; width: 40%">Equity Premium</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 60%">Section&nbsp;3.4</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 1in">Remaining New Secured Notes</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;2.1(a)</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;1.3&nbsp;&nbsp;
</FONT><U>Replaced Defined Terms</U>. The BCA shall be amended to delete the defined term &ldquo;Holdback Commitment Percentage&rdquo;
and to replace each other use of &ldquo;Holdback Commitment Percentage&rdquo; in the Agreement with &ldquo;Backstop Commitment
Percentage&rdquo;; provided, however that where the terms &ldquo;Backstop Commitment Percentage or Holdback Commitment Percentage&rdquo;
are used together, such language shall be replaced with &ldquo;Backstop Commitment Percentage&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010000">ARTICLE&nbsp;II</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010000">&nbsp;</FONT><FONT STYLE="text-transform: uppercase"><B><BR>
BACKSTOP COMMITMENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;2.1&nbsp;&nbsp;
</FONT><U>The Rights Offering</U>. Sections 2.1(a)&nbsp;and 2.1(b)&nbsp;of the BCA shall be amended and restated in their entirety
as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Rights
Offering Allocation. </I>On and subject to the terms and conditions hereof, the Debtors and Issuer, if applicable, shall conduct
the Rights Offering pursuant to and in accordance with the Plan, the Rights Offering Procedures and the Disclosure Statement Order.
The Backstop Parties shall be offered the Holdback Notes offered in the Rights Offering, together with the corresponding Holdback
Shares, allocated among such Backstop Parties based on the Backstop Commitment Percentage of such Backstop Parties and the remaining
$312,500,000 of the New Secured Notes offered in the Rights Offering (the &ldquo;<B><U>Remaining New Secured Notes</U></B>&rdquo;),
together with the corresponding Participation Equity, shall be offered to the holders of Senior Notes Claims and the RCF Lender
Backstop Parties holding Credit Facility Claims (including, for the avoidance of doubt, the Backstop Parties) (each such holder,
a &ldquo;<B><U>Holder</U></B>&rdquo;), allocated among such Holders based on the Deemed Claim Amount of each such Holder relative
to the Deemed Claim Amount of all such Holders of Senior Notes Claims (in the case of Senior Notes Claims) or RCF Lender Backstop
Parties (in the case of Credit Facility Claims), as applicable (such amount, per Holder, the &ldquo;<B><U>Holder Subscription Rights</U></B>&rdquo;).
For the avoidance of doubt, (x)&nbsp;in no event will (i)&nbsp;any Backstop Party or Holder have oversubscription Rights or privileges
or (ii)&nbsp;Rights offered in the Rights Offering be detachable from the Claims with which they are associated, (y)&nbsp;the RCF
Lender Backstop Parties shall be entitled to purchase 2.427% (i.e., $7,585,000) of the Remaining New Secured Notes (together with
the corresponding Participation Equity) and (z)&nbsp;holders of Senior Notes Claims shall be entitled to purchase 97.573% (i.e.,
$304,915,000) of the Remaining New Secured Notes (together with the corresponding Participation Equity).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Subscription
Covenant</I>. On and subject to the terms and conditions hereof, including entry of the Confirmation Order, each Backstop Party
agrees, severally and not jointly, to fully exercise all Rights that are issued to it pursuant to the Rights Offering and duly
purchase all Rights Offering Securities issuable to it in relation thereto (which amount of Rights Offering Securities shall consist
of, with respect to each RCF Lender Backstop Party, all Rights Offering Securities which such RCF Lender Backstop Party is entitled
to purchase pursuant to <U>Section&nbsp;2.1(a)</U>), in accordance with the Rights Offering Procedures and the Plan. Any Defaulting
Backstop Party shall be liable, severally and not jointly, to each non-Defaulting Backstop Party, the Debtors and the Issuer as
a result of any breach of its obligations hereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;2.2&nbsp;&nbsp;
</FONT><U>Backstop Commitment</U>. Section&nbsp;2.2(a)&nbsp;of the BCA shall be amended and restated in its entirety as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">On
and subject to the terms and conditions hereof, including entry of the Confirmation Order, (i)&nbsp;each Backstop Party other than
the RCF Lender Backstop Parties agrees, severally and not jointly, to purchase, and the Issuer agrees to issue to such Backstop
Party, on the Closing Date for the applicable Purchase Price, the amount of Unsubscribed Securities equal to such Backstop Party&rsquo;s
Backstop Commitment Percentage of the aggregate Unsubscribed Securities, in accordance with the Rights Offering Procedures and
the Plan; <U>provided</U> that for purposes of this clause (i), the aggregate Backstop Commitment Percentage of the RCF Lender
Backstop Parties shall be deemed to be 0%, and the Backstop Commitment Percentages of all other Backstop Parties shall be deemed
increased proportionately so that, in the aggregate, the Backstop Commitment Percentage of all such other Backstop Parties shall
be 100% (such obligation to purchase the Unsubscribed Securities, the &ldquo;<B><U>Rights Offering Commitment</U></B>&rdquo;) and
(ii)&nbsp;each Initial Backstop Party agrees, severally and not jointly, to purchase, and the Issuer agrees to issue to such Initial
Backstop Party, on the Closing Date for the applicable Purchase Price, the amount of Additional Notes equal to such Initial Backstop
Party&rsquo;s Backstop Commitment Percentage as of August&nbsp;18, 2020 of the aggregate Additional Notes in accordance with the
terms of this Agreement (such obligation to purchase the Additional Notes, together with the Rights Offering Commitment, the &ldquo;<B><U>Backstop
Commitment</U></B>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;2.3&nbsp;&nbsp;
</FONT><U>Backstop Party Default</U>. Section&nbsp;2.3(d)&nbsp;of the BCA shall be amended and restated in its entirety as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Except
as contemplated by <U>Section&nbsp;2.3(a)</U>, nothing in this Agreement shall be deemed to require a Backstop Party to purchase
more than its Backstop Commitment Percentage (as calculated pursuant to <U>Section&nbsp;2.2(a)</U>) of the Unsubscribed Securities,
Additional Notes or Holdback Securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;2.4&nbsp;&nbsp;
</FONT><U>Backstop Escrow Account</U>. The third sentence of Section&nbsp;2.4(c)&nbsp;of the BCA shall be amended and restated
as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Backstop Escrow Account shall be established
with an escrow agent satisfactory to the Requisite Backstop Parties and the Company and the Issuer (as relevant) pursuant to an
escrow agreement in form and substance reasonably satisfactory to the Requisite Backstop Parties and the Company and the Issuer
(as relevant).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;2.5&nbsp;&nbsp;
</FONT><U>Additional Backstop Parties</U>. Section&nbsp;2.7(b)&nbsp;of the BCA shall be deleted in its entirety.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase; color: #010000">ARTICLE&nbsp;III</FONT><FONT STYLE="text-transform: uppercase"><B><BR></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>BACKSTOP PREMIUM, EQUITY ALLOCATION AND EXPENSE REIMBURSEMENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;3.1&nbsp;&nbsp;
</FONT><U>Backstop Premium</U>. Section&nbsp;3.1(a)&nbsp;of the BCA shall be amended and restated as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">As
consideration for the Backstop Commitment and the other agreements of the Initial Backstop Parties and RCF Lender Backstop Parties
in this Agreement:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(i)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">the
Debtors shall pay or cause to be paid to the Initial Backstop Parties (and any Replacing Backstop Party and/or Cover Purchaser
with respect to any Initial Backstop Party, as applicable) a backstop premium paid in the form of New Secured Notes (in addition
to the New Secured Notes offered in the Rights Offering) equal to 9.757% (i.e., $48,786,000 in principal amount) of the New Secured
Notes allocated among such Initial Backstop Parties pro rata based on the Initial Backstop Parties&rsquo; Backstop Commitment Percentage
as of August&nbsp;18, 2020.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(ii)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">the
Debtors shall pay or cause to be paid to the RCF Lender Backstop Parties (and any Replacing Backstop Party and/or Cover Purchaser
with respect to any RCF Lender Backstop Party, as applicable) a backstop premium (together with the backstop premium paid pursuant
to <U>Section&nbsp;3.1(a)(i)</U>, the &ldquo;<B><U>Backstop Premium</U></B>&rdquo;), paid in the form of New Secured Notes (in
addition to the New Secured Notes offered in the Rights Offering) equal to 0.243% (i.e., $1,214,000 in principal amount) of the
New Secured Notes, allocated among such RCF Lender Backstop Parties pro rata based on the RCF Lender Backstop Parties&rsquo; Backstop
Commitment Percentage.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(iii)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">For
the avoidance of doubt, Additional Backstop Parties that are not RCF Lender Backstop Parties shall not receive any portion of the
Backstop Premium or the Extension Fee (if any), and no Additional Backstop Party (including any RCF Lender Backstop Party) shall
receive any portion of the Commitment Fee (as defined below).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;3.2&nbsp;&nbsp;
</FONT><U>Commitment Fee</U>. The second sentence of Section&nbsp;3.1(b)&nbsp;of the BCA shall be amended and restated as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Notwithstanding anything
to the contrary herein, including <U>Section&nbsp;3.1</U>, if the Closing shall occur, the principal amount of New Secured Notes
paid to the Initial Backstop Parties pursuant to <U>Section&nbsp;3.1(a)(i)</U>&nbsp;in connection with the Backstop Premium shall
be reduced by an amount equal to the Commitment Fee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;3.3&nbsp;&nbsp;
</FONT><U>Integral Part&nbsp;of Transaction</U>. Section&nbsp;3.1(c)&nbsp;of the BCA shall be amended and restated as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
provisions for the payment of the Backstop Premium and the Equity Premium (as defined below) are an integral part of the transactions
contemplated by this Agreement and without these provisions the Initial Backstop Parties and the RCF Lender Backstop Parties would
not have entered into this Agreement, and each of the Backstop Premium and the Equity Premium shall constitute an allowed administrative
expense of the Debtors&rsquo; estates under Sections 503(b)&nbsp;and 507 of the Bankruptcy Code.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;3.4&nbsp;&nbsp;
</FONT><U>Extension Fee</U>. Section&nbsp;3.1(e)&nbsp;of the BCA shall be amended and restated as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Notwithstanding
anything herein to the contrary, upon (i)&nbsp;the Company providing written notice to the Requisite Backstop Parties and the RCF
Lender Backstop Parties and (ii)&nbsp;payment of $10,000,000 in cash (the &ldquo;<B><U>Extension Fee</U></B>&rdquo;) to the Initial
Backstop Parties and the RCF Lender Backstop Parties, allocated among such Initial Backstop Parties and RCF Lender Backstop Parties
<I>pro rata</I> in proportion to their Backstop Commitment Percentage, the Outside Date shall automatically be extended to August&nbsp;18,
2021. For purposes of this <U>Section&nbsp;3.4(e)</U>, the aggregate Backstop Commitment Percentage of all Backstop Parties other
than the Initial Backstop Parties and the RCF Lender Backstop Parties shall be deemed to be 0%, and the Backstop Commitment Percentages
of the Initial Backstop Parties and the RCF Lender Backstop Parties shall be deemed increased proportionately so that, in the aggregate,
the Backstop Commitment Percentage of the Initial Backstop Parties and the RCF Lender Backstop Parties, taken together, shall be
100%. For the avoidance of doubt, (i)&nbsp;the principal amount of New Secured Notes paid in connection with the Backstop Premium
shall not be reduced by the Extension Fee and (ii)&nbsp;the Extension Fee shall be fully earned, nonrefundable and non-avoidable
upon the payment thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;3.5&nbsp;&nbsp;
</FONT><U>Payment of Backstop Premium</U>. The first sentence of Section&nbsp;3.2 of the BCA shall be amended and restated as
follows: Subject to <U>Section&nbsp;3.1(d)</U>, the Backstop Premium and the Equity Premium shall be fully earned, nonrefundable
and non-avoidable upon entry by the Bankruptcy Court of the Confirmation Order, and shall be paid promptly on the later to occur
of the Closing Date and the Effective Date by the Issuer to the Initial Backstop Parties and the RCF Lender Backstop Parties pursuant
to <U>Section&nbsp;3.1(a)(i)</U>&nbsp;and <U>Section&nbsp;3.1(a)(ii)</U>, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;3.6&nbsp;&nbsp;
</FONT><U>Equity Allocation</U>. Section&nbsp;3.4 of the BCA shall be amended and restated as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">On the Closing Date,
in addition to the Participation Equity, the Issuer will issue New Shares (a)&nbsp;representing 2.634% of the total issued and
outstanding New Shares of Issuer as of immediately following the Effective Date (subject to dilution by the New Warrants and the
MIP) to all Backstop Parties other than the RCF Lender Backstop Parties <I>pro rata</I> among such Backstop Parties in accordance
with their Backstop Commitment Percentages and (b)&nbsp;representing 0.066% of the total issued and outstanding New Shares of Issuer
as of immediately following the Effective Date (subject to dilution by the New Warrants and the MIP) to all RCF Lender Backstop
Parties <I>pro rata</I> among such RCF Lender Backstop Parties in accordance with their Backstop Commitment Percentages (such New
Shares, collectively, the &ldquo;<B><U>Equity Premium</U></B>&rdquo;); provided that if any Backstop Party becomes a Defaulting
Backstop Party, then such Defaulting Backstop Party shall not receive any New Shares in accordance with this <U>Section&nbsp;3.4</U>
and such New Shares originally allocated to such Defaulting Backstop Party in accordance with this <U>Section&nbsp;3.4</U> shall
instead be allocated to the Backstop Parties and/or Cover Purchaser, as applicable, that actually purchase the New Secured Notes
that would have otherwise been purchased by such Defaulting Backstop Party, had such Defaulting Backstop Party not committed a
Backstop Party Default, and such New Shares shall be allocated among such Backstop Parties and/or Cover Purchaser <I>pro rata</I>
in proportion with the amount of such New Secured Notes the Defaulting Backstop Party was obligated to purchase, but which were
actually purchased by such Backstop Parties and/or Cover Purchaser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase; color: #010000">ARTICLE&nbsp;IV</FONT><FONT STYLE="text-transform: uppercase"><B><BR></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>GENERAL PROVISIONS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;4.1&nbsp;&nbsp;
</FONT><U>Notices</U>. Section&nbsp;10.1 of the BCA shall be amended to amend and restate Section&nbsp;10.1(c), and add a new Section&nbsp;10.1(d),
as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">if
to an Additional Backstop Party other than an RCF Lender Backstop Party or transferee thereof, to the address set forth on such
Additional Backstop Party&rsquo;s joinder signature page&nbsp;or such transferee&rsquo;s joinder signature page.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">if
to an RCF Lender Backstop Party or transferee thereof, to the address set forth adjacent to such RCF Lender Backstop Party&rsquo;s
signature page&nbsp;or such transferee&rsquo;s joinder signature page, with, in the case of an RCF Lender Backstop Party, a copy
(which shall not constitute notice) to:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Sherman&nbsp;&amp; Sterling LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">599 Lexington Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">New York, NY 10022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Attention: Fredric Sosnick, Ned Schodek</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">E-mail
address: </FONT><U>fsosnick@sherman.com</U>; ned.schodek@sherman.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase; color: #010000">ARTICLE&nbsp;V</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase; color: #010000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase; color: #010000"></FONT><FONT STYLE="text-transform: uppercase"><B>Miscellaneous</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;5.1&nbsp;&nbsp;
</FONT><U>Miscellaneous</U>. The terms and conditions set forth in Section&nbsp;10.2 (Assignment Third Party Beneficiaries), Section&nbsp;10.3
(Prior Negotiations; Entire Agreement), Section&nbsp;10.4 (Governing Law; Venue), Section&nbsp;10.5 (Waiver of Jury Trial), Section&nbsp;10.6
(Counterparts), Section&nbsp;10.7 (Waivers and Amendments; Rights Cumulative), Section&nbsp;10.8 (Headings), Section&nbsp;10.9
(Specific Performance), Section&nbsp;10.10 (Damages), Section&nbsp;10.11 (No Reliance), Section&nbsp;10.12 (Publicity) and Section&nbsp;10.13
(Settlement Discussions) of the BCA shall be applied <I>mutatis mutandis</I> to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;5.2&nbsp;&nbsp;
</FONT><U>Consent to Amendment and Joinder</U>. By execution hereof, the amendments to the BCA set forth herein are hereby consented
to by the Company and the other Debtors and the Requisite Backstop Parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;5.3&nbsp;&nbsp;
</FONT><U>Ratification and Continuation</U>. Except as otherwise amended hereby, the terms and provisions of the BCA shall continue
in full force and effect and remain unchanged and are hereby ratified and confirmed in all respects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;5.4&nbsp;&nbsp;
</FONT><U>Joinder</U>. By executing this Agreement, the persons listed as &ldquo;RCF Lender Backstop Parties&rdquo; in the signature
pages&nbsp;hereto agree to join and be bound by all of the terms of the BCA as &ldquo;Additional Backstop Parties&rdquo;, &ldquo;Backstop
Parties&rdquo;, and &ldquo;RCF Lender Backstop Parties&rdquo; for all purposes under the Agreement, including with respect to representations,
warranties and covenants contained therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<I>Signature Pages&nbsp;Omitted</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Schedule 1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Backstop Commitment Percentage</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[To be updated to reflect the addition of
the RCF Lender Backstop Parties on the date hereof in a manner consistent with the Plan and Restructuring Support Agreement. For
the avoidance of doubt, the Backstop Commitment Percentages of the RCF Lender Backstop Parties in the aggregate shall be 2.427%]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Exhibit&nbsp;A</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Amendment to the Backstop Agreement, dated
January&nbsp;22, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">See attached.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">OMNIBUS AMENDMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">THIS
OMNIBUS AMENDMENT (this &ldquo;<B><U>Amendment</U></B>&rdquo;), dated as of January&nbsp;22, 2021, is made by and among Valaris
plc, a company organized under the Laws of England and Wales (the &ldquo;<B><U>Company</U></B>&rdquo;) and its subsidiaries signatory
hereto (together with the Company, the &ldquo;<B><U>Debtors</U></B>&rdquo;), Wilmington Savings Fund Society, FSB, as DIP Agent
for and on behalf of the DIP Lenders (as defined below) (</FONT>in such capacity, together with its successors in such capacity,
the &ldquo;<B><U>DIP Agent</U></B>&rdquo;) and the Backstop Parties (as defined in the Backstop Agreement) party hereto that are
also DIP Lenders. The Company, the other Debtors, the DIP Agent and each such Backstop Party party hereto is referred to herein,
individually, as a &ldquo;<B><U>Party</U></B>&rdquo; and, collectively, as the &ldquo;<B><U>Parties</U></B>&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>RECITALS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Company,
the other Debtors, and the other parties thereto entered into that certain Backstop Commitment Agreement, dated August&nbsp;18,
2020 (as amended, the &ldquo;<B><U>Backstop Agreement</U></B>&rdquo;) and the Company, the DIP Agent and the lenders party thereto
from time to time (the &ldquo;<B><U>DIP Lenders</U></B>&rdquo;) entered into that certain Senior Secured Superpriority Debtor-in-Possession
Credit Agreement, dated September&nbsp;25, 2020 (as amended, the &ldquo;<B><U>DIP Credit Agreement</U></B>&rdquo; and the credit
facility provided thereunder, the &ldquo;<B><U>DIP Facility</U></B>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Backstop
Agreement contemplates Backstop Parties, including Backstop Parties that are DIP Lenders, making certain payments into escrow in
connection with the funding required under the Backstop Agreement in advance of the closing of the transaction contemplated thereby
(the &ldquo;<B><U>Closing</U></B>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the DIP Facility
contemplates the Company repaying its obligations to the DIP Lenders on the Maturity Date (as defined in the DIP Credit Agreement),
which is contemplated to occur substantially concurrently with the Closing; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, for the sake
of efficiency, the Debtors, the DIP Agent and the Backstop Parties party hereto, constituting the Requisite Backstop Parties (as
defined in the Backstop Agreement), desire to amend, among other things, the funding and repayment mechanics in the Backstop Agreement
and DIP Facility, in each case, as set forth herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">NOW, THEREFORE, in
consideration of the mutual promises, agreements, representations, warranties and covenants contained herein, each of the Parties
hereby agrees as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010000">ARTICLE&nbsp;I</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010000"></FONT><FONT STYLE="text-transform: uppercase"><B>BACKSTOP
Agreement amendment</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;1.1&nbsp;&nbsp;
</FONT><U>Backstop Agreement Amendment</U>. Section&nbsp;2.4 of the Backstop Agreement shall be amended and restated in its entirety
to read as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">No
later than the tenth (10<SUP>th</SUP>) Business Day following the Rights Offering Expiration Time, the Rights Offering Subscription
Agent shall deliver to each Backstop Party (to the extent applicable) a written notice (the &ldquo;<B><U>Rights Offering Notice</U></B>&rdquo;)
of (i)&nbsp;the amount of Rights Offering Securities elected to be purchased by the Rights Offering Participants and the aggregate
Purchase Price therefore; (ii)&nbsp;the aggregate amount of Unsubscribed Securities (and corresponding Participation Equity), if
any, and the aggregate Purchase Price therefor; (iii)&nbsp;the amount of Unsubscribed Securities (based upon such Backstop Party&rsquo;s
Backstop Commitment Percentage) to be purchased by such Backstop Party and the Purchase Price therefor as determined in accordance
with <U>Section&nbsp;2.2</U>; (iv)&nbsp;the amount of Holdback Securities to be purchased by such Backstop Party and the Purchase
Price therefor as determined in accordance with <U>Section&nbsp;2.2</U>; (v)&nbsp;the aggregate Purchase Price to be paid by such
Backstop Party for the Unsubscribed Securities and Holdback Securities purchased in accordance with Section&nbsp;2.4(a)(iii)&nbsp;and
(iv)&nbsp;above, plus the aggregate Purchase Price of the Rights Offering Securities to be purchased by such Backstop Party in
the Rights Offering (the &ldquo;<B><U>Aggregate Purchase Price</U></B>&rdquo;); and (vi)&nbsp;the escrow account to which such
Backstop Party shall deliver and pay the Aggregate Purchase Price, as may be adjusted in the Funding Notice for Backstop Parties
that are also DIP Lenders (the &ldquo;<B><U>Backstop Escrow Account</U></B>&rdquo;). The Rights Offering Subscription Agent shall
promptly provide any written backup, information and documentation relating to the information contained in the Rights Offering
Notice as any Backstop Party may reasonably request.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">No
later than fifteen (15) Business Days prior to the Closing (and on or after the date on which the Rights Offering Notice is delivered),
the Company will deliver written notice (the &ldquo;<B><U>Funding Notice</U></B>&rdquo;) to the Backstop Parties setting forth:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(i)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">if
the Backstop Party is not a DIP Lender, the Aggregate Purchase Price;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(ii)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">if
the Backstop Party is a DIP Lender and the outstanding obligations under the DIP Credit Agreement and the other loan documents
entered into in connection therewith owed by the Company or any of its subsidiaries (the &ldquo;<B><U>Outstanding Obligations</U></B>&rdquo;)
to such Backstop Party that is a DIP Lender as of such date exceed the Aggregate Purchase Price for such Backstop Party that is
a DIP Lender, an amount equal to such Outstanding Obligations less such Aggregate Purchase Price (the &ldquo;<B><U>Net Payment
Amount</U></B>&rdquo;); and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(iii)</FONT><FONT STYLE="color: #010000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">if
the Backstop Party is a DIP Lender and the Aggregate Purchase Price owed by such Backstop Party that is a DIP Lender exceeds the
Outstanding Obligations owed by the Company to such Backstop Party that is a DIP Lender as of the date of the Funding Notice, an
amount equal to such Aggregate Purchase Price less such Outstanding Obligations (the &ldquo;<B><U>Net Contribution Amount</U></B>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">At
least ten (10)&nbsp;Business Days prior to the Closing (such tenth (10<SUP>th</SUP>) Business Day, the &ldquo;<B><U>Escrow Funding
Date</U></B>&rdquo;), each Backstop Party (other than a Backstop Party with a Net Payment Amount) shall pay by wire transfer in
immediately available funds in U.S. dollars into the Backstop Escrow Account in satisfaction of such Backstop Party&rsquo;s Backstop
Commitment (x)&nbsp;if such Backstop Party is not a DIP Lender, the Aggregate Purchase Price or (y)&nbsp;if such Backstop Party
is a DIP Lender with a Net Contribution Amount, the Net Contribution Amount. For the avoidance of doubt, if the Outstanding Obligations
owed by the Company to a DIP Lender that is a Backstop Party as of the date of the Funding Notice exceed the Aggregate Purchase
Price for such Backstop Party, then such Backstop Party will not be required to pay any cash into the Backstop Escrow Account in
satisfaction of such Backstop Party&rsquo;s Backstop Commitment. The Backstop Escrow Account shall be established with an escrow
agent satisfactory to the Backstop Parties and the Company and the Issuer (as relevant) pursuant to an escrow agreement in form
and substance reasonably satisfactory to the Requisite Backstop Parties and the Company and the Issuer (as relevant). The funds
held in the Backstop Escrow Account shall be distributed to the Debtors at the Closing or pursuant to a borrowing under the DIP
Credit Agreement in accordance with Section&nbsp;2.4(d)(ii)&nbsp;hereof, or returned to each Backstop Party upon the termination
of this Agreement, in each case, inclusive of any interest accrued thereon, if any.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">(i)&nbsp;If,
on or after the date on which the Funding Notice is delivered, but before the Escrow Funding Date (such period, the &ldquo;<B><U>Interim
Period</U></B>&rdquo;), the Company or any other Borrower (as defined in the DIP Credit Agreement) delivers a Notice of Borrowing
(as defined in the DIP Credit Agreement) in accordance with the terms of the DIP Credit Agreement, the Company shall contemporaneously
therewith deliver an updated Funding Notice to each Backstop Party that is a DIP Lender reflecting, in the case of a Backstop Party
that is a DIP Lender with a Net Contribution Amount, that the amount required to be funded by such DIP Lender pursuant to such
Notice of Borrowing shall be deducted from the Net Contribution Amount of such Backstop Party that is a DIP Lender, and such Backstop
Party shall fund such amount directly to the Company in accordance with the terms of the DIP Credit Agreement; <U>provided</U>,
that if such Backstop Party has previously paid (or is in the process of paying) (such Backstop Parties that are DIP Lenders, if
any, the &ldquo;<B><U>Interim Funding Backstop Parties</U></B>&rdquo;) and has provided notice to the Company of such prior payments,
the applicable amounts into the Backstop Escrow Account in accordance with Section&nbsp;2.4(c)&nbsp;above, then the amount to be
funded by such Backstop Party that is a DIP Lender pursuant to the Notice of Borrowing shall instead be distributed to the Company
or other applicable Borrower directly from the Backstop Escrow Account pursuant to Section&nbsp;2.4(d)(ii)&nbsp;below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">(ii)&nbsp;If the Company or any
other Borrower (as defined in the DIP Credit Agreement) delivers a Notice of Borrowing (as defined in the DIP Credit Agreement)
in accordance with the terms of the DIP Credit Agreement on or after the Escrow Funding Date (or delivers such Notice of Borrowing
during the Interim Period and there are one or more Interim Funding Backstop Parties), then, (x)&nbsp;substantially concurrently
therewith the Company shall deliver a copy of such Notice of Borrowing to the escrow agent with instructions (executed solely by
a Debtor) for the escrow agent to release the corresponding amount of funds from the Backstop Escrow Account (on account of each
Backstop Party that is a DIP Lender) to the Company (including, for the avoidance of doubt, the corresponding amount of funds on
account of Interim Funding Backstop Parties); <U>provided</U> that if the escrow agent requires joint written instructions in the
applicable escrow agreement, then the Company shall deliver joint written instructions with the Notice of Borrowing to each Backstop
Party that is a DIP Lender (including any Interim Funding Backstop Parties) and each such Backstop Party shall countersign and
deliver such joint written instructions in no more than three (3)&nbsp;Business Days to the escrow agent, and (x)&nbsp;as promptly
as practicable, and in any event within two days thereafter, the Company will deliver to each Backstop Party that is a DIP Lender
an updated Funding Notice taking into account the additional Obligations owing to such Backstop Party resulting from such borrowing
under the DIP Credit Agreement. For the avoidance of doubt, if a Backstop Party that is a DIP Lender is required to fund an amount
to the Company under a Notice of Borrowing delivered after the Escrow Funding Date (or, in the case of an Interim Funding Backstop
Party, delivered during the Interim Period) that exceeds the amount of funds held on behalf of such Backstop Party in the Backstop
Escrow Account, then such Backstop Party that is a DIP Lender shall fund the net amount directly to the Company in accordance with
the terms of the DIP Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">At
the Closing, each DIP Lender that is a Backstop Party that (i)&nbsp;has a Net Payment Amount owed to it by the Company shall be
deemed to have contributed to the Issuer an amount of cash equal to its Aggregate Purchase Price and (ii)&nbsp;has a Net Contribution
Amount owing by it to the Company shall be deemed to have contributed to the Issuer an amount of cash equal to the Outstanding
Obligations owed to such DIP Lender by the Company as of the date of the Funding Notice, in each case, giving effect to any updates
following delivery of the initial Funding Notice as provided for in Section&nbsp;1.1(d)&nbsp;above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;1.2&nbsp;&nbsp;
</FONT><U>Definitions</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Backstop Agreement is hereby amended such that all terms defined in the section of the Backstop Agreement deleted in accordance
with <U>Section&nbsp;1.1</U> hereof are removed from the definitions listed in Section&nbsp;1.1 of the Backstop Agreement and all
terms defined in Section&nbsp;2.4 of the Backstop Agreement as amended by <U>Section&nbsp;1.1</U> hereof, are added to Section&nbsp;1.1
of the Backstop Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Section&nbsp;1.1
of the Backstop Agreement is hereby amended to include the following definition:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<B><U>DIP Lender</U></B>&rdquo; has
the meaning ascribed to such term in the DIP Facility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase; color: #010000">ARTICLE&nbsp;II</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase; color: #010000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase; color: #010000"></FONT><FONT STYLE="text-transform: uppercase"><B>DIP
FACILITY AMENDMENTs and consents</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;2.1&nbsp;&nbsp;
</FONT><U>DIP Credit Agreement Amendments</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Section&nbsp;2.02(b)&nbsp;is
hereby amended by adding the following new sentence at the end thereof: Notwithstanding anything to the contrary in any Loan Document,
from and after the date that the Borrower has delivered a Funding Notice (as defined in the Backstop Agreement) under the Backstop
Agreement, a DIP Lender may, at its option, make its Ratable Portion of a Borrowing directly available to the Borrower and shall
provide a written notice thereof (which may be through counsel and via e-mail) to the Borrower and the DIP Agent.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
first sentence of Section&nbsp;5.01 is hereby amended and restated in its entirety to read as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Reporting
Requirements.</I></FONT><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Furnish each of the following to the
DIP Agent (which in the case of <U>clause (l)</U>&nbsp;of this <U>Section&nbsp;5.01</U> may be satisfied by delivery thereof to
the financial and legal advisors to the DIP Lenders):</FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Section&nbsp;5.01(n)&nbsp;is
hereby amended to remove &ldquo;and&rdquo; after the semicolon.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Section&nbsp;5.01(o)&nbsp;is
hereby amended to replace the period at the end of the provision with &ldquo;; and&rdquo;.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">A
new Section&nbsp;5.01(p)&nbsp;shall be added to read as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><I>no later than the last Business day of
every calendar month, the Borrowers shall deliver to the DIP Agent a schedule of assets or Property that have been Disposed during
such calendar month and for which neither an officers&rsquo; certificate nor Proceeds Certificate has been previously delivered.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Section&nbsp;6.04(b)&nbsp;is
hereby amended by replacing the reference to &ldquo;Section&nbsp;6.10&rdquo; in clause (ii)&nbsp;with &ldquo;Section&nbsp;6.11&rdquo;.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Section&nbsp;6.06
is hereby amended by replacing the reference to &ldquo;Section&nbsp;6.05(c)&rdquo; with &ldquo;Section&nbsp;6.05(c), (f), (h)&nbsp;and
(i)&rdquo;.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Section&nbsp;6.10(a)&nbsp;is
hereby amended and restated in its entirety to read as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(a)</I></FONT><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Declare
or make, or permit any of its Subsidiaries to declare or make, directly or indirectly, any Restricted Payment with respect to the
ordinary shares of the Lead Borrower, or incur any obligation (contingent or otherwise) to do so, except any Restricted Payments
(i)&nbsp;from any Subsidiary to any Borrower or Guarantor and (ii)&nbsp;in the ordinary course of business consistent with past
practices for payroll, general overhead and administrative services, and Cash Management Services.</FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Section&nbsp;9.01(d)(i)&nbsp;is
hereby amended and restated in its entirety to read as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><I>Each
DIP Lender hereby authorizes the DIP Agent to release any Liens granted to the DIP Agent by the Credit Parties on the Collateral
(A)&nbsp;upon the indefeasible payment in full in cash and full discharge of the Obligations (other than contingent indemnification
obligations as to which no claim has been made) and termination of all Commitments, or (B)&nbsp;pursuant to a Disposition of Property
permitted under this Agreement or any other Loan Document, subject to (x)&nbsp;if any Obligations are outstanding at the time of
such Disposition, the DIP Lenders&rsquo; prior receipt of a Proceeds Certificate and satisfaction of the provisions of the following
clause (ii)&nbsp;or (y)&nbsp;if no Obligations are outstanding, satisfaction of the provisions of the following clause (ii). Notwithstanding
the foregoing or anything else to the contrary in any Loan Document upon any Disposition that is permitted under this Agreement
or any other Loan Document with respect to which all cash and non-cash consideration to be received by the Credit Parties and their
Subsidiaries is equal to or less than $1,000,000 for any individual Disposition (and equal to or less than $10,000,000 in the aggregate
for all such Dispositions for which no Proceeds Certificate or officer&rsquo;s certificate has been provided to the DIP Lenders),
any security interest or Lien granted in any Collateral that is the subject of such Disposition pursuant to the Loan Documents
shall be automatically released.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">A
new Section&nbsp;9.25 shall be added to read as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Section&nbsp;9.25</I></FONT><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Cashless
Rollovers</U>.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Any Obligations owed to a DIP Lender hereunder
that are used by such DIP Lender to offset its obligation to fund any amount under the Backstop Agreement shall be deemed to be
paid in cash by the Borrower to such DIP Lender hereunder in satisfaction of such Obligations as of the date of the closing of
the transaction contemplated under the Backstop Agreement, on a dollar for dollar basis and pursuant to a cashless settlement
mechanism approved by the Borrower and such DIP Lender, and any such amount shall be deemed to have been contributed in cash by
such DIP Lender under the Backstop Agreement and shall be deemed to satisfy any requirement that any payment hereunder or under
any other Loan Document is made &ldquo;in Dollars&rdquo;, &ldquo;in immediately available funds&rdquo;, &ldquo;in Cash&rdquo;
or any other similar requirement.</FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;2.2&nbsp;&nbsp;
</FONT><U>Definitions</U>. Section&nbsp;1.01 of the DIP Credit Agreement is hereby amended as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">clause
(g)&nbsp; of the definition of &ldquo;Permitted Investments&rdquo; is hereby amended and restated in its entirety to read as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(g)</I></FONT><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Investments
by any Subsidiary that is not a Guarantor in any Guarantor or in any other Subsidiary that is not a Guarantor;</FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">a
new definition shall be added to read as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><I>&ldquo;<U>Backstop
Agreement</U>&rdquo; means that certain Backstop Commitment Agreement, dated August&nbsp;18, 2020, entered into by Valaris, the
DIP Lenders, the other Debtors (as defined therein) party thereto and the other parties thereto, as amended including by that certain
Omnibus Amendment, dated as of January&nbsp;22, 2021, entered into by Valaris, its subsidiaries signatory thereto, the DIP Agent
and the other parties thereto.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;2.3&nbsp;&nbsp;
</FONT><U>Instruction by All DIP Lenders </U>. Section&nbsp;9.01 of the DIP Credit Agreement provides that certain of the amendments
set forth in this Amendment must be &ldquo;in writing and signed by all DIP Lenders&rdquo;. Notwithstanding anything set forth
in the DIP Credit Agreement to the contrary, each DIP Lender has acknowledged and agreed in writing (which may include electronic
mail) that the DIP Agent is entering into this Amendment for and on behalf of such DIP Lender and that this Amendment shall be
binding and enforceable against each DIP Lender. The DIP Agent hereby acknowledges and agrees that it has, on or prior to the date
hereof, received written instructions (which may include electronic mail) from each DIP Lender to enter to this Amendment for and
on behalf of such DIP Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase; color: #010000">ARTICLE&nbsp;III</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase; color: #010000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase; color: #010000"></FONT><FONT STYLE="text-transform: uppercase"><B>MISCELLANEOUS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;3.1&nbsp;&nbsp;
</FONT><U>Effectiveness</U>. This Amendment shall be effective as of the date first set forth above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;3.2&nbsp;&nbsp;
</FONT><U>Consent; Continued Agreement</U>. The Parties consent to this Amendment and acknowledge that except as expressly set
forth herein, each of the Backstop Agreement and the DIP Facility shall continue in full force and effect, remain unchanged and
is hereby ratified and confirmed in all respects. Except as expressly set forth herein, nothing contained herein shall be deemed
to constitute a waiver of compliance with any term or condition contained in the DIP Loan Agreement or any of the other Loan Documents
or constitute a course of conduct or dealing among the parties hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;3.3&nbsp;&nbsp;
</FONT><U>Loan Document</U>. This Amendment is a Loan Document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;3.4&nbsp;&nbsp;
</FONT><U>Governing Law; Venue</U>. THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE
OF NEW YORK AND, TO THE EXTENT APPLICABLE, THE BANKRUPTCY CODE. THE PARTIES CONSENT AND AGREE THAT ANY ACTION TO ENFORCE THIS AMENDMENT
OR ANY DISPUTE, WHETHER SUCH DISPUTES ARISE IN LAW OR EQUITY, ARISING OUT OF OR RELATING TO THIS AMENDMENT AND THE AGREEMENTS,&nbsp;INSTRUMENTS
AND DOCUMENTS CONTEMPLATED HEREBY SHALL BE BROUGHT EXCLUSIVELY IN THE BANKRUPTCY COURT, <FONT STYLE="text-transform: uppercase">or
to the extent that the Bankruptcy Court does not have (or abstains from exercising) jurisdiction, in the courts of the State of
New York sitting in New York County or of the United States of America for the Southern District of New York, and, by execution
and delivery of this Agreement, each Credit Party hereby accepts for itself and in respect of its property, generally and unconditionally,
the exclusive jurisdiction of the aforesaid courts, except that each of the DIP Agent or DIP Lenders may bring legal action or
proceedings in other appropriate jurisdictions with respect to the enforcement of its rights under Loan Documents and/or the Collateral
to the extent not prohibited by the Bankruptcy Court</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;3.5&nbsp;&nbsp;
</FONT><U>Waiver of Jury Trial</U>. EACH PARTY HEREBY WAIVES ALL RIGHTS TO TRIAL BY JURY IN ANY JURISDICTION IN ANY ACTION, SUIT,
OR PROCEEDING BROUGHT TO RESOLVE ANY DISPUTE AMONG THE PARTIES UNDER THIS AGREEMENT, WHETHER IN CONTRACT, TORT OR OTHERWISE.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;3.6&nbsp;&nbsp;
</FONT><U>Counterparts</U>. This Agreement may be executed in any number of counterparts, all of which will be considered one and
the same agreement and will become effective when counterparts have been signed by each of the Parties and delivered to each other
Party (including via facsimile or other electronic transmission), it being understood that each Party need not sign the same counterpart.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;3.7&nbsp;&nbsp;
</FONT><U>Incorporated Provisions</U>. The terms and provisions of Sections 9.14, 9.15, 9.16 and 9.17 of the DIP Credit Agreement
are hereby incorporated by reference herein, <I>mutatis mutandis</I>, and shall apply to this Amendment with the same force and
effect as if originally set forth herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;3.8&nbsp;&nbsp;
</FONT><U>Reaffirmation</U>. The Debtors (on behalf of themselves and the other Credit Parties) as debtor, grantor, pledgor, guarantor,
assignor, or in any other similar capacity in which such Debtor (or other Credit Party) grants liens or security interests in its
property or otherwise acts as accommodation party or guarantor, as the case may be, hereby (a)&nbsp;ratifies and reaffirms all
of its payment and performance obligations, contingent or otherwise, under each of the DIP Credit Agreement and any of the other
Loan Documents to which it is a party (after giving effect hereto) and (b)&nbsp;to the extent such Person granted liens on or security
interests in any of its property pursuant to any such Loan Documents as security for or otherwise guaranteed the Obligations under
or with respect to the Loan Documents, ratifies and reaffirms such guarantee and grant of security interests and liens and confirms
and agrees that such security interests and liens hereafter secure all of the obligations as amended hereby.&nbsp; The Debtors
(on behalf of themselves and the other Credit Parties) hereby consent to this Amendment and acknowledge that each of the Loan Documents
remains in full force and effect and is hereby ratified and reaffirmed.&nbsp; The execution of this Amendment shall not operate
as a waiver of any right, power or remedy of the Secured Parties (including any DIP Lender), constitute a waiver of any provision
of any of the Loan Documents or serve to effect a novation of the Obligations.</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">[<I>Signature Pages&nbsp;Omitted</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: -0.5in"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: -0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: -0.5in"><B><U>Exhibit
3</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: -0.5in"><B>Bondholder
Recovery Split</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: -0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: -0.5in"><B><IMG SRC="tm215582d1img001.jpg" ALT="">&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: -0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #1F497D"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: -0.5in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Exhibit 4</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Management Incentive Plan Term Sheet</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">VALARIS PLC</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">MANAGEMENT INCENTIVE PLAN</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following summarizes
the principal emergence related arrangements for Valaris (the &ldquo;<U>Company</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Management Arrangements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; padding: 6pt 5.4pt; width: 16%; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Management Incentive Plan</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 6pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 84%; text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">The post-emergence board of directors of the Company or the Company&rsquo;s ultimate parent company (such entity is referred to as &ldquo;<U>Holdco</U>&rdquo;) will adopt a Management Incentive Plan (the &ldquo;<U>MIP</U>&rdquo;) post-emergence for awards made to directors and employees of Holdco and its subsidiaries.&nbsp;&nbsp;Holdco will reserve a pool of shares of Common Stock of Holdco (&ldquo;<U>Common Stock</U>&rdquo;) representing between 5% and 10% of Holdco&rsquo;s Common Stock, determined on a fully diluted and fully distributed basis (i.e., assuming conversion of all outstanding convertible securities and full distribution of the MIP Pool).&nbsp;&nbsp;The Ad Hoc Group of Noteholders will engage a compensation consultant before Emergence to advise on the form, amount, and terms and conditions of awards made from the MIP.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; padding: 6pt 5.4pt; width: 16%; text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Executive Employment Agreements</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 6pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 84%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company will assume as applicable (i)
        all existing employment and change in control agreements, (ii) all existing severance arrangements, including the Executive Severance
        Plan and (iii) all existing incentive awards denominated in cash, with the following modifications:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The Employment Agreement for T. Burke will be amended to replace Section 2(d)(i) with the agreed upon terms under the MIP
and to amend the definition of &ldquo;Good Reason&rdquo; to eliminate a material reduction in his annual equity award as in effect
as of the Effective Time. Good Reason also will be amended to include his dissatisfaction with his MIP award, as described below.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Upon a severance-eligible termination under the Company&rsquo;s Executive Severance Plans, the cash severance entitlement
of each executive set forth on Exhibit A (an &ldquo;<U>Executive</U>&rdquo;) will be based on the sum of the Executive&rsquo;s
base salary and target annual bonus (determined in each case without regard to any reductions implemented without the Executive&rsquo;s
consent), with the appropriate multiple provided under the plan to be applied.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>A severance-eligible termination under the Company&rsquo;s Executive Severance Plans for each Executive will include a termination
        by the Executive for Good Reason as defined in such Executive&rsquo;s existing Change in Control Severance Agreement (but disregarding
        any reference to a Change in Control therein), with Good Reason including (i) a relocation of the Executive&rsquo;s primary place
        of employment to a location that increases the Executive&rsquo;s normal commute by more than thirty-five (35) miles (but excluding
        a relocation from or to the Houston metropolitan area to or from the London Metropolitan area); and (ii) in the event that (A)
        an Executive resigns following a failure by the Company to make an award satisfactory to the Executive under the MIP within one
        hundred and twenty (120) days after Emergence, (B)&nbsp;such Executive provides written notice within thirty (30) days after such
        event, (C) the Company fails to cure such event within thirty (30) days of giving of such notice and (D) the Executive terminates
        employment within thirty (30) days following the expiration of the Company&rsquo;s cure period, then such Executive shall be entitled
        to the severance pay and benefits payable in the event of a termination by the Company without Cause (subject to the conditions
        thereto); provided, in the event of any termination for Good Reason pursuant to clause (ii), that (A) any awards to such Executive
        under the MIP shall not accelerate and shall instead be cancelled and forfeited without consideration and (B) the severance payable
        to the Executive will be determined in the manner described above.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>The severance arrangements applicable to any Executive may not be amended without the written consent of such Executive.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The effective date of a Plan of Reorganization will not constitute a &ldquo;change in control&rdquo; (or similar term)
for purposes of any compensation arrangement.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
        Company will reimburse an Executive for reasonable legal expenses incurred in negotiating contractual arrangements to reflect
        the terms set forth herein.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>In
the event of any dispute between the Company and an Executive, the Company will reimburse each Executive for related costs and
expenses (including reasonable attorney fees) if the executive prevails on any material issue.&nbsp;</P></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Exhibit A</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; width: 100%; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">Name (Title &amp; Position)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">Jonathan Baksht (EVP &amp; CFO)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">Gilles Lucca (SVP &amp; COO)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">Alan Quintero (SVP, Business Development)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">Michael T. McGuinty (SVP, General Counsel and Secretary)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Exhibit&nbsp;B</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Provision for Transfer Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
undersigned (&ldquo;<B>Transferee</B>&rdquo;) hereby acknowledges that it has read and understands the Amended Restructuring Support
Agreement, dated as of __________, 2021 (the &ldquo;<B>Agreement</B>&rdquo;),<SUP>1</SUP> by and among Valaris plc and its affiliates
and subsidiaries bound thereto and the Consenting </FONT>Creditors, including the transferor to the Transferee of any Company Claims/Interests
(each such transferor, a &ldquo;<B>Transferor</B>&rdquo;), and agrees to be bound by the terms and conditions thereof to the extent
the Transferor was thereby bound, and shall be deemed a &ldquo;Consenting Noteholder&rdquo; and/or a &ldquo;Consenting Lender&rdquo;
under the terms of the Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Transferee specifically
agrees to be bound by the terms and conditions of the Agreement and makes, on a several basis, all representations and warranties
contained therein as of the date of the Transfer, including the agreement to be bound by the vote of the Transferor if such vote
was cast before the effectiveness of the Transfer discussed herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Date Executed:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Name:</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Title:</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Address:</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">E-mail address(es):</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">principal amount of beneficially owned
Valaris Bonds: $_____________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">principal amount of beneficially owned
Legacy Rowan Bonds: $_____________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">principal amount of beneficially owned
Jersey Bonds: $_____________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">principal amount of beneficially owned
Pride Bonds: $_____________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">principal amount of beneficially owned
Ensco International Bonds: $_____________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Credit Facility Claims: $_____________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Equity Interests in VAL: $_____________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1</SUP></FONT></TD><TD STYLE="text-align: justify">Capitalized terms used but not otherwise defined herein
shall having the meaning ascribed to such terms in the Agreement.</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 79 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Exhibit&nbsp;C</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Provision for Joinder Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
undersigned (&ldquo;<B>Joinder Agreement</B>&rdquo;) hereby acknowledges that it has read and understands the Amended Restructuring
Support Agreement, dated as of __________, 2021 (the&nbsp;&ldquo;<B>Agreement</B>&rdquo;),<SUP>1</SUP> by and among Valaris plc
and its affiliates and subsidiaries bound thereto and the Consenting </FONT>Creditors, and agrees to be bound by the terms and
conditions thereof to the extent the Transferor was thereby bound, and shall be deemed a &ldquo;Consenting Noteholder&rdquo; and/or
a &ldquo;Consenting Lender&rdquo; under the terms of the Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Joinder Party specifically
agrees to be bound by the terms and conditions of the Agreement and, on a several basis, makes all representations and warranties
contained therein as of the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Date Executed:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Name:</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Title:</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Address:</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">E-mail address(es):</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">principal amount of beneficially owned
Valaris Bonds: $_____________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">principal amount of beneficially owned
Legacy Rowan Bonds: $_____________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">principal amount of beneficially owned
Jersey Bonds: $_____________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">principal amount of beneficially owned
Pride Bonds: $_____________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">principal amount of beneficially owned
Ensco International Bonds: $_____________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Credit Facility Claims: $_____________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Equity Interests in VAL: $_____________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1</SUP></FONT></TD><TD STYLE="text-align: justify">Capitalized terms used but not otherwise defined herein
shall having the meaning ascribed to such terms in the Agreement.</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 80 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Exhibit&nbsp;D</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Company Parties</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Valaris
plc</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Alpha
Achiever Company</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Alpha
Admiral Company</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Alpha
Archer Company</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Alpha
Offshore Drilling Services Company</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Alpha
Orca Company</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Atlantic
Maritime Services LLC</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Atwood
Australian Waters Drilling Pty Ltd</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Atwood
Deep Seas,&nbsp;Ltd.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Atwood
Oceanics Australia Pty. Limited</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Atwood
Oceanics LLC</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Atwood
Oceanics Pacific Limited</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Atwood
Offshore Drilling Limited</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Atwood
Offshore Worldwide Limited</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Ensco
(Thailand) Limited</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>ENSCO
Asia Pacific Pte. Limited</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Ensco
Associates Company</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Ensco
Australia Pty Limited</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>ENSCO
Capital Limited</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>ENSCO
Corporate Resources LLC</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>ENSCO
Development Limited</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Ensco
do Brasil Petroleo E Gas Ltda.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Ensco
Drilling I Ltd.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>ENSCO
Drilling Mexico LLC</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Ensco
Endeavors Limited</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>ENSCO
Global GmbH</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>ENSCO
Global Investments LP</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Ensco
Global IV Ltd</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>ENSCO
Global Resources Limited</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>ENSCO
Holding Company</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Ensco
Holdings I Ltd.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Ensco
Holland B.V.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>ENSCO
Incorporated</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>ENSCO
Intercontinental GmbH</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>ENSCO
International Inc.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Ensco
International Ltd.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>ENSCO
Investments LLC</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>ENSCO
Jersey Finance Limited</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>ENSCO
Limited</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Ensco
Management Corp.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>ENSCO
Maritime Limited</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Ensco
Mexico Services, S. de R.L. de C.V.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Ensco
Ocean 2 Company</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>ENSCO
Oceanics Company LLC</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Ensco
Oceanics International Company</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Ensco
Offshore Company</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>ENSCO
Offshore International Company</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B></B></FONT></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>ENSCO
Offshore International Holdings Limited</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Ensco
Offshore International Inc.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>ENSCO
Offshore U.K. Limited</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>ENSCO
Overseas Limited</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>ENSCO
Transcontinental II LP</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Ensco
Transnational I Limited</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Ensco
UK Drilling Limited</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>ENSCO
United Incorporated</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>ENSCO
Universal Limited</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Ensco
Vistas Limited</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>ENSCO
Worldwide GmbH</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Great
White Shark Limited</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Green
Turtle Limited</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Offshore
Drilling Services LLC</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Pride
Foramer S.A.S.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Pride
Forasol S.A.S.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Pride
Global II Ltd.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Pride
International LLC</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Pride
International Management Company LP</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Ralph
Coffman Limited</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Ralph
Coffman Luxembourg S.a r.l.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>RCI
International,&nbsp;Inc.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>RD
International Services Pte. Ltd.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>RDC
Arabia Drilling,&nbsp;Inc.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>RDC
Holdings Luxembourg S.a r.l.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>RoCal
Cayman Limited</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Rowan
Companies Limited</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Rowan
Companies LLC</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Rowan
Drilling (Trinidad) Limited</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Rowan
Drilling (U.K.) Limited</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Rowan
Drilling, S. de R.L. de C.V.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Rowan
International Rig Holdings S.a r.l.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Rowan
Marine Services, LLC</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Rowan
N-Class&nbsp;(Gibraltar) Limited</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Rowan
No.&nbsp;1 Limited</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Rowan
Norway Limited</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Rowan
Offshore (Gibraltar) Limited</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Rowan
Offshore Luxembourg S.a r.l.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Rowan
Rex Limited</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Rowan
Rigs S.a r.l.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Rowan
Services LLC</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Rowan,
S. de R.L. de C.V.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Rowandrill,
LLC</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Exhibit&nbsp;E</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Plan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES BANKRUPTCY COURT<BR>
SOUTHERN DISTRICT OF TEXAS</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">HOUSTON
DIVISION<BR>
<BR>
</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid">&nbsp;</TD>
    <TD>)</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>In re:</TD>
    <TD>)</TD>
    <TD COLSPAN="2">Chapter 11</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>)</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>VALARIS PLC, <I>et al</I>.,<FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>1</SUP></FONT></TD>
    <TD>)</TD>
    <TD COLSPAN="2">Case No. 20-34114 (MI)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>)</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;Debtors.</TD>
    <TD>)</TD>
    <TD COLSPAN="2">(Jointly Administered)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>)</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Debtors&rsquo;
        Fourth Amended Joint<BR>
        Chapter 11 Plan of Reorganization<BR>
        <BR>
        </B></FONT></P></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 52%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 40%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in"><FONT STYLE="font-size: 10pt"><B>JACKSON
    WALKER L.L.P.</B></FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>KIRKLAND &amp; ELLIS LLP</B></FONT></TD>
    </TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Matthew
    D. Cavenaugh (TX Bar No. 24062656) </FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>KIRKLAND &amp; ELLIS INTERNATIONAL
    LLP</B></FONT></TD>
    </TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Kristhy
    M. Peguero (TX Bar No. 24102776) </FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Anup Sathy, P.C. (admitted
    pro hac vice)</FONT></TD>
    </TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Genevieve
    Graham (TX Bar No. 24085340)</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Ross M. Kwasteniet, P.C. (admitted
    pro hac vice)</FONT></TD>
    </TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in"><FONT STYLE="font-size: 10pt">1401
    McKinney Street, Suite 1900</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Spencer A. Winters (admitted
    pro hac vice)</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Houston,
    Texas 77010</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">300 North
    LaSalle Street</FONT></TD>
    </TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Telephone:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(713) 752-4200</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Chicago, Illinois 60654</FONT></TD>
    </TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; width: 10%"><FONT STYLE="font-size: 10pt">Facsimile:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 40%"><FONT STYLE="font-size: 10pt">(713) 752-4221</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%"><FONT STYLE="font-size: 10pt">Telephone:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 40%"><FONT STYLE="font-size: 10pt">(312) 862-2000 </FONT></TD>
    </TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Email:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">mcavenaugh@jw.com</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Facsimile:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(312) 862-2200 &nbsp;&nbsp;&nbsp;</FONT></TD>
    </TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">kpeguero@jw.com</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Email:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">anup.sathy@kirkland.com</FONT></TD>
    </TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">ggraham@jw.com</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">ross.kwasteniet@kirkland.com</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    </TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in"></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">spencer.winters@kirkland.com</FONT></TD>
    </TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Co-Counsel
    to the Debtors and Debtors in Possession</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Co-Counsel to the Debtors and
    Debtors in Possession</FONT></TD>
    </TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Dated:&nbsp;&nbsp;February
    5, 2021</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<HR COLOR="Black" ALIGN="LEFT" NOSHADE SIZE="1" STYLE="width: 25%; margin-top: 3pt; margin-bottom: 3pt">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>1</SUP></FONT></TD><TD STYLE="text-align: justify">A complete list of each of the Debtors in these chapter 11 cases may be obtained on the website
of the Debtors&rsquo;&nbsp;claims and noticing agent at <U>http://cases.stretto.com/Valaris</U>.&nbsp; The location of Debtor Ensco&nbsp;Incorporated&rsquo;s
principal place of business and the Debtors&rsquo; service address in these chapter 11 cases is&nbsp;5847 San Felipe Street, Suite
3300, Houston, Texas 77057.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">TABLE OF
CONTENTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Page</B></P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: -0.5in; padding-top: 12pt; padding-bottom: 0pt; padding-left: 0.5in">INTRODUCTION</TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 0pt">1</TD></TR>
<TR STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: -0.5in; padding-top: 12pt; padding-bottom: 0pt; padding-left: 0.5in">ARTICLE I DEFINED TERMS, RULES OF INTERPRETATION, COMPUTATION OF TIME, GOVERNING LAW, AND OTHER REFERENCES</TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 0pt">1</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; width: 10%">A.&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in; width: 80%">Defined Terms</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; width: 10%">1</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">B.&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">Rules of Interpretation</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">16</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">C.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">Computation of Time</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">17</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">D.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">Governing Law</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">17</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">E.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">Reference to Monetary Figures</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">17</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">F.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">Reference to the Debtors or the Reorganized Debtors</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">17</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">G.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">Restructuring Support Agreement Party Consent Rights and Controlling Documents</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">17</TD></TR>
<TR STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: -0.5in; padding-top: 12pt; padding-bottom: 0pt; padding-left: 0.5in">ARTICLE II ADMINISTRATIVE AND PRIORITY CLAIMS</TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 0pt">18</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">A.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">DIP Claims</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">18</TD></TR>

<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; width: 10%">B.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in; width: 80%">Administrative Claims</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; width: 10%">18</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">C.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">Professional Fee Claims</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">19</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">D.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">Priority Tax Claims</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">20</TD></TR>
<TR STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: -0.5in; padding-top: 12pt; padding-bottom: 0pt; padding-left: 0.5in">ARTICLE III CLASSIFICATION, TREATMENT, AND VOTING OF CLAIMS AND INTERESTS</TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 0pt">20</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">A.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">Classification of Claims and Interests</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">20</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">B.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">Treatment of Classes of Claims and Interests</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">21</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">C.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">Special Provision Governing Unimpaired Claims</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">26</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">D.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">Elimination of Vacant Classes</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">26</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">E.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">Subordinated Claims</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">26</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">F.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">Intercompany Interests</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">26</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">G.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">Controversy Concerning Impairment</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">26</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">H.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">Confirmation Pursuant to Section 1129(b) of the Bankruptcy Code</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">27</TD></TR>
<TR STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: -0.5in; padding-top: 12pt; padding-bottom: 0pt; padding-left: 0.5in">ARTICLE IV PROVISIONS FOR IMPLEMENTATION OF THE PLAN</TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 0pt">27</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">A.&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">General Settlement of Claims and Interests</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">27</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">B.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">Restructuring Transactions</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">27</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">C.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">Sources of Consideration for Plan Distributions</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">28</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">D.&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">Corporate Action</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">32</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">E.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">Corporate Existence</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">32</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">F.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">Vesting of Assets in the Reorganized Debtors</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">32</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">G.&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">Cancellation of Notes, Instruments, Certificates, and Other Documents</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">33</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">H.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">Effectuating Documents; Further Transactions</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">34</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">I.&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">New Organizational Documents</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">34</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">J.&nbsp;&nbsp;&#8239;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">Certain Securities Law Matters</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">34</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">K.&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">Exemptions from Certain Taxes and Fees</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">36</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">L.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">Board of Directors</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">37</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">M.&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">Management Incentive Plan</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">37</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">N.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">Employee Obligations</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">37</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">O.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">Qualified Defined Benefit Plan</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">38</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">P.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">Cancellation of Restricted Stock Units</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">38</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">Q.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">Preservation of Causes of Action</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">38</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">R.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">Payment of Notes Trustee Fees</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">39</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">S.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">Payment of Credit Facility Agent Fees</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">39</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">T.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">Replacement or Cash Collateralization of Credit Facility Letters of Credit</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">39</TD></TR>
<TR STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: -0.5in; padding-top: 12pt; padding-bottom: 0pt; padding-left: 0.5in"></TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: -0.5in; padding-top: 12pt; padding-bottom: 0pt; padding-left: 0.5in">ARTICLE V TREATMENT OF EXECUTORY CONTRACTS AND UNEXPIRED LEASES</TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 0pt">39</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; width: 10%">A.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; width: 80%">Assumption and Rejection of Executory Contracts and Unexpired Leases</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; width: 10%">39</TD></TR>

<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">B.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">Claims Based on Rejection of Executory Contracts or Unexpired Leases</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">40</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">C.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">Cure of Defaults for Executory Contracts and Unexpired Leases Assumed</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">41</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">D.</TD>
    <TD STYLE="text-align: left; text-indent: -0.625in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.625in">Preexisting
    Obligations to the Debtors under Executory Contracts and Unexpired Leases</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">41</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">E.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">Indemnification Provisions</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">42</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">F.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">Insurance Policies</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">42</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">G.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">Modifications, Amendments, Supplements, Restatements, or Other Agreements</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">42</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">H.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">Reservation of Rights</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">43</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">I.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">Nonoccurrence of Effective Date</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">43</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">J.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">Contracts and Leases Entered Into After the Petition Date</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">43</TD></TR>
<TR STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: -0.5in; padding-top: 12pt; padding-bottom: 0pt; padding-left: 0.5in">ARTICLE VI PROVISIONS GOVERNING DISTRIBUTIONS</TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 0pt">43</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">A.&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">Timing and Calculations of Amounts to Be Distributed</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">43</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">B.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">Distribution Agent</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">44</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">C.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">Rights and Powers of Distribution Agent</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">44</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">D.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">Special Rules for Distributions to Holders of Disputed Claims and Interests</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">44</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">E.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">Delivery of Distributions</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">44</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">F.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">Claims Paid or Payable by Third Parties</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">46</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">G.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">Setoffs and Recoupment</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">46</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">H.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">Allocation between Principal and Accrued Interest</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">47</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">I.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">No Postpetition or Default Interest on Claims</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">47</TD></TR>
<TR STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: -0.5in; padding-top: 12pt; padding-bottom: 0pt; padding-left: 0.5in">ARTICLE VII PROCEDURES FOR RESOLVING DISPUTED CLAIMS</TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 0pt">47</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">A.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">Disputed Claims Process</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">47</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">B.&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">Disputed and Contingent Claims Reserve</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">47</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">C.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">Claims Administration Responsibilities</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">48</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">D.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">Estimation of Claims and Interests</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">48</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">E.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">Time to File Objections to Claims</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">48</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">F.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">Adjustment to Claims without Objection</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">48</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">G.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">Disallowance of Claims and Interests</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">49</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">H.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">Single Satisfaction Rule</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">49</TD></TR>
<TR STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: -0.5in; padding-top: 12pt; padding-bottom: 0pt; padding-left: 0.5in">ARTICLE VIII EFFECT OF CONFIRMATION OF THE PLAN</TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 0pt">49</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">A.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">Discharge of Claims and Termination of Interests</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">49</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">B.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">Releases by the Debtors</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">49</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">C.&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">Releases by Holders of Claims and Interests</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">50</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">D.&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">Exculpation</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">51</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">E.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">Injunction</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">51</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">F.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">Protection against Discriminatory Treatment</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">52</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">G.&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">Recoupment</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">52</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">H.&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">Document Retention</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">52</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">I.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">Release of Liens</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">52</TD></TR>
<TR STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: -0.5in; padding-top: 12pt; padding-bottom: 0pt; padding-left: 0.5in">ARTICLE IX CONDITIONS PRECEDENT TO THE EFFECTIVE DATE</TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 0pt">52</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">A.&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">Conditions Precedent to the Effective Date</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">52</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">B.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">Waiver of Conditions Precedent</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">53</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">C.&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">Effect of Non-Occurrence of Conditions to Consummation</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">53</TD></TR>
<TR STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: -0.5in; padding-top: 12pt; padding-bottom: 0pt; padding-left: 0.5in">ARTICLE X MODIFICATION, REVOCATION, OR WITHDRAWAL OF THE PLAN</TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 0pt">54</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">A.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">Modification of Plan</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">54</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">B.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">Effect of Confirmation on Modifications</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">54</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">C.&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">Revocation or Withdrawal of Plan</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">54</TD></TR>
<TR STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: -0.5in; padding-top: 12pt; padding-bottom: 0pt; padding-left: 0.5in">ARTICLE XI RETENTION OF JURISDICTION</TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 0pt">54</TD></TR>
<TR STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: -0.5in; padding-top: 12pt; padding-bottom: 0pt; padding-left: 0.5in"></TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left; text-indent: -0.5in; padding-top: 12pt; padding-bottom: 0pt; padding-left: 0.5in">ARTICLE XII MISCELLANEOUS PROVISIONS</TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 0pt">56</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; width: 10%">A.&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in; width: 80%">Immediate Binding Effect</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; width: 10%">56</TD></TR>
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    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">B.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">Additional Documents</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">56</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">C.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">Payment of Statutory Fees</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">56</TD></TR>

<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">D.&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">Payment of Additional Restructuring Fees</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">56</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in; width: 10%">E.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in; width: 80%">Reservation of Rights</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; width: 10%">57</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">F.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">Successors and Assigns</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">57</TD></TR>
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    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">G.&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">Service of Documents</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">57</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">H.&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">Term of Injunctions or Stays</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">58</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">I.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">Entire Agreement</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">58</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">J.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">Plan Supplement</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">58</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">K.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">Non-Severability</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">58</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">L.&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">Votes Solicited in Good Faith</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">58</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">M.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">Waiver or Estoppel</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">58</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">N.&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">Creditor Default</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">59</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">O.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">Dissolution of the Creditors Committee</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">59</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 1in">P.&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in">Closing of Chapter 11 Cases</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">59</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><U>INTRODUCTION</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Valaris plc and its
affiliated debtors and debtors in possession in the above-captioned chapter&nbsp;11 cases (each&nbsp;a&nbsp;&ldquo;<U>Debtor</U>,&rdquo;
and collectively, the &ldquo;<U>Debtors</U>&rdquo;) propose this joint plan of reorganization (the&nbsp;&ldquo;<U>Plan</U>&rdquo;)
for the resolution of the outstanding Claims against and Interests in the Debtors pursuant to chapter&nbsp;11 of the Bankruptcy
Code. Capitalized terms used in the Plan and not otherwise defined shall have the meanings set forth in <U>Article I.A</U> hereof.
Although&nbsp;proposed jointly for administrative purposes, the Plan constitutes a separate Plan for each Debtor for the resolution
of outstanding Claims and Interests pursuant to the Bankruptcy Code. Each Debtor is a proponent of the Plan within the meaning
of section&nbsp;1129 of the Bankruptcy Code. The classifications of Claims and Interests set forth in <U>Article III</U> hereof
shall be deemed to apply separately with respect to each Plan proposed by each Debtor, as applicable. The Plan does not contemplate
substantive consolidation of any of the Debtors. Reference is made to the Disclosure Statement for a discussion of the Debtors&rsquo;
history, business, properties and operations, projections, risk factors, a summary and analysis of this Plan, and certain related
matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>ALL HOLDERS OF CLAIMS
AND INTERESTS ARE ENCOURAGED TO READ THE PLAN AND THE DISCLOSURE STATEMENT IN THEIR ENTIRETY, PARTICULARLY HOLDERS OF CLAIMS ENTITLED
TO VOTE TO ACCEPT OR REJECT THE PLAN. ALL HOLDERS OF CLAIMS AND INTERESTS SHOULD REVIEW THE SECURITIES LAW RESTRICTIONS AND NOTICES
SET FORTH IN THIS PLAN (INCLUDING, WITHOUT LIMITATION, UNDER ARTICLE IV HEREOF) IN FULL.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>THE ISSUANCE OF
ANY SECURITIES REFERRED TO IN THIS PLAN SHALL NOT CONSTITUTE AN INVITATION OR OFFER TO SELL, OR THE SOLICITATION OF AN INVITATION
OR OFFER TO BUY, ANY SECURITIES IN CONTRAVENTION OF APPLICABLE LAW IN ANY JURISDICTION. NO ACTION HAS BEEN TAKEN, NOR WILL BE TAKEN
IN ANY JURISDICTION THAT WOULD PERMIT A PUBLIC OFFERING OF ANY SECURITIES REFERRED TO IN THIS PLAN IN ANY JURISDICTION WHERE SUCH
ACTION FOR THAT PURPOSE IS REQUIRED.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">ARTICLE
I</FONT><BR>
<BR>
DEFINED TERMS, RULES OF INTERPRETATION,<BR>
COMPUTATION OF TIME, GOVERNING LAW, AND OTHER REFERENCES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">A.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Defined Terms</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As used in this Plan, the following terms
shall have the meanings set forth below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>2020 Notes</I>&rdquo; means the 6.875% Senior Notes due 2020, issued by Pride International LLC, a Delaware limited
liability company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>2021 Notes</I>&rdquo; means the 4.700% Senior Notes due 2021, originally issued by Ensco plc (now Valaris), a
public limited company organized under the laws of England and Wales.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>2022 Notes</I>&rdquo; means the 4.875% Senior Notes due 2022, originally issued by Rowan&nbsp;Companies,&nbsp;Inc.,
a Delaware corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>2026 Notes</I>&rdquo; means the 7.75% Senior Notes due 2026, originally issued by Ensco plc (now Valaris), a public
limited company organized under the laws of England and Wales.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>2027 Debentures</I>&rdquo; means the 7.20% Debentures due 2027, issued by ENSCO&nbsp;International&nbsp;Incorporated,
a Delaware corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>2040 Notes</I>&rdquo; means the 7.875% Senior Notes due 2040, issued by Pride International LLC, a Delaware limited
liability company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> &ldquo;<I>2042 Notes</I>&rdquo; means the 5.40% Senior Notes due 2042, originally issued by Rowan Companies,&nbsp;Inc.,
a Delaware corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>3.0% 2024 Notes</I>&rdquo; means the Exchangeable 3.0% Senior Notes due 2024, issued by Ensco&nbsp;Jersey&nbsp;Finance
Limited, a Jersey corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>4.5% 2024 Notes</I>&rdquo; means the 4.50% Senior Notes due 2024, originally issued by Ensco plc (now&nbsp;Valaris),
a public limited company organized under the laws of England and Wales.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">10.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>4.75% 2024 Notes</I>&rdquo; means the 4.75% Senior Notes due 2024, originally issued by Rowan&nbsp;Companies,
Inc., a Delaware corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>5.85% 2044 Notes</I>&rdquo; means the 5.85% Senior Notes due 2044, originally issued by Rowan&nbsp;Companies,
Inc., a Delaware corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">12.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>5.2% 2025 Notes</I>&rdquo; means the 5.20% Senior Notes due 2025, originally issued by Ensco plc (now Valaris),
a public limited company organized under the laws of England and Wales.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">13.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>5.75% 2044 Notes</I>&rdquo; means the 5.75% Senior Notes due 2044, originally issued by Ensco plc (now&nbsp;Valaris),
a public limited company organized under the laws of England and Wales.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">14.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>7.375% 2025 Notes</I>&rdquo; means the 7.375% Senior Notes due 2025, originally issued by Rowan&nbsp;Companies,
Inc., a Delaware corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">15.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>8.0% 2024 Notes</I>&rdquo; means the 8.00% Senior Notes due 2024, originally issued by Ensco plc (now&nbsp;Valaris),
a public limited company organized under the laws of England and Wales.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">16.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Ad Hoc Group</I>&rdquo; means the ad hoc group of noteholders represented by Kramer&nbsp;Levin Naftalis &amp;&nbsp;Frankel
LLP, Akin Gump LLP, Houlihan Lokey, and Porter Hedges LLP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">17.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Additional Backstop Equity</I>&rdquo; means, collectively, the Lender Equity Backstop Premium and the Senior Noteholders
Equity Backstop Premium.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">18.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Administration</I>&rdquo; means an administration of Valaris under Part II of the Insolvency Act 1986 (United
Kingdom).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">19.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Administrative Claim</I>&rdquo; means a Claim for costs and expenses of administration of the Chapter 11 Cases
pursuant to sections&nbsp;503(b), 507(a)(2), 507(b), or 1114(e)(2) of the Bankruptcy Code, including: (a)&nbsp;the actual and necessary
costs and expenses incurred on or after the Petition Date until and including the Effective Date of preserving the Estates and
operating the Debtors&rsquo; businesses; (b)&nbsp;Allowed Professional Fee Claims; and (c) all payments afforded administrative
expense treatment under the Backstop Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">20.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Administrative Claims Bar Date</I>&rdquo; means the deadline for Filing requests for payment of Administrative
Claims, which: (a) with respect to Administrative Claims other than Professional Fee Claims, shall be thirty days after the Effective
Date; and (b) with respect to Professional Fee Claims, shall be forty-five days after the Effective Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">21.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Administrator</I>&rdquo; means any person appointed under Schedule B1 of the Insolvency Act 1986 (United&nbsp;Kingdom)
to manage the affairs, business and property of Valaris pursuant to an Administration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">22.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Affiliate</I>&rdquo; has the meaning set forth in section 101(2) of the Bankruptcy Code as if such Entity were
a debtor in a case under the Bankruptcy Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">23.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Agent</I>&rdquo; means any administrative agent, collateral agent, trustee, or similar Entity under the Credit
Facility and the DIP Credit Agreement, including any permitted successors thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">24.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> &ldquo;<I>Allowed</I>&rdquo; means, with respect to any Claim, except as otherwise provided herein: (a) a Claim that is
evidenced by a Proof of Claim timely Filed by the Claims Bar Date (or for which Claim a Proof of Claim is not required under the
Plan, the Bankruptcy Code, or a Final Order of the Court); (b) a Claim that is listed in the Schedules as not contingent, not unliquidated,
and not disputed, and for which no Proof of Claim has been timely filed; or (c) a Claim Allowed pursuant to the Plan, any stipulation
approved by the Court, any contract, instrument, indenture, or other agreement entered into or assumed in connection with the Plan,
or a Final Order of the Court; <I>provided</I> that, with respect to a Claim described in clauses (a) and (b) above, such Claim
shall be considered Allowed only if and to the extent that no objection to the allowance thereof has been interposed within the
applicable period of time fixed by the Plan, the Bankruptcy Code, the Bankruptcy Rules, or the Court or, if such an objection is
so interposed, such Claim shall have been Allowed by a Final Order. Any Claim that has been or is hereafter listed in the Schedules
as contingent, unliquidated, or disputed, and for which no Proof of Claim or Interest is or has been timely Filed, is not considered
Allowed and shall be expunged without further action by the Debtors and without further notice to any party or action, approval,
or order of the Court, and Holders of such Claims shall not receive any distributions under the Plan on account of such Claims
or Interests. Notwithstanding anything to the contrary herein, no Claim of any Entity subject to section 502(d) of the Bankruptcy
Code shall be deemed Allowed unless and until such Entity pays in full the amount that it owes. For the avoidance of doubt, a Proof
of Claim Filed after the Claims Bar Date shall not be Allowed for any purposes whatsoever absent entry of a Final Order allowing
such late-Filed Claim. &ldquo;Allow&rdquo; and &ldquo;Allowing&rdquo; shall have correlative meanings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">25.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Amended Restructuring Support Agreement</I>&rdquo; means that certain Amended Restructuring Support Agreement,
dated as of February 5, 2021, by and among the Debtors and the Consenting Creditors, including all exhibits and attachments thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">26.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Assumption List</I>&rdquo; means the list, as determined by the Debtors or the Reorganized Debtors, as applicable,
of Executory Contracts and Unexpired Leases that will be assumed or assumed and assigned by the Reorganized Debtors pursuant to
the Plan, which list shall be included in the Plan Supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">27.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Backstop Agreement</I>&rdquo; means that certain backstop commitment agreement by and among the Backstop Parties,
Valaris, and the other Debtor parties thereto, as amended by that certain amended backstop commitment agreement, dated February
5, 2021, by and among the Backstop Parties, Valaris, and the other Debtor parties thereto, as may be further amended, supplemented,
or modified from time to time, setting forth, among other things, the terms and conditions of the Rights Offering and the Backstop
Commitments, attached as <U>Exhibit 2</U> to the Restructuring Term Sheet.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">28.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Backstop Commitments</I>&rdquo; means the commitments, on the terms set forth in the Backstop Agreement, of the
Backstop Parties thereto to backstop the Rights Offering and in an amount equal to the amount of the New Secured Notes, in the
aggregate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">29.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Backstop Parties</I>&rdquo; means, collectively, the Senior Notes Backstop Parties and the Lender Backstop Parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">30.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Backstop Premium</I>&rdquo; means, collectively, the Lender PIK Notes Backstop Premium and the Senior Noteholders
PIK Notes Backstop Premium.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">31.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Bankruptcy Code</I>&rdquo; means title 11 of the United States Code, 11 U.S.C. &sect;&sect; 101&ndash;1532, as
now in effect or hereafter amended, and the rules and regulations promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">32.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Bankruptcy Court</I>&rdquo; means the United States Bankruptcy Court for the Southern District of Texas, or such
other court having jurisdiction over the Chapter&nbsp;11 Cases, including, to the extent of the withdrawal of the reference under
28 U.S.C. &sect;&nbsp;157, the United States District Court for the Southern District of Texas.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">33.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Bankruptcy Rules</I>&rdquo; means the Federal Rules of Bankruptcy Procedure as promulgated by the United&nbsp;States
Supreme Court under section 2075 of title 28 of the United States Code, 28 U.S.C. &sect;&nbsp;2075, as applicable to the Chapter
11 Cases and the general, local, and chambers rules of the Bankruptcy Court, as now in effect or hereafter amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">34.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> &ldquo;<I>Base Treatment Credit Facility Claims</I>&rdquo; means the aggregate of Non-Consenting Credit Facility Claims
and Consenting Base Treatment Credit Facility Claims.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">35.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Business Day</I>&rdquo; means any day, other than a Saturday, Sunday, or a &ldquo;legal holiday,&rdquo; as defined
in Bankruptcy Rule 9006(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">36.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Cash</I>&rdquo; or &ldquo;<I>$</I>&rdquo; means the legal tender of the United States of America or the equivalent
thereof, including bank deposits, checks, and cash equivalents, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">37.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Causes of Action</I>&rdquo; means any claims, interests, damages, remedies, causes of action, demands, rights,
actions, suits, obligations, liabilities, accounts, defenses, offsets, powers, privileges, licenses, Liens, indemnities, guaranties,
and franchises of any kind or character whatsoever, whether known or unknown, foreseen or unforeseen, existing or hereinafter arising,
contingent or non-contingent, liquidated or unliquidated, secured or unsecured, assertable, directly or derivatively, matured or
unmatured, suspected or unsuspected, in contract, tort, law, equity, or otherwise. Causes of Action also include:&nbsp; (a) all
rights of setoff, counterclaim, or recoupment and claims under contracts or for breaches of duties imposed by law; (b) the right
to object to or otherwise contest Claims or Interests; (c) claims pursuant to sections 362, 510, 542, 543, 544 through 550, or
553 of the Bankruptcy Code; (d)&nbsp;such claims and defenses as fraud, mistake, duress, and usury, and any other defenses set
forth in section 558 of the Bankruptcy Code; and (e) any state or foreign law fraudulent transfer or similar claim.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">38.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Chapter 11 Cases</I>&rdquo; means the procedurally consolidated cases filed or to be filed (as applicable) for
the Debtors in the Bankruptcy Court under chapter 11 of the Bankruptcy Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">39.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Claim</I>&rdquo; means any claim, as defined in section 101(5) of the Bankruptcy Code, against any of the Debtors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">40.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Claims Bar Date</I>&rdquo; means December 23, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">41.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Claims Register</I>&rdquo; means the official register of Claims against the Debtors maintained by the Notice
and Claims Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">42.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Class</I>&rdquo; means a category of Holders of Claims or Interests under section 1122(a) of the Bankruptcy Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">43.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Commitment Fee Notes</I>&rdquo; has the meaning set forth in <U>Article IV.C.1</U> herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">44.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Confirmation</I>&rdquo; means entry of the Confirmation Order on the docket of the Chapter 11 Cases.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">45.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Confirmation Date</I>&rdquo; means the date upon which the Bankruptcy Court enters the Confirmation Order on the
docket of the Chapter 11 Cases, within the meaning of Bankruptcy Rules 5003 and 9021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">46.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Confirmation Hearing</I>&rdquo; means the hearing(s) held by the Bankruptcy Court pursuant to Bankruptcy Rule
3020(b)(2) and section 1128 of the Bankruptcy Code, including any adjournments thereof, at which the Bankruptcy Court will consider
Confirmation of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">47.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Confirmation Order</I>&rdquo; means the order of the Bankruptcy Court confirming the Plan pursuant to section&nbsp;1129
of the Bankruptcy Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">48.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Consenting Base Treatment Credit Facility Claims</I>&rdquo; means Credit Facility Claims held by Consenting Base
Treatment Lenders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">49.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>&ldquo;<I>Consenting
Base Treatment Distributable Shares</I>&rdquo; means an amount of RCF Base Treatment Distributable Shares equal to the
aggregate of RCF Base Treatment Distributable Shares multiplied by a fraction (i) the numerator of which is the aggregate
principal amount of Consenting Base Treatment Credit Facility Claims minus $96,053,481.87 and (ii) the denominator of which
is the aggregate principal amount of Base Treatment Credit Facility Claims minus $96,053,481.87.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">50.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>&ldquo;Consenting Base Treatment Lender&rdquo;</I> means a Consenting Lender that is not a New Money Participating Credit
Facility Creditor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">51.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Consenting Lender Base Treatment Pool</I>&rdquo; means: (i) $96,053,481.87 in Cash and (ii) the Consenting Base
Treatment Distributable Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">52.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Consenting Creditors</I>&rdquo; has the meaning set forth in the Amended Restructuring Support Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">53.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Consenting Lenders</I>&rdquo; has the meaning set forth in the Amended Restructuring Support Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">54.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Consenting Noteholders</I>&rdquo; has the meaning set forth in the Amended Restructuring Support Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">55.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Consummation</I>&rdquo; means the occurrence of the Effective Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">56.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Credit Agreement</I>&rdquo; means the Fourth Amended and Restated Credit Agreement, dated as of May&nbsp;7,&nbsp;2013,
among Valaris and Pride International, Inc., as borrowers, the banks party thereto, Citibank, N.A., as administrative agent, DNB
Bank ASA, as syndication agent, Deutsche Bank Securities Inc., HSBC Bank USA, N.A. and Wells Fargo Bank, National Association,
as co-documentation agents, and Citibank, N.A., DNB Bank ASA, New &nbsp;York Branch, Deutsche Bank AG New York Branch, HSBC Bank
USA, N.A. and Wells&nbsp;Fargo&nbsp;Bank,&nbsp;National&nbsp;Association, each as an issuing bank, as amended, restated, supplemented
or modified from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">57.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Credit Facility</I>&rdquo; means that certain prepetition unsecured revolving credit facility provided for under
the Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">58.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Credit Facility Agent&rdquo; </I>means Citibank, N.A., or its duly appointed successor as administrative agent
under the Credit Facility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">59.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Credit Facility Agent Charging Lien</I>&rdquo; means any Lien or priority of payment to which the Credit Facility
Agent is entitled under the Credit Agreement against distributions to be made to holders of Credit Facility Claims.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">60.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Credit Facility Agent Fees</I>&rdquo; means all compensation, fees, expenses, disbursements and indemnity claims,
including, without limitation, attorneys&rsquo; and agents&rsquo; fees, expenses and disbursements, incurred by the Credit Facility
Agent, including under any Fee Letter (as defined in the Credit Agreement) whether before or after the Petition Date or before
or after the Effective Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">61.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Credit Facility Claim</I>&rdquo; means any Claim against any Debtor with respect to: (a) the Credit Facility and
(b) the Credit Agreement entered into pursuant to or in connection with the Credit Facility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">62.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Credit Facility Letters of Credit</I>&rdquo; means letters of credit outstanding under the Credit Facility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">63.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Credit Facility New Valaris Equity</I>&rdquo; means the RCF Participation Distributable Shares and the RCF Base
Treatment Distributable Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">64.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Creditors Committee</I>&rdquo; means the statutory committee of unsecured creditors, appointed in the Chapter&nbsp;11&nbsp;Cases
pursuant to section 1102 of the Bankruptcy Code by the U.S. Trustee, pursuant to the <I>Notice of Appointment of Official Committee
of Unsecured Creditors</I> [Docket No. 173] on September 3, 2020 and represented by Morrison&nbsp;&amp;&nbsp;Foerster LLP and Norton
Rose Fulbright US LLP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">65.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> &ldquo;<I>Creditors Committee Member</I>&rdquo; means each Entity that is a member of the Creditors Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">66.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Cure Claim</I>&rdquo; means a Claim (unless waived or modified by the applicable counterparty) based upon a Debtor&rsquo;s
defaults under an Executory Contract or an Unexpired Lease assumed by such Debtor under section&nbsp;365 of the Bankruptcy Code,
other than a default that is not required to be cured pursuant to section&nbsp;365(b)(2) of the Bankruptcy Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">67.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Debtor Release</I>&rdquo; means the release given on behalf of the Debtors and their Estates to the Released Parties
as set forth in <U>Article VIII.B</U> of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">68.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Definitive Documents</I>&rdquo; means the documents listed in Section 3.01 of the Amended Restructuring Support
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">69.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>DIP Agent</I>&rdquo; means collectively, the security trustee, the administrative agent, and the collateral agent
under the DIP Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">70.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>DIP Claims</I>&rdquo; means any Claim on account of or arising under in connection with any of the DIP&nbsp;Facility
Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">71.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>DIP Credit Agreement</I>&rdquo; means that certain senior secured superpriority debtor-in-possession credit agreement,
dated September&nbsp;25, 2020, as amended, supplemented, amended and restated, supplemented or modified from time to time, by and
among the Debtors, the DIP&nbsp;Agent, and the DIP Lenders, as approved by the DIP Order.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">72.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>DIP Facility</I>&rdquo; means the $500,000,000 superpriority senior secured credit facility provided by the DIP
lenders pursuant to the DIP Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">73.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>DIP Facility Documents</I>&rdquo; means the DIP Credit Agreement and any other documents and agreements entered
into in connection with the DIP Credit Agreement or the incurrence of the DIP Facility and any orders of the Bankruptcy Court related
thereto or entered in connection therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">74.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>DIP Lenders</I>&rdquo; means, collectively, the lenders party to the DIP Credit Agreement from time to time, solely
in their capacity as such.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">75.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>DIP Order</I>&rdquo; means the <I>Order (A) Authorizing the Debtors to Obtain Postpetition Financing, (B)&nbsp;Granting
Liens and Providing Superpriority Administrative Expense Status, (C) Modifying the Automatic Stay, and (D) Granting Related Relief</I>
[Docket No. 274].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">76.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Disclosure Statement</I>&rdquo; means the <I>Disclosure Statement for Debtors&rsquo; Joint Chapter 11 Plan of
Reorganization</I>, dated as of October 15, 2020, as may be amended, supplemented, or modified from time to time, including all
exhibits and schedules thereto and references therein that relate to the Plan, that is prepared and distributed in accordance with
the Bankruptcy Code, the Bankruptcy Rules, and any other applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">77.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Disputed</I>&rdquo; means a Claim or an Interest or any portion thereof: (a) that is neither Allowed nor deemed
Allowed under sections&nbsp;502, 503, or 1111 of the Bankruptcy Code; (b)&nbsp;that is not disallowed under the Plan, the Bankruptcy
Code, or a Final Order, as applicable; or (c) with respect to which a party in interest has Filed a Proof of Claim or otherwise
made a written request to a Debtor for payment but has not yet become an Allowed Claim.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">78.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Distribution Agent</I>&rdquo; means, as applicable, the Reorganized Debtors or any Entity the Reorganized Debtors
select (with the reasonable consent of the Required Consenting Creditors) to make or to facilitate distributions, allocations,
and/or issuances in accordance with the Plan; <I>provided</I> that the Distribution Agents for the Senior Notes Claims shall be
the respective Senior Notes Trustee for such Claims.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">79.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>DTC</I>&rdquo; means the Depository Trust Company, a New York corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">80.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> &ldquo;<I>Effective Date</I>&rdquo; means the date that is the first Business Day after the Confirmation Date on which
all conditions precedent to the occurrence of the Effective Date set forth in <U>Article IX.A</U> hereof have been satisfied or
waived in accordance with <U>Article IX.B</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">81.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Ensco International Bond Claims</I>&rdquo; means any Claim against any Debtor with respect to the Ensco&nbsp;International
Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">82.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Ensco International Notes</I>&rdquo; means the 2027 Debentures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">83.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Ensco International Notes Indenture</I>&rdquo; means that certain indenture (as may be amended, restated, supplemented,
or otherwise modified from time to time) dated November 20, 1997 by Ensco&nbsp;International&nbsp;Incorporated, as issuer, and
Bankers Trust Company, as predecessor trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">84.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Entity</I>&rdquo; has the meaning set forth in section 101(15) of the Bankruptcy Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">85.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>ERISA</I>&rdquo; means the Employee Retirement Security Act of 1974, as amended, codified at 29&nbsp;U.S.C.&nbsp;&sect;&sect;1301-1461
(2018), and the regulations promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">86.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Estate</I>&rdquo; means the estate of any Debtor created under sections&nbsp;301 and 541 of the Bankruptcy Code
upon the commencement of the applicable Debtor&rsquo;s Chapter&nbsp;11 Case.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">87.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Exchange Act</I>&rdquo; means the Securities Exchange Act of 1934, 15 U.S.C. &sect; 78a <I>et seq.</I>, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">88.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Exculpated Party</I>&rdquo; means, collectively, and in each case in its capacity as such: (a) each of the Debtors;
(b) each of the Reorganized Debtors; (c) any Administrator; (d) the Creditors Committee; (e)&nbsp;each Creditors Committee Member;
(f) each Backstop Party; (g) the DIP Agent; (h) each DIP Lender; (i) the Credit Facility Agent; (j) each Consenting Creditor; (k)
each Notes Trustee; (l) any other statutory committees appointed in the Chapter 11 Cases and each of their respective members;
(m) each current and former Affiliate of each Entity in the foregoing clause (a)&nbsp;through the following clause (n); and (n)
each Related Party of each Entity in the foregoing clause (a) through this clause (n).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">89.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Executory Contract</I>&rdquo; means a contract or lease to which one or more of the Debtors is a party that is
subject to assumption or rejection under section 365 of the Bankruptcy Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">90.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Existing Interests in Valaris</I>&rdquo; means the common stock of Valaris, which is traded and quoted on the
OTC Pink Open Marketplace under the symbol &ldquo;VALPQ,&rdquo; any and all outstanding and unexercised or unvested warrants, options,
or rights to acquire such common stock; <I>provided </I>that, notwithstanding anything to the contrary in <U>Article III</U> hereof,
any common stock held in employee benefit trusts established by any member of the Valaris group and any person not entitled to
a distribution on account of their Interests pursuant to <U>Article IV.N</U> or <U>Article IV.P</U> hereof,&nbsp;will not be entitled
to any distributions under this Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">91.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>File</I>,&rdquo; &ldquo;<I>Filed</I>,&rdquo; or &ldquo;<I>Filing</I>&rdquo; means file, filed, or filing in the
Chapter 11 Cases with the Bankruptcy Court or, with respect to the filing of a Proof of Claim, the Notice and Claims Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">92.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Final Decree</I>&rdquo; means the decree contemplated under Bankruptcy Rule&nbsp;3022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">93.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>&ldquo;<I>Final
Order</I>&rdquo; means, as applicable, an order or judgment of the Bankruptcy Court or other court of competent jurisdiction
with respect to the relevant subject matter that has not been reversed, modified, or amended, is not subject to any pending
stay and as to which the time to appeal, move for reargument, reconsideration, or rehearing, or seek certiorari has expired
and no appeal, motion for reargument, reconsideration, or rehearing or petition for certiorari has been timely taken or
filed, or as to which any appeal that has been taken, motion for reargument, reconsideration, or rehearing that has been
granted or any petition for certiorari that has been or may be filed has been resolved by the highest court to which the
order or judgment could be appealed or from which certiorari could be sought or the new trial, reargument, reconsideration,
or rehearing shall have been denied, resulted in no modification of such order, or has otherwise been dismissed with
prejudice; <I>provided</I> that the possibility that a motion under rule 60 of the Federal Rules of Civil Procedure or any
comparable Bankruptcy Rule may be filed relating to such order or judgment shall not cause such order or judgment to not be a
Final Order.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">94.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>FPO</I>&rdquo; means the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 of England and
Wales, as now in effect or hereafter amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">95.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>FSMA</I>&rdquo; means the Financial Services and Markets Act 2000 of England and Wales, as now in effect or hereafter
amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">96.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>General Unsecured Claim</I>&rdquo; means any unsecured Claim against a Debtor that is not: (a) paid in full prior
to the Effective Date pursuant to an order of the Bankruptcy Court; (b) an Administrative Claim; (c) a Credit Facility Claim; (d)
a Senior Notes Claim; (e) an Intercompany Claim; (f) a Section 510(b) Claim; (g) an Other Priority Claim; (h) a Secured Claim;
(i) a Priority Tax Claim; (j) a Professional Fee Claim; or (k) a Newbuild Claim.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">97.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Governmental Unit</I>&rdquo; has the meaning set forth in section 101(27) of the Bankruptcy Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">98.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Harris County Litigation</I>&rdquo; means the Original Petition captioned <I>UMB Bank v. Darin Gibbins</I>,&nbsp;2020-18184,
Harris County, Texas that was filed on March 19, 2020, as may be amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">99.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Holdback</I>&rdquo; has the meaning set forth in <U>Article IV.C.1</U> herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">100.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Holdback Notes</I>&rdquo; means $187.5 million of the New Secured Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">101.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Holder</I>&rdquo; means an Entity holding a Claim or an Interest, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">102.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Impaired</I>&rdquo; means, with respect to any Class of Claims or Interests, a Claim or an Interest that is not
Unimpaired.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">103.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Implementation Mechanisms</I>&rdquo; means one or more of the implementation mechanisms utilized for the purpose
of implementing the Restructuring Transactions in a manner that conforms to and is consistent with the Restructuring Term Sheet
and gives effect to or facilitates the implementation of the Plan in the United Kingdom and (if applicable) the Cayman Islands,
Jersey, or other jurisdictions, including, but not limited to, Administration and/or ancillary proceedings to the Chapter 11 Cases
or the Administration or any of the foregoing including to implement or effect cross-border recognition of the Chapter 11 Cases.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">104.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Indemnification Provisions</I>&rdquo; means the provisions setting forth the obligations of each Debtor (as&nbsp;applicable)
pursuant to its certificate of incorporation, bylaws, or other agreements to indemnify the current and former officers, directors,
agents, and/or employees with respect to all present and future actions, suits, and proceedings against the Debtors, or such directors,
officers, agents, and/or employees, based upon any act or omission relating to the Debtors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">105.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Insurance Policies</I>&rdquo; means all insurance policies issued or providing coverage at any time to any of
the Debtors or any of their predecessors and all agreements, documents, letters of indemnity, or instruments relating thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">106.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Insurer</I>&rdquo; means any company or other entity that has issued or entered into an Insurance Policy, any
third party administrator, and any respective predecessors and/or affiliates thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">107.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Intercompany Claim</I>&rdquo; means any Claim against a Debtor held by another Debtor or an Affiliate of a Debtor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">108.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Intercompany Funding</I>&rdquo; means any prepetition intercompany transfers of cash, assets, or liabilities between
or among Debtor entities and/or their non-Debtor Affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">109.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Intercompany Interest</I>&rdquo; means an Interest held by a Debtor or an Affiliate of a Debtor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">110.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> &ldquo;<I>Interest</I>&rdquo; means any common stock, limited liability company interest, equity security (as defined in
section 101(16) of the Bankruptcy Code), equity, ownership, profit interests, unit, or share in a Debtor, including all issued,
unissued, authorized, or outstanding shares of capital stock of the Debtor, and any other rights, options, warrants, stock appreciation
rights, phantom stock rights, restricted stock units, redemption rights, repurchase rights, convertible, exercisable or exchangeable
Securities or other agreements, arrangements or commitments of any character relating to, or whose value is related to, any such
interest or other ownership interest in any Debtor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">111.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Jersey Bond Claims</I>&rdquo; means any Claim against any Debtor with respect to the Jersey Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">112.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Jersey Notes</I>&rdquo; means the 3.0% 2024 Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">113.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Jersey Notes Indenture</I>&rdquo; means that certain indenture (as may be amended, restated, supplemented, or
otherwise modified from time to time) dated December 12, 2016 by Ensco Jersey Finance Limited, as issuer, Ensco&nbsp;plc (now Valaris
plc) as parent guarantor, and Deutsche Bank Trust Company Americas, as predecessor trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">114.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>KEIP Order</I>&rdquo; means the <I>Order (I) Approving the Debtors&rsquo; Key Employee Incentive Plan and (II)&nbsp;Granting
Related Relief</I> [Docket No. 722].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">115.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>KERP Order</I>&rdquo; means the <I>Order (I) Approving the Debtors&rsquo; Key Employee Retention Plan and (II)&nbsp;Granting
Related Relief</I> [Docket No. 684].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">116.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Legacy Rowan Bond Claims</I>&rdquo; means any Claim against any Debtor with respect to the Legacy Rowan Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">117.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Legacy Rowan Notes</I>&rdquo; means the 2022 Notes, the 2042 Notes, the 4.75% 2024 Notes, the 5.85%&nbsp;2044
Notes, and the 7.375% 2025 Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">118.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Legacy Rowan Notes Indenture</I>&rdquo; means that certain indenture (as may be amended, restated, supplemented,
or otherwise modified from time to time) dated July 21, 2009 by Rowan Companies, LLC (formerly&nbsp;Rowan Companies, Inc.), as
issuer, and U.S. Bank National Association, as trustee, that governs the Legacy Rowan Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">119.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Lender Backstop Parties</I>&rdquo; means the Holders of Credit Facility Claims party to the Backstop Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">120.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Lender Equity Backstop Premium</I>&rdquo; means 0.066% of the total issued and outstanding New Valaris Equity
(subject to dilution by, if relevant, the New Warrants, and the Management Incentive Plan) as of the Effective Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">121.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Lender PIK Notes Backstop Premium</I>&rdquo; means $1.214 million of the New Secured Notes reserved for the Backstop
Premium.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">122.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Lien</I>&rdquo; has the meaning set forth in section 101(37) of the Bankruptcy Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">123.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Liquidation Recovery</I>&rdquo; means the value of the consideration a holder of a Claim against or Interest in
a Debtor would receive or retain if such Debtor were liquidated under chapter 7 of this title as of the Effective Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">124.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Management Incentive Plan</I>&rdquo; means the management incentive plan which shall be implemented by the Reorganized
Debtors on the terms set forth in the Management Incentive Plan Term Sheet attached as <U>Exhibit&nbsp;4</U> to the Restructuring
Term Sheet.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">125.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Merger Transactions</I>&rdquo; means the prepetition transactions to effectuate the business combination and merger
of Ensco plc and Rowan Companies plc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">126.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> <I>&ldquo;New Money Participating Credit Facility Creditors&rdquo;</I> has the meaning set forth in the Amended Restructuring
Support Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">127.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>New Organizational Documents</I>&rdquo; means the documents providing for corporate governance of New Valaris
Holdco and the Reorganized Debtors, including charters, bylaws, operating agreements, or other organizational documents or shareholders&rsquo;
agreements, as applicable, consistent with section 1123(a)(6) of the Bankruptcy Code (as&nbsp;applicable).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">128.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>New Secured Notes</I>&rdquo; means the $550 million of first lien secured notes to be issued by New&nbsp;Valaris&nbsp;Holdco
comprising (i) the Rights Offering New Secured Notes to be issued in the Rights Offering on the terms set forth in the New Secured
Notes Term Sheet attached as <U>Exhibit&nbsp;1</U> to the Restructuring Term Sheet and the Rights Offering Procedures, (ii) the
Holdback Notes to be issued on the terms set forth in the Backstop Agreement, (iii) the $20 million of Commitment Fee Notes, and
(iv) the $30 million of New Secured Notes referred to in&nbsp;<U>Article&nbsp;IV.C</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">129.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>New Secured Notes Documents</I>&rdquo; has the meaning set forth in the Amended Restructuring Support Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">130.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>New Secured Notes Term Sheet</I>&rdquo; has the meaning set forth in the Restructuring Term Sheet.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">131.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>New Valaris Equity</I>&rdquo; means new common shares or new ordinary shares, as applicable, issued by New Valaris
Holdco.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">132.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>New Valaris Holdco</I>&rdquo; means a newly incorporated company that, as of the Effective Date, directly or indirectly
will hold the equity interests in the Reorganized Debtors (other than Reorganized Valaris, or any other entity identified in the
Restructuring Transactions Memorandum and the UK Implementation Agreement as not being so held).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">133.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>New Valaris Holdco Board</I>&rdquo; means the board of directors (or other applicable governing body) of New Valaris
Holdco.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">134.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>New Warrant Agreement</I>&rdquo; means that certain agreement providing for, among other things, the issuance
and terms of the New Warrants issued by New Valaris Holdco as set forth in the Restructuring Term Sheet.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">135.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>New Warrants</I>&rdquo; means those certain warrants to purchase New Valaris Equity on the terms set forth in
the New Warrant Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">136.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Newbuild Assumption Term Sheet</I>&rdquo; means that term sheet attached as <U>Exhibit 1</U> to the <I>Stipulation
Between the Debtors and Daewoo Shipbuilding &amp; Marine Engineering Co., Ltd. Regarding Assumption of Drillship Contracts as Modified
and Plan Treatment</I> [Docket No. 890].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">137.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Newbuild Claims</I>&rdquo; means any claims arising from (a) the Newbuild Debtors&rsquo; rejection of the Newbuild
Contracts under section 365 of the Bankruptcy Code, if applicable, (b) the termination of Atwood Oceanics Pacific Limited&rsquo;s
guarantee on the Newbuild Contracts, and (c) any fees and expenses incurred by the Shipyard in connection with these chapter 11
cases.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">138.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Newbuild Contracts</I>&rdquo; means, collectively, the DS-13 Contract and the DS-14 Contract (each as defined
in the Newbuild Assumption Term Sheet), as modified by the Assumption Term Sheet and that certain Seventh Supplemental Agreement,
which shall be filed with the Plan Supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">139.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Newbuild Debtors</I>&rdquo; means Alpha Admiral Company and Alpha Archer Company, each respectively as buyer,
and Atwood Oceanics Pacific Limited, as guarantor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">140.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> &ldquo;<I>Newbuild Equity Pool</I>&rdquo; means 0.50% of the New Valaris Equity, subject to dilution on account of the
Management Incentive Plan and the New Warrants, as applicable, which shall be issued to the Shipyard if the Shipyard votes in favor
of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">141.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Non-Consenting Credit Facility Claims</I>&rdquo; means Credit Facility Claims held by Non-Consenting Lenders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">142.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Non-Consenting Lender</I>&rdquo; means each Holder of an Allowed Credit Facility Claim that is not a Consenting
Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">143.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Notes Indentures</I>&rdquo; means, collectively, the (a) Pride Notes Indenture; (b) Legacy Rowan Notes Indenture;
(c) Valaris Notes Indenture; (d) Jersey Notes Indenture; and (e) Ensco International Notes Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">144.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Notes Trustees</I>&rdquo; means, collectively, (a) Bank of New York Mellon Trust Company, NA, under the Pride
Notes Indenture; (b) U.S. Bank National Association and UMB Bank National Association, under the Legacy Rowan Notes Indenture;
(c) Deutsche Bank Trust Company Americas, under the Valaris Notes Indenture; (d)&nbsp;Wilmington Trust N.A., under the Jersey Notes
Indenture; and (e) BOKF, NA, under the Ensco International Notes Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">145.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Notes Trustee Charging Lien</I>&rdquo; means any Lien or priority of payment to which the Notes Trustees are entitled
under their respective Notes Indenture(s) against distributions to be made to holders of Pride Bond Claims, Ensco International
Bond Claims, Jersey Bond Claims, Valaris Bond Claims, and/or Legacy Rowan Bond Claims for payment of any Notes Trustee Fees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">146.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Notes Trustee Fees</I>&rdquo; means all reasonable compensation, fees, expenses, disbursements and indemnity claims,
including, without limitation, attorneys&rsquo; and agents&rsquo; fees, expenses and disbursements, incurred by the Notes Trustees,
including, if applicable, in their capacities as paying agent, transfer agent, or security registrar under a Notes Indenture, under
their respective Notes Indenture(s), whether before or after the Petition Date or before or after the Effective Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">147.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Notice and Claims Agent</I>&rdquo; means Stretto, the notice, claims, and solicitation agent for the Debtors in
the Chapter 11 Cases.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">148.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Other Priority Claim</I>&rdquo; means any Claim other than an Administrative Claim or a Priority Tax Claim entitled
to priority in right of payment under section&nbsp;507(a) of the Bankruptcy Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">149.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Other Secured Claims</I>&rdquo; means any Secured Claim against the Debtors that is not an Administrative Claim.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">150.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Pari Passu Transactions</I>&rdquo; means the prepetition transactions to make the Legacy Rowan Notes <I>pari&nbsp;passu</I>
in right of payment with the other Senior Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">151.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Participation Equity</I>&rdquo; has the meaning set forth in <U>Article IV.C.1</U> herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">152.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>PBGC</I>&rdquo; means the Pension Benefit Guaranty Corporation, a wholly-owned United States government corporation,
and an agency of the United States established under ERISA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">153.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Petition Date</I>&rdquo; means August 19, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">154.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>&ldquo;<I>Plan
Supplement</I>&rdquo; means the compilation of documents and forms of documents, agreements, schedules, and exhibits to the
Plan to be filed by the Debtors (as may be amended, supplemented, altered, or modified from time to time on the terms set
forth herein), and which includes: (a) the New Organizational Documents; (b) the Restructuring Transactions Memorandum;
(c)&nbsp;the identity of the members of the New Valaris Holdco Board and the officers of New Valaris Holdco (to the extent
known); (d)&nbsp;the Assumption List; (e) the Rejection List; (f) a schedule of retained causes of action; (g) the Rights
Offering Documents; (h) the New Warrant Agreement; (i) the UK&nbsp;Implementation Agreement; (j) the Registration Rights
Agreement; and (k) the New Secured Notes Documents, and each of which, for the avoidance of doubt, is subject to the
reasonable consent of the Required Consenting Creditors (other than the New Secured Notes Documents, which are subject to the
reasonable consent of the Required Consenting Noteholders).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">155.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Preference Action</I>&rdquo; means any and all claims or defenses of the Debtors or Reorganized Debtors arising
under section 547 of the Bankruptcy Code (but excluding claims or defenses arising under section 547 of the Bankruptcy Code brought
as counterclaims or defenses to Claims asserted against the Debtors).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">156.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Pride Allegations</I>&rdquo; means any Claim or Cause of Action, whether known or unknown, that is asserted or
assertable against the Debtors or any of the Debtors&rsquo; Related Parties, related to or arising out of: (a) certain of the Debtors&rsquo;
arbitration with Samsung Heavy Industries in 2016, or the settlement or proceeds thereof; or (b)&nbsp;historical transactions related
to the acquisition of Pride Global II by certain of the Debtors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">157.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Pride Bond Claims</I>&rdquo; means any Claim against any Debtor with respect to the Pride Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">158.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Pride Notes</I>&rdquo; means the 2020 Notes and the 2040 Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">159.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Pride Notes Indenture</I>&rdquo; means that certain indenture (as may be amended, restated, supplemented, or otherwise
modified from time to time) dated July 1, 2004 by Pride International, Incorporated (now&nbsp;Pride&nbsp;International LLC), as
issuer, and JPMorgan Chase Bank, as predecessor trustee, that governs the Pride Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">160.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Priority Tax Claim</I>&rdquo; means any Claim of a Governmental Unit of the kind specified in section&nbsp;507(a)(8)
of the Bankruptcy Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">161.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Pro Rata</I>&rdquo; means (i) in the case of distributions from the Consenting Lender Base Treatment Pool, the
proportion that an Allowed Claim of a Consenting Base Treatment Lender bears to the aggregate amount of Allowed Claims of Consenting
Base Treatment Lenders; (ii) in the case of distributions from the RCF Base Treatment Pool, the proportion that an Allowed Claim
of a Non-Consenting Lender bears to the aggregate amount of Allowed Claims held by all Non<B>-</B>Consenting Lenders; (iii) in
the case of RCF New Money Participation Treatment provided to New Money Participating Credit Facility Creditors, the proportion
that an Allowed Claim of a New Money Participating Credit Facility Creditor bears to the aggregate amount of Allowed Claims of
New Money Participating Credit Facility Creditors; and (iv) in all other instances, the proportion that an Allowed Claim or an
Allowed Interest in a particular Class bears to the aggregate amount of Allowed Claims or Allowed Interests in that Class.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">162.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Professional</I>&rdquo; means an Entity retained in the Chapter 11 Cases pursuant to a Final Order in accordance
with sections&nbsp;327, 363, and 1103 of the Bankruptcy Code and to be compensated for services rendered prior to or on the Effective
Date pursuant to sections&nbsp;327, 328, 329, 330, 331, or 363 of the Bankruptcy Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">163.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Professional Fee Claims</I>&rdquo; means all Claims for accrued, contingent, and/or unpaid fees and expenses (including
transaction and success fees) incurred by a Professional in the Chapter 11 Cases on or after the Petition Date and through and
including the Confirmation Date that the Bankruptcy Court has not denied by Final Order. To the extent that the Bankruptcy Court
or any higher court of competent jurisdiction denies or reduces by a Final Order any amount of a Professional&rsquo;s fees or expenses,
then those reduced or denied amounts shall no longer constitute Professional Fee Claims.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">164.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Professional Fee Escrow Account</I>&rdquo; means an interest-bearing account funded by the Debtors with Cash on
or before the Effective Date in an amount equal to the Professional Fee Escrow Amount, <I>provided</I> that the Cash funds in the
Professional Fee Escrow Account shall be increased from Cash on hand at the Reorganized Debtors (other than Reorganized Valaris)
to the extent applications are filed after the Effective Date in excess of the amount of Cash funded into the escrow as of the
Effective Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">165.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>&ldquo;<I>Professional
Fee Escrow Amount</I>&rdquo; means the aggregate amount of Professional Fee Claims and other unpaid fees and expenses
Professionals estimate they have incurred or will incur in rendering services to the Debtors prior to and as of the
Confirmation Date, which estimates Professionals shall deliver to the Debtors as set forth in <U>Article II.C </U>hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">166.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Proof of Claim</I>&rdquo; means a proof of Claim Filed against any of the Debtors in the Chapter 11 Cases.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">167.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Proof of Interest</I>&rdquo; means a proof of Interest filed in any of the Debtors in the Chapter 11 Cases.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">168.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Prospectus Regulation</I>&rdquo; means Regulation (EU) No 2017/1129 of the European Parliament and of the European
Council of 14 June 2017, as now in effect or hereafter amended or superseded, and the rules and regulations promulgated thereunder
(and including any successor legislation in effect at any time in the United Kingdom).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">169.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>PRR</I>&rdquo; means the prospectus regulation rules made by the United Kingdom Financial Conduct Authority pursuant
to Part VI of FSMA (as set forth in the FCA Handbook), as now in effect or hereafter amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">170.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>RCF Base Treatment Distributable Shares</I>&rdquo; means 22.980% of the New Valaris Equity, subject to dilution
on account of the Management Incentive Plan and the New Warrants, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">171.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>RCF Base Treatment Pool</I>&rdquo; means an allocation of RCF Base Treatment Distributable Shares equal to the
aggregate of the RCF Base Treatment Distributable Shares minus the Consenting Base Treatment Distributable Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">172.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>RCF Guarantee</I>&rdquo; means the guarantee of the Credit Facility by each of Rowan Rigs S.&agrave; r.l. and
Rowan&nbsp;Offshore Luxembourg S.&agrave; r.l.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">173.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>RCF New Money Participation Treatment</I>&rdquo; means a Pro Rata share of: (i) RCF Participation Distributable
Shares, (ii) 2.427% of the New Secured Notes (and associated Participation Equity offered in the Rights Offering), and (iii) $7,802,007.88
in Cash.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">174.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>RCF Participation Distributable Shares</I>&rdquo; means 5.340% of the New Valaris Equity, subject to dilution
on account of the Management Incentive Plan and the New Warrants, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">175.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Registration Statement</I>&rdquo; has the meaning set forth in <U>Article IV.J</U> herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">176.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Registration Rights Agreement</I>&rdquo; means the registration rights agreement to be entered into on the Effective
Date by New Valaris Holdco and the Backstop Parties, the terms of which shall be consistent with the Restructuring Term Sheet and
the Backstop Agreement and subject to the consent rights set forth in the Amended Restructuring Support Agreement and the Backstop
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">177.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Reinstated</I>,&rdquo; or &ldquo;<I>Reinstatement</I>&rdquo; means with respect to Claims and Interests, that
the Claim or Interest shall be rendered unimpaired in accordance with section 1124 of the Bankruptcy Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">178.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Rejection List</I>&rdquo; means the list, as determined by the Debtors or the Reorganized Debtors, as applicable,
of Executory Contracts and Unexpired Leases that will be rejected by the Reorganized Debtors pursuant to the Plan, which list shall
be included in the Plan Supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">179.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Related Party</I>&rdquo; means each of, and in each case in its capacity as such, current and former directors,
managers, officers, committee members, equity holders (regardless of whether such interests are held directly or indirectly), affiliated
investment funds or investment vehicles, managed accounts or funds, predecessors, participants, successors, assigns, subsidiaries,
Affiliates, partners, limited partners, general partners, principals, members, management companies, fund advisors or managers,
employees, agents, trustees, advisory board members, financial advisors, attorneys (including any other attorneys or professionals
retained by any current or former director or manager in his or her capacity as director or manager of an Entity), accountants,
investment bankers, consultants, representatives, and other professionals and advisors and any such person&rsquo;s or Entity&rsquo;s
respective heirs, executors, estates, and nominees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">180.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> &ldquo;<I>Released Party</I>&rdquo; means, collectively, and in each case in its capacity as such: (a) each Debtor; (b)&nbsp;each
Reorganized Debtor (including New Valaris Holdco); (c) each Notes Trustee; (d) the DIP Agent; (e) each DIP Lender; (f) each Consenting
Creditor; (g) the Credit Facility Agent; (h) each Backstop Party; (i) any Administrator; (j) the Creditors Committee; (k) each
Creditors Committee Member; (l) each current and former Affiliate of each Entity in the foregoing clause (a) through the following
clause (m); and (m) each Related Party of each Entity in the foregoing clause (a) through this clause (m); <I>provided</I> that,
in each case, an Entity shall not be a Released Party if it: (x) elects to opt out of the release contained in <U>Article VIII.C</U>
hereof; or (y) timely objects to the releases contained in <U>Article VIII.C</U> hereof and such objection is not resolved before
Confirmation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">181.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Releasing Parties</I>&rdquo; means, collectively, and in each case in its capacity as such: (a) each Debtor; (b)&nbsp;each
Reorganized Debtor; (c) each Notes Trustee; (d) the DIP Agent; (e) each DIP Lender; (f) each Consenting Creditor; (g) the Credit
Facility Agent; (h) each Backstop Party; (i) the Creditors Committee; (j) each Creditors Committee Member; (k) all Holders of Claims;
(l) all Holders of Interests; (m)&nbsp;each current and former Affiliate of each Entity in foregoing clause (a) through the following
clause (n); and (n)&nbsp;each Related Party of each Entity in the foregoing clause (a) through this clause&nbsp;(n); <I>provided</I>
that, in each case, an Entity shall not be a Releasing Party if it: (x) elects to opt out of the releases contained in <U>Article
VIII.C</U> hereof; or (y)&nbsp;timely objects to the releases contained in <U>Article VIII.C</U> hereof and such objection is not
resolved before Confirmation; <I>provided further </I>that the Debtors shall identify by name in the Confirmation Order such Entity
as a non-Releasing Party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">182.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Released Preference Action Party</I>&rdquo; means, each of, and in each case in its capacity as such, Holders
of General Unsecured Claims who are Releasing Parties and against which the Debtors possess Preference Actions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">183.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Reorganized Debtor</I>&rdquo; means a Debtor, or any successor or assign thereto, by merger, consolidation, reorganization,
or otherwise, in the form of a corporation, limited liability company, partnership, or other form, as the case may be, on and after
the Effective Date, including Reorganized Valaris and New Valaris Holdco.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">184.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Reorganized Valaris</I>&rdquo; means Valaris or any successor or assign, by merger, consolidation, or otherwise,
on or after the Effective Date (but shall not include New Valaris Holdco).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">185.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Required Consenting Creditors</I>&rdquo; has the meaning set forth in the Amended Restructuring Support Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">186.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Required Consenting Lenders</I>&rdquo; has the meaning set forth in the Amended Restructuring Support Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">187.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Required Consenting Noteholders</I>&rdquo; has the meaning set forth in the Amended Restructuring Support Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">188.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Restructuring Support Agreement</I>&rdquo; means that certain Restructuring Support Agreement, dated as of August
18,&nbsp;2020, by and among the Debtors and the Consenting Noteholders, and the other parties who signed the signature pages thereto,
including all exhibits and attachments thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">189.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Restructuring Term Sheet</I>&rdquo; means the Restructuring Term Sheet attached as <U>Exhibit&nbsp;A</U> to the
Restructuring Support Agreement, as amended by the Amended Restructuring Term Sheet attached as <U>Exhibit A</U> to the Amended
Restructuring Support Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">190.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Restructuring Transactions</I>&rdquo; means the transactions described in <U>Article IV.B</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">191.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Restructuring Transactions Memorandum</I>&rdquo; means a document, to be included in the Plan Supplement, that
sets forth the material components of the Restructuring Transactions and a description of the steps to be carried out to effectuate
the Restructuring Transactions in accordance with the Plan, including the reorganization of the Debtors and issuance of the New
Valaris Equity, through the Chapter 11 Cases, the Plan, or any Implementation Mechanism (including, in the United Kingdom, through
the Administration).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">192.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> &ldquo;<I>Rights Offering</I>&rdquo; means the rights offering of the Rights Offering New Secured Notes on the terms and
conditions set forth in the Restructuring Term Sheet and the Rights Offering Documents. The Rights Offering will be backstopped
by the Backstop Parties on the terms set forth in the Backstop Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">193.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Rights Offering Documents</I>&rdquo; means collectively, the Backstop Agreement and any and all other agreements,
documents, and instruments delivered or entered into in connection with the Rights Offering, including the Rights Offering Procedures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">194.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Rights Offering New Secured Notes</I>&rdquo; means $312.5 million of the New Secured Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">195.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Rights Offering Procedures</I>&rdquo; means those certain rights offering procedures with respect to the Rights
Offering, which rights offering procedures shall be set forth in the Rights Offering Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">196.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Section 510(b) Claims</I>&rdquo; means any Claim or Interest against a Debtor subject to subordination under section
510(b) of the Bankruptcy Code, whether by operation of law or contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">197.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Secured Claim</I>&rdquo; means a Claim (a)&nbsp;secured by a Lien on collateral to the extent of the value of
such collateral, as determined in accordance with section 506(a) of the Bankruptcy Code; or (b) subject to a valid right of setoff
pursuant to section 553 of the Bankruptcy Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">198.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Securities Act</I>&rdquo; means the Securities Act of 1933, 15 U.S.C. &sect;&sect;&nbsp;77a&ndash;77aa, or any
similar federal, state, or local law, as now in effect or hereafter amended, and the rules and regulations promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">199.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Security</I>&rdquo; has the meaning set forth in section&nbsp;2(a)(1) of the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">200.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Senior Notes</I>&rdquo; means, collectively, the 2020 Notes, the 2021 Notes, the 2022 Notes, the&nbsp;4.5% 2024
Notes, the 3.0% 2024 Notes, the 4.75% 2024 Notes, the 8.0% 2024 Notes, the 5.2% 2025 Notes, the&nbsp;7.375% 2025 Notes, the 2026
Notes, the 2027 Debentures, the 2040 Notes, the 2042 Notes, the 5.85% 2044 Notes, and the 5.75%&nbsp;2044 Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">201.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Senior Notes Backstop Parties</I>&rdquo; means the Holders of Senior Notes Claims party to the Backstop Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">202.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Senior Notes Claim</I>&rdquo; means any Claim on account of the Senior Notes. For the avoidance of doubt, each
Senior Notes Claim shall be deemed Allowed as of the Effective Date in an amount equal to (i) the principal amount outstanding
under the applicable Senior Notes on the Petition Date, including without limitation any accrued interest and fees paid (or payable)
in kind through such date, and (ii) all interest accrued and unpaid as of the Petition Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">203.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Senior Notes Distributable Pool</I>&rdquo; means (a) 38.980% of the New Valaris Equity, subject to dilution on
account of the Management Incentive Plan, the Newbuild Equity Pool, and the New Warrants, as applicable, and (b) 97.573% of the
Subscription Rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">204.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Senior Noteholders Equity Backstop Premium</I>&rdquo; means 2.634% of the total issued and outstanding New Valaris
Equity (subject to dilution by, if relevant, the New Warrants and the Management Incentive Plan) as of the Effective Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">205.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Senior Noteholders PIK Notes Backstop Premium</I>&rdquo; means $48.786 million of the New Secured Notes reserved
for the Backstop Premium.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">206.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Shipyard</I>&rdquo; means Daewoo Shipbuilding &amp; Marine Engineering Co., Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">207.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>&ldquo;<I>Subscription
Rights</I>&rdquo; means the rights provided to eligible record Holders of Senior Notes Claims consistent with the
Restructuring Term Sheet, Rights Offering Documents, and Backstop Agreement to participate in the Rights Offering and the
right and obligation of the New Money Participating Credit Facility Creditors to subscribe for New Secured Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">208.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Third-Party Release</I>&rdquo; means the release given by each of the Releasing Parties to the Released Parties
as set forth in <U>Article VIII.C</U> of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">209.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>UK Implementation Agreement</I>&rdquo; means that certain UK Implementation Agreement, a substantially final form
of which shall be included in the Plan Supplement, which sets out the Implementation Mechanisms to implement the Plan in the United
Kingdom and (if and as applicable) the Cayman Islands, Jersey, or other jurisdictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">210.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Unexpired Lease</I>&rdquo; means a lease of nonresidential real property to which one or more of the Debtors is
a party that is subject to assumption or rejection under section 365 of the Bankruptcy Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">211.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Unimpaired</I>&rdquo; means a Class of Claims or Interests that is unimpaired within the meaning of section&nbsp;1124
of the Bankruptcy Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">212.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>U.S. Trustee</I>&rdquo; means the Office of the United States Trustee for the Southern District of Texas.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">213.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Valaris</I>&rdquo; means Valaris plc, a company incorporated under the Laws of England and Wales.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">214.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Valaris Bond Claims</I>&rdquo; means any Claim against any Debtor with respect to the Valaris Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">215.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Valaris Notes</I>&rdquo; means the 2021 Notes, the 8.0% 2024 Notes, the 4.5% 2024 Notes, the 5.2% 2025 Notes,
the 2026 Notes, and the 5.75% 2044 Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">216.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Valaris Notes Indenture</I>&rdquo; means that certain indenture (as may be amended, restated, supplemented, or
otherwise modified from time to time) dated March 17, 2011 by Ensco plc (now Valaris plc), as issuer, and Deutsche Bank Trust Company
Americas, as trustee, that governs the Valaris Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">217.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<I>Valaris Savings Plan</I>&rdquo; means that certain 401(k) plan that is administered by T. Rowe Price for the benefit
of certain employees of the Debtors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">B.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Rules of Interpretation</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For purposes of
the Plan, except as otherwise provided in this Plan: (1)&nbsp;in the appropriate context, each term, whether stated in the
singular or the plural, shall include both the singular and the plural, and pronouns stated in the masculine, feminine, or
neuter gender shall include the masculine, feminine, and the neuter gender; (2)&nbsp;unless otherwise specified, any
reference in the Plan to an existing document, schedule, or exhibit, shall mean such document, schedule, or exhibit, as it
may have been or may be amended, modified, or supplemented; (3)&nbsp;unless otherwise specified, all references in the Plan
to &ldquo;Articles&rdquo; and &ldquo;Sections&rdquo; are references to Articles and Sections, respectively, hereof or hereto;
(4)&nbsp;the words &ldquo;herein,&rdquo; &ldquo;hereof,&rdquo; and &ldquo;hereto&rdquo; refer to the Plan in its entirety
rather than to any particular portion of the Plan; (5)&nbsp;any effectuating provisions may be interpreted by the Debtors or
the Reorganized Debtors in such a manner that is consistent with the overall purpose and intent of the Plan all without
further notice to or action, order, or approval of the Bankruptcy Court or any other Entity; (6)&nbsp;captions and headings
to Articles and Sections are inserted for convenience of reference only and are not intended to be a part of or to affect the
interpretation of the Plan; (7)&nbsp;unless otherwise specified in the Plan, the rules of construction set forth in
section&nbsp;102 of the Bankruptcy Code shall apply; (8)&nbsp;any term used in capitalized form in the Plan that is not
otherwise defined but that is used in the Bankruptcy Code or the Bankruptcy Rules shall have the meaning assigned to such
term in the Bankruptcy Code or the Bankruptcy Rules, as applicable; (9) references to docket numbers of documents filed in
the Chapter 11 Cases are references to the docket numbers under the Bankruptcy Court&rsquo;s CM/ECF system;
(10)&nbsp;references to &ldquo;Proofs of Claim,&rdquo; &ldquo;Holders of Claims,&rdquo; &ldquo;Disputed Claims,&rdquo; and
the like shall include &ldquo;Proofs of Interest,&rdquo; &ldquo;Holders&nbsp;of Interests,&rdquo; &ldquo;Disputed
Interests,&rdquo; and the like as applicable; (11) references to &ldquo;shareholders,&rdquo; &ldquo;directors,&rdquo; and/or
 &ldquo;officers&rdquo; shall also include &ldquo;members&rdquo; and/or &ldquo;managers,&rdquo; as applicable, as such terms
are defined under the applicable state limited liability company laws; (12)&nbsp;the terms &ldquo;include&rdquo; and
 &ldquo;including,&rdquo; and variations thereof, shall not be deemed to be terms of limitation, and shall be deemed to be
followed by the words &ldquo;without limitation&rdquo;; and (13)&nbsp;except as otherwise provided in the Plan, any reference
to the Effective Date shall mean the Effective Date or as soon as reasonably practicable thereafter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">C.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Computation of Time</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless otherwise specifically
stated herein, the provisions of Bankruptcy Rule 9006(a) shall apply in computing any period of time prescribed or allowed herein.
If the date on which a transaction may occur pursuant to the Plan shall occur on a day that is not a Business Day, then such transaction
shall instead occur on the next succeeding Business Day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">D.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Governing Law</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless a rule of law
or procedure is supplied by federal law (including the Bankruptcy Code and Bankruptcy Rules) or unless otherwise specifically stated,
the laws of the State of New York, without giving effect to the principles of conflict of laws, shall govern the rights, obligations,
construction, and implementation of the Plan, any agreements, documents, instruments, or contracts executed or entered into in
connection with the Plan (except as otherwise set forth in those agreements, in which case the governing law of such agreement
shall control); <I>provided</I> that corporate governance matters relating to the Debtors, the Reorganized Debtors, or New Valaris
Holdco (or its subsidiaries), as applicable, shall be governed by the laws of the jurisdiction of incorporation or formation of
the relevant Debtor, Reorganized Debtor, or New Valaris Holdco (or its subsidiaries), as applicable, and matters relating to any
Implementation Mechanism shall be governed by the laws of the jurisdiction in which such Implementation Mechanism takes place (which,
for any Administration shall be the laws of England and Wales).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">E.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Reference to Monetary Figures</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All references in the
Plan to monetary figures refer to currency of the United States of America, unless otherwise expressly provided.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">F.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Reference to the Debtors or the Reorganized Debtors</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except as otherwise
specifically provided herein to the contrary, references herein to the Debtors or to the Reorganized Debtors mean the Debtors and
the Reorganized Debtors, including Reorganized Valaris, to the extent the context requires.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">G.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Restructuring Support Agreement Party Consent Rights and Controlling Documents</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding anything
herein or any other document to the contrary, any and all consent rights of the parties to the Amended Restructuring Support Agreement
as set forth in the Amended Restructuring Support Agreement with respect to the form and substance of this Plan, any Definitive
Document, all exhibits to the Plan, and the Plan Supplement or other related documents, including any amendments, restatements,
supplements, or other modifications to such agreements and documents, and any consents, waivers, or other deviations under or from
any such documents, shall be incorporated herein by reference (including to the applicable definitions in &#8206;<U>Article I.A</U>
hereof) and be fully enforceable as if stated in full herein. For the avoidance of doubt, the failure to specify a particular consent
or consultation right in this Plan that is otherwise set forth in the Amended Restructuring Support Agreement does not in any way
impair, alter, or amend such consent or consultation rights, which remain binding on the parties to the Amended Restructuring Support
Agreement and are incorporated herein into the Plan, the Plan Supplement, and any Definitive Documents or other related documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the event of an
inconsistency between the Disclosure Statement or the Amended Restructuring Support Agreement, on one hand, and the Plan on the
other hand, the terms of the Plan shall control in all respects. In the event of an inconsistency between the Plan and the Plan
Supplement, the Plan Supplement shall control in all respects. In the event of any inconsistency between the Plan or Plan Supplement,
on the one hand, and the Confirmation Order on the other hand, the Confirmation Order shall control in all respects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase"></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE
II</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><BR>
ADMINISTRATIVE AND PRIORITY CLAIMS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In accordance with
section 1123(a)(1) of the Bankruptcy Code, DIP Claims, Administrative Claims, Professional Fee Claims, and Priority Tax Claims
have not been classified and thus are excluded from the Classes of Claims set forth in <U>Article III</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">A.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>DIP Claims</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All DIP Claims shall
be deemed Allowed as of the Effective Date in an amount equal to (i) the principal amount outstanding under the DIP Credit Agreement
on such date, including without limitation any accrued interest and fees paid (or payable) in kind through such date, (ii) all
interest accrued and unpaid thereon to the date of payment of all of the DIP Claims (exclusive of any interest included in the
preceding clause (i)), (iii) all accrued and unpaid fees, costs, expenses (including professional fees), and indemnification obligations
(other than contingent indemnification obligations as to which no claim has been made) payable under or in connection with the
DIP Facility Documents and the DIP Order, and (iv) all other Obligations (as defined in the DIP Credit Agreement). Except to the
extent that a Holder of an Allowed DIP Claim agrees to receive less favorable treatment, in full and final satisfaction, settlement,
release, and discharge of, and in exchange for, such Allowed DIP Claim, the Holders of such Allowed DIP Claims shall receive on
the Effective Date payment in full in Cash of such Holder&rsquo;s&nbsp;Allowed DIP Claim. Without limiting the foregoing, all unpaid
DIP Fees and Expenses (as defined in the DIP Order), shall be paid in full in Cash on the Effective Date. Any DIP Claims that are
not due and payable on, or that otherwise survive, the Effective Date shall be paid in full in Cash as soon as reasonably practicable
after they become due and payable. Contemporaneously with the foregoing receipt by Holders of the DIP Claims of payment in full
in Cash of the Allowed DIP Claims and the termination of all Commitments (as defined in the DIP Credit Agreement) under the DIP
Credit Agreement, the DIP Facility, the DIP Credit Agreement, and the other DIP Facility Documents shall be deemed automatically
cancelled, all Liens on property of the Debtors and the Reorganized Debtors arising out of or related to the DIP Facility shall
automatically terminate, and all collateral subject to such Liens shall be automatically released, in each case, except as otherwise
separately agreed and without further action by the DIP Agent or the DIP Lenders and all Guaranties (as defined in the DIP Credit
Agreement) of the Debtors and Reorganized Debtors arising out of or related to the DIP Claims shall be automatically discharged
and released, in each case without further action by the DIP Agent or the DIP Lenders. The DIP Agent, at the direction of the DIP
Lenders, and the DIP&nbsp;Lenders shall take all actions to effectuate and confirm such cancellation, termination, release, and
discharge including the filing of any termination statements of financing statements, or mortgages or other lien release documents,
as reasonably requested by the Debtors, the Reorganized Debtors, or New&nbsp;Valaris Holdco, as applicable. Notwithstanding the
foregoing or anything to the contrary contained herein, all obligations, liabilities, covenants, and terms that, under the terms
of any DIP Facility Document, survive such agreement&rsquo;s termination, including without limitation, all indemnification and
expense reimbursement obligations set forth in the DIP Credit Agreement, shall continue to survive, and the DIP Facility and the
DIP Facility Documents shall continue solely for the purpose of preserving the rights of the DIP Agent and the DIP Lenders under
and in respect of such obligations, liabilities, covenants, and terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">B.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Administrative Claims</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless otherwise
agreed to by the Holder of an Allowed Administrative Claim and the Debtors or the Reorganized Debtors, as applicable, each
Holder of an Allowed Administrative Claim (other than Holders of Professional Fee Claims and Claims for fees and expenses
pursuant to section 1930 of chapter 123 of title 28 of the United States Code) will receive in full and final satisfaction of
its Administrative Claim an amount of Cash equal to the amount of such Allowed Administrative Claim in accordance with the
following: (a) if an Administrative Claim is Allowed on or prior to the Effective Date, on the Effective Date or as soon as
reasonably practicable thereafter (or,&nbsp;if not then due, when such Allowed Administrative Claim is due or as soon as
reasonably practicable thereafter); (b)&nbsp;if such Administrative Claim is not Allowed as of the Effective Date, no later
than thirty days after the date on which an order Allowing such Administrative Claim becomes a Final Order, or as soon as
reasonably practicable thereafter; (c)&nbsp;if such Allowed Administrative Claim is based on liabilities incurred by the
Debtors in the ordinary course of their business after the Petition Date in accordance with the terms and conditions of the
particular transaction giving rise to such Allowed Administrative Claim without any further action by the Holders of such
Allowed Administrative Claim, including the need to File a request for payment of such Administrative Claim with the
Bankruptcy Court; (d) at such time and upon such terms as may be agreed upon by such Holder and the Debtors or the
Reorganized Debtors, as applicable; or (e)&nbsp;at such time and upon such terms as set forth in an order of the Bankruptcy
Court.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except as otherwise
provided in this <U>Article II.B</U> hereof, and except with respect to Administrative Claims that are Professional Fee Claims,
requests for payment of Administrative Claims must be Filed with the Bankruptcy Court and served on the Debtors pursuant to the
procedures specified in the Confirmation Order and the notice of entry of the Confirmation Order no later than the Administrative
Claims Bar Date. Holders of Administrative Claims that are required to, but do not, File and serve a request for payment of such
Administrative Claims by such date shall be forever barred, estopped, and enjoined from asserting such Administrative Claims against
the Debtors or their property and such Administrative Claims shall be deemed discharged and released as of the Effective Date.
Objections to such requests, if any, must be Filed with the Bankruptcy Court and served on the Debtors and the requesting party
no later than sixty days after the Effective Date. Notwithstanding the foregoing, no request for payment of an Administrative Claim
need be Filed with the Bankruptcy Court with respect to an Administrative Claim previously Allowed. For the avoidance of doubt,
any DIP Claims and claims relating to the Backstop Agreement shall not be subject to the Administrative Claims Bar Date or the
Claims Bar Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">C.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Professional Fee Claims</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Professional
Fee Escrow Account</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As soon as reasonably
practicable after the Confirmation Date, and no later than one Business Day prior to the Effective Date, the Debtors shall establish
and fund the Professional Fee Escrow Account with Cash equal to the Professional Fee Escrow Amount. The Professional Fee Escrow
Account shall be maintained in trust solely for the Professionals and for no other Entities until all Professional Fee Claims Allowed
by the Bankruptcy Court have been irrevocably paid in full to the Professionals pursuant to one or more Final Orders of the Bankruptcy
Court. No Liens, claims, or interests shall encumber the Professional Fee Escrow Account or Cash held in the Professional Fee Escrow
Account in any way. Such funds shall not be considered property of the Estates, the Debtors, or the Reorganized Debtors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The amount of Professional
Fee Claims owing to the Professionals shall be paid in Cash to such Professionals from the funds held in the Professional Fee Escrow
Account as soon as reasonably practicable after such Professional Fee Claims are Allowed by an order of the Bankruptcy Court; provided
that obligations with respect to Allowed Professional Fee Claims shall not be limited nor be deemed limited to funds held in the
Professional Fee Escrow Account. When all Professional Fee Claims Allowed by the Bankruptcy Court have been irrevocably paid in
full to the Professionals pursuant to one or more Final Orders of the Bankruptcy Court, any remaining funds held in the Professional
Fee Escrow Account shall promptly be paid to or at the direction of the Reorganized Debtors without any further notice to or action,
order, or approval of the Bankruptcy Court or any other Entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Final
Fee Applications and Payment of Professional Fee Claims</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All final requests
for payment of Professional Fee Claims for services rendered and reimbursement of expenses incurred prior to the Confirmation Date
must be filed no later than forty-five days after the Effective Date. The Bankruptcy Court shall determine the Allowed amounts
of such Professional Fee Claims after notice and a hearing in accordance with the procedures established by the Bankruptcy Code,
Bankruptcy Rules, and prior Bankruptcy Court orders. The amount of the Allowed Professional Fee Claims owing to the Professionals
shall be paid in Cash to such Professionals, including from funds held in the Professional Fee Escrow Account when such Professional
Fee Claims are Allowed by entry of an order of the Bankruptcy Court.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Professional
Fee Escrow Amount</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Professionals
shall provide a reasonable and good-faith estimate of their fees and expenses incurred in rendering services to the Debtors
before and as of the Effective Date projected to be outstanding as of the Effective Date, and shall deliver such estimate to
the Debtors no later than five days before the anticipated Effective Date; <I>provided</I> that such estimate shall not be
considered an admission or limitation with respect to the fees and expenses of such Professional and such Professionals are
not bound to any extent by the estimates. If a Professional does not provide an estimate, the Debtors may estimate a
reasonable amount of unbilled fees and expenses of such Professional, taking into account any prior payments; <I>provided</I>
that such estimate shall not be binding or considered an admission with respect to the fees and expenses of such
Professional. The total aggregate amount so estimated as of the Effective Date shall be utilized by the Debtors to determine
the amount to be funded to the Professional Fee Escrow Account; <I>provided</I> that the Reorganized Debtors (other than
Reorganized Valaris) shall use Cash on hand to increase the amount of the Professional Fee Escrow Account to the extent fee
applications are filed after the Effective Date in excess of the amount held in the Professional Fee Escrow Account based on
such estimates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Post
Confirmation Date Fees and Expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">From and after the
Confirmation Date, the Debtors or Reorganized Debtors, as applicable, shall, in the ordinary course of business and without any
further notice to or action, order, or approval of the Bankruptcy Court, pay in Cash the reasonable and documented legal, professional,
or other fees and expenses incurred by the retained professionals of the Debtors or the Reorganized Debtors, as applicable, and
the Creditors Committee. Upon the Confirmation Date, any requirement that Professionals comply with sections 327 through 331 and
1103 of the Bankruptcy Code in seeking retention or compensation for services rendered after such date shall terminate, and the
Debtors may employ and pay any Professional in the ordinary course of business without any further notice to or action, order,
or approval of the Bankruptcy Court.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Debtors and Reorganized
Debtors, as applicable, shall pay, within ten Business Days after submission of a detailed invoice to the Debtors or Reorganized
Debtors, as applicable, counsel to the Credit Facility Agent, and counsel to the Ad Hoc Group such reasonable claims for compensation
or reimbursement of expenses incurred by the retained Professionals of the Debtors or the Reorganized Debtors, as applicable, and
the Creditors Committee. If the Debtors or Reorganized Debtors, as applicable, the Credit Facility Agent or the Ad Hoc Group dispute
the reasonableness of any such invoice, the Debtors or Reorganized Debtors, as applicable, or the affected Professional may submit
such dispute to the Bankruptcy Court for a determination of the reasonableness of any such invoice, and the disputed portion of
such invoice shall not be paid until the dispute is resolved.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">D.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Priority
Tax Claims</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to section
1129(a)(9)(C) of the Bankruptcy Code, unless otherwise agreed by the Holder of an Allowed Priority Tax Claim and the applicable
Debtor or Reorganized Debtor, each Holder of an Allowed Priority Tax Claim will receive, at the option of the applicable Debtor
or Reorganized Debtor with the consent of the Required Consenting Creditors (not to be unreasonably withheld, conditioned, or delayed),
in full satisfaction of its Allowed Priority Tax Claim that is due and payable on or before the Effective Date, either (i) Cash
equal to the amount of such Allowed Priority Tax Claim on the Effective Date or (ii) otherwise treated in accordance with the terms
set forth in section&nbsp;1129(a)(9)(C) of the Bankruptcy Code. For the avoidance of doubt, Holders of Allowed Priority Tax Claims
will receive interest on such Allowed Priority Tax Claims after the Effective Date in accordance with sections&nbsp;511&nbsp;and&nbsp;1129(a)(9)(C)
of the Bankruptcy Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">ARTICLE
III</FONT><BR>
CLASSIFICATION, TREATMENT, AND VOTING OF CLAIMS AND INTERESTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">A.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Classification of Claims and Interests</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Plan constitutes
a separate Plan proposed by each Debtor. Except for the Claims addressed in <U>Article II</U> hereof, all Claims and Interests
are classified in the Classes set forth below in accordance with section&nbsp;1122 of the Bankruptcy Code. A Claim or an Interest
is classified in a particular Class only to the extent that the Claim or Interest qualifies within the description of that Class
and is classified in other Classes to the extent that any portion of the Claim or Interest qualifies within the description of
such other Classes. A Claim or an Interest also is classified in a particular Class for the purpose of receiving distributions
under the Plan only to the extent that such Claim or Interest is an Allowed Claim or Interest in that Class and has not been paid,
released, or otherwise satisfied prior to the Effective Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following chart
represents the classification of Claims and Interests for each Debtor pursuant to the Plan:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #CCCCCC">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 7%; text-align: center; font-weight: bold">Class</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: 4pt; width: 61%; text-align: center; font-weight: bold">Claim or Interest</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 13%; text-align: center; font-weight: bold">Status</TD>
    <TD STYLE="border: Black 1pt solid; width: 19%; text-align: center; font-weight: bold">Voting Rights</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center; text-indent: 0in">1</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; text-indent: 4pt">Other Secured Claims</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center; text-indent: 0in">Unimpaired</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center; text-indent: 0in">Not Entitled to Vote <BR>
(Deemed to Accept)</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center; text-indent: 0in">2</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; text-indent: 4pt">Other Priority Claims</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center; text-indent: 0in">Unimpaired</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center; text-indent: 0in">Not Entitled to Vote <BR>
(Deemed to Accept)</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center; text-indent: 0in">3</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; text-indent: 4pt">Credit Facility Claims</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center; text-indent: 0in">Impaired</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center; text-indent: 0in">Entitled to Vote</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center; text-indent: 0in">4</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; text-indent: 4pt">Pride Bond Claims</TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center; text-indent: 0in">Impaired</TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center; text-indent: 0in">Entitled to Vote</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center; text-indent: 0in">5</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; text-indent: 4pt">Ensco International Bond Claims</TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center; text-indent: 0in">Impaired</TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center; text-indent: 0in">Entitled to Vote</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center; text-indent: 0in">6</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; text-indent: 4pt">Jersey Bond Claims</TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center; text-indent: 0in">Impaired</TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center; text-indent: 0in">Entitled to Vote</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center; text-indent: 0in">7</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; text-indent: 4pt">Valaris Bond Claims</TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center; text-indent: 0in">Impaired</TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center; text-indent: 0in">Entitled to Vote</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center; text-indent: 0in">8</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; text-indent: 4pt">Legacy Rowan Bond Claims</TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center; text-indent: 0in">Impaired</TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center; text-indent: 0in">Entitled to Vote</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center; text-indent: 0in">9</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; text-indent: 4pt">General Unsecured Claims</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center; text-indent: 0in">Impaired</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center; text-indent: 0in">Entitled to Vote</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center; text-indent: 0in">10</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; text-indent: 4pt">Newbuild Claims</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center; text-indent: 0in">Impaired</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; text-align: center; text-indent: 0in">Entitled to Vote</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center; text-indent: 0in">11</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; text-indent: 4pt">Intercompany Claims</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center; text-indent: 0in">Impaired / Unimpaired</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Not Entitled to Vote</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Deemed to Accept
or Reject)&nbsp;</P></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center; text-indent: 0in">12</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; text-indent: 4pt">Intercompany Interests</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center; text-indent: 0in">Impaired / Unimpaired</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Not Entitled to Vote</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Deemed to Accept or Reject)</P></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center; text-indent: 0in">13</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; text-indent: 4pt">Existing Interests in Valaris</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center; text-indent: 0in">Impaired</TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-top: 3pt; text-align: center; text-indent: 0in">Entitled to Vote</TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center; text-indent: 0in">14</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: left; text-indent: 4pt">Section 510(b) Claims</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center; text-indent: 0in">Impaired</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Not Entitled to Vote</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">(Deemed to Reject)</P></TD></TR>
</TABLE>
<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">B.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Treatment of Classes of Claims and Interests</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each Holder of an Allowed
Claim or Allowed Interest, as applicable, shall receive under the Plan the treatment described below in full and final satisfaction,
settlement, release, and discharge of and in exchange for such Holder&rsquo;s&nbsp;Allowed Claim or Allowed Interest, except to
the extent less favorable treatment is agreed to by the Reorganized Debtors and the Holder of such Allowed Claim or Allowed Interest,
as applicable. Unless otherwise indicated, the Holder of an Allowed Claim or Allowed Interest, as applicable, shall receive such
treatment on the Effective Date or as soon as reasonably practicable thereafter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>1.</B></TD><TD><B>Class 1 &mdash; Other Secured Claims</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Classification</I>: Class 1 consists of all Other Secured Claims against the Debtors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">(b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Treatment</I>:
Each Holder of an Other Secured Claim shall receive, at the option of the applicable Debtor(s) with the reasonable &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;consent
of the Required Consenting Creditors (not to be unreasonably withheld, conditioned, or delayed), either:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 148.5pt"></TD><TD STYLE="width: 18pt">(i)</TD><TD STYLE="text-align: justify">payment in full in Cash of its Allowed Other Secured Claim on or as soon as reasonably practicable
after the Effective Date;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 148.5pt"></TD><TD STYLE="width: 18pt">(ii)</TD><TD STYLE="text-align: justify">the collateral securing its Allowed Other Secured Claim;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 148.5pt"></TD><TD STYLE="width: 18pt">(iii)</TD><TD STYLE="text-align: justify">Reinstatement of its Allowed Secured Claim; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 148.5pt"></TD><TD STYLE="width: 18pt">(iv)</TD><TD STYLE="text-align: justify">such other treatment rendering its Allowed Other Secured Claim Unimpaired in accordance with section
1124 of the Bankruptcy Code.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 1in">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 0.5in; vertical-align: top"><I>(c)</I></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><I>Voting:</I> Class 1 is Unimpaired under the Plan. Holders of Allowed
    Other Secured Claims are conclusively presumed to have accepted the Plan under section 1126(f) of the Bankruptcy Code. Therefore,
    Holders of Allowed Other Secured Claims are not entitled to vote to accept or reject the Plan.</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>2.</B></TD><TD><B>Class 2 &mdash; Other Priority Claims</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left">(a)</TD><TD STYLE="text-align: justify"><I>Classification</I>: Class 2 consists of any Other
Priority Claims.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left">(b)</TD><TD STYLE="text-align: justify"><I>Treatment</I>: Each Holder of an Other Priority Claim
shall receive, at the option of the applicable Debtor(s) with the reasonable consent of the Required Consenting Creditors (not
to be unreasonably withheld, conditioned, or delayed), either:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">payment in full in Cash on or as soon as reasonably practicable after the Effective Date; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 148.5pt"></TD><TD STYLE="width: 18pt">(ii)</TD><TD STYLE="text-align: justify">such other treatment rendering its Allowed Other Priority Claim Unimpaired in accordance with section&nbsp;1124
of the Bankruptcy Code.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 1in">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 0.5in; vertical-align: top"><I>(c)</I></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><I>Voting:</I> Class 2 is Unimpaired under the Plan. Holders of Allowed
    Other Priority Claims are conclusively presumed to have accepted the Plan under section 1126(f) of the Bankruptcy Code.
    Therefore, Holders of Allowed Other  Priority Claims are not entitled to vote to accept or reject the Plan.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>3.</B></TD><TD><B>Class 3 &mdash; Credit Facility Claims</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify"><I>Classification</I>: Class 3 consists of any Credit Facility Claims.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify"><I>Allowed Amount</I>: The Credit Facility Claims shall be Allowed in the full amount due and owing
under the Credit Agreement, including without limitation not less than $581,000,000.02 in outstanding advances <I>plus </I>the
amount of Credit Facility Letters of Credit and all accrued and accruing interest, costs, fees, and expenses.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify"><I>Treatment</I>:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: -0.5in">(i)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Base
Treatment:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: justify">Each Non-Consenting Lender shall receive to its Pro Rata share of the RCF Base Treatment Pool;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: justify">each Consenting Base Treatment Lender shall receive its Pro Rata share of the Consenting Lender
Base Treatment Pool; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: -0.5in">(ii)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>New
Money Participating Credit Facility Creditor Treatment: Each New Money Participating Credit Facility Creditor shall &nbsp;&nbsp;receive its
Pro Rata share of the RCF New Money Participation Treatment; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: -0.5in">(iii)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>on or prior to the Effective Date, all Credit Facility Letters of Credit shall be replaced or cash collateralized as provided
in &nbsp;&nbsp;Article IV.S. hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify"><I>Voting</I>: Class 3 is Impaired under the Plan. Holders of Allowed Credit Facility Claims are
entitled to vote to accept or reject the Plan.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>4.</B></TD><TD><B>Class 4 &mdash; Pride Bond Claims</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left">(a)</TD><TD STYLE="text-align: justify"><I>Classification</I>: Class 4 consists of any Pride
Bond Claims.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left">(b)</TD><TD STYLE="text-align: justify"><I>Allowed Amount</I>: $439,296,780.92</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left">(c)</TD><TD STYLE="text-align: justify"><I>Treatment</I>: Each Holder of an Allowed Pride Bond
Claim shall receive its Pro Rata share (as determined as a percentage of all Allowed Pride Bond Claims) of:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">8.808% of the Senior Notes Distributable Pool; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 148.5pt"></TD><TD STYLE="width: 18pt">(ii)</TD><TD STYLE="text-align: justify">an aggregate $1.25 million payment in cash.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left">(d)</TD><TD STYLE="text-align: justify"><I>Voting</I>: Class 4 is Impaired under the Plan. Holders
of Allowed Pride Bond Claims are entitled to vote to accept or reject the Plan.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>5.</B></TD><TD><B>Class 5 &mdash; Ensco International Bond Claims</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left">(a)</TD><TD STYLE="text-align: justify"><I>Classification</I>: Class 5 consists of any Ensco
International Bond Claims.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left">(b)</TD><TD STYLE="text-align: justify"><I>Allowed Amount</I>: $114,229,893.60</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left">(c)</TD><TD STYLE="text-align: justify"><I>Treatment</I>: Each Holder of an Allowed Ensco International
Bond Claim shall receive its Pro Rata share (as&nbsp;determined as a percentage of all Allowed Ensco International Bond Claims)
of:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">1.549% of the Senior Notes Distributable Pool; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">an aggregate $1 million payment in cash.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">(d)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Voting</I>: Class 5 is Impaired under the Plan. Holders of Allowed Ensco&nbsp;International Bond Claims are entitled
to vote to accept or reject the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>6.</B></TD><TD><B>Class 6 &mdash; Jersey Bond Claims</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Classification</I>:
Class 6 consists of any Jersey Bond Claims.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">(b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Allowed
Amount</I>: $863,607,717.29</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">(c)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Treatment</I>: Each Holder of an Allowed Jersey Bond Claim shall receive its Pro Rata share (as&nbsp;determined as a
percentage of all Allowed Jersey Bond Claims) of 20.204% of the Senior Notes Distributable Pool.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">(d)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Voting</I>:
Class 6 is Impaired under the Plan. Holders of Allowed Jersey Bond Claims are entitled to vote to accept or reject the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>7.</B></TD><TD><B>Class 7 &mdash; Valaris Bond Claims</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Classification</I>:
Class 7 consists of any Valaris Bond Claims.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">(b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Allowed Amount</I>: $3,123,087,570.34</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">(c)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Treatment</I>: Each Holder of an Allowed Valaris Bond Claim shall receive its Pro Rata share (as determined as a percentage
of all Allowed Valaris Bond Claims) of 36.834% of the Senior Notes Distributable Pool.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">(d)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Voting</I>: Class 7 is Impaired under the Plan. Holders of Allowed Valaris Bond Claims are entitled to vote to accept
or reject the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>8.</B></TD><TD><B>Class 8 &mdash; Legacy Rowan Bond Claims</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Classification</I>:
Class 8 consists of any Legacy Rowan Bond Claims.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">(b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Allowed
Amount</I>: $2,178,878,109.04</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">(c)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Treatment</I>: Each Holder of an Allowed Legacy Rowan Bond Claim shall receive its Pro Rata share (as&nbsp;determined
as a percentage of all Allowed Legacy Rowan Bond Claims) of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">32.605% of the Senior Notes Distributable Pool; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 148.5pt"></TD><TD STYLE="width: 18pt">(ii)</TD><TD STYLE="text-align: justify">an aggregate $23.75 million payment in cash.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">(d)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Voting</I>: Class 8 is Impaired under the Plan. Holders of Allowed Legacy Rowan Bond Claims are entitled to vote to accept
or reject the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>9.</B></TD><TD><B>Class 9 &mdash; General Unsecured Claims </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Classification</I>: Class 9 consists of any General Unsecured Claims.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">(b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Treatment</I>:
Each Holder of an Allowed General Unsecured Claim shall receive payment in full in cash within ninety days after the later of
(i)&nbsp;the Effective Date and (ii)&nbsp;the date such Allowed General Unsecured Claim comes due under applicable law or in the
ordinary course of business in accordance with the terms and conditions of the particular transaction, agreement, conduct, or
judgment giving rise to such Allowed General Unsecured Claim.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">(c)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Voting</I>:
Class 9 is Impaired under the Plan. Holders of Allowed General Unsecured Claims are entitled to vote to accept or reject the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>10.</B></TD><TD><B>Class 10 &mdash; Newbuild Claims</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Classification</I>: Class 10 consists of any Newbuild Claims against the Debtors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">(b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Treatment</I>:
In full and final satisfaction of the Allowed Newbuild Claims, if the Shipyard:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">votes in favor of the Plan, the Shipyard shall receive (x) the Newbuild Equity Pool, (y) $5 million
in Cash payable on or prior to the Effective Date, and (z) such other consideration as set forth in the Newbuild Contracts, as
amended and assumed pursuant to <U>Article V</U> hereof; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 148.5pt"></TD><TD STYLE="width: 18pt">(ii)</TD><TD STYLE="text-align: justify">does not vote in favor of the Plan, the Shipyard shall receive its Liquidation Recovery promptly
after the date the Newbuild Claims are Allowed, but in any event no later than ten (10) days after such date.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">(c)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Voting</I>: Class 10 is Impaired under the Plan. Holders of Allowed Newbuild Claims are entitled to vote to accept or
reject the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>11.</B></TD><TD><B>Class 11 &mdash; Intercompany Claims</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Classification</I>:
Class 11 consists of any Intercompany Claims.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">(b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Treatment</I>:
Except to the extent otherwise provided in the Plan Supplement, each Allowed Intercompany Claim shall, at the option of the applicable
Debtor(s) with the reasonable consent of the Required Consenting Creditors (not to be unreasonably withheld, conditioned, or delayed),
be:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">Reinstated; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">set off, settled, distributed, contributed, cancelled, or released, without any distribution on
account of such Allowed Intercompany Claims.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">(c)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Voting</I>:
Holders of Allowed Intercompany Claims are conclusively deemed to have accepted the Plan pursuant to section&nbsp;1126(f) or rejected
the Plan pursuant to section&nbsp;1126(g) of the Bankruptcy Code. Holders of Allowed Intercompany Claims are not entitled to vote
to accept or reject the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>12.</B></TD><TD><B>Class 12 &mdash; Intercompany Interests</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Classification</I>: Class 12 consists of all Intercompany Interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">(b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Treatment</I>: Except to the extent otherwise provided in the Plan Supplement, Allowed Intercompany Interests shall,
at the option of the applicable Debtor(s) with the reasonable consent of the Required Consenting Creditors (not to be unreasonably
withheld, conditioned, or delayed), be:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">Reinstated; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">set off, settled, distributed, contributed, cancelled, or released, without any distribution on
account of such Allowed Intercompany Interests.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">(c)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Voting</I>:
Holders of Allowed Intercompany Interests are conclusively deemed to have accepted the Plan pursuant to section&nbsp;1126(f) or
rejected the Plan pursuant to section&nbsp;1126(g) of the Bankruptcy Code. Holders of Allowed Intercompany Interests are not entitled
to vote to accept or reject the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>13.</B></TD><TD><B>Class 13 &mdash; Existing Interests in Valaris</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Classification</I>:
Class 13 consists of all Existing Interests in Valaris.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify"><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treatment</I>: If Holders of Allowed Existing Interests in Valaris as a Class:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">vote in favor of the Plan, each Holder of an Allowed Existing Interest in Valaris shall receive
its Pro Rata share of the New Warrants; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">do not vote in favor of the Plan, no New Warrants shall be issued to any Holder of Allowed Existing
Interests in Valaris.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">(c)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Voting</I>:
Class 13 is Impaired under the Plan. Therefore, Holders of Allowed Existing Interests in Valaris are entitled to vote to accept
or reject the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>14.</B></TD><TD><B>Class 14 &mdash; Section 510(b) Claims</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Classification</I>:
Class 14 consists of any Section 510(b) Claims.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">(b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Treatment</I>:
On the Effective Date, each Allowed Section 510(b) Claim will be discharged and released and each Holder of such Allowed Section
510(b) Claims shall not receive or retain any distribution, property, or other value on account of its Allowed Section 510(b)
Claim.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">(c)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Voting</I>:
Class 14 is Impaired under the Plan. Holders of Allowed Section 510(b) Claims are conclusively deemed to have rejected the Plan
pursuant to section 1126(g) of the Bankruptcy Code. Therefore, Holders of Allowed Section 510(b) Claims are not entitled to vote
to accept or reject the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">C.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Special Provision Governing Unimpaired Claims</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except as otherwise
provided in the Plan, nothing under the Plan shall affect the Debtors&rsquo;, the Reorganized Debtors&rsquo;, or New Valaris Holdco&rsquo;s
rights regarding any Unimpaired Claim, including all rights regarding legal and equitable defenses to or setoffs or recoupments
against any such Unimpaired Claim.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">D.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Elimination
of Vacant Classes</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any Class of Claims
or Interests that does not have a Holder of an Allowed Claim or Allowed Interest or a Claim or Interest temporarily Allowed by
the Bankruptcy Court as of the date of the Confirmation Hearing shall be deemed eliminated from the Plan for purposes of voting
to accept or reject the Plan and for purposes of determining acceptance or rejection of the Plan by such Class pursuant to section
1129(a)(8) of the Bankruptcy Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">E.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Subordinated Claims</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The allowance, classification,
and treatment of all Allowed Claims and Interests and the respective distributions and treatments under the Plan take into account
and conform to the relative priority and rights of the Claims and Interests in each Class in connection with any contractual, legal,
and equitable subordination rights relating thereto, whether arising under general principles of equitable subordination, section&nbsp;510(b)
of the Bankruptcy Code, or otherwise. Pursuant to section 510 of the Bankruptcy Code, the Reorganized Debtors reserve the right
to reclassify any Allowed Claim or Allowed Interest in accordance with any contractual, legal, or equitable subordination relating
thereto.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">F.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Intercompany
Interests</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To the extent Reinstated
under the Plan, distributions on account of Intercompany Interests are not being received by Holders of such Intercompany Interests
on account of their Intercompany Interests, but for the purposes of administrative convenience and in exchange for the Debtors&rsquo;
and Reorganized Debtors&rsquo; agreement under the Plan to provide management services to certain of the Debtors and Reorganized
Debtors and to allow the use of certain funds and assets as set forth in the Plan, certain distributions may be able to satisfy
certain obligations of other Debtors and Reorganized Debtors to the Holders of certain Allowed Claims. For the avoidance of doubt,
any Interest in non&#45;Debtor subsidiaries owned by a Debtor shall continue to be owned by the applicable Reorganized Debtor,
unless otherwise set forth in the Plan Supplement (including the UK Implementation Agreement and any documents related thereto).</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">G.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Controversy Concerning Impairment</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If a controversy arises
as to whether any Claims or Interests, or any Class of Claims or Interests, are Impaired, the Bankruptcy Court shall, after notice
and a hearing, determine such controversy on or before the Confirmation Date.</P>




<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">H.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Confirmation
Pursuant to Section 1129(b) of the Bankruptcy Code</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;1129(a)(10)
of the Bankruptcy Code shall be satisfied for purposes of Confirmation by acceptance of the Plan by one or more of the Classes
entitled to vote pursuant to <U>Article&nbsp;IIIB</U> of the Plan. The Debtors shall seek Confirmation of the Plan pursuant to
section&nbsp;1129(b) of the Bankruptcy Code with respect to any rejecting Class of Claims or Interests. The Debtors reserve the
right to alter, amend, or modify the Plan, or any document in the Plan Supplement in accordance with <U>Article&nbsp;X</U> hereof
to the extent, if any, that Confirmation pursuant to section&nbsp;1129(b) of the Bankruptcy Code requires modification, including
by modifying the treatment applicable to a Class of Claims to render such Class of Claims Unimpaired to the extent permitted by
the Bankruptcy Code and the Bankruptcy Rules or to withdraw the Plan as to such Debtor and in accordance with the provisions of
the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">ARTICLE
IV</FONT><BR>
PROVISIONS FOR IMPLEMENTATION OF THE PLAN</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">A.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>General
Settlement of Claims and Interests</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to section&nbsp;1123
of the Bankruptcy Code and Bankruptcy Rule 9019, and in consideration for the classification, distributions, releases, and other
benefits provided under the Plan, upon the Effective Date, the provisions of the Plan shall constitute a good faith compromise
and settlement of all Claims and Interests and controversies resolved pursuant to the Plan, including resolution of intercompany
liabilities, allocation of value among the Debtors, and treatment of Holders of General Unsecured Claims against each of the Debtors.
The entry of the Confirmation Order shall constitute the Bankruptcy Court&rsquo;s approval of the compromise or settlement of all
such Claims, Interests, and controversies, as well as a finding by the Bankruptcy Court that such compromise or settlement is in
the best interests of the Debtors, their Estates, and Holders of Claims and Interests and is fair, equitable, and is within the
range of reasonableness. Subject to <U>Article VI</U> hereof, all distributions made to Holders of Allowed Claims and Interests
in any Class are intended to be and shall be final.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">B.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Restructuring Transactions</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On and after the Confirmation
Date, the Debtors, the Reorganized Debtors, or New Valaris Holdco (or any of its subsidiaries), as applicable, shall take any and
all actions set forth in the Restructuring Transactions Memorandum and may take any and all actions as may be necessary, appropriate,
or desirable to effectuate a corporate restructuring of the Debtors or any other transaction described in, approved by, contemplated
by, related to, or necessary to effectuate the Plan that are not inconsistent with the Plan or the Amended Restructuring Support
Agreement, which transactions may include, as applicable: (a) the execution and delivery of appropriate agreements, including any
Definitive Documents, or other documents of merger, amalgamation, consolidation, restructuring, conversion, disposition, transfer,
arrangement, continuance, dissolution, sale, purchase, issuance, or liquidation containing terms that are consistent with the terms
of the Plan and the Amended Restructuring Support Agreement and that satisfy the requirements of applicable law and any other terms
to which the applicable Entities may agree; (b) the execution and delivery of appropriate instruments of transfer, assignment,
assumption, or delegation of any asset, property, right, liability, debt, or obligation on terms consistent with the terms of the
Plan and the Amended Restructuring Support Agreement and having other terms for which the applicable parties agree; (c) any transactions
pursuant to the UK Implementation Agreement; (d) the filing of appropriate certificates or articles of incorporation, formation,
reincorporation, merger, consolidation, conversion, amalgamation, arrangement, continuance, dissolution, or other organizational
documents pursuant to applicable law; and (e) all other actions that the applicable Reorganized Debtors or New Valaris Holdco (or
its subsidiaries) (as relevant) determine to be necessary or advisable, including making filings or recordings that may be required
by applicable law in connection with the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Confirmation Order
shall and shall be deemed to, pursuant to sections 1123 and 363 of the Bankruptcy Code, authorize, among other things, all actions
as may be necessary or appropriate to effect any transaction described in, approved by, contemplated by, or necessary to effectuate
the Plan, including the Restructuring Transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>




<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">C.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Sources of Consideration for Plan Distributions</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Debtors and New
Valaris Holdco shall fund distributions under the Plan, as applicable, with: (1)&nbsp;proceeds from the Rights Offering, including
those received from the issuance of the New Secured Notes and the issuance of the New Valaris Equity; (2) issuance of the New Warrants;
(3) issuance of the New Valaris Equity; and (4) any other Cash on hand, including Cash from operations. Each distribution and issuance
referred to in <U>Article VI</U> hereof shall be governed by the terms and conditions set forth in the Plan applicable to such
distribution or issuance and by the terms and conditions of the instruments evidencing or relating to such distribution or issuance,
which terms and conditions shall bind each Entity receiving such distribution or issuance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rights
Offering</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On the Effective Date,
unless otherwise specified in the Plan Supplement or any document related thereto, the Reorganized Debtors and New Valaris Holdco
shall consummate the Rights Offering in accordance with the Rights Offering Procedures, the Backstop Agreement, and the New Secured
Notes Term Sheet. Subscription Rights to participate in the Rights Offering shall be allocated among relevant Holders of Senior
Notes Claims as of a specified record date in accordance with the Rights Offering Procedures, the Backstop Agreement, and the Plan,
and the allocation of such Subscription Rights will be exempt from SEC registration under applicable law and shall not constitute
an invitation or offer to sell, or the solicitation of an invitation or offer to buy, any securities in contravention of any applicable
law in any jurisdiction. The Reorganized Debtors, including New Valaris Holdco, intend to implement the Rights Offering in a manner
that shall not cause it to be deemed a public offering in any jurisdiction. In addition, New Money Participating Credit Facility
Creditors shall have the right and obligation to purchase New Secured Notes as provided in the Restructuring Term Sheet and Backstop
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Holders of the Subscription
Rights, including the Backstop Parties, shall receive the opportunity to subscribe for up to $312.5 million of the New Secured
Notes in accordance with and pursuant to the Plan, the Rights Offering Procedures, the Backstop Agreement, and the New Secured
Notes Term Sheet; <I>provided </I>that the New Money Participating Credit Facility Creditors shall have the right and obligation
to purchase New Secured Notes as provided in the Restructuring Term Sheet and Backstop Agreement. Each holder of Subscription Rights
(including the Backstop Parties) that participates in the Rights Offering shall also receive, in consideration for its participation
in the Rights Offering, its pro rata share (in respect of the Subscription Rights exercised by such Holder) of 30.0% of the issued
and outstanding New Valaris Equity as of the Effective Date (including the portion allocable to the Holdback (defined below) and
subject to dilution by, if relevant, the New Warrants and the Management Incentive Plan) (the&nbsp;&ldquo;<U>Participation Equity</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Further, the Backstop
Parties shall have the right and obligation to subscribe for the Holdback Notes (and the associated Participation Equity) (the
 &ldquo;<U>Holdback</U>&rdquo;) and any Subscription Rights they may hold and, in the case of the Senior Notes Backstop Parties,
shall fully backstop the remainder of the Rights Offering (not being subscribed for directly by the New Money Participating Credit
Facility Creditors) in accordance with the Backstop Agreement. In addition to the Participation Equity associated with the Holdback
Notes for which the Backstop Parties subscribe, the Lender Backstop Parties shall receive the Lender Equity Backstop Premium and
the Senior Notes Backstop Parties shall receive the Senior Notes Equity Backstop Premium in exchange for their commitments as set
forth in the Backstop Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Finally, the Senior
Notes Backstop Parties that were initial signatories to the Backstop Agreement received a Commitment Fee of $20&nbsp;million in
cash upon entry into the Backstop Agreement (and have committed to purchase a corresponding amount of New Secured Notes on the
Effective Date (the&nbsp;&ldquo;<U>Commitment&nbsp;Fee&nbsp;Notes</U>&rdquo;)), and on the Effective Date, shall receive the Senior
Noteholders PIK Notes Backstop Premium (which includes the $20 million of Commitment Fee Notes). The Lender Backstop Parties that
were signatories to the Backstop Agreement shall receive the Lender PIK Notes Backstop Premium on the Effective Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance
of the New Secured Notes</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On the Effective
Date, New Valaris Holdco will issue New Secured Notes, on the terms set forth in the Backstop Agreement, the Rights Offering
Procedures, the New Secured Notes Term Sheet, and the Plan. Pursuant&nbsp;to the Backstop Agreement, the Backstop Parties
have committed to subscribe for the full principal amount of the New Secured Notes, subject to the terms and conditions set
forth therein, including, as applicable, any reduction in such amount resulting from any amounts subscribed for in the Rights
Offering by persons that are not Backstop Parties. To the extent not previously assumed pursuant to an order of the
Bankruptcy Court, the Backstop Agreement shall be assumed pursuant to the Confirmation Order and the Debtors shall continue
to perform thereunder and comply therewith in all respects during the period through and including the Effective Date. On the
Effective Date, the rights and obligations of the Debtors under the Backstop Agreement shall vest in the Reorganized Debtors.
On the Effective Date, the Debtors, the Reorganized Debtors, and New Valaris Holdco, as applicable, shall pay the Backstop
Premium to the Backstop Parties in accordance with the Backstop Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The New Secured Notes
issued in connection with the Rights Offering will be issued in reliance on the exemption set forth on section 1145 of the Bankruptcy
Code to the maximum extent possible and, to the extent such exemption is unavailable or not applicable, will be issued in reliance
on the exemption provided by section 4(a)(2) under the Securities Act or another applicable exemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Plan and any documents
related thereto (including, without limitation, the Disclosure Statement, the Plan Supplement and the Rights Offering Procedures)
have been prepared on the basis that any offer of the New Secured Notes or the Subscription Rights in connection with the Plan,
the Plan Supplement, the Rights Offering, the Backstop Agreement, or the Holdback within any member state of the European Economic
Area (the &ldquo;<U>EEA</U>&rdquo;) or in the United Kingdom (each a &ldquo;<U>Relevant State</U>&rdquo;) will be made pursuant
to an exemption under the Prospectus Regulation and/or FSMA (as applicable) from the requirement to publish a prospectus for the
offer of transferable securities to the public. In relation to each Relevant State, no offer of the New Secured Notes or the Subscription
Rights issued in connection with the Plan, the Plan Supplement, the Rights Offering, the Backstop Agreement, or the Holdback may
be made to the public at any time other than pursuant to an exemption under the Prospectus Regulation and/or FSMA (as applicable).
In any Relevant State, the Disclosure Statement, the Plan, the Plan Supplement, the Rights Offering, the Holdback, and the Rights
Offering Procedures are only addressed to and directed at: (i) &ldquo;qualified investors&rdquo; in that Relevant State within
the meaning of the Prospectus Regulation or FSMA (as applicable, &ldquo;<U>Qualified Investors</U>&rdquo;), (ii) not more than
149&nbsp;natural or legal persons, other than Qualified Investors, per Relevant State, or (iii) any other person if such address
or direction does not otherwise constitute an offer of securities to the public within the meaning of the Prospectus Regulation
(including in any of the other circumstances of Article 1(4) of the Prospectus Regulation) and/or FSMA (including in any of the
other circumstances of section 86 of FSMA). None of the Debtors or any of their respective affiliates, New Valaris Holdco, or any
persons acting on any of their behalves has authorized, nor do they authorize, the making of any offer of the New Secured Notes
or the Subscription Rights through any financial intermediary, other than as may be contemplated in the Plan and any documents
related thereto (including, without limitation, the Disclosure Statement, the Plan, the Plan Supplement, and the Rights Offering
Procedures).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Plan and any documents
related thereto (including, without limitation, the Disclosure Statement, the Plan Supplement and the Rights Offering Procedures)
are not, and should not be construed as, an invitation or inducement to engage in any investment activity in relation to the New
Secured Notes such as would amount to a financial promotion in the United&nbsp;Kingdom for the purposes of section 21 of FSMA.
In the United Kingdom, the information contained in the Plan and any documents related thereto (including, without limitation,
the Disclosure Statement, the Plan Supplement, and the Rights Offering Procedures) are intended only for use and may only be relied
upon in relation to any investment activity by, and any investment activity to which such information relates may only be engaged
in by, persons falling within any of the circumstances of Article 1(4) of the Prospectus Regulation who are at the relevant time:
(i) investment professionals within the meaning of Article 19(5) of the FPO; (ii) high net worth companies within the meaning of
Article 49(2)(a) to (d) of the FPO; (iii) persons that are existing members or creditors of the issuer of the New Secured Notes,
or of an undertaking which at the relevant time is in the same group as the issuer of the New Secured Notes, falling within Article
43 of the FPO; or (iv) persons to whom the communication may otherwise lawfully be communicated (together, the &ldquo;<U>Permitted
UK Persons</U>&rdquo;). Any person in the United Kingdom that is not a Permitted UK Person is not, for the purposes of any investment
or investment decision, an intended recipient of the information contained in the Plan, and any documents related thereto (including,
without limitation, the Disclosure Statement, the Plan Supplement and the Rights Offering Procedures) and should not use such information
as the basis for taking any investment activity or investment action. The Plan and any documents related thereto (including, without
limitation, the Disclosure Statement, the Plan Supplement and the Rights Offering Procedures) should not (insofar as they relate
to any investment or investment activity) be distributed, communicated to, or directed at the general public in the United Kingdom
otherwise than as described above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Reorganized Debtors
and New Valaris Holdco shall use commercially reasonable efforts to ensure that the New Secured Notes will be rated as promptly
as possible. In addition, on the Effective Date, to the extent that DTC will accept the New Secured Notes, the New Secured Notes
will be issued through DTC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each issuance of the
New Secured Notes on the Effective Date shall be governed by the terms and conditions set forth herein applicable to such issuance,
as applicable, and by the terms and conditions of the agreements or other instruments evidencing or relating to such issuance,
as applicable, including, as applicable, the Backstop Agreement, the Rights Offering Procedures, and the New Secured Notes Term
Sheet, the terms and conditions of which shall bind each Entity receiving such distribution of the New Secured Notes. On the Effective
Date, the issuance of the New Secured Notes shall be authorized without the need for any further corporate action and without further
action by New Valaris Holdco, the Debtors, or the Reorganized Debtors, as applicable, and without any action by the Holders of
Claims or Interests or other parties in interest. Any Entity&rsquo;s acceptance of the New&nbsp;Secured Notes shall be deemed as
its agreement to the Rights Offering Procedures and the New Secured Notes Term Sheet, as the same may be amended or modified from
time to time in accordance with their terms. All New Secured Notes issued pursuant to the Plan will be valid and legally binding
obligations of New Valaris Holdco, enforceable against New Valaris Holdco in accordance with their terms and the terms of the indenture
related to the New Secured Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance
of New Valaris Equity</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On or prior to the
Effective Date, New Valaris Holdco shall take steps to provide that the New Valaris Equity is issued and/or transferred in accordance
with the terms of the Plan, the New Organizational Documents, applicable law (including applicable securities laws), and, to the
extent applicable, the Backstop Agreement and the Rights Offering Procedures. Except as otherwise specified herein, the New Valaris
Equity (including the New Valaris Equity issued in connection with the Senior Notes Distributable Pool, and the Credit Facility
New Valaris Equity) will be issued pursuant to section&nbsp;1145 of the Bankruptcy Code or otherwise be freely transferrable under
applicable securities laws without further registration, subject to certain restrictions on affiliates and underwriters under applicable
securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Upon the Effective
Date, (i) the New Valaris Equity shall be registered under the Securities Act and, unless otherwise agreed by the Debtors and the
Required Consenting Creditors, shall be listed for public trading on a national securities exchange, and (ii) each of New Valaris
Holdco and the Reorganized Debtors will be a reporting company under the Exchange Act. In addition, on or prior to the Effective
Date or as soon as reasonably practicable thereafter, to the extent that DTC will accept such Securities, the New Valaris Equity
will be issued through or transferred to DTC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The New Valaris Equity
issued in connection with the Plan and the Rights Offering will be issued in reliance on the exemption set forth in section 1145
of the Bankruptcy Code and, in the case of the Participation Equity issued in connection with the Holdback and Backstop Commitments,
and the Additional Backstop Equity, will be issued in reliance on the exemption set forth in section 1145 of the Bankruptcy Code
to the maximum extent possible and, to the extent such exemption is unavailable, will be issued in reliance on the exemption provided
by section 4(a)(2) under the Securities Act or another applicable exemption. The New Valaris Equity will be issued in accordance
with the implementation of the terms of the Plan, the New Organizational Documents, applicable law (including applicable securities
laws), and, to the extent applicable, the Backstop Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Plan and any
documents related thereto (including, without limitation, the Disclosure Statement, the Plan Supplement, and the Rights
Offering Procedures) have been prepared on the basis that any offer of the New Valaris Equity (including the Participation
Equity and the Additional Backstop Equity) issued in connection with the Plan, the Plan Supplement, the Rights Offering, the
Backstop Agreement, or the Holdback within any Relevant State will either (i) not form part of any offer or invitation to
purchase, acquire, subscribe for, sell, otherwise dispose of or issue any securities or any solicitation of any offer to
purchase, acquire, subscribe for, sell or otherwise dispose of, any security for the purposes of the Prospectus Regulation
and/or FSMA (as applicable) or (ii) be made pursuant to an exemption under the Prospectus Regulation and/or FSMA (as
applicable) from the requirement to publish a prospectus for the offer of transferable securities to the public. In relation
to each Relevant State, no offer of the New Valaris Equity (including the Participation Equity and the Additional Backstop
Equity) issued in connection with the Plan, the Plan Supplement, the Rights Offering, the Backstop Agreement, or the Holdback
may be made to the public at any time other than pursuant to an exemption under the Prospectus Regulation and/or FSMA (as
applicable). In any Relevant State, the Disclosure Statement, the Plan, the Plan Supplement, the Rights Offering, the
Holdback, and the Rights Offering Procedures are only addressed to and directed at: (i) Qualified Investors in that Relevant
State; (ii) not more than 149 natural or legal persons, other than Qualified Investors, per Relevant State; or (iii) any
other person if such address or direction does not otherwise constitute an offer of securities to the public within the
meaning of the Prospectus Regulation (including in any of the other circumstances of Article 1(4) of the Prospectus
Regulation) and/or FSMA (including in any of the other circumstances of section 86 of FSMA). None of the Debtors or any of
their respective affiliates, New Valaris Holdco, or any persons acting on any of their behalves has authorized, nor do they
authorize, the making of any offer of the New Valaris Equity (including the Participation Equity and the Additional Backstop
Equity) through any financial intermediary, other than as may be contemplated in the Plan and any documents related thereto
(including, without limitation, the Disclosure Statement, the Plan Supplement and the Rights Offering Procedures).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Plan and any documents
related thereto (including, without limitation, the Disclosure Statement, the Plan Supplement and the Rights Offering Procedures)
are not, and should not be construed as, an invitation or inducement to engage in any investment activity in relation to the New
Valaris Equity such as would amount to a financial promotion in the United&nbsp;Kingdom for the purposes of section 21 of FSMA.
In the United Kingdom, the information contained in the Plan or any documents related thereto (including, without limitation, the
Disclosure Statement, the Plan Supplement and the Rights Offering Procedures) is intended only for use and may only be relied upon
in relation to any investment activity by, and any investment activity to which such information relates may only be engaged in
by, persons falling within any of the circumstances of Article 1(4) of the Prospectus Regulation who are at the relevant time:
(i) investment professionals within the meaning of Article 19(5) of the FPO; (ii) high net worth companies within the meaning of
Article 49(2)(a) to (d) of the FPO; (iii) persons that are existing members or creditors of the issuer of the relevant securities,
or of an undertaking which at the relevant time is in the same group as the issuer of the relevant securities, falling within Article
43 of the FPO or (iv) Permitted UK Persons. Any person in the United Kingdom that is not a Permitted UK Person is not, for the
purposes of any investment or investment decision, an intended recipient of the information contained in the Plan or any documents
related thereto (including, without limitation, the Disclosure Statement, the Plan Supplement and the Rights Offering Procedures)
and should not use such information as the basis for taking any investment activity or investment action. The Plan and any documents
related thereto (including, without limitation, the Disclosure Statement, the Plan Supplement and the Rights Offering Procedures)
should not (insofar as they relate to any investment or investment activity) be distributed, communicated to, or directed at the
general public in the United Kingdom otherwise than as described above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each issuance or transfer
of the New Valaris Equity on or around the Effective Date shall be governed by the terms and conditions set forth in the Plan (including
the Plan Supplement) applicable to such issuance or transfer, as applicable, and by the terms and conditions of the agreements
and other instruments evidencing or relating to such issuance, as applicable, including as applicable, the Backstop Agreement,
the Rights Offering Procedures, the Amended Restructuring Support Agreement, and the Restructuring Term Sheet, the terms and conditions
of which shall bind each Entity receiving such issuance of the New Valaris Equity. On or prior to the Effective Date, except as
otherwise provided in the Plan, the Plan Supplement, or the UK Implementation Agreement, the issuance of the New Valaris Equity
shall be authorized without the need for any further corporate action and without any further action by New Valaris Holdco, the
Debtors or the Reorganized Debtors, as applicable, and without any action by the Holders of Claims or Interests or other parties
in interest. Any Entity&rsquo;s&nbsp;acceptance of the New Valaris Equity shall be deemed as its agreement to the New Organizational
Documents, as the same may be amended or modified from time to time following the Effective Date in accordance with their terms,
and to the extent applicable, the Rights Offering Procedures. All of the New Valaris Equity issued pursuant to the Plan shall,
pursuant to the Restructuring Transactions, be duly authorized, validly issued, fully paid, and non-assessable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The issuance of the
New Valaris Equity issued in connection with the Plan, the Plan Supplement, or the Rights Offering (including the Participation
Equity and the Additional Backstop Equity) shall not constitute an invitation or offer to sell, or the solicitation of an invitation
or offer to buy, any securities in contravention of any applicable law in any jurisdiction. The Reorganized Debtors, including
New Valaris Holdco, intend to implement the issuance of the New Valaris Equity in a manner that will not cause it to be deemed
a public offering in any jurisdiction and no action has been taken, nor will be taken, in any jurisdiction that would permit a
public offering in any jurisdiction where such action for that purpose is required.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance
of New Warrants</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">New Valaris Holdco
(as set forth in the Restructuring Transactions Memorandum) will issue the New Warrants only to the extent required by the Plan.
All of the New Warrants issued pursuant to the Plan shall be duly authorized and validly issued, and the shares of New Valaris
Equity issued upon the exercise of the New Warrants shall, subject to applicable law, upon issuance, be duly authorized, validly
issued, fully paid, and non&#45;assessable, in each case without the need for any further corporate action and without any further
action by New Valaris Holdco, the Debtors or Reorganized Debtors, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash
on Hand</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">New Valaris Holdco,
the Debtors, or the Reorganized Debtors, as applicable, shall use Cash on hand to fund distributions to certain Holders of Allowed
Claims, consistent with the terms of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">D.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Corporate Action</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On or before the Effective
Date, as applicable, all actions contemplated under the Plan, the Plan Supplement, or the UK Implementation Agreement shall be
deemed authorized and approved in all respects, including: (1)&nbsp;adoption or assumption, as applicable, of the agreements with
existing management, subject to the modifications agreed to in the Amended Restructuring Support Agreement; (2)&nbsp;selection
of the directors, managers, and officers for New Valaris Holdco and the Reorganized Debtors; (3)&nbsp;implementation of the Restructuring
Transactions; and (4)&nbsp;all other actions contemplated under the Plan (whether to occur before, on, or after the Effective Date).
All matters provided for in the Plan involving the corporate structure of New Valaris Holdco (or its subsidiaries), the Debtors
or the Reorganized Debtors, as applicable, and any corporate action required by New Valaris Holdco (or its subsidiaries), the Debtors,
or the Reorganized Debtors in connection with the Plan shall be deemed to have occurred and shall be in effect, without any requirement
of further action by the security holders, directors, managers, or officers of New&nbsp;Valaris Holdco (or its subsidiaries), the
Debtors or the Reorganized Debtors, as applicable. On or (as applicable) prior to the Effective Date, the appropriate officers
of New Valaris Holdco (or its subsidiaries), the Debtors or the Reorganized Debtors, as applicable, shall be authorized to issue,
execute, and deliver the agreements, documents, Securities, and instruments contemplated under the Plan (or necessary or desirable
to effect the transactions contemplated under the Plan) in the name of and on behalf of New Valaris Holdco (or its subsidiaries)
and the Reorganized Debtors, including the Backstop Agreement, the New Organizational Documents, and any and all other agreements,
documents, Securities, and instruments relating to the foregoing. The authorizations and approvals contemplated by this <U>Article&nbsp;IV.D</U>
shall be effective notwithstanding any requirements under non-bankruptcy law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">E.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Corporate
Existence</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except as otherwise
provided in the Plan, the Plan Supplement, or the UK Implementation Agreement, each Debtor shall continue to exist immediately
after the Effective Date as a separate corporate entity, limited liability company, partnership, or other form, as the case may
be, with all the powers of a corporation, limited liability company, partnership, or other form, as the case may be, pursuant to
the applicable law in the jurisdiction in which each applicable Debtor is incorporated or formed and pursuant to the respective
certificate of incorporation and by-laws (or other formation documents) in effect prior to the Effective&nbsp;Date, except to the
extent such certificate of incorporation and by-laws (or other formation documents) are amended under the Plan or otherwise, and
to the extent such documents are amended, such documents are deemed to be amended pursuant to the Plan and require no further action
or approval (other than any requisite filings, approvals, or consents required under applicable law). For the avoidance of doubt,
(i) Reorganized Valaris (and any other Reorganized Debtor specified in the Plan Supplement) or (ii) immediately after the Effective
Date, one or more of the Reorganized Debtors may be disposed of, dissolved, wound down, or liquidated without supervision or approval
by the Bankruptcy Court and free of any restrictions of the Bankruptcy Code or Bankruptcy Rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">F.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Vesting
of Assets in the Reorganized Debtors</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except as
otherwise provided in the Plan or the Plan Supplement, or in any agreement, instrument, or other document incorporated in the
Plan, on the Effective Date, all property in each Debtor&rsquo;s Estate, all Causes of Action of the Debtors, and any
property acquired by any of the Debtors under the Plan shall vest in each respective Reorganized Debtor, free and clear of
all Liens, Claims, charges, or other encumbrances. On and after the Effective Date, except as otherwise provided herein, each
Reorganized Debtor and New Valaris Holdco (and its subsidiaries) may operate its business and may use, acquire, or dispose of
property and compromise or settle any Claims, Interests, or Causes of Action without supervision or approval by the
Bankruptcy Court and free of any restrictions of the Bankruptcy Code or Bankruptcy Rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">G.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Cancellation of Notes, Instruments, Certificates, and Other Documents</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On the Effective Date,
except as otherwise provided in the Plan, the Confirmation Order, any agreement, instrument or other document entered into in connection
with or pursuant to the Plan or the Restructuring Transactions Memorandum, all notes, instruments, certificates, agreements and
other documents evidencing Claims or Interests, including the Credit Facility Claims, shall be deemed cancelled, surrendered and
discharged without any need for further action or approval of the Bankruptcy Court or for a Holder to take further action, and
the obligations of the Debtors or the Reorganized Debtors, as applicable, thereunder or in any way related thereto shall be deemed
satisfied in full and discharged, and the Agents shall be released from all duties thereunder; <I>provided </I>that, notwithstanding
such cancellation and release, any indenture, credit document or agreement, and any other instrument, certificate, agreement or
other document that governs the rights, claims, or remedies of the Holder of a Claim or Interest shall continue in full force and
effect solely to the extent necessary to: (a) allow Holders of Allowed Claims to receive distributions, allocations, and/or issuances
under the Plan; (b)&nbsp;allow and preserve the rights of the Agents, as applicable, to receive from the Debtors and make distributions,
allocations, and/or issuances on account of Allowed Claims as provided herein and the Confirmation Order (subject to any applicable
charging liens) and to take any actions to perform their obligations (if any) under the Plan and Confirmation Order; (c) preserve
all rights, remedies, indemnities, powers, and protections of the Agents, as applicable, as against any person or Entity other
than the Debtors; (d) allow the Agents to appear and be heard in the Chapter&nbsp;11 Cases, or in any proceeding in the Bankruptcy
Court or any other court; (e) allow for the cash collateralization or replacement of Credit Facility Letters of Credit pursuant
to Article IV.S. hereof, including the continued application of letter of credit fees until a letter of credit is drawn or terminated;
and (e) with respect to Existing Interests in Valaris, enable the Administration and any relief sought pursuant thereto. The Credit
Facility Charging Lien shall attach to distributions made by the Distribution Agent in the same manner as if such distributions
were made through the Credit Facility Agent. In the event that, notwithstanding the Debtor&rsquo;s good faith efforts, the New
Valaris Equity or other Plan consideration to be distributed the Holders of Credit Facility Claims is not approved to be eligible
for distribution through DTC as of the Effective Date of the Plan, then the Debtors and the Credit Facility Agent shall confer
regarding a methodology of distribution consistent with the terms of the Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On the Effective
Date of the Plan, notwithstanding anything to the contrary in the Plan, all of the Senior Notes and the Notes Indentures
shall be deemed cancelled and discharged (unless already cancelled and discharged as part of the Restructuring Transactions),
the Debtors shall have no further obligations thereunder, and the Notes Trustees, and their respective agents, successors and
assigns shall each be automatically and fully released and discharged of and from all duties to the Holders of Senior Notes
and Senior Notes Claims under the relevant Notes Indenture, except for such Notes Trustee&rsquo;s duty to make Plan
distributions delivered to it by the Debtors or the Distribution Agent in accordance with the relevant Notes Indenture.
Subject to <U>Article VIII</U> of the Plan, all rights, protections, and powers of the Notes Trustees as against the Holders
of Senior Notes Claims under the Notes Indentures are preserved and the provisions of each Notes Indenture shall continue in
full force and effect solely to the extent necessary to enable the relevant Notes Trustee to: (i) allow Holders of Senior
Notes Claims to receive distributions under the Plan; (ii) allow and preserve the relevant Notes Trustee&rsquo;s right to
receive and make distributions under the Plan to its respective holders; (iii) allow each Notes Trustee to enforce any
obligations owed to it individually under the Plan; (iv) preserve each Notes Trustee&rsquo;s rights to compensation and
indemnification, including, if applicable, in their capacities as paying agent, transfer agent, or security registrar under a
Notes Indenture, as against any money or property distributable to Holders of Senior Notes Claims, including permitting the
relevant Notes Trustee to maintain, enforce, and exercise its Notes Trustee Charging Liens against such distributions; and
(v)&nbsp;preserve all rights, including rights of enforcement, of the relevant Notes Trustee against any person other than a
Released Party, including but not limited to claims for indemnification or contribution from the Holders of the Senior Notes
Claims pursuant and subject to the relevant Notes Indentures. All distributions made under the Plan on account of the Allowed
Claims of the Holders of Senior Notes Claims shall be made to or at the direction of the respective Notes Trustee for further
distribution to the relevant holders of Allowed Senior Notes Claims under the terms of the relevant Notes Indenture,
including those provisions relating to the surrender and cancellation of the applicable Senior Notes. Regardless of whether
such distributions are made by any Notes Trustee, or by the Distribution Agent at the reasonable direction of any Notes
Trustee, the applicable Notes Trustee Charging Liens shall attach to such distributions in the same manner as if such
distributions were made through the applicable Notes Trustee. In the event that, notwithstanding the Debtor&rsquo;s good
faith efforts, the New Valaris Equity or other Plan consideration to be distributed the Holders of Senior Notes Claims is not
approved to be eligible for distribution through DTC as of the Effective Date of the Plan, then the Debtors and each of the
Notes Trustees shall confer regarding a methodology of distribution consistent with the terms of the applicable Notes
Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><I>H.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Effectuating Documents; Further Transactions</I>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On and after the Effective
Date, the Reorganized Debtors and New Valaris Holdco (and its subsidiaries), and the officers and members of the boards of directors
and managers thereof, are authorized to and may issue, execute, deliver, file, or record such contracts, Securities, instruments,
releases, and other agreements or documents and take such actions as may be necessary or appropriate to effectuate, implement,
and further evidence the terms and conditions of the Plan, the New Organizational Documents, and the Securities issued pursuant
to the Plan in the name of and on behalf of the Reorganized Debtors or New Valaris Holdco (and its subsidiaries), without the need
for any approvals, authorizations, or consents except for those expressly required under the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">After the performance
by the applicable Agents and their respective representatives and professionals of any obligations and duties required under or
related to the Plan or the Confirmation Order, the Agents shall be relieved of and released from any obligations and duties arising
thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">I.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>New Organizational Documents</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To the extent required
under the Plan or applicable non-bankruptcy law, on or as soon as reasonably practicable after the Effective Date, except as otherwise
provided in the Plan or the Restructuring Transactions Memorandum, the Reorganized Debtors and New Valaris Holdco will file the
New Organizational Documents with the applicable Secretary of State and/or other applicable authorities in the state, province,
or country of incorporation in accordance with the applicable corporate laws of the respective state, province, or country of incorporation.
Pursuant to section 1123(a)(6) of the Bankruptcy Code, the New Organizational Documents will prohibit the issuance of non&#45;voting
equity Securities. After the Effective Date, Reorganized Debtors and New Valaris Holdco (and its subsidiaries) may amend and restate
New Organizational Documents, and the Reorganized Debtors and New&nbsp;Valaris&nbsp;Holdco (and its subsidiaries) may file their
respective certificates or articles of incorporation, bylaws, or such other applicable formation documents, and other constituent
documents as permitted by the laws of the respective states, provinces, or countries of incorporation and the New Organizational
Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">J.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Certain Securities Law Matters</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The offering, issuance,
and distribution of the New Valaris Equity in connection with the Senior Notes Distributable Pool and the Credit Facility New Valaris
Equity, and the New Warrants, as applicable, as contemplated by Article III.B hereof, shall be exempt from, among other things,
the registration requirements of section 5 of the Securities Act, any other applicable law requiring registration prior to the
offering, issuance, distribution, or sale of Securities in accordance with, and pursuant to, section 1145 of the Bankruptcy Code,
and any other registration rights applicable outside the United States. Such New Valaris Equity will be freely tradable in the
United States by the recipients thereof, subject to the provisions of section 1145(b)(1) of the Bankruptcy Code relating to the
definition of an underwriter in section 1145(b) of the Bankruptcy Code, and compliance with applicable securities laws and any
rules and regulations of the United States Securities and Exchange Commission, if any, applicable at the time of any future transfer
of such Securities or instruments and subject to any restrictions in the New Organizational Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The New Secured Notes
and the New Valaris Equity constituting the Participation Equity issued in connection with the Subscription Rights in the Rights
Offering will be issued in reliance upon the exemption set forth in section 1145 of the Bankruptcy Code other than as set forth
below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Plan and any documents
related thereto (including, without limitation, the Disclosure Statement, the Plan Supplement and the Rights Offering Procedures)
are not, and should not be construed as, an invitation or inducement to engage in any investment activity in relation to any securities
to which the Plan, the Plan Supplement, or any documents related thereto relate (including the New Secured Notes, the Subscription
Rights, the New Warrants or the New Valaris Equity) such as would amount to a financial promotion in the United Kingdom for the
purposes of section 21 of FSMA. In the United Kingdom, the information contained in the Plan or any documents related thereto (including,
without limitation, the Disclosure Statement, the Plan Supplement, and the Rights Offering Procedures) is intended only for use
and may only be relied upon in relation to any investment activity by, and any investment activity to which such information relates
may only be engaged in by, persons falling within any of the circumstances of Article 1(4) of the Prospectus Regulation who are
at the relevant time: (i)&nbsp;investment professionals within the meaning of Article 19(5) of the FPO; (ii) high net worth companies
within the meaning of Article 49(2)(a) to (d) of the FPO; (iii)&nbsp;persons that are existing members of creditors of the issuer
of the relevant securities, or of an undertaking which at the relevant time is in the same group as the issuer of the relevant
securities, falling within Article 43 of the FPO; or (iv)&nbsp;the Permitted UK Persons. Any person in the United&nbsp;Kingdom
that is not a Permitted UK Person is not, for the purposes of any investment or investment decision, an intended recipient of the
information contained in the Plan, the Plan Supplement, or any documents related thereto and should not use such information as
the basis for taking any investment activity or investment action. The Plan and any documents related thereto (including, without
limitation, the Disclosure Statement, the Plan Supplement and the Rights Offering Procedures) should not (insofar as they relate
to any investment or investment activity) be distributed, communicated to, or directed at the general public in the United Kingdom
otherwise than as described above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Plan and any documents
related thereto (including, without limitation, the Disclosure Statement, the Plan Supplement and the Rights Offering Procedures)
have been prepared on the basis that any offer of the New Valaris Equity (including the Participation Equity and the Additional
Backstop Equity), the New Secured Notes (including the Backstop Premium and the Commitment Fee Notes), or the Subscription Rights
issued in connection with the Plan, the Plan Supplement, the Rights Offering, the Backstop Agreement, or the Holdback within any
Relevant State will either (i) not form part of any offer or invitation to purchase, acquire, subscribe for, sell, otherwise dispose
of or issue any securities or any solicitation of any offer to purchase, acquire, subscribe for, sell or otherwise dispose of,
any security for the purposes of the Prospectus Regulation and/or FSMA (as applicable) or (ii) be made pursuant to an exemption
under the Prospectus Regulation and/or FSMA (as applicable) from the requirement to publish a prospectus for the offer of transferable
securities to the public. In relation to each Relevant State, no offer of the New Valaris Equity (including the Participation Equity
and the Additional Backstop Equity), the New Secured Notes, or the Subscription Rights issued in connection with the Plan, the
Plan Supplement, the Rights Offering, the Backstop Agreement, or the Holdback may be made to the public at any time other than
pursuant to an exemption under the Prospectus Regulation and/or FSMA (as applicable). In any Relevant State, the Disclosure Statement,
the Plan, the Plan Supplement, the Rights Offering, the Holdback, and the Rights Offering Procedures are only addressed to and
directed at: (i) Qualified Investors in that Relevant State; (ii) not more than 149&nbsp;natural or legal persons, other than Qualified
Investors, per Relevant State; or (iii) any other person if such address or direction does not otherwise constitute an offer of
securities to the public within the meaning of the Prospectus Regulation (including in any of the other circumstances of Article&nbsp;1(4)
of the Prospectus Regulation) and/or FSMA (including in any of the other circumstances of section 86 of FSMA).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The issuance of the
New Valaris Equity (including the Participation Equity and the Additional Backstop Equity), the New Secured Notes (including the
Backstop Premium and the Commitment Fee Notes), and the Subscription Rights in connection with the Plan, the Plan Supplement, the
Rights Offering, the Backstop Agreement, or the Holdback shall not constitute an invitation or offer to sell, or the solicitation
of an invitation or offer to buy, any securities in contravention of any applicable law in any jurisdiction. No action has been
taken, nor will be taken, in any jurisdiction that would permit a public offering of any of the New Valaris Equity (including the
Participation Equity and the Additional Backstop Equity), the New Secured Notes (including the Backstop Premium and the Commitment
Fee Notes), and the Subscription Rights in any jurisdiction where such action for that purpose is required.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">None of the
Debtors or any of their respective affiliates, New Valaris Holdco, or any persons acting on any of their behalves has
authorized, nor do they authorize, the making of any offer of the New Valaris Equity (including the Participation Equity and
the Additional Backstop Equity), the New Secured Notes (including the Backstop Premium and the Commitment Fee Notes), or the
Subscription Rights through any financial intermediary, other than as may be contemplated in the Plan and any documents
related thereto (including, without limitation, the Disclosure Statement, the Plan Supplement, and the Rights Offering
Procedures).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The New Secured Notes
issued constituting the Backstop Premium (including the Commitment Fee Notes) will be issued in reliance on the exemptions set
forth in section 1145 of the Bankruptcy Code and in reliance on an applicable exemption under the Prospectus Regulation. The New
Valaris Equity constituting the Additional Backstop Equity will be issued in reliance on the exemption set forth in section&nbsp;1145
of the Bankruptcy Code to the maximum extent possible and, to the extent such exemption is unavailable, in reliance on the exemption
provided by section&nbsp;4(a)(2) under the Securities Act or another applicable exemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The New Secured Notes
and the New Valaris Equity constituting the Participation Equity issued pursuant to the Backstop Agreement and the Holdback will
be issued in reliance on the exemption provided by section 4(a)(2) under the Securities Act or another applicable exemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any Securities issued
in reliance on Section 4(a)(2), including in compliance with Rule 506 of Regulation&nbsp;D, and/or Regulation S will be &ldquo;restricted
securities&rdquo; subject to resale restrictions and may be resold, exchanged, assigned or otherwise transferred only pursuant
to registration, or an applicable exemption from registration under the Securities Act and other applicable law. Any Securities
issued in reliance on section 1145 of the Bankruptcy Code will be freely tradable in the United States by the recipients thereof,
subject to the provisions of section 1145(b)(1) of the Bankruptcy Code relating to the definition of an underwriter in section
2(a)(11) of the Securities Act, and compliance with applicable securities laws and any rules and regulations of the United States
Securities and Exchange Commission, if any, applicable at the time of any future transfer of such Securities or instruments and
subject to any restrictions in the New Organizational Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All New Valaris Equity
and New Secured Notes issued in connection with the Rights Offering or to the Backstop Parties that is not issued in reliance on
the exemption set forth in section 1145 of the Bankruptcy Code, and, if applicable, any such securities that are issued in reliance
on such exemption but are held by an &ldquo;affiliate&rdquo; of New Valaris Holdco, will be subject to the Registration Rights
Agreement, which will provide for customary registration rights including, among other things, a resale shelf registration amount
(the &ldquo;<U>Registration Statement</U>&rdquo;) to be filed by New Valaris Holdco within 30 days of the Effective Date if New
Valaris Holdco is eligible to use Form S-3, and 45 days if New Valaris Holdco is not eligible to use Form S-3 and, in the case
of New Valaris Equity, customary demand and piggyback registration rights. For the avoidance of doubt, the Registration Rights
Agreement will provide for underwritten shelf takedowns. In addition, on the Effective Date, to the extent that DTC will accept
such securities, all New Valaris Equity and New Secured Notes will be issued through DTC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">K.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Exemptions from Certain Taxes and Fees</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To the fullest
extent permitted by section 1146(a) of the Bankruptcy Code and under applicable United Kingdom laws, any transfers (whether
from a Debtor to a Reorganized Debtor or to any other Entity) of property under the Plan or pursuant to: (a) the issuance,
distribution, transfer, or exchange of any debt, equity security, or other interest in the Debtors or the Reorganized
Debtors, including the New Secured Notes and the New Valaris Equity; (b)&nbsp;the Restructuring Transactions; (c) the
creation, modification, consolidation, termination, refinancing, and/or recording of any mortgage, deed of trust, or other
security interest, or the securing of additional indebtedness by such or other means; (d) the making, assignment, or
recording of any lease or sublease; (e) the grant of collateral as security for the New Secured Notes; or (f) the making,
delivery, or recording of any deed or other instrument of transfer under, in furtherance of, or in connection with, the Plan,
including any deeds, bills of sale, assignments, or other instrument of transfer executed in connection with any transaction
arising out of, contemplated by, or in any way related to the Plan, shall not be subject to any document recording tax, stamp
tax (except to the extent required under applicable United Kingdom law), conveyance fee, intangibles or similar tax, mortgage
tax, real estate transfer tax, mortgage recording tax, Uniform Commercial Code filing or recording fee, regulatory filing or
recording fee, or other similar tax or governmental assessment, and upon entry of the Confirmation Order, the appropriate
state or local governmental officials or agents shall forego the collection of any such tax or governmental assessment and
accept for filing and recordation any of the foregoing instruments or other documents without the payment of any such tax,
recordation fee, or governmental assessment. All filing or recording officers (or any other Entity with authority over any of
the foregoing), wherever located and by whomever appointed, shall comply with the requirements of section&nbsp;1146(c) of the
Bankruptcy Code, shall forego the collection of any such tax or governmental assessment, and shall accept for filing and
recordation any of the foregoing instruments or other documents without the payment of any such tax or governmental
assessment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">L.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Board
of Directors</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On the Effective Date,
the New Valaris Holdco Board shall consist of seven members, comprised of (i)&nbsp;the Chief Executive Officer of New Valaris Holdco;
(ii)&nbsp;four&nbsp;members nominated by the Ad Hoc Group; and (iii)&nbsp;two&nbsp;members nominated by a majority of Holders by
principal amount of Credit Facility Claims.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">M.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Management
Incentive Plan</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On and after the Effective
Date, the New Valaris Holdco Board shall be authorized to institute the Management Incentive Plan consistent with the terms and
conditions set forth in the Management Incentive Plan Term Sheet attached to the Restructuring Term Sheet as <U>Exhibit 6</U>.
The terms and conditions and timing of awards under the Management Incentive Plan shall be determined by the New Valaris Holdco
Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">N.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Employee Obligations</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the Amended
Restructuring Support Agreement and the Restructuring Term Sheet, the Consenting Creditors consent to (i) the continuation of the
Debtors&rsquo; wages, compensation, and benefits programs according to existing terms and practices, including executive compensation
programs; <I>provided</I> that the assumption of any existing employment and change in control agreements, severance agreements
and cash denominated incentive awards is subject to such changes and amendments as agreed to in the Restructuring Support Agreement
(which such amendments shall be effective upon the Effective Date and in form and substance acceptable to the Reorganized Debtors)
and (ii) any motions in the Bankruptcy Court for approval thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except as otherwise
provided in the Plan or the Plan Supplement, on the Effective Date, subject to any Final Order and, without limiting any authority
provided to the New Valaris Holdco Board under the Debtors&rsquo; respective formation and constituent documents, the Reorganized
Debtors shall: (1) amend, adopt, assume, and/or honor in the ordinary course of business any contracts, agreements, policies, programs,
and plans, in accordance with their respective terms, for, among other things, compensation, including any incentive plans, retention
plans, health care benefits, disability benefits, deferred compensation benefits, savings, severance benefits, retirement benefits,
welfare benefits, workers&rsquo;&nbsp;compensation Insurance Policies, supplemental executive retirement plans, change-in-control
agreements, and accidental death and dismemberment Insurance Policies for the directors, officers, and employees of any of the
Debtors who served in such capacity before and after the effective date of the Restructuring Support Agreement; and (2)&nbsp;honor,
in the ordinary course of business, Claims of employees employed as of the Effective Date for accrued vacation time arising prior
to the effective date of the Restructuring Support Agreement and not otherwise paid in the ordinary course of business or pursuant
to a court order. Notwithstanding the foregoing, pursuant to section 1129(a)(13) of the Bankruptcy Code, from and after the Effective
Date, the Reorganized Debtors shall continue to pay and honor all retiree benefits (as such term is defined in section 1114 of
the Bankruptcy Code), if any, in accordance with applicable law. For the avoidance of doubt, nothing herein shall impact or limit
the ability of New Valaris Holdco (or its subsidiaries) or Reorganized Valaris to amend, modify, or terminate such arrangements
in accordance with their terms following the Effective Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding
anything to the contrary herein: (1) (i) all existing employment and change in control agreements, (ii) all existing
severance arrangements, including the Executive Severance Plan, and (iii) all existing incentive awards denominated in cash
shall be assumed subject to the modifications set forth in the Management Incentive Plan Term Sheet attached as <U>Exhibit
6</U> to the Restructuring Term Sheet and will be listed in the Plan Supplement; (2) in respect of any person who is an
insider (as defined in the Bankruptcy Code) of the Debtors and other than in the ordinary course of business, there shall be
no new or further incentive or retention programs put into place during the Chapter 11 Cases absent the consent of the Ad Hoc
Group and the Credit Facility Agent (such consent not to be unreasonably withheld, conditioned, or delayed); (3) the assets
of the 2005 Benefit Reserve Trust and the Trust Agreement executed August 27, 2003 and revised and restated, effective
January 1, 2004, by and between ENSCO International Incorporated, each participating affiliated company who is or becomes a
signatory thereto, and T. Rowe Price Trust Company rabbi trusts shall be used to satisfy the claims of creditors and shall be
terminated; (4) no change in control provision under any employment or severance agreement shall be triggered as a result of
the Plan or the Restructuring Transactions; (5) any equity grant requirement in an employment agreement will be superseded by
the Management Incentive Plan; and (6) notwithstanding anything to the contrary in <U>Article III</U> above, no New Warrants
shall be issued on account of Existing Equity Interests held in the Valaris Savings Plan and, on the Effective Date, the
Valaris Savings Plan shall receive $46,439.77 in Cash.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">O.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Qualified
Defined Benefit Plan</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Valaris sponsors the
Rowan Pension Plan (the &ldquo;<U>Pension Plan</U>&rdquo;).&nbsp; The Pension Plan is a single employer defined benefit pension
plan covered by Title IV of ERISA and insured by PBGC.&nbsp; Upon the Effective Date, the Pension Plan and its liabilities will
be assumed by New Valaris Holdco or another Reorganized Debtor (excluding Reorganized Valaris) pursuant to the Plan. The Pension
Plan is and will continue to remain subject to applicable requirements of ERISA and the Internal Revenue Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">With respect to the
Pension Plan, no provision of the Plan, Confirmation Order, or section 1141 of the Bankruptcy Code shall be construed to discharge,
release, or relieve the Reorganized Debtors, or their successors, from liabilities or requirements imposed under any law or regulatory
provision arising after the Effective Date with respect to the Pension Plan or PBGC. PBGC and the Pension Plan will not be enjoined
or precluded from enforcing such liability with respect to the Pension Plan as a result of any provision of the Plan, the Confirmation
Order, or section 1141 of the Bankruptcy Code that provides for the release, exculpation, and discharge of claims. PBGC, the Debtors,
and the Reorganized Debtors agree that all proofs of claim filed by PBGC shall be deemed withdrawn with prejudice as of the Effective
Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">P.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Cancellation of Restricted Stock Units</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless
otherwise ordered by the Bankruptcy Court after notice and a hearing, any restricted stock units that:&nbsp; (i) were granted under
prior long-term incentive plans of the Debtors; (ii) are unvested as of the Debtors&rsquo; emergence from these chapter 11 cases;
and (iii) are held by employees of the Debtors that receive payments under the Modified KEIP (as&nbsp;defined in the KEIP Order)
or Modified KERP (as defined in the KERP Order) shall be cancelled and released without recovery on account thereof. For avoidance
of doubt, all equity or equity&ndash;based awards (including phantom awards denominated in equity, options, and equity appreciation
rights), granted to employees, directors or other service providers, whether or not vested, shall be cancelled as of the Effective
Date; <I>provided</I> that all equity or equity-based awards that are vested as of immediately prior to the Effective Date will
be entitled to participate in their <I>pro rata</I> share of the recovery for Interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Q.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Preservation
of Causes of Action</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In accordance with
section 1123(b) of the Bankruptcy Code, the Reorganized Debtors and New Valaris Holdco (and its subsidiaries) shall retain and
may enforce all rights to commence and pursue any and all Causes of Action, whether arising before or after the Petition Date,
including any actions specifically enumerated in the Plan Supplement, and the Reorganized Debtors&rsquo; rights (or those of New
Valaris Holdco or its subsidiaries) to commence, prosecute, or settle such Causes of Action shall be preserved notwithstanding
the occurrence of the Effective Date, other than the Causes of Action released by the Debtors pursuant to the releases and exculpations
contained in the Plan, including in <U>Article VIII</U> hereof, which shall be deemed released and waived by the Debtors and Reorganized
Debtors as of the Effective Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Reorganized
Debtors and New Valaris Holdco (or its subsidiaries) may pursue such Causes of Action, as appropriate, in accordance with the
best interests of the Reorganized Debtors and New Valaris Holdco (or its subsidiaries), as relevant. <B>No Entity may rely on
the absence of a specific reference in the Plan, the Plan Supplement, or the Disclosure Statement to any Cause of Action
against it as any indication that the Debtors, the Reorganized Debtors, or New Valaris Holdco (or its subsidiaries) will not
pursue any and all available Causes of Action of that Entity against it. Except as specifically released under the Plan or
pursuant to a Final Order, the Debtors, the Reorganized Debtors, and New Valaris Holdco (or its subsidiaries) expressly
reserve all rights to prosecute any and all Causes of Action against any Entity.</B> Unless any Causes of Action of the
Debtors against an Entity are expressly waived, relinquished, exculpated, released, compromised, or settled in the Plan or
pursuant to a Final Order, the Reorganized Debtors expressly reserve all such Causes of Action for later adjudication, and,
therefore, no preclusion doctrine, including the doctrines of res judicata, collateral estoppel, issue preclusion, claim
preclusion, estoppel (judicial, equitable, or otherwise), or laches, shall apply to such Causes of Action upon, after, or as
a consequence of the Confirmation or Consummation.</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Reorganized Debtors
reserve and shall retain the Causes of Action of the Debtors notwithstanding the rejection of any Executory Contract or Unexpired
Lease during the Chapter 11 Cases or pursuant to the Plan. In&nbsp;accordance with section 1123(b)(3) of the Bankruptcy Code, any
Causes of Action that a Debtor may hold against any Entity shall vest in the Reorganized Debtors. Other than as set forth in the
Plan Supplement, the UK&nbsp;Implementation Agreement or any other agreement related thereto, the Reorganized Debtors shall have
the exclusive right, authority, and discretion to determine and to initiate, file, prosecute, enforce, abandon, settle, compromise,
release, withdraw, or litigate to judgment any such Causes of Action, or to decline to do any of the foregoing, without the consent
or approval of any third party or any further notice to or action, order, or approval of the Bankruptcy Court.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">R.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Payment
of Notes Trustee Fees</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On the Effective Date,
the Debtors, the Reorganized Debtors, or New Valaris Holdco (or its subsidiaries), as applicable, shall pay in Cash all reasonable
and documented unpaid Notes Trustee Fees that are required to be paid under the Notes Indentures, without the need for the Notes
Trustees to file fee applications with the Bankruptcy Court and without reduction to recoveries on account of the Pride Bond Claims,
Ensco International Bond Claims, Jersey Bond Claims, Valaris Bond Claims, and/or Legacy Rowan Bond Claims for payment of any Notes
Trustee Fees. Nothing herein shall in any way affect or diminish the right of the Notes Trustees to exercise their respective Notes
Trustee Charging Liens against distributions on account of the Notes Claims with respect to any unpaid Notes Trustee Fees, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">S.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Payment
of Credit Facility Agent Fees</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To the extent not paid
as additional restructuring fees pursuant to Article XIII.D hereunder, on the Effective Date, the Debtors, the Reorganized Debtors,
or New Valaris Holdco (or its subsidiaries), as applicable, shall pay in Cash all reasonable and documented unpaid Credit Facility
Agent Fees that are required to be paid under the Credit Agreement (including under any Fee Letters (as defined in the Credit Agreement),
without the need for the RCF Agent to file fee applications with the Bankruptcy Court and without reduction to recoveries on account
of the Credit Facility Claims. Nothing herein shall in any way affect or diminish the right of the Credit Facility Agent to exercise
the Credit Facility Agent Charging Lien against distributions on account of the Credit Facility Claims with respect to any unpaid
Credit Facility Agent Fees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">T.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Replacement or Cash Collateralization of Credit Facility Letters of Credit</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On or prior to the
Effective Date, all Credit Facility Letters of Credit shall be replaced or cash collateralized pursuant to the terms of the Credit
Facility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">ARTICLE
V</FONT><BR>
TREATMENT OF EXECUTORY CONTRACTS AND UNEXPIRED LEASES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">A.</TD><TD STYLE="text-align: left">Assumption and Rejection of Executory Contracts and Unexpired Leases</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On the Effective Date,
except as otherwise provided herein or in the Plan Supplement or the UK&nbsp;Implementation Agreement (or any other agreement related
thereto), each Executory Contract and Unexpired Lease (including those set forth in the Assumption List) shall be assumed and assigned
to the applicable Reorganized Debtor in accordance with the provisions and requirements of sections 365 and 1123 of the Bankruptcy
Code, other than:&nbsp;&nbsp;(1)&nbsp;those that are identified on the Rejection List; (2) those that have been previously rejected
by a Final Order;&nbsp;(3)&nbsp;those that are the subject of a motion to reject Executory Contracts or Unexpired Leases that is
pending on the Effective Date; or (4) those that are subject to a motion to reject an Executory Contract or Unexpired Lease pursuant
to which the requested effective date of such rejection is after the Effective Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Entry of the Confirmation
Order by the Bankruptcy Court shall constitute a Final Order approving the assumptions and assumptions and assignments of the Executory
Contracts and Unexpired Leases as set forth in the Plan and the Assumption List and the rejections of the Executory Contracts and
Unexpired Leases as set forth in the Rejection List, pursuant to sections&nbsp;365(a) and 1123 of the Bankruptcy Code. Any motions
to assume Executory Contracts or Unexpired Leases pending on the Effective Date shall be subject to approval by the Bankruptcy
Court on or after the Effective Date by a Final Order. Each Executory Contract and Unexpired Lease assumed pursuant to this <U>Article
V.A</U> or by any order of the Bankruptcy Court, which has not been assigned to a third party prior to the Confirmation Date, shall
revest in and be fully enforceable by the Reorganized Debtors in accordance with its terms, except as such terms are modified by
the provisions of the Plan or any order of the Bankruptcy Court authorizing and providing for its assumption under applicable federal
law. Notwithstanding anything to the contrary in the Plan, the Debtors or the Reorganized Debtors, as applicable, reserve the right
to alter, amend, modify, or supplement the Rejection List or the Assumption List identified in this <U>Article V.A</U> and in the
Plan Supplement at any time through and including the Effective Date, or later, (a)&nbsp;with the consent of the Creditors Committee
or (b)<B>&nbsp;</B> after a determination is made by the Bankruptcy Court regarding a disputed Cure Claim amount; <I>provided</I>
that the Debtors or the Reorganized Debtors shall not alter, amend, modify, or supplement the Assumption List or the Rejection
List with respect to any Newbuild Contracts after the Effective Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the Shipyard does
not vote in favor of the Plan, the effective date of rejection of the Newbuild Contracts shall be the Effective Date of the Plan
unless otherwise agreed to by the Shipyard and the Newbuild Debtors with the consent of the Required Consenting Creditors. If the
Shipyard votes in favor of the Plan, the Newbuild Contracts shall be assumed under section 365(a) of the Bankruptcy Code effective
as of the Effective Date of the Plan and receipt by the Shipyard of the consideration set forth in the Plan. On or prior to the
Effective Date and assumption of the Newbuild Contracts, the Newbuild Debtors shall transfer their owned equipment as set forth
in the Newbuild Assumption Term Sheet free and clear of all Liens and Claims to the Shipyard.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To the extent that
any provision in any Executory Contract or Unexpired Lease assumed or assumed pursuant to section 365 of the Bankruptcy Code and
assigned or novated pursuant to the Plan restricts or prevents, or purports to restrict or prevent, or is breached or deemed breached
by, the assumption or assumption and assignment or novation of such Executory Contract or Unexpired Lease (including any &ldquo;change
of control&rdquo; or &ldquo;asset transfer&rdquo; provision), then such provision shall be deemed modified such that the transactions
contemplated by the Plan shall not entitle the Executory Contract or Unexpired Lease counterparty thereto to terminate such Executory
Contract or Unexpired Lease or to exercise any other default&#45;related rights with respect thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Debtors shall reasonably
provide the Credit Facility Agent, the Ad Hoc Group and their respective advisors with all reasonable information needed to analyze
such decision to reject any material Executory Contract or material Unexpired Lease; <I>provided </I>that this shall not require
any Debtor to (1) take any action that is restricted or prohibited by obligations of confidentiality binding on any Debtor, applicable
law or the rules of any applicable securities exchange (provided that the Debtors must only withhold the portion of such information
or materials that are actually subject to such confidentiality obligations, applicable law or rules of any applicable securities
exchange) nor (2) disclose any document or share any information over which any Debtor asserts any legal professional privilege
nor waive or forego the benefit of any applicable legal professional privilege.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">B.</TD><TD STYLE="text-align: left">Claims Based on Rejection of Executory Contracts or Unexpired Leases</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Entry of the Confirmation
Order shall constitute a Bankruptcy Court order approving the rejections, if any, of any Executory Contracts or Unexpired Leases
as provided for in the Plan or the Rejection List, as applicable, effective as of the Effective Date unless an earlier rejection
date is set forth in the Confirmation Order or prior Court Order. Unless&nbsp;otherwise provided by a Final Order of the Bankruptcy
Court, all Proofs of Claim with respect to Claims arising from the rejection of Executory Contracts or Unexpired Leases, pursuant
to the Plan or the Confirmation Order, if any, must be Filed with the Bankruptcy Court within thirty days after the later of (1)&nbsp;the
date of entry of an order of the Bankruptcy Court (including the Confirmation Order) approving such rejection, or (2)&nbsp;the
effective date of such rejection.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Any Claims arising
from the rejection of an Executory Contract or Unexpired Lease not Filed with the Bankruptcy Court within such time (unless previously
filed) will be automatically disallowed, forever barred from assertion, and shall not be enforceable against the Debtors, the
Reorganized Debtors, or New Valaris Holdco (or its subsidiaries), the Estates, or their property without the need for any objection
by the Reorganized Debtors or further notice to, or action, order, or approval of the Bankruptcy Court or any other Entity, and
any Claim arising out of the rejection of the Executory Contract or Unexpired Lease shall be deemed fully satisfied, released,
and discharged, notwithstanding anything in the Schedules to the contrary.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All&nbsp;Allowed Claims
arising from the rejection of the Debtors&rsquo; Executory Contracts or Unexpired Leases shall be classified as General Unsecured
Claims and shall be treated in accordance with <U>Article III</U> hereof and may be objected to in accordance with the provisions
of <U>Article VII</U> hereof and the applicable provisions of the Bankruptcy Code and Bankruptcy Rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding anything
to the contrary in the Plan, the Debtors, or the Reorganized Debtors, as applicable, reserve the right to alter, amend, modify,
or supplement the Rejection List at any time through and including 30&nbsp;days after the Effective Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">C.</TD><TD STYLE="text-align: left">Cure of Defaults for Executory Contracts and Unexpired Leases Assumed</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any monetary defaults
under each Executory Contract and Unexpired Lease to be assumed pursuant to the Plan shall be satisfied, pursuant to section&nbsp;365(b)(1)
of the Bankruptcy Code, by payment of the default amount in Cash on the Effective Date, subject to the limitations described herein,
or on such other terms as the parties to such Executory Contracts or Unexpired Leases may otherwise agree.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the event of a dispute
regarding (1)&nbsp;the amount of any payments to cure such a default, (2)&nbsp;the ability of the Reorganized Debtors or any assignee
to provide &ldquo;adequate assurance of future performance&rdquo; (within the meaning of section&nbsp;365 of the Bankruptcy Code)
under the Executory Contract or Unexpired Lease to be assumed, or (3)&nbsp;any other matter pertaining to assumption, the cure
payments required by section&nbsp;365(b)(1) of the Bankruptcy Code shall be made following the entry of a Final Order or orders
resolving the dispute and approving the assumption. Prior to the Confirmation Hearing, the Debtors shall provide for notices of
proposed assumption and proposed cure amounts to be sent to applicable third parties and for procedures for objecting thereto and
resolution of disputes by the Bankruptcy Court. Any objection by a counterparty to an Executory Contract or Unexpired Lease to
a proposed assumption or related cure amount must be Filed, served, and actually received by the Debtors within fourteen&nbsp;(14)&nbsp;days
of the service of such notice. Any counterparty to an Executory Contract or Unexpired Lease that fails to object timely to the
proposed assumption or cure amount will be deemed to have assented to such assumption or cure amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Debtor or the Reorganized
Debtor, as applicable, shall be authorized to reject any Executory Contract or Unexpired Lease to the extent the Debtor or the
Reorganized Debtor, as applicable, in the exercise of its sound business judgment, concludes that the amount of the cure obligation
as determined by Final Order or as otherwise finally resolved, renders assumption of such contract or lease unfavorable to the
applicable Debtor&rsquo;s Estate or the Reorganized Debtor. Such rejected contracts, if any, shall be deemed as listed on the Rejection
List, if any.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Assumption of any Executory
Contract or Unexpired Lease pursuant to the Plan or otherwise shall result in the full release and satisfaction of any Claims or
defaults, whether monetary or nonmonetary, including defaults of provisions restricting the change in control or ownership interest
composition or other bankruptcy-related defaults, arising under any assumed Executory Contract or Unexpired Lease at any time prior
to the effective date of assumption. <B>Any Proofs of Claim Filed with respect to an Executory Contract or Unexpired Lease that
has been assumed shall be deemed disallowed and expunged, without further notice to or action, order, or approval of the Bankruptcy
Court.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">D.</TD><TD STYLE="text-align: left">Preexisting Obligations to the Debtors under Executory Contracts and Unexpired Leases</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless otherwise
agreed to between the Debtors and the applicable counterparty, rejection of any Executory Contract or Unexpired Lease
pursuant to the Plan or otherwise shall not constitute a termination of preexisting obligations owed to the Debtors or the
Reorganized Debtors, as applicable, under such Executory Contracts or Unexpired Leases. In particular, notwithstanding any
non-bankruptcy law to the contrary, the Reorganized Debtors expressly reserve and do not waive any right to receive, or any
continuing obligation of a counterparty to provide, warranties or continued maintenance obligations on goods previously
purchased by the Debtors contracting from non&#45;Debtor counterparties to rejected Executory Contracts or Unexpired Leases.
In the event that the Newbuild Contracts are rejected, notwithstanding anything to the contrary in the Plan or Confirmation
Order, including the injunction contained herein, the ability of the Shipyard to assert all rights and remedies under the
Newbuild Contracts against the Newbuild Debtors or applicable non-bankruptcy law are reserved and preserved.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">E.</TD><TD STYLE="text-align: left">Indemnification Provisions</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On and after the Effective
Date, the Indemnification Provisions will be assumed and irrevocable and survive the Effective Date. The New Organizational Documents,
if any, will provide for the indemnification, defense, reimbursement, exculpation, and/or limitation of liability of, and advancement
of fees and expenses to the Debtors&rsquo;&nbsp;and the Reorganized Debtors&rsquo; current and former directors, officers, employees,
and agents to the fullest extent permitted by law and, as relevant, at least to the same extent as the organizational documents
of each of the respective Debtors, against any claims or Causes of Action whether direct or derivative, liquidated or unliquidated,
fixed or contingent, disputed or undisputed, matured or unmatured, known or unknown, foreseen or unforeseen, asserted or unasserted.
None of the Debtors or the Reorganized Debtors, as applicable, will take any action to amend and/or restate their respective governance
documents before or after the Effective Date to amend, augment, terminate, or adversely affect any of the Debtors&rsquo; or the
Reorganized Debtors&rsquo; obligations to provide such indemnification rights or such directors&rsquo;, officers&rsquo;, employees&rsquo;,
or agents&rsquo; indemnification rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">F.</TD><TD STYLE="text-align: left">Insurance Policies</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each of the Insurance
Policies are treated as Executory Contracts under the Plan. Unless otherwise provided herein or in the Plan Supplement or any document
related thereto, on the Effective Date, (1)&nbsp;the Debtors shall be deemed to have assumed all Insurance Policies, and (2) such
Insurance Policies shall revest in the Reorganized Debtors or New Valaris Holdco, as applicable. Nothing in the Plan, the Plan
Supplement, the Disclosure Statement, the Confirmation Order, or any other order of the Bankruptcy Court (including any other provision
that purports to be preemptory or supervening), (x) alters, modifies, or otherwise amends the terms and conditions of (or the coverage
provided by) any of such Insurance Policies or (y) alters or modifies the duty, if any, that the Insurers pay claims covered by
such Insurance Policies and their right to seek payment or reimbursement from the Debtors (or after the Effective Date, the Reorganized
Debtors) or draw on any collateral or security therefor. For the avoidance of doubt, Insurers shall not need to nor be required
to file or serve a cure objection or a request, application, claim, Proof of Claim, or motion for payment and shall not be subject
to any claims bar date or similar deadline governing cure amounts or Claims.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Debtors or the
Reorganized Debtors, as applicable, shall not terminate or otherwise reduce the coverage under any directors&rsquo; and officers&rsquo;
Insurance Policies in effect prior to the Effective Date, and any directors and officers of the Debtors who served in such capacity
at any time before or after the Effective Date shall be entitled, subject to and in accordance with the terms and conditions of
such Insurance Policy in all respects, to the full benefits of any such Insurance Policy for the full term of such policy regardless
of whether such directors and/or officers remain in such positions after the Effective Date. For the avoidance of doubt, the directors&rsquo;
and officers&rsquo; Insurance Policies shall revest in the Reorganized Debtors. Notwithstanding anything herein to the contrary,
the Debtors shall retain the ability to supplement such directors&rsquo; and officers&rsquo; insurance policies as the Debtors
deem necessary, including by purchasing any tail coverage (including, without limitation, a tail policy).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">G.</TD><TD STYLE="text-align: left">Modifications, Amendments, Supplements, Restatements, or Other Agreements</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless otherwise provided
in the Plan, each Executory Contract or Unexpired Lease that is assumed shall include all exhibits, schedules, modifications, amendments,
supplements, restatements, or other agreements that in any manner affect such Executory Contract or Unexpired Lease, and all Executory
Contracts and Unexpired Leases related thereto, if any, including all easements, licenses, permits, rights, privileges, immunities,
options, rights of first refusal, and any other interests, unless any of the foregoing agreements has been previously rejected
or repudiated or is rejected or repudiated under the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Modifications,
amendments, supplements, and restatements to prepetition Executory Contracts and Unexpired Leases that have been executed by
the Debtors during the Chapter 11 Cases shall not be deemed to alter the prepetition nature of the Executory Contract or
Unexpired Lease, or the validity, priority, or amount of any Claims that may arise in connection therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">H.</TD><TD STYLE="text-align: left">Reservation of Rights</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Neither the assumption
of any Executory Contract or Unexpired Lease pursuant to the Plan nor exclusion nor inclusion of any Executory Contract or Unexpired
Lease on the Assumption List or the Rejection List, nor anything contained in the Plan or Plan Supplement, shall constitute an
admission by the Debtors that any such contract or lease is in fact an Executory Contract or Unexpired Lease or that any Reorganized
Debtor has any liability thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If there is a dispute
regarding whether a contract or lease is or was executory or unexpired at the time of assumption, the Debtors or the Reorganized
Debtors, as applicable, shall have thirty&nbsp;calendar days following entry of a Final Order resolving such dispute to alter their
treatment of such contract or lease, including by rejecting such Executory Contract or Unexpired Lease <I>nunc pro tunc</I> to
the Confirmation Date. The deemed assumption provided for herein shall not apply to any such contract or lease, and any such contract
or lease shall be assumed or rejected only upon motion of the Debtor following the Bankruptcy Court&rsquo;s determination that
the contract is executory or the lease is unexpired.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For the avoidance of
doubt, nothing herein shall impair the Parties various rights, including consent rights as applicable, under the Amended Restructuring
Support Agreement and exhibits thereto regarding the treatment of unexpired leases and executory contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">I.</TD><TD STYLE="text-align: left">Nonoccurrence of Effective Date</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the event that the
Effective Date does not occur, the Bankruptcy Court shall retain jurisdiction with respect to any request to extend the deadline
for assuming or rejecting Unexpired Leases pursuant to section&nbsp;365(d)(4) of the Bankruptcy Code, unless such deadline(s) have
expired.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">J.</TD><TD STYLE="text-align: left">Contracts and Leases Entered Into After the Petition Date</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding anything
contained herein (including any release, discharge, exculpation or injunction provisions) or the Confirmation Order, contracts,
agreements, instruments, certificates, leases and other documents entered into after the Petition Date by any Debtor, including
any Executory Contracts and Unexpired Leases assumed by such Debtor, will be performed by the applicable Debtor or the Reorganized
Debtor liable thereunder in the ordinary course of their business. Accordingly, such contracts, agreements, instruments, certificates,
leases and other documents (including any assumed Executory Contracts and Unexpired Leases) will survive and remain unaffected
by the Plan (including the release, discharge, exculpation and injunction provisions), the entry of the Confirmation Order and
any other Definitive Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">ARTICLE
VI</FONT><BR>
PROVISIONS GOVERNING DISTRIBUTIONS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left">A.</TD><TD STYLE="text-align: justify">Timing and Calculations of Amounts to Be Distributed</TD>
</TR></TABLE>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless otherwise
provided herein or in the Plan Supplement, on the Effective Date (or if a Claim or Interest is not an Allowed Claim or
Interest on the Effective Date, on the date that such Claim becomes an Allowed Claim or Interest) each Holder of an Allowed
Claim and Interest shall receive the full amount of the distributions that the Plan provides for Allowed Claims and Interests
in each applicable Class and in the manner provided in the Plan (including, where relevant, and without limitation,
distribution on behalf of the Debtors or Reorganized Debtors by New Valaris Holdco). If any payment or act under the Plan is
required to be made or performed on a date that is not a Business Day, then the making of such payment or the performance of
such act may be completed on the next succeeding Business Day, but shall be deemed to have been completed as of the required
date. If and to the extent that there are Disputed Claims or Interests, distributions on account of any such Disputed Claims
or Interests shall be made pursuant to the provisions set forth in <U>Article VII</U> hereof. Except as otherwise provided in
the Plan, Holders of Claims and Interests shall not be entitled to interest, dividends, or accruals on the distributions
provided for in the Plan, regardless of whether such distributions are delivered on or at any time after the Effective
Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">B.</TD><TD STYLE="text-align: left">Distribution Agent</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except as otherwise
provided herein or in the Plan Supplement, all distributions under the Plan shall be made by the Distribution Agent on the Effective
Date. The Distribution Agent shall not be required to give any bond or surety or other security for the performance of its duties
unless otherwise ordered by the Bankruptcy Court.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">C.</TD><TD STYLE="text-align: left">Rights and Powers of Distribution Agent</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Powers
of the Distribution Agent</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Distribution Agent
shall be empowered to: (a)&nbsp;effect all actions and execute all agreements, instruments, and other documents necessary to perform
its duties under the Plan; (b)&nbsp;make all distributions, allocations, and/or issuances contemplated hereby; (c)&nbsp;employ
professionals to represent it with respect to its responsibilities; and (d)&nbsp;exercise such other powers as may be vested in
the Distribution Agent by order of the Bankruptcy Court, pursuant to the Plan, or as deemed by the Distribution Agent to be necessary
and proper to implement the provisions hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses
Incurred on or after the Effective Date</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except as otherwise
ordered by the Bankruptcy Court, the amount of any reasonable fees and expenses incurred by the Distribution Agent on or after
the Effective Date (including taxes) and any reasonable compensation and expense reimbursement claims (including reasonable attorney
fees and expenses) made by the Distribution Agent shall be paid in Cash by the Reorganized Debtors or New Valaris Holdco.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left">D.</TD><TD STYLE="text-align: justify">Special Rules for Distributions to Holders of Disputed
Claims and Interests</TD>
</TR></TABLE>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding any
provision otherwise in the Plan and except as otherwise agreed by the relevant parties, unless as otherwise agreed to by the Debtors
or set forth in an order of the Bankruptcy Court: (a)&nbsp;no partial payments and no partial distributions shall be made with
respect to a Disputed Claim or Interest until all such disputes in connection with such Disputed Claim or Interest have been resolved
by settlement or Final Order; <I>provided</I> that if a portion of a Claim is not Disputed, the Distribution Agent may make a partial
distribution based on such portion of such Claim that is not Disputed; and (b)&nbsp;any Entity that holds both an Allowed Claim
or Interest and a Disputed Claim or Interest shall not receive any distribution on the Allowed Claim or Interest unless and until
all objections to the Disputed Claim or Interest have been resolved by settlement or Final Order or the Claims or Interests have
been Allowed or expunged. Any dividends or other distributions arising from property distributed to Holders of Allowed Claims or
Interests, as applicable, in a Class and paid to such Holders under the Plan shall also be paid, in the applicable amounts, to
any Holder of a Disputed Claim or Interest, as applicable, in such Class that becomes an Allowed Claim or Interest after the date
or dates that such dividends or other distributions were earlier paid to Holders of Allowed Claims or Interests in such Class.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left">E.</TD><TD STYLE="text-align: justify">Delivery of Distributions</TD>
</TR></TABLE>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delivery
of Distributions in General</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Distribution
Agent shall make all distributions, allocations, and/or issuances required under the Plan, at which time such distributions
shall be deemed complete. Subject to <U>Article IV.G</U>, distributions to the Notes Trustees for further distribution to the
Holders of Allowed Senior Notes Claims shall be deemed made by the Debtors upon delivery to the relevant Notes Trustee.
Except as otherwise provided herein, and notwithstanding any authority to the contrary, distributions to Holders of Allowed
Claims, including Claims that become Allowed after the Effective Date, shall be made to Holders of record as of the Effective
Date by the Distribution Agent: (a)&nbsp;to the signatory set forth on any Proof of Claim or Proof of Interest filed by such
Holder or other representative identified therein (or at the last known addresses of such Holder if no Proof of Claim or
Proof of Interest is filed or if the Debtors have not been notified in writing of a change of address); (b)&nbsp;at the
addresses set forth in any written notices of address changes delivered to the Reorganized Debtors or the applicable
Distribution Agent, as appropriate, after the date of any related Proof of Claim or Proof of Interest; or (c)&nbsp;on any
counsel that has appeared in the Chapter 11 Cases on the Holder&rsquo;s behalf; <I>provided </I>that all <FONT STYLE="font-size: 10pt">distributions
to the Holders of Allowed Credit Facility Claims shall be made by the Distribution Agent (in the case of Cash by wire
transfer) directly to the Holders of such Claims as reflected on the records of the Credit Facility Agent as of the Effective
Date. Notwithstanding anything to the contrary herein, including this <U>Article VI.E</U>, New Valaris Holdco (or any of its
subsidiaries), the Debtors, the Reorganized Debtors, the Credit Facility Agent, and the Distribution Agent, as applicable,
shall not incur any liability whatsoever on account of any distributions under the Plan.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrual
of Dividends and Other Rights</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For purposes of determining
the accrual of distributions or other rights after the Effective Date, the New Valaris Equity shall be deemed issued as of the
Effective Date regardless of the date on which it is actually issued, dated, authenticated, or distributed; <I>provided</I> neither
New Valaris Holdco or the Reorganized Debtors shall pay any such distributions or distribute such other rights, if any, until after
issuances of the New Valaris Equity actually take place.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compliance
Matters</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with
the Plan, to the extent applicable, the Reorganized Debtors, New Valaris Holdco (and any of its subsidiaries), and the Distribution
Agent shall comply with all tax withholding and reporting requirements imposed on them by any Governmental Unit, and all distributions
pursuant to the Plan shall be subject to such withholding and reporting requirements. Notwithstanding any provision in the Plan
to the contrary, the Reorganized Debtors, New Valaris Holdco (and any of its subsidiaries), and the Distribution Agent shall be
authorized to take all actions necessary or appropriate to comply with such withholding and reporting requirements, including liquidating
a portion of the distribution to be made under the Plan to generate sufficient funds to pay applicable withholding taxes, withholding
distributions pending receipt of information necessary to facilitate such distributions, or establishing any other mechanisms they
believe are reasonable and appropriate. All amounts withheld by the Reorganized Debtors, New Valaris Holdco (or any of its subsidiaries),
or the Distribution Agent and paid to a Governmental Unit shall be treated as distributed to the persons who would have received
such amounts absent such withholding. The Reorganized Debtors and New Valaris Holdco reserve the right to allocate all distributions
made under the Plan in compliance with all applicable wage garnishments, alimony, child support, and other spousal awards, Liens,
and encumbrances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign
Currency Exchange Rate</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except as otherwise
provided in a Final Order, as of the Effective Date, any Claim asserted in currency other than U.S. dollars shall be automatically
deemed converted to the equivalent U.S. dollar value using the exchange rate for the applicable currency as published in The Wall
Street Journal, National Edition, on the Petition Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fractional
Distributions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except as otherwise
provided in the Plan Supplement or the Restructuring Transactions Memorandum, whenever any distribution of fractional shares or
units of the New Valaris Equity would otherwise be required pursuant to the Plan, the actual distribution shall reflect a rounding
of such fraction down to the nearest share. Except as otherwise provided in the Plan Supplement or the Restructuring Transactions
Memorandum, whenever any payment of Cash of a fraction of a dollar pursuant to the Plan would otherwise be required, the actual
payment shall reflect a rounding of such fraction down to the nearest whole dollar.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minimum
Distributions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except as
otherwise provided in the Plan Supplement or the Restructuring Transactions Memorandum, Holders of Allowed Claims entitled to
distributions of $50 or less shall not receive distributions, and each Claim to which this limitation applies shall be
discharged and released pursuant to <U>Article VIII</U> hereof and its Holder shall be forever barred pursuant to <U>Article
VIII</U> hereof from asserting that Claim against the Reorganized Debtors or their property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Undeliverable
Distributions and Unclaimed Property</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except as otherwise
provided in the Plan Supplement or the Restructuring Transactions Memorandum, in the event that any distribution, allocation, and/or
issuance to any Holder, other than a Holder of a Senior Notes Claim, is returned as undeliverable, no distribution, allocation,
and/or issuance to such Holder shall be made unless and until the Reorganized Debtors have determined the then-current address
of such Holder, at which time such distribution, allocation, and/or issuance shall be made to such Holder without interest; <I>provided</I>
that such distributions shall be deemed unclaimed property under section 347(b) of the Bankruptcy Code at the expiration of six
months from the date such distribution is returned as undeliverable. Except as otherwise provided in the Plan Supplement or the
Restructuring Transactions Memorandum, after such date, all unclaimed property or interests in property shall revert to the applicable
Reorganized Debtor(s) automatically and without need for a further order by the Bankruptcy Court (notwithstanding any applicable
federal or state escheat, abandoned, or unclaimed property laws to the contrary), and any claim of any Holder to such property
shall be fully discharged, released, and forever barred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left">F.</TD><TD STYLE="text-align: justify">Claims Paid or Payable by Third Parties</TD>
</TR></TABLE>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Claims
Paid by Third Parties</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A Claim shall be reduced
in full, and such Claim shall be disallowed without an objection to such Claim having to be filed and without any further notice
to or action, order, or approval of the Bankruptcy Court, to the extent that the Holder of such Claim receives payment in full
on account of such Claim from a party that is not a Debtor or Reorganized Debtor (including New Valaris Holdco). To the extent
that a Holder of a Claim receives a distribution on account of such Claim and receives payment from a party that is not a Debtor,
a Reorganized Debtor, or New Valaris Holdco (or its subsidiaries) on account of such Claim, such Holder shall repay, return, or
deliver any distribution held by or transferred to the Holder to the applicable Reorganized Debtor to the extent the Holder&rsquo;s
total recovery on account of such Claim from the third party and under the Plan exceeds the amount of such Claim as of the date
of any such distribution under the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Claims
Payable by Third Parties</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The availability, if
any, of Insurance Policy proceeds for the satisfaction of a Claim shall be determined by the terms of the Insurance Policies, as
applicable. No distributions under the Plan shall be made on account of a Claim that is payable pursuant to one of the Insurance
Policies until the Holder of such Claim has exhausted all potential remedies with respect to such Insurance Policy. To the extent
that one or more of the Debtors&rsquo; insurers agrees to satisfy in full or in part a Claim (if and to the extent adjudicated
by a court of competent jurisdiction or otherwise settled), then immediately upon such Insurers&rsquo; agreement, such Claim may
be expunged to the extent of any agreed upon satisfaction on the Claims Register by the Notice and Claims Agent without a Claim
objection having to be filed and without any further notice to or action, order, or approval of the Bankruptcy Court.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applicability
of Insurance Policies</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except as otherwise
provided in the Plan, payments to Holders of Claims covered by Insurance Policies shall be in accordance with the provisions of
an applicable Insurance Policy. Nothing contained in the Plan shall constitute or be deemed a waiver of any Cause of Action that
the Debtors or any Entity may hold against any other Entity, including Insurers under any Insurance Policies, nor shall anything
contained in the Plan constitute or be deemed a waiver by such Insurers of any rights or defenses, including coverage defenses,
held by such Insurers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left">G.</TD><TD STYLE="text-align: justify">Setoffs and Recoupment</TD>
</TR></TABLE>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless otherwise
provided in the Plan or the Confirmation Order, each Debtor and each Reorganized Debtor, pursuant to the Bankruptcy Code
(including section&nbsp;553 of the Bankruptcy Code), applicable non&#45;bankruptcy law, or as may be agreed to by the Holder
of a Claim, may set off against or recoup any Allowed Claim and the distributions to be made pursuant to the Plan on account
of such Allowed Claim (before any distribution is made on account of such Allowed Claim), any claims, rights, and Causes of
Action of any nature that such Debtor or Reorganized Debtor, as applicable, may hold against the Holder of such Allowed
Claim, to the extent such claims, rights, or Causes of Action against such Holder have not been otherwise compromised or
settled as of the Effective Date (whether pursuant to the Plan or otherwise); <I>provided</I> that neither the failure to
effect such a setoff or recoupment nor the allowance of any Claim pursuant to the Plan shall constitute a waiver or release
by such Debtor or Reorganized Debtor of any such claims, rights, and Causes of Action that such Reorganized Debtor may
possess against such Holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left">H.</TD><TD STYLE="text-align: justify">Allocation between Principal and Accrued Interest</TD>
</TR></TABLE>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except as otherwise
provided herein, the aggregate consideration paid to Holders with respect to their Allowed Claims shall be treated pursuant to
the Plan as allocated first to the principal amount of such Allowed Claims (to the extent thereof) and, thereafter, to the interest,
if any, on such Allowed Claim accrued through the Effective Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left">I.</TD><TD STYLE="text-align: justify">No Postpetition or Default Interest on Claims</TD>
</TR></TABLE>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless otherwise specifically
provided for herein, the DIP Order, or the Confirmation Order, and notwithstanding any documents that govern the Debtors&rsquo;
prepetition indebtedness to the contrary, (1)&nbsp;postpetition and/or default interest shall not accrue or be paid on any Claims
and (2) no Holder of a Claim shall be entitled to: (a)&nbsp;interest accruing on or after the Petition Date on any such Claim;
or (b)&nbsp;interest at the contract default rate, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">ARTICLE
VII</FONT><BR>
PROCEDURES FOR RESOLVING DISPUTED CLAIMS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left">A.</TD><TD STYLE="text-align: justify">Disputed Claims Process</TD>
</TR></TABLE>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding section
502(a) of the Bankruptcy Code, and in light of the treatment of all Allowed General Unsecured Claims under the Plan, except as
required by the Plan, the Reorganized Debtors and the Holders of Claims shall determine, adjudicate, and resolve any disputes over
the validity and amounts of such Claims in the ordinary course of business as if the Chapter 11 Cases had not been commenced (subject
to any applicable limitations in the case of Reorganized Valaris under the laws of England and Wales) except that, unless expressly
waived pursuant to the Plan, the Allowed amount of such Claims shall be subject to the limitations or maximum amounts permitted
by the Bankruptcy Code, including sections 502 and 503 of the Bankruptcy Code, to the extent applicable. All Proofs of Claim filed
in these Chapter 11 Cases, other than Proofs of Claim with respect to Claims arising from the rejection of Executory Contracts
or Unexpired Leases, shall be considered objected to and Disputed without further action by the Debtors. Upon the Effective Date,
all Proofs of Claim filed against the Debtors, regardless of the time of filing, and including Proofs of Claim filed after the
Effective Date, other than Proofs of Claim with respect to Claims arising from the rejection of Executory Contracts or Unexpired
Leases, shall be deemed withdrawn and expunged, other than as provided below. Notwithstanding anything in this Plan to the contrary,
disputes regarding the amount of any Cure pursuant to section 365 of the Bankruptcy Code and Claims that the Debtors seek to have
determined by the Bankruptcy Court, shall in all cases be determined by the Bankruptcy Court.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>All Proofs of Claim
not filed by the Claims Bar Date, the Administrative Claims Bar Date, or the applicable date set forth the Plan shall be disallowed
and forever barred, estopped, and enjoined from assertion, and shall not be enforceable against any Reorganized Debtor, without
the need for any objection by the Reorganized Debtors or any further notice to or action, order, or approval of the Bankruptcy
Court and Holders of such Claims shall not receive any distributions on account of such Claims. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Holders of Existing
Interests shall not be required to file a Proof of Claim and a Proof of Claim filed on account of Existing Interests shall be deemed
expunged. Holders of Existing Interests shall receive the distribution as set forth in <U>Article III</U> of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left">B.</TD><TD STYLE="text-align: justify">Disputed and Contingent Claims Reserve</TD>
</TR></TABLE>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On the Effective Date,
the Debtors and/or Reorganized Debtors, as applicable, may, in consultation with the Creditors Committee, establish one or more
reserves for alleged General Unsecured Claims that are contingent or have not yet been Allowed, in an estimated amount or amounts
as reasonably determined by the applicable Debtors in their discretion with the reasonable consent of the Required Consenting Creditors
and the Creditors Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">C.</TD><TD STYLE="text-align: left">Claims Administration Responsibilities</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except as otherwise
specifically provided in the Plan, after the Effective Date, the Reorganized Debtors shall have the sole authority to: (1)&nbsp;File,
withdraw, or litigate to judgment, objections to Claims or Interests; (2) settle or compromise any Disputed Claim without any further
notice to or action, order, or approval by the Bankruptcy Court; and (3) administer and adjust the Claims Register to reflect any
such settlements or compromises without any further notice to or action, order, or approval by the Bankruptcy Court. For the avoidance
of doubt, except as otherwise provided herein, from and after the Effective Date, each Reorganized Debtor shall have and retain
any and all rights and defenses such Debtor had immediately prior to the Effective Date with respect to any Disputed Claim or Interest,
including the Causes of Action retained pursuant to the Plan and the Plan Supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left">D.</TD><TD STYLE="text-align: justify">Estimation of Claims and Interests</TD>
</TR></TABLE>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Before or after the
Effective Date, the Debtors or the Reorganized Debtors may (but are not required to), at any time, request that the Bankruptcy
Court estimate any Disputed Claim or Interest pursuant to applicable law, including pursuant to section&nbsp;502(c) of the Bankruptcy
Code, for any reason, regardless of whether any party previously has objected to such Disputed Claim or Interest or whether the
Bankruptcy Court has ruled on any such objection, and the Bankruptcy Court shall retain jurisdiction under sections&nbsp;157 and&nbsp;1334
of the Judicial Code to estimate any such Disputed Claim or Interest, including during the litigation of any objection to any Disputed
Claim or Interest or during the pendency of any appeal relating to such objection. Notwithstanding any provision otherwise in the
Plan, a Disputed Claim or Interest that has been expunged from the Claims Register, but that either is subject to appeal or has
not been the subject of a Final Order, shall be deemed to be estimated at zero dollars, unless otherwise ordered by the Bankruptcy
Court. In the event that the Bankruptcy Court estimates any Disputed Claim or Interest, that estimated amount shall constitute
a maximum limitation on such Disputed Claim or Interest for all purposes under the Plan (including for purposes of distributions
and discharge) and may be used as evidence in any supplemental proceedings, and the Debtors or the Reorganized Debtors may elect
to pursue any supplemental proceedings to object to any ultimate distribution on such Disputed Claim or Interest; <I>provided </I>that
such limitation shall not apply to Disputed Claims or Interests against any of the Debtors requested by the Debtors to be estimated
for voting purposes only. Notwithstanding section&nbsp;502(j) of the Bankruptcy Code, in no event shall any Holder of a Disputed
Claim or Interest that has been estimated pursuant to section 502(c) of the Bankruptcy Code or otherwise be entitled to seek reconsideration
of such estimation unless such Holder has Filed a motion requesting the right to seek such reconsideration on or before fourteen
days after the date on which such Disputed Claim or Interest is estimated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">E.</TD><TD STYLE="text-align: left">Time to File Objections to Claims</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any objections to Claims
shall be Filed on or before the later of (1) the first Business Day following the date that is one hundred-eighty days after the
Effective Date and (2)&nbsp;such later date as may be specifically fixed by the Bankruptcy Court. For the avoidance of doubt, the
Bankruptcy Court may extend the time period to object to Claims set forth in this paragraph at any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left">F.</TD><TD STYLE="text-align: justify">Adjustment to Claims without Objection</TD>
</TR></TABLE>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any Claim or
Interest that has been paid, satisfied, amended, superseded, cancelled, or otherwise expunged (including pursuant to the
Plan) may be adjusted or expunged on the Claims Register at the direction of the Reorganized Debtors without the Reorganized
Debtors having to File an application, motion, complaint, objection, or any other legal proceeding seeking to object to such
Claim or Interest and without any further notice to or action, order, or approval of the Bankruptcy&nbsp;Court. Additionally,
any Claim or Interest that is duplicative or redundant with another Claim or Interest against the same Debtor or multiple
Debtors may be adjusted or expunged on the Claims Register at the direction of the Reorganized Debtors without the
Reorganized Debtors having to File an application, motion, complaint, objection, or any other legal proceeding seeking to
object to such Claim or Interest and without any further notice to or action, order, or approval of the Bankruptcy Court.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left">G.</TD><TD STYLE="text-align: justify">Disallowance of Claims and Interests</TD>
</TR></TABLE>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except as otherwise
expressly provided for herein, all Claims of any Entity from which property is recoverable, based on an order from the Bankruptcy
Court, under section 542, 543, 550, or 553 of the Bankruptcy&nbsp;Code or that is a transferee of a transfer that is avoidable,
based on an order from the Bankruptcy Court, under section&nbsp;522(f),&nbsp;522(h), 544, 545, 547, 548, 549, or 724(a) of the
Bankruptcy Code, shall be deemed disallowed pursuant to section&nbsp;502(d) of the Bankruptcy Code, and Holders of such Claims
may not receive any distributions on account of such Claims until such time as such Causes of Action against that Entity have been
settled or a Final Order with respect thereto has been entered by the Bankruptcy Court and all sums due, if any, to the Debtors
by that Entity have been turned over or paid to the Debtors or the Reorganized Debtors, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except as otherwise
provided herein, agreed to by the Reorganized Debtors or otherwise pursuant to an order of the Bankruptcy Court, all Proofs of
Claim Filed after the applicable Claims Bar Date shall be deemed disallowed in full and expunged as of the Effective Date, forever
barred, estopped, and enjoined from assertion, and shall not be enforceable against any Reorganized Debtor, without the need for
any objection by the Reorganized Debtors or any further notice to or action, order, or approval of the Bankruptcy Court and Holders
of such Claims shall not receive distributions on account of such Claims.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left">H.</TD><TD STYLE="text-align: justify">Single Satisfaction Rule</TD>
</TR></TABLE>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Holders of Allowed
Claims may assert such Claims against each Debtor obligated with respect to such Claims, and such Claims shall be entitled to share
in the recovery provided for the applicable Class of Claims against each obligated Debtor based upon the full Allowed amount of
such Claims. Notwithstanding the foregoing, in no case shall the aggregate value of all property received or retained under the
Plan on account of any Allowed Claim exceed&nbsp;100 percent of the underlying Allowed Claim.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">ARTICLE
VIII</FONT><BR>
EFFECT OF CONFIRMATION OF THE PLAN</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left">A.</TD><TD STYLE="text-align: justify">Discharge of Claims and Termination of Interests</TD>
</TR></TABLE>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to section
1141(d) of the Bankruptcy Code, and except as otherwise expressly provided in the Confirmation Order, the Plan, or in any contract,
instrument, or other agreement or document created or entered into pursuant to the Plan, the distributions, rights, and treatment
that are provided in the Plan shall be in complete satisfaction, discharge, and release, effective as of the Effective Date, of
Claims (including any Intercompany Claims resolved or compromised after the Effective Date by the Reorganized Debtors), Interests,
and Causes of Action of any nature whatsoever, including any interest accrued on Claims or Interests from and after the Petition
Date, whether known or unknown, against, liabilities of, Liens on, obligations of, rights against, and interests in, the Debtors
or any of their assets or properties, regardless of whether any property shall have been distributed or retained pursuant to the
Plan on account of such Claims and Interests, including demands, liabilities, and Causes of Action that arose before the Effective
Date, any liability (including withdrawal liability) to the extent such Claims or Interests relate to services performed by employees
of the Debtors prior to the Effective Date and that arise from a termination of employment, any contingent or non-contingent liability
on account of representations or warranties issued on or before the Effective Date, and all debts of the kind specified in sections
502(g), 502(h), or 502(i) of the Bankruptcy Code, in each case whether or not: (1) a Proof of Claim based upon such debt or right
is Filed or deemed Filed pursuant to section 501 of the Bankruptcy Code; (2) a Claim or Interest based upon such debt, right, or
interest is Allowed pursuant to section&nbsp;502 of the Bankruptcy Code; or (3) the Holder of such a Claim or Interest has accepted
the Plan. The Confirmation Order shall be a judicial determination of the discharge and release of all Claims and Interests subject
to the occurrence of the Effective Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left">B.</TD><TD STYLE="text-align: justify">Releases by the Debtors</TD>
</TR></TABLE>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Effective as of
the Effective Date, and except as otherwise provided in the Plan, pursuant to section&nbsp;1123(b) of the Bankruptcy Code, for
good and valuable consideration, the adequacy of which is hereby confirmed, on and after the Effective Date, (i) each Released
Party is deemed released and discharged by each and all of the Debtors, the Reorganized Debtors, and their Estates, in each case
on behalf of themselves and their respective successors, assigns, and representatives, and any and all other entities who may purport
to assert any Cause of Action, directly or derivatively, by, through, for, or because of the foregoing entities, from any and all
Causes of Action, whether known or unknown, including any derivative claims, asserted or assertable on behalf of any of the Debtors,
that the Debtors, the Reorganized Debtors, or their Estates would have been legally entitled to assert in their own right (whether
individually or collectively) or on behalf of the Holder of any Claim against, or Interest in, a Debtor or other Entity, arising
on or before the Effective Date and based on or relating to, or in any manner arising from, in whole or in part, the Debtors (including
the management, ownership, or operation thereof), the purchase, sale, or rescission of any security of the Debtors or the Reorganized
Debtors, the subject matter of, or the transactions or events giving rise to, any Claim or Interest that is treated in the Plan,
the business or contractual arrangements between any Debtor and any Released Party, the Debtors&rsquo; in- or out-of-court restructuring
efforts, intercompany transactions, the DIP Facility, the DIP Order, the Rights Offering, the Credit Facility, the Senior Notes,
the Intercompany Funding, the RCF Guarantee, the Merger Transactions, the <I>Pari Passu </I>Transaction, the Harris County Litigation,
the Pride Allegations, the Chapter&nbsp;11 Cases, the Restructuring Support Agreement, the Amended Restructuring Support Agreement,
the formulation, preparation, dissemination, negotiation, entry into, or filing of, as applicable, the Restructuring Support Agreement
and related prepetition transactions, the Disclosure Statement, the DIP Facility Documents, the New Organizational Documents, the
Plan, the Backstop Agreement, or any Restructuring Transaction, contract, instrument, release, or other agreement or document created
or entered into in connection with the Restructuring Support Agreement, the Amended Restructuring Support Agreement, Disclosure
Statement, DIP Credit Agreement, the New Organizational Documents, the Backstop Agreement, the Intercompany Funding, the RCF Guarantee,
the Merger Transactions, the <I>Pari Passu </I>Transaction, the Harris County Litigation, the Pride Allegations, or the Plan, the
filing of the Chapter 11 Cases, the pursuit of Confirmation, the pursuit of Consummation, the administration and implementation
of the Plan, including the issuance or distribution of Securities pursuant to the Plan, or the distribution of property under the
Plan or any other related agreement, or upon any other act, or omission, transaction, agreement, event, or other occurrence taking
place on or before the Effective Date and (ii) each Released Preference Action Party is deemed released and discharged by the Debtors,
their Estates, and the Reorganized Debtors from any and all Preference Actions. Notwithstanding anything to the contrary in the
foregoing, the releases set forth above do not release (1) any obligations of any party or Entity under the Plan, any Restructuring
Transaction, or any document, instrument, or agreement (including those set forth in the Plan Supplement) executed to implement
the Plan, including the assumption of the Indemnification Provisions as set forth in the Plan, (2) any retained Causes of Action,
or (3) any post-petition obligations of the Reorganized Debtors in connection with Executory Contracts and Unexpired Leases assumed
under the Plan during the Chapter 11 Cases.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left">C.</TD><TD STYLE="text-align: justify">Releases by Holders of Claims and Interests</TD>
</TR></TABLE>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Effective as of
the Effective Date, and except as otherwise provided in the Plan, each Releasing Party, in each case on behalf of itself and its
respective successors, assigns, and representatives, and any and all other entities who may purport to assert any Cause of Action,
directly or derivatively, by, through, for, or because of the foregoing entities, is deemed to have released and discharged each
Debtor, Reorganized Debtor, and Released Party from any and all Causes of Action, whether known or unknown, including any derivative
claims, asserted or assertable on behalf of any of the Debtors, that such Entity would have been legally entitled to assert (whether
individually or collectively), arising on or before the Effective Date and based on or relating to, or in any manner arising from,
in whole or in part, the Debtors (including the management, ownership or operation thereof), the purchase, sale, or rescission
of any security of the Debtors or the Reorganized Debtors, the subject matter of, or the transactions or events giving rise to,
any Claim or Interest that is treated in the Plan, the business or contractual arrangements between any Debtor and any Released
Party, the Debtors&rsquo; in- or out-of-court restructuring efforts, intercompany transactions, the DIP Facility, the DIP Order,
the Rights Offering, the Credit Facility, the Senior Notes, the Intercompany Funding, the RCF Guarantee, the Merger Transactions,
the <I>Pari Passu </I>Transaction, the Harris County Litigation<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>2</SUP></FONT>,
the Pride Allegations, the Chapter&nbsp;11 Cases, the Restructuring Support Agreement, the Amended Restructuring Support Agreement,
the formulation, preparation, dissemination, negotiation, entry into, or filing of, as applicable, the Restructuring Support Agreement
and related prepetition transactions, the Disclosure Statement, the DIP Facility Documents, the New Organizational Documents,
the Plan, the Backstop Agreement, or any Restructuring Transaction, contract, instrument, release, or other agreement or document
created or entered into in connection with the Restructuring Support Agreement, the Amended Restructuring Support Agreement Disclosure
Statement, DIP Credit Agreement, the New Organizational Documents, the Backstop Agreement, the Intercompany Funding, the RCF Guarantee,
the Merger Transactions, the <I>Pari Passu </I>Transaction, the Harris County Litigation, the Pride Allegations, or the Plan,
the filing of the Chapter 11 Cases, the pursuit of Confirmation, the pursuit of Consummation, the administration and implementation
of the Plan, including the issuance or distribution of Securities pursuant to the Plan, or the distribution of property under
the Plan or any other related agreement, or upon any other related act, or omission, transaction, agreement, event, or other occurrence
taking place on or before the Effective Date. Notwithstanding anything to the contrary in the foregoing, the releases set forth
above do not release (1) any obligations of any party or Entity under the Plan, any Restructuring Transaction, or any document,
instrument, or agreement (including those set forth in the Plan Supplement) executed to implement the Plan, including the assumption
of the Indemnification Provisions as set forth in the Plan, or (2)&nbsp;any post-petition obligations of the Reorganized Debtors
in connection with Executory Contracts and Unexpired Leases assumed under the Plan during the Chapter 11 Cases.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 25%"><DIV STYLE="border-top: Black 1pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>2</SUP></FONT></TD><TD STYLE="text-align: justify">Pursuant to the Restructuring Support Agreement, within three business days after the Effective Date, the plaintiff in the
Harris County Litigation, UMB Bank, shall file a notice of nonsuit with prejudice dismissing the Harris County Litigation.</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left">D.</TD><TD STYLE="text-align: justify">Exculpation</TD>
</TR></TABLE>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Effective as of
the Effective Date, to the fullest extent permissible under applicable law and without affecting or limiting either the Debtor
Release or the Third&#45;Party Release, and except as otherwise specifically provided in the Plan, no Exculpated Party shall have
or incur, and each Exculpated Party is released and exculpated from any Cause of Action for any claim arising on or before the
Effective Date and related to any act or omission in connection with, relating to, or arising out of, the Chapter 11 Cases, the
Disclosure Statement, the Plan, the DIP Facility, the DIP Order, the Rights Offering, the Credit Facility, the Senior Notes, the
Intercompany Funding, the Merger Transactions, the <I>Pari Passu </I>Transaction, or any Restructuring Transaction, contract, instrument,
release, or other agreement or document created or entered into in connection with the DIP Facility, the DIP Order, the Rights
Offering, the Credit Facility, the Senior Notes, the Disclosure Statement, the Intercompany Funding, the Merger Transactions, the
<I>Pari Passu </I>Transaction, or the Plan, the filing of the Chapter 11 Cases, the pursuit of Confirmation, the pursuit of Consummation,
the administration and implementation of the Plan, including the issuance of Securities pursuant to the Plan, or the distribution
of property under the Plan or any other related agreement (including, for the avoidance of doubt, providing any legal opinion requested
by any Entity regarding any transaction, contract, instrument, document, or other agreement contemplated by the Plan or the reliance
by any Exculpated Party on the Plan or the Confirmation Order in lieu of such legal opinion), except for claims related to any
act or omission that is determined in a Final Order of a court of competent jurisdiction to have constituted actual fraud, willful
misconduct, or gross negligence, but in all respects such Entities shall be entitled to reasonably rely upon the advice of counsel
with respect to their duties and responsibilities pursuant to the Plan. The Exculpated Parties have, and upon completion of the
Plan shall be deemed to have, participated in good faith and in compliance with the applicable laws with regard to the solicitation
of votes and distribution of consideration pursuant to the Plan and, therefore, are not, and on account of such distributions shall
not be, liable at any time for the violation of any applicable law, rule, or regulation governing the solicitation of acceptances
or rejections of the Plan or such distributions made pursuant to the Plan.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left">E.</TD><TD STYLE="text-align: justify">Injunction</TD>
</TR></TABLE>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Except as otherwise
expressly provided in the Plan or for obligations issued or required to be paid pursuant to the Plan or the Confirmation Order,
all Entities who have held, hold, or may hold claims or interests that have been released, discharged, or are subject to exculpation
are permanently enjoined, from and after the Effective Date, from taking any of the following actions against, as applicable,
the Debtors, the Reorganized Debtors, the Exculpated Parties, or the Released Parties: (a) commencing or continuing in any manner
any action or other proceeding of any kind on account of or in connection with or with respect to any such claims or interests;
(b) enforcing, attaching, collecting, or recovering by any manner or means any judgment, award, decree, or order against such
Entities on account of or in connection with or with respect to any such claims or interests; (c) creating, perfecting, or enforcing
any encumbrance of any kind against such Entities or the property or the estates of such Entities on account of or in connection
with or with respect to any such claims or interests; and (d) commencing or continuing in any manner any action or other proceeding
of any kind on account of or in connection with or with respect to any such claims or interests released or settled pursuant to
the Plan.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left">F.</TD><TD STYLE="text-align: justify">Protection against Discriminatory Treatment</TD>
</TR></TABLE>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In accordance with
section 525 of the Bankruptcy Code, and consistent with paragraph 2 of Article VI of the United States Constitution, no Governmental
Unit shall discriminate against any Reorganized Debtor, or any Entity with which a Reorganized Debtor has been or is associated
(including, without limitation, New Valaris Holdco), solely because such Reorganized Debtor was a Debtor under chapter 11, may
have been insolvent before the commencement of the Chapter 11 Cases (or during the Chapter&nbsp;11 Cases but before such Debtor
was granted or denied a discharge), or has not paid a debt that is dischargeable in the Chapter 11 Cases.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left">G.</TD><TD STYLE="text-align: justify">Recoupment</TD>
</TR></TABLE>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In no event shall any
Holder of Claims or Interests be entitled to recoup any Claim or Interest against any claim, right, or Cause of Action of the Debtors
or the Reorganized Debtors, as applicable, unless such Holder actually has performed such recoupment and provided notice thereof
in writing to the Debtors on or before the Confirmation Date, notwithstanding any indication in any Proof of Claim or Interest
or otherwise that such Holder asserts, has, or intends to preserve any right of recoupment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">H.</TD><TD STYLE="text-align: left">Document Retention</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On and after the Effective
Date, the Reorganized Debtors may maintain documents in accordance with their standard document retention policy, as may be altered,
amended, modified, or supplemented by the Reorganized Debtors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left">I.</TD><TD STYLE="text-align: justify">Release of Liens</TD>
</TR></TABLE>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Except (1) with
respect to the Liens securing Secured Claims (depending on the treatment of such Claims), or (2) as otherwise provided herein or
in any contract, instrument, release, or other agreement or document created pursuant to the Plan (including, without limitation,
the Restructuring Transactions Memorandum, the UK Implementation Agreement, and any documents related thereto), on the Effective
Date, all mortgages, deeds of trust, Liens, pledges, or other security interests against any property of the Estates shall be fully
released and discharged, and the Holders of such mortgages, deeds of trust, Liens, pledges, or other security interests shall execute
such documents as may be reasonably requested by the Debtors, the Reorganized Debtors, or New Valaris Holdco, as applicable, to
reflect or effectuate such releases, and all of the right, title, and interest of any Holder of such mortgages, deeds of trust,
Liens, pledges, or other security interests shall revert to the Reorganized Debtors and their successors and assigns.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">ARTICLE
IX</FONT><BR>
CONDITIONS PRECEDENT TO THE EFFECTIVE DATE</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left">A.</TD><TD STYLE="text-align: justify">Conditions Precedent to the Effective Date</TD>
</TR></TABLE>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">It shall be a condition
to the Effective Date that the following conditions shall have been satisfied or waived pursuant to <U>Article IX.B</U> hereof:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify">the Amended Restructuring Support Agreement shall not have been terminated and shall remain in
full force and effect;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify">the Restructuring Transactions have been implemented in accordance with the Restructuring Transactions
Memorandum in all material respects;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: justify">the orders approving the Disclosure Statement and the Plan shall have been entered and such orders
shall not have been stayed, modified, or vacated on appeal;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">4.</TD><TD STYLE="text-align: justify">the Backstop Agreement shall not have been terminated and shall remain in full force and effect;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">5.</TD><TD STYLE="text-align: justify">all conditions precedent set forth in the Backstop Agreement shall have been satisfied or waived in accordance with the terms
thereof, substantially concurrently with the occurrence of the Effective Date;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">6.</TD><TD STYLE="text-align: justify">the Plan, the Confirmation Order, and all schedules, documents, supplements, and exhibits to the
Plan, and any other Definitive Documents, including without limitation, the Registration Rights Agreement, shall have become effective,
subject to the consent and approval rights set forth in the Amended Restructuring Support Agreement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">7.</TD><TD STYLE="text-align: justify">issuance of the New Valaris Equity and the New Secured Notes including, without limitation, the
Backstop Premium (with all conditions precedent thereto having been satisfied or waived);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">8.</TD><TD STYLE="text-align: justify">payment of all invoiced professional fees and other amounts required to be paid pursuant to the
Amended Restructuring Support Agreement, the Backstop Agreement or any other Definitive Document, or in any order of the Bankruptcy
Court related thereto;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">9.</TD><TD STYLE="text-align: justify">payment of all fees provided for in the DIP Order, including the reasonable and documented fees
and expenses of the legal and financial advisors of the DIP Lenders incurred in connection with the Chapter 11 Cases;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">10.</TD><TD STYLE="text-align: justify">the New Organizational Documents shall have been adopted and (where required by applicable Law)
filed with the applicable authorities of the relevant jurisdictions of organization and shall have become effective in accordance
with such jurisdiction&rsquo;s corporation or limited liability company Laws; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">11.</TD><TD STYLE="text-align: justify">any and all requisite governmental, regulatory, and third party approvals, consents, rulings, no
action letters, opinions, certifications or other documents or actions required by any Law, regulation, or order to be received
or to occur in order to implement and effectuate the Plan on the Effective Date shall have been obtained or shall have occurred.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left">B.</TD><TD STYLE="text-align: justify">Waiver of Conditions Precedent</TD>
</TR></TABLE>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Debtors (with the
reasonable consent of the Required Consenting Creditors) may waive any of the conditions to the Effective Date set forth in <U>Article
IX.A</U> hereof at any time or as otherwise provided in the Amended Restructuring Support Agreement, without any notice to any
other parties in interest and without any further notice to or action, order, or approval of the Bankruptcy Court, and without
any formal action other than proceeding to confirm and consummate the Plan. Exercise of any of the foregoing waiver rights with
regard to conditions precedent to the Effective Date shall not be deemed a waiver of any other rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left">C.</TD><TD STYLE="text-align: justify">Effect of Non-Occurrence of Conditions to Consummation</TD>
</TR></TABLE>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the Effective
Date does not occur with respect to any of the Debtors, the Plan shall be null and void in all respects with respect to such
Debtor, and nothing contained in the Plan or the Disclosure Statement shall: (1)&nbsp;constitute a waiver or release of any
Claims by or Claims against or Interests in such Debtors; (2)&nbsp;prejudice in any manner the rights of such Debtors, any
Holders of a Claim or Interest, or any other Entity; or (3)&nbsp;constitute an admission, acknowledgment, offer, or
undertaking by such Debtors, any Holders, or any other Entity in any respect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">ARTICLE
X</FONT><BR>
MODIFICATION, REVOCATION, OR WITHDRAWAL OF THE PLAN</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left">A.</TD><TD STYLE="text-align: justify">Modification of Plan</TD>
</TR></TABLE>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to the limitations
and terms contained in the Amended Restructuring Support Agreement and the Backstop Agreement (including the approval rights),
the Debtors reserve the right (i) to modify the Plan prior to Confirmation and seek Confirmation consistent with the Bankruptcy
Code and, as appropriate, not resolicit votes on such modified Plan, and (ii) subject to certain restrictions and requirements
set forth in section 1127 of the Bankruptcy Code and Bankruptcy Rule&nbsp;3019 and those restrictions on modifications set forth
in the Plan, the Debtors expressly reserve their rights to alter, amend, or modify materially the Plan, one or more times, after
Confirmation, and, to the extent necessary, may initiate proceedings in the Bankruptcy Court to so alter, amend, or modify the
Plan, or remedy any defect or omission, or reconcile any inconsistencies in the Plan, the Disclosure Statement, or the Confirmation
Order, in such matters as may be necessary to carry out the purposes and intent of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left">B.</TD><TD STYLE="text-align: justify">Effect of Confirmation on Modifications</TD>
</TR></TABLE>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Entry of the Confirmation
Order shall constitute approval of all modifications to the Plan occurring after the solicitation thereof pursuant to section 1127(a)
of the Bankruptcy Code and a finding that such modifications to the Plan do not require additional disclosure or resolicitation
under Bankruptcy Rule 3019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left">C.</TD><TD STYLE="text-align: justify">Revocation or Withdrawal of Plan</TD>
</TR></TABLE>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The&nbsp;Debtors reserve
the right, subject to the terms of the Amended Restructuring Support Agreement, to revoke or withdraw the Plan before the Confirmation
Date and to file subsequent chapter 11 plans. If the Debtors revoke or withdraw the Plan, or if the Confirmation Date or the Effective
Date does not occur, then: (1)&nbsp;the Plan will be null and void in all respects; (2)&nbsp;any settlement or compromise embodied
in the Plan, assumption of Executory Contracts or Unexpired Leases effected by the Plan, and any document or agreement executed
pursuant hereto will be null and void in all respects; and (3)&nbsp;nothing contained in the Plan shall (a) constitute a waiver
or release of any Claims, Interests, or Causes of Action, (b)&nbsp;prejudice in any manner the rights of any Debtor or any other
Entity, or (c)&nbsp;constitute an admission, acknowledgement, offer, or undertaking of any sort by any Debtor or any other Entity;
<I>provided</I> for the avoidance of doubt, that all provisions of the Amended Restructuring Support Agreement and the Backstop
Agreement that survive termination of those agreements (each, according to its terms) shall remain in effect in accordance with
the terms thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">ARTICLE
XI</FONT><BR>
RETENTION OF JURISDICTION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding the
entry of the Confirmation Order and the occurrence of the Effective Date, the Bankruptcy Court shall retain exclusive jurisdiction
over all matters arising out of, or related to, the Chapter&nbsp;11 Cases and the Plan pursuant to sections 105(a) and 1142 of
the Bankruptcy Code (other than those matters administered in the Administration, or other Implementation Mechanism, as applicable
and subject to the UK Implementation Agreement), including jurisdiction to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>subject to <U>Article VII.A</U> of the Plan, allow, disallow, determine, liquidate, classify, estimate, or establish the
priority, secured or unsecured status, or amount of any Claim or Interest, including the resolution of any request for payment
of any Claim or Interest and the resolution of any and all objections to the secured or unsecured status, priority, amount, or
allowance of Claims or Interests;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>decide and resolve all matters related to the granting and denying, in whole or in part, any applications for allowance
of compensation or reimbursement of expenses to Professionals authorized pursuant to the Bankruptcy Code or the Plan;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> resolve any matters related to Executory Contracts or Unexpired Leases, including: (a)&nbsp;the assumption or assumption
and assignment of any Executory Contract or Unexpired Lease to which a Debtor is party or with respect to which a Debtor may be
liable and to hear, determine, and, if necessary, liquidate, any Cure Claims or Claims arising therefrom, including pursuant to
section 365 of the Bankruptcy Code; (b)&nbsp;any potential contractual obligation under any Executory Contract or Unexpired Lease
that is assumed; and (c) any dispute regarding whether a contract or lease is or was executory or expired;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>ensure that distributions to Holders of Allowed Claims are accomplished pursuant to the provisions of the Plan and adjudicate
any and all disputes arising from or relating to distributions under the Plan;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;adjudicate,
decide, or resolve any motions, adversary proceedings, contested or litigated matters, and any other matters, and grant or deny
any applications involving a Debtor that may be pending on the Effective Date;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;enter
and implement such orders as may be necessary or appropriate to execute, implement, or consummate the provisions of (a) contracts,
instruments, releases, indentures, and other agreements or documents approved by Final Order in the Chapter 11 Cases and (b) the
Plan, the Confirmation Order, and contracts, instruments, releases, indentures, and other agreements or documents created in connection
with the Plan;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;enforce
any order for the sale of property pursuant to sections 363, 1123, or 1146(a) of the Bankruptcy Code;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;grant
any consensual request to extend the deadline for assuming or rejecting Unexpired Leases pursuant to section 365(d)(4) of the
Bankruptcy Code;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>adjudicate,
decide, or resolve any and all matters related to the Restructuring Transactions;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">10.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>issue
injunctions, enter and implement other orders, or take such other actions as may be necessary or appropriate to restrain interference
by any Entity with Consummation or enforcement of the Plan;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>hear,
determine, and resolve any cases, matters, controversies, suits, disputes, or Causes of Action in connection with or in any way
related to the Chapter 11 Cases, including: (a)&nbsp;with respect to the repayment or return of distributions and the recovery
of additional amounts owed by the Holder of a Claim or an Interest for amounts not timely repaid pursuant to <U>Article VI</U>
hereof; (b) with respect to the releases, discharges, injunctions, and other provisions contained in <U>Article VIII</U> hereof,
including entry of such orders as may be necessary or appropriate to implement such releases, injunctions, and other provisions;
(c) that may arise in connection with the Consummation, interpretation, implementation, or enforcement of the Plan and the Confirmation
Order; or (d)&nbsp;related to section&nbsp;1141 of the Bankruptcy Code;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">12.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>enter
and implement such orders as are necessary or appropriate if the Confirmation Order is for any reason modified, stayed, reversed,
revoked, or vacated;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">13.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>consider
any modifications of the Plan, to cure any defect or omission, or to reconcile any inconsistency in any Bankruptcy Court order,
including the Confirmation Order;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">14.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>enter
and implement such orders as are necessary or appropriate if the Confirmation Order is for any reason modified, stayed, reversed,
revoked, or vacated;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">15.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>consider
any modifications to the Plan before or after the Effective Date pursuant to section 1127 of the Bankruptcy Code, the Disclosure
Statement, the Confirmation Order or any contract, instrument, release or other agreement or document entered into or delivered
in connection with the Plan, the Disclosure Statement or the Confirmation Order; or remedy any defect or omission or reconcile
or clarify any inconsistency in any Bankruptcy Court order, the Plan, the Disclosure Statement, the Confirmation Order or any
contract, instrument, release or other agreement or document entered into, delivered or created in connection with the Plan, the
Disclosure Statement or the Confirmation Order, in such manner as may be necessary or appropriate to consummate the Plan;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">16.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>hear and determine matters concerning state, local, and federal taxes in accordance with sections&nbsp;346, 505, and 1146
of the Bankruptcy Code;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">17.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>enter
an order or Final Decree concluding or closing the Chapter 11 Cases;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">18.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>enforce
all orders previously entered by the Bankruptcy Court; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">19.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>hear
and determine any other matters related to the Chapter 11 Cases and not inconsistent with the Bankruptcy Code or title 28 of the
United States Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">ARTICLE
XII</FONT><BR>
MISCELLANEOUS PROVISIONS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">A.</TD><TD STYLE="text-align: left">Immediate Binding Effect</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding Bankruptcy
Rules 3020(e), 6004(h), or 7062 or otherwise, the terms of the Plan and the Plan Supplement shall be immediately effective and
enforceable and deemed binding upon the Debtors, the Reorganized Debtors, and any and all Holders of Claims or Interests (irrespective
of whether such Claims or Interests are deemed to have accepted the Plan), all Entities that are parties to or are subject to the
settlements, compromises, releases, discharges, and injunctions described in the Plan, each Entity acquiring property under the
Plan, and any and all non-Debtor parties to Executory Contracts and Unexpired Leases with the Debtors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left">B.</TD><TD STYLE="text-align: justify">Additional Documents</TD>
</TR></TABLE>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On or before the Effective
Date, the Debtors may File with the Bankruptcy Court such agreements and other documents as may be necessary or appropriate to
effectuate and further evidence the terms and conditions of the Plan. The Debtors or the Reorganized Debtors, as applicable, and
all Holders of Claims and Interests receiving distributions pursuant to the Plan and all other parties in interest shall, from
time to time, prepare, execute, and deliver any agreements or documents and take any other actions as may be necessary or advisable
to effectuate the provisions and intent of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left">C.</TD><TD STYLE="text-align: justify">Payment of Statutory Fees</TD>
</TR></TABLE>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All fees payable pursuant
to section&nbsp;1930(a) of the Judicial Code, including fees and expenses payable to the U.S. Trustee, as determined by the Bankruptcy
Court at a hearing pursuant to section&nbsp;1128 of the Bankruptcy Code, will be paid by each of the applicable Reorganized Debtors
for each quarter (including any fraction thereof) until the applicable Chapter&nbsp;11 Case of such Reorganized Debtor is converted,
dismissed, or closed, whichever occurs first.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left">D.</TD><TD STYLE="text-align: justify">Payment of Additional Restructuring Fees</TD>
</TR></TABLE>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Upon the
Confirmation Date, the Debtors shall pay all reasonable and documented unpaid fees and expenses of the Credit Facility Agent
Advisors (as defined in the Amended Restructuring Support Agreement), the Consenting Noteholder Advisors (as defined in the
Amended Restructuring Support Agreement), and the professionals retained by the Initial Backstop Parties (as defined in the
Backstop Agreement), and the Rowan Ad Hoc Group Fees (as defined in the Amended Restructuring Support Agreement) (other than
those fees and expenses incurred in pursuing the Harris County Litigation). Through the Effective Date, the Debtors shall pay
currently in cash all reasonable and documented fees and expenses of the Credit Facility Agent Advisors, the Consenting
Noteholder Advisors, and the Initial Backstop Parties, and the Rowan Ad Hoc Group Fees (other than those fees and expenses
incurred in pursuing the Harris County Litigation). On the Effective Date, all remaining unpaid and/or unreimbursed
reasonable and documented fees and expenses (including for the avoidance of doubt, any unrecoverable value added tax or
equivalent tax) of the Credit Facility Agent Advisors, the Consenting Noteholder Advisors, and the Initial Backstop Parties,
and the Rowan Ad Hoc Group Fees (for the avoidance of doubt, including the fees and expenses incurred in pursuing the Harris
County Litigation), will be paid in full in cash by the Debtors without any requirement for Bankruptcy Court review or
further Bankruptcy Court order. For the avoidance of doubt, neither the Credit Facility Agent Advisors, the Consenting
Noteholder Advisors, the Rowan Ad Hoc Group, nor the Initial Backstop Parties shall be required to file any interim or final
fee application with the Bankruptcy Court with respect to any invoices. All reasonable fees and expenses of the RCF Agent
Advisors and the Consenting Noteholders Advisors incurred following the Effective Date relating to the effectiveness and
closing of the Plan, the Restructuring Transactions, the Definitive Documents (including all Plan Supplement documents), the
UK Implementation Agreement, any other documents required to implement, issue and distribute the Newco Valaris Equity and New
Secured Notes, and in each case, any related documents, agreements, securities and transactions, shall be paid in full in
cash without any requirement for Bankruptcy Court review or further Bankruptcy Court order.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left">E.</TD><TD STYLE="text-align: justify">Reservation of Rights</TD>
</TR></TABLE>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except as expressly
set forth herein, the Plan shall have no force or effect unless the Bankruptcy Court shall enter the Confirmation Order. None of
the filing of the Plan, any statement or provision contained in the Plan, or the taking of any action by any Debtor with respect
to the Plan, the Disclosure Statement, or the Plan Supplement shall be or shall be deemed to be an admission or waiver of any rights
of any Debtor with respect to the Holders of Claims or Interests prior to the Effective Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left">F.</TD><TD STYLE="text-align: justify">Successors and Assigns</TD>
</TR></TABLE>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The rights, benefits,
and obligations of any Entity named or referred to in the Plan shall be binding on, and shall inure to the benefit of any heir,
executor, administrator, successor or assign, Affiliate, officer, director, agent, representative, attorney, beneficiaries, or
guardian, if any, of each such Entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left">G.</TD><TD STYLE="text-align: justify">Service of Documents</TD>
</TR></TABLE>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">After the Effective
Date, any pleading, notice, or other document required by the Plan to be served on or delivered to the Reorganized Debtors shall
be served on:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; text-indent: 0in"><B>Reorganized Debtors</B></TD>
    <TD STYLE="width: 62%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>VALARIS PLC<BR>
        </B>5847 San Felipe Street, Suite 3300</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Houston, TX 77057</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attn.: Michael McGuinty, Senior Vice President and General Counsel</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">E-mail: Michael.McGuinty@valaris.com<BR></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; text-indent: 0in"><B>Counsel to Debtors</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>KIRKLAND &amp; ELLIS LLP</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>KIRKLAND &amp; ELLIS INTERNATIONAL LLP</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Anup Sathy, P.C.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ross M. Kwasteniet, P.C.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Jeffrey W. Gettleman</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Spencer A. Winters</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">300 North LaSalle Street</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chicago, Illinois 60654</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Telephone: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(312) 862-2000</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Facsimile: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(312) 862-2200</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Email: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;asathy@kirkland.com</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 71.55pt">rkwasteniet@kirkland.com</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 71.55pt">jeffrey.gettleman@kirkland.com</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 71.55pt">spencer.winters@kirkland.com</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 71.55pt">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; text-indent: 0in"><B>United States Trustee</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in"><B>OFFICE OF THE UNITED STATES TRUSTEE<BR>
FOR THE SOUTHERN DISTRICT OF TEXAS</B><BR>
515 Rusk Street, Suite 3516<BR>
Houston, Texas 77002<BR>
Attn.:&nbsp;&nbsp;Hector Duran and Stephen Statham</TD></TR>
</TABLE>

<P STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left">H.</TD><TD STYLE="text-align: justify">Term of Injunctions or Stays</TD>
</TR></TABLE>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless otherwise provided
herein or in the Confirmation Order, all injunctions or stays in effect in the Chapter&nbsp;11 Cases (pursuant to sections 105
or 362 of the Bankruptcy Code or any order of the Bankruptcy&nbsp;Court) and existing on the Confirmation Date (excluding any injunctions
or stays contained in the Plan or the Confirmation Order)&nbsp;shall remain in full force and effect until the Effective Date.
All injunctions or stays contained in the Plan or the Confirmation Order shall remain in full force and effect in accordance with
their terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left">I.</TD><TD STYLE="text-align: justify">Entire Agreement</TD>
</TR></TABLE>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except as otherwise
indicated, and without limiting the effectiveness of the Amended Restructuring Support Agreement, the Plan supersedes all previous
and contemporaneous negotiations, promises, covenants, agreements, understandings, and representations on such subjects, all of
which have become merged and integrated into the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left">J.</TD><TD STYLE="text-align: justify">Plan Supplement</TD>
</TR></TABLE>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All exhibits and documents
included in the Plan Supplement are incorporated into and are a part of the Plan as if set forth in full in the Plan. After the
exhibits and documents are Filed, copies of such exhibits and documents shall be made available upon written request to the Debtors&rsquo;
counsel at the address above or by downloading such exhibits and documents from https://cases.stretto.com/Valaris or the Bankruptcy
Court&rsquo;s website at www.txs.uscourts.gov/bankruptcy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left">K.</TD><TD STYLE="text-align: justify">Non-Severability</TD>
</TR></TABLE>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If, prior to Confirmation,
any term or provision of the Plan is held by the Bankruptcy Court to be invalid, void, or unenforceable, the Bankruptcy Court,
at the request of the Debtors with the reasonable consent of the Required Consenting Creditors, shall have the power to alter and
interpret such term or provision to make it valid or enforceable to the maximum extent practicable, consistent with the original
purpose of the term or provision held to be invalid, void, or unenforceable, and such term or provision shall then be applicable
as altered or interpreted; <I>provided</I> that any such alteration or interpretation shall be consistent with the Amended Restructuring
Support Agreement and the Backstop Agreement and in form and substance reasonably satisfactory to the Required Consenting Creditors.
Notwithstanding any such holding, alteration, or interpretation, the remainder of the terms and provisions of the Plan will remain
in full force and effect and will in no way be affected, impaired, or invalidated by such holding, alteration, or interpretation.
The Confirmation Order shall constitute a judicial determination and shall provide that each term and provision of the Plan, as
it may have been altered or interpreted in accordance with the foregoing, is: (1) valid and enforceable pursuant to its terms;
(2) integral to the Plan and may not be deleted or modified without the Debtors&rsquo;&nbsp;consent, consistent with the terms
set forth herein; and (3) non-severable and mutually dependent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">L.</TD><TD STYLE="text-align: left">Votes Solicited in Good Faith</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Upon entry of the Confirmation
Order, the Debtors will be deemed to have solicited votes on the Plan in good faith and in compliance with the Bankruptcy Code,
and pursuant to section 1125(e) of the Bankruptcy Code, the Debtors and each of their respective Affiliates, agents, representatives,
members, principals, shareholders, officers, directors, employees, advisors, and attorneys will be deemed to have participated
in good faith and in compliance with the Bankruptcy Code in the offer, issuance, sale, and purchase of Securities offered and sold
under the Plan and any previous plan, and, therefore, neither any of such parties or individuals or the Reorganized Debtors will
have any liability for the violation of any applicable law, rule, or regulation governing the solicitation of votes on the Plan
or the offer, issuance, sale, or purchase of the Securities offered and sold under the Plan and any previous plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">M.</TD><TD STYLE="text-align: left">Waiver or Estoppel</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each Holder of a
Claim or an Interest shall be deemed to have waived any right to assert any argument, including the right to argue that its
Claim or Interest should be Allowed in a certain amount, in a certain priority, secured or not subordinated by virtue of an
agreement made with the Debtors or their counsel, or any other Entity, if such agreement was not disclosed in the Plan, the
Disclosure Statement, the Amended Restructuring Support Agreement, or papers Filed prior to the Confirmation Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left">N.</TD><TD STYLE="text-align: justify">Creditor Default</TD>
</TR></TABLE>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">An act or omission
by a Holder of a Claim or an Interest in contravention of the provisions of this Plan shall be deemed an event of default under
this Plan. Upon an event of default, the Reorganized Debtors may seek to hold the defaulting party in contempt of the Confirmation
Order and shall be entitled to reasonable attorneys&rsquo; fees and costs of the Reorganized Debtors in remedying such default.
Upon the finding of such a default by a creditor, the Bankruptcy Court may: (a) designate a party to appear, sign and/or accept
the documents required under the Plan on behalf of the defaulting party, in accordance with Bankruptcy Rule 7070; (b) enforce the
Plan by order of specific performance; (c) award judgment against such defaulting creditor in favor of the Reorganized Debtors
in an amount, including interest, to compensate the Reorganized Debtors for the damages caused by such default; and (d) make such
other order as may be equitable that does not materially alter the terms of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">O.</TD><TD STYLE="text-align: left">Dissolution of the Creditors Committee</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Following the Effective
Date, the Creditors Committee shall&nbsp;continue to exist until the Administration has concluded and shall have standing and a
right to be heard in the Bankruptcy Court solely for the following limited purposes:&nbsp; (a)&nbsp;applications, and any relief
related thereto, for compensation by Professionals and requests for allowance of Administrative Claims for substantial contribution
pursuant to section&nbsp;503(b)(3)(D) of the Bankruptcy Code; (b) any appeals of the Confirmation Order or other appeal to which
the Creditors Committee is a party; (c)&nbsp;modifications to the Rejection List or the Assumption List; and (d) any relief related
to the Administration; <I>provided</I> that the conduct of the Administration shall be subject to the jurisdiction of the courts
of, and determined in accordance with, the laws of England and Wales. &nbsp;Upon the final resolution of the last to occur of the
foregoing items, the Creditors Committee shall be dissolved, and the Creditors Committee Members and their respective Professionals
will cease to have any duty, obligation, or role arising from or related to the Chapter 11 Cases and shall be released and discharged
from all rights and duties from or related to the Chapter 11 Cases.&nbsp; The Reorganized Debtors shall not be responsible for
paying any fees or expenses incurred by Creditors Committee Members or advisors to the Creditors Committee after the Effective
Date, except for the limited purposes identified above; <I>provided</I> that any obligation on Reorganized Valaris to make any
payment shall be subject to to any applicable limitations under the laws of England and Wales.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: italic 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">P.</TD><TD STYLE="text-align: left">Closing of Chapter 11 Cases</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Reorganized Debtors
shall, promptly after the full administration of the Chapter 11 Cases, File all documents required by Bankruptcy Rule 3022 and
any applicable order of the Bankruptcy&nbsp;Court to close the Chapter&nbsp;11 Cases.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: justify"><FONT STYLE="font-size: 10pt">Dated:&nbsp;&nbsp;February 5, 2021</FONT></TD>
    <TD STYLE="width: 50%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">VALARIS PLC</FONT></P>
                           <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">on behalf of itself and all other Debtors</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt"><I>/s/ Jonathan Baksht</I></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Jonathan Baksht</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Executive Vice President and Chief Financial Officer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Valaris plc</P></TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Exhibit&nbsp;F</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Supplemental Disclosure Statement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>IN
THE UNITED STATES BANKRUPTCY COURT<BR>
FOR THE Southern district of TEXAS</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>HOUSTON
</B></FONT><FONT STYLE="text-transform: none">DIVISION</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; width: 55%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="width: 42%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In re:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Chapter 11</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">VALARIS PLC, <I>et al</I>.,<SUP>1</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Case No. 20-34114 (MI)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9;Debtors.</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Jointly Administered)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Emergency Hearing Requested)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>DISCLOSURE
STATEMENT SUPPLEMENT </B></FONT><B>RELATING<BR>
TO THE FOURTH AMENDED JOINT CHAPTER 11 PLAN OF REORGANIZATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><FONT STYLE="text-transform: uppercase"><B></B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase"><B>THE
DEBTORS ARE SENDING YOU THIS DOCUMENT (THE &#8220;<U>DISCLOSURE STATEMENT SUPPLEMENT</U>&#8221;) AS A SUPPLEMENT TO THE </B></FONT><B><I>DISCLOSURE
STATEMENT RELATING TO THE THIRD AMENDED JOINT CHAPTER 11 PLAN OF REORGANIZATION </I><FONT STYLE="text-transform: uppercase">[DOCKET&nbsp;NO.
879] (the &#8220;<U>disclosure statement</U>&#8221;) BECAUSE YOU ARE ENTITLED TO VOTE TO ACCEPT OR REJECT THE <I>DEBTORS&#8217;
Fourth</I></FONT><I> AMENDED JOINT CHAPTER 11 PLAN OF REORGANIZATION</I> <FONT STYLE="text-transform: uppercase">(AS MAY BE AMENDED
OR MODIFIED FROM TIME TO TIME AND WITH ALL EXHIBITS AND SUPPLEMENTS THERETO, THE &#8220;<U>Fourth Amended PLAN</U>&#8221;), filed
on February 5, 2021, WHICH HAS BEEN AMENDED with regard to, among other things, the TREATMENT OF CERTAIN CLAIMS UNDER THE <I>Debtors&#8217;
Third</I></FONT><I> AMENDED JOINT CHAPTER 11 PLAN OF REORGANIZATION </I><FONT STYLE="text-transform: uppercase">[Docket&nbsp;No.&nbsp;878]
(as subsequently modified, the&nbsp;&#8220;<U>third Amended Plan</U>&#8221;).<FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>2</SUP></FONT></FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-transform: uppercase"><B>Pursuant
to the terms of the order approving the Disclosure Statement and related Solicitation Procedures [Docket No. 884] (THE&nbsp;&#8220;<U>Disclosure
Statement Order</U>&#8221;), THE DEBTORS commenced SOLICITING VOTES TO APPROVE THE third Amended PLAN ON January 6, 2021. This&nbsp;disclosure
statement supplement summarizes, among other things, certain modifications to the third Amended plan. The statements contained
HEREIN do not purport to be precise or complete statements of all the terms and provisions of the fourth Amended Plan or documents
referred to therein, and reference is made to the fourth Amended Plan for the full and complete statement of such terms and provisions.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-transform: uppercase"><B>THE
CONTENTS OF THIS DISCLOSURE STATEMENT SUPPLEMENT MAY NOT BE DEEMED AS PROVIDING ANY LEGAL, FINANCIAL, SECURITIES, TAX, OR BUSINESS
</B></FONT><B>ADVICE. THE DEBTORS URGE EACH HOLDER OF A CLAIM OR INTEREST TO CONSULT WITH ITS OWN ADVISORS WITH RESPECT TO ANY
SUCH LEGAL, FINANCIAL, SECURITIES, TAX, OR BUSINESS ADVICE IN REVIEWING THE DISCLOSURE STATEMENT, THIS DISCLOSURE STATEMENT SUPPLEMENT,
THE <FONT STYLE="text-transform: uppercase">Fourth amended</FONT> PLAN, AND EACH OF THE PROPOSED TRANSACTIONS CONTEMPLATED THEREBY.
THE BANKRUPTCY COURT&#8217;S APPROVAL OF THE ADEQUACY OF DISCLOSURE CONTAINED IN THE DISCLOSURE STATEMENT <FONT STYLE="text-transform: uppercase">and
</FONT>THIS DISCLOSURE STATEMENT SUPPLEMENT DOES NOT CONSTITUTE THE BANKRUPTCY COURT&#8217;S APPROVAL OF THE <FONT STYLE="text-transform: uppercase">fourth
amended</FONT> PLAN.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>1</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">A complete list of each of the Debtors in these chapter 11 cases
may be obtained on the website of the Debtors&rsquo; claims and noticing agent at <U>http://cases.stretto.com/Valaris</U>.&nbsp;
The location of Debtor Ensco Incorporated&rsquo;s principal place of business and the Debtors&rsquo; service address in these chapter
11 cases is 5847 San Felipe Street, Suite 3300, Houston, Texas 77057. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>2</SUP></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">All
capitalized terms used but not otherwise defined in this Disclosure Statement Supplement shall have the meaning set forth in the
Fourth Amended Plan or the Disclosure Statement, as applicable.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NOTHING
IN THIS DISCLOSURE STATEMENT SUPPLEMENT MAY BE RELIED UPON OR USED BY ANY ENTITY FOR ANY OTHER PURPOSE. </B></FONT><B><FONT STYLE="text-transform: uppercase">In
the event of any inconsistency between the Disclosure Statement, the disclosure statement supplement, and the Plan, the relevant
provisions of the Plan will govern. </FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-transform: uppercase"><B>THE
DEBTORS HAVE NOT AUTHORIZED ANY PARTY TO GIVE ANY INFORMATION ABOUT OR CONCERNING THE FOURTH amended PLAN OTHER THAN THAT WHICH
IS CONTAINED IN THE DISCLOSURE STATEMENT AND THIS DISCLOSURE STATEMENT SUPPLEMENT. THE DEBTORS HAVE NOT AUTHORIZED ANY REPRESENTATIONS
CONCERNING THE DEBTORS OR THE VALUE OF THEIR PROPERTY OTHER THAN AS SET FORTH IN THE DISCLOSURE STATEMENT AND THIS DISCLOSURE STATEMENT
SUPPLEMENT. CLAIMANTS AND INTEREST HOLDERS SHOULD NOT RELY UPON ANY INFORMATION, REPRESENTATIONS, OR OTHER INDUCEMENTS MADE TO
OBTAIN ACCEPTANCE OF THE FOURTH amended PLAN THAT ARE OTHER THAN, OR INCONSISTENT WITH, THE INFORMATION CONTAINED HEREIN, IN THE
FOURTH amended PLAN, AND IN THE DISCLOSURE STATEMENT.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase"><B>THIS
DISCLOSURE STATEMENT SUPPLEMENT CONTAINS A SUMMARY OF CERTAIN EVENTS IN THE DEBTORS&#8217; CHAPTER 11 CASES AND EVENTS PRECEDING
THE DEBTORS&#8217; FILING OF THE CHAPTER 11 CASES. ALTHOUGH THE DEBTORS BELIEVE THAT THESE SUMMARIES ARE FAIR AND ACCURATE, THESE
SUMMARIES ARE QUALIFIED IN THEIR ENTIRETY TO THE EXTENT THAT THEY DO NOT SET FORTH EVERY DETAIL OF SUCH EVENTS. FACTUAL INFORMATION
CONTAINED IN THIS DISCLOSURE STATEMENT SUPPLEMENT HAS BEEN PROVIDED BY THE DEBTORS&#8217; MANAGEMENT EXCEPT WHERE OTHERWISE SPECIFICALLY
NOTED. THE DEBTORS DO NOT REPRESENT OR WARRANT THAT THE INFORMATION CONTAINED HEREIN OR ATTACHED HERETO IS WITHOUT ANY MATERIAL
INACCURACY OR OMISSION</B></FONT><B>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>THIS
DISCLOSURE STATEMENT SUPPLEMENT AND ANY DOCUMENTS RELATED THERETO</B></FONT><B> (INCLUDING, WITHOUT LIMITATION, THE PLAN, THE
PLAN SUPPLEMENT, AND THE RIGHTS OFFERING PROCEDURES) ARE NOT, AND SHOULD NOT BE CONSTRUED AS, AN INVITATION OR INDUCEMENT TO ENGAGE
IN ANY INVESTMENT ACTIVITY IN RELATION TO ANY SECURITIES TO WHICH THIS DISCLOSURE STATEMENT SUPPLEMENT, THE PLAN, THE PLAN SUPPLEMENT
OR ANY DOCUMENTS RELATED THERETO RELATE (INCLUDING THE NEW SECURED NOTES, THE SUBSCRIPTION RIGHTS, THE NEW WARRANTS, OR THE NEW
VALARIS EQUITY) SUCH AS WOULD AMOUNT TO A FINANCIAL PROMOTION IN THE UNITED KINGDOM FOR THE PURPOSES OF SECTION 21 OF THE FINANCIAL
SERVICES AND MARKETS ACT 2000 OF ENGLAND AND WALES (&#8220;<U>FSMA</U>&#8221;). IN THE UNITED KINGDOM, THE INFORMATION CONTAINED
IN THIS DISCLOSURE STATEMENT SUPPLEMENT OR ANY DOCUMENTS RELATED THERETO</B> <FONT STYLE="font-size: 10pt"><B>(INCLUDING, WITHOUT
LIMITATION, THE PLAN, THE PLAN SUPPLEMENT, AND THE RIGHTS OFFERING PROCEDURES) IS INTENDED ONLY FOR USE AND MAY ONLY BE RELIED
UPON IN RELATION TO ANY INVESTMENT ACTIVITY BY, AND ANY INVESTMENT ACTIVITY TO WHICH SUCH INFORMATION RELATES MAY ONLY BE ENGAGED
IN BY, PERSONS FALLING WITHIN ANY OF THE CIRCUMSTANCES OF ARTICLE 1(4) OF THE PROSPECTUS REGULATION WHO ARE AT THE RELEVANT TIME:
(I) INVESTMENT PROFESSIONALS WITHIN THE MEANING OF ARTICLE 19(5) OF THE FPO, (II) HIGH NET WORTH COMPANIES WITHIN THE MEANING
OF ARTICLE&nbsp;49(2)(A) TO (D) OF THE FPO, (III) PERSONS THAT ARE EXISTING MEMBERS OR CREDITORS OF THE ISSUER OF THE RELEVANT
SECURITIES, OR OF AN UNDERTAKING WHICH AT THE RELEVANT TIME IS IN THE SAME GROUP AS THE ISSUER OF THE RELEVANT SECURITIES, FALLING
WITHIN ARTICLE 43 OF THE FPO, OR (IV) PERSONS TO WHOM THE COMMUNICATION MAY OTHERWISE LAWFULLY BE COMMUNICATED (TOGETHER, THE
 &#8220;<U>PERMITTED UK PERSONS</U>&#8221;). ANY PERSON IN THE UNITED KINGDOM THAT IS NOT A PERMITTED UK PERSON IS NOT, FOR THE
PURPOSES OF ANY INVESTMENT OR INVESTMENT DECISION, AN INTENDED RECIPIENT OF THE INFORMATION CONTAINED IN THIS DISCLOSURE STATEMENT
SUPPLEMENT OR ANY DOCUMENT RELATED THERETO (INCLUDING, WITHOUT LIMITATION, THE PLAN, THE PLAN SUPPLEMENT, AND THE RIGHTS OFFERING
PROCEDURES) AND SHOULD NOT USE SUCH INFORMATION AS THE BASIS FOR TAKING ANY INVESTMENT ACTIVITY OR INVESTMENT ACTION. THIS DISCLOSURE
STATEMENT SUPPLEMENT AND ANY DOCUMENT RELATED THERETO (INCLUDING, WITHOUT LIMITATION, THE PLAN, THE PLAN SUPPLEMENT, AND THE RIGHTS
OFFERING PROCEDURES) SHOULD NOT (INSOFAR AS THEY RELATE TO ANY INVESTMENT OR INVESTMENT ACTIVITY) BE DISTRIBUTED, COMMUNICATED
TO, OR DIRECTED AT THE GENERAL PUBLIC IN THE UNITED KINGDOM OTHERWISE THAN AS DESCRIBED ABOVE.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>THIS DISCLOSURE
STATEMENT SUPPLEMENT AND ANY DOCUMENTS RELATED THERETO (INCLUDING, WITHOUT LIMITATION, THE PLAN, THE PLAN SUPPLEMENT, AND THE
RIGHTS OFFERING PROCEDURES) HAVE BEEN PREPARED ON THE BASIS THAT ANY OFFER OF THE NEW VALARIS EQUITY (INCLUDING THE PARTICIPATION
EQUITY AND THE ADDITIONAL BACKSTOP EQUITY), THE NEW SECURED NOTES (INCLUDING THE BACKSTOP PREMIUM AND THE COMMITMENT FEE NOTES),
OR THE SUBSCRIPTION RIGHTS ISSUED IN CONNECTION WITH THE PLAN, THE PLAN SUPPLEMENT, THE RIGHTS OFFERING, THE BACKSTOP AGREEMENT,
OR THE HOLDBACK WITHIN ANY MEMBER STATE OF THE EUROPEAN ECONOMIC AREA (THE &#8220;<U>EEA</U>&#8221;) OR IN THE UNITED KINGDOM
(EACH A &#8220;<U>RELEVANT STATE</U>&#8221;) WILL EITHER (I) NOT FORM PART OF ANY OFFER OR INVITATION TO PURCHASE, ACQUIRE, SUBSCRIBE
FOR, SELL, OTHERWISE DISPOSE OF, OR ISSUE ANY SECURITIES OR ANY SOLICITATION OF ANY OFFER TO PURCHASE, ACQUIRE, SUBSCRIBE FOR,
SELL, OR OTHERWISE DISPOSE OF, ANY SECURITY FOR THE PURPOSES OF REGULATION (EU) 2017/1129 (AS AMENDED OR SUPERSEDED, THE &#8220;<U>PROSPECTUS
REGULATION</U>&#8221;) AND/OR FSMA (AS APPLICABLE) OR (II) BE MADE PURSUANT TO AN EXEMPTION UNDER THE PROSPECTUS REGULATION AND/OR
FSMA (AS APPLICABLE) FROM THE REQUIREMENT TO PUBLISH A PROSPECTUS FOR THE OFFER OF TRANSFERABLE SECURITIES TO THE PUBLIC. IN&nbsp;RELATION
TO EACH RELEVANT STATE, NO OFFER OF THE NEW VALARIS EQUITY (INCLUDING THE PARTICIPATION EQUITY AND THE ADDITIONAL BACKSTOP EQUITY),
THE NEW SECURED NOTES, OR THE SUBSCRIPTION RIGHTS ISSUED IN CONNECTION WITH THE PLAN, THE PLAN SUPPLEMENT, THE DISCLOSURE STATEMENT,
THE RIGHTS OFFERING, THE BACKSTOP AGREEMENT OR THE HOLDBACK MAY BE MADE TO THE PUBLIC AT ANY TIME OTHER THAN PURSUANT TO AN EXEMPTION
UNDER THE PROSPECTUS REGULATION AND/OR FSMA (AS APPLICABLE). IN ANY RELEVANT STATE, THE PLAN, THE PLAN SUPPLEMENT, THE RIGHTS
OFFERING, THE HOLDBACK, AND THE RIGHTS OFFERING PROCEDURES ARE ONLY ADDRESSED TO AND DIRECTED AT: (I) &#8220;QUALIFIED INVESTORS&#8221;
IN THAT RELEVANT STATE WITHIN THE MEANING OF THE PROSPECTUS REGULATION OR FSMA (AS APPLICABLE, &#8220;<U>QUALIFIED INVESTORS</U>&#8221;),
(II) NOT MORE THAN 149 NATURAL OR LEGAL PERSONS, OTHER THAN QUALIFIED INVESTORS, PER RELEVANT STATE OR (III) ANY OTHER PERSON
IF SUCH ADDRESS OR DIRECTION DOES NOT OTHERWISE CONSTITUTE AN OFFER OF SECURITIES TO THE PUBLIC WITHIN THE MEANING OF THE PROSPECTUS
REGULATION (INCLUDING IN ANY OF THE OTHER CIRCUMSTANCES OF ARTICLE 1(4) OF THE PROSPECTUS REGULATION) AND/OR FSMA (INCLUDING IN
ANY OF THE OTHER CIRCUMSTANCES OF SECTION 86 OF FSMA). NONE OF THE COMPANY, NEW VALARIS HOLDCO, THE DEBTORS, OR ANY OF THEIR RESPECTIVE
AFFILIATES OR ANY PERSONS ACTING ON ANY OF THEIR BEHALVES HAS AUTHORIZED, NOR DO THEY AUTHORIZE, THE MAKING OF ANY OFFER OF THE
NEW VALARIS EQUITY (INCLUDING THE PARTICIPATION EQUITY AND THE ADDITIONAL BACKSTOP EQUITY), THE NEW SECURED NOTES (INCLUDING THE
BACKSTOP PREMIUM AND THE COMMITMENT FEE NOTES), OR THE SUBSCRIPTION RIGHTS THROUGH ANY FINANCIAL INTERMEDIARY, OTHER THAN AS MAY
BE CONTEMPLATED IN THIS DISCLOSURE STATEMENT SUPPLEMENT AND ANY DOCUMENTS RELATED THERETO (INCLUDING, WITHOUT LIMITATION, THE
PLAN, THE PLAN SUPPLEMENT, AND THE RIGHTS OFFERING PROCEDURES).</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>THE
ISSUANCE OF THE NEW VALARIS EQUITY (INCLUDING THE PARTICIPATION EQUITY AND THE ADDITIONAL BACKSTOP EQUITY), THE NEW SECURED NOTES
(INCLUDING THE BACKSTOP PREMIUM AND THE COMMITMENT FEE NOTES), AND THE SUBSCRIPTION RIGHTS IN CONNECTION WITH THE PLAN, THE PLAN
SUPPLEMENT, THE RIGHTS OFFERING, THE BACKSTOP AGREEMENT, OR THE HOLDBACK SHALL NOT CONSTITUTE AN INVITATION OR OFFER TO SELL, OR
THE SOLICITATION </B></FONT><B>OF AN INVITATION OR OFFER TO BUY, ANY SECURITIES IN CONTRAVENTION OF ANY APPLICABLE LAW IN ANY JURISDICTION.
NO ACTION HAS BEEN TAKEN, NOR WILL BE TAKEN, IN ANY JURISDICTION THAT WOULD PERMIT A PUBLIC OFFERING OF ANY OF THE NEW VALARIS
EQUITY (INCLUDING THE PARTICIPATION EQUITY AND THE ADDITIONAL BACKSTOP EQUITY), THE NEW SECURED NOTES (INCLUDING THE BACKSTOP PREMIUM
AND THE COMMITMENT FEE NOTES), AND THE SUBSCRIPTION RIGHTS IN ANY JURISDICTION WHERE SUCH ACTION FOR THAT PURPOSE IS REQUIRED.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-transform: uppercase"><B>The
Debtors make statements in this Disclosure Statement SUPPLEMENT that are considered forward-looking statements under federal securities
laws. The Debtors consider all statements regarding anticipated or future matters to be forward-looking statements. Forward-looking
statements may include statements about:</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B>THE DEBTORS&#8217; PLANS, OBJECTIVES, AND EXPECTATIONS, INCLUDING THOSE ASSOCIATED WITH THE
CHAPTER 11 CASES;</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>the Debtors&#8217; </B></FONT><B>BUSINESS STRATEGY;&nbsp;&nbsp;</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B>FUTURE SUPPLY AND DEMAND OF OFFSHORE DRILLING SERVICES INCLUDING EXPECTED UTILIZATION, DAY RATES,
CONTRACT TERMS, CONTRACT BACKLOG AND CUSTOMER DRILLING PROGRAMS;</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>the Debtors&#8217; </B></FONT><B>TECHNOLOGY;&nbsp;</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>the Debtors&#8217; </B></FONT><B>FINANCIAL CONDITION,
REVENUES, CASH FLOWS, AND EXPENSES;&nbsp;</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>the Debtors&#8217; </B></FONT><B>LEVELS OF INDEBTEDNESS,
LIQUIDITY, AND COMPLIANCE WITH DEBT COVENANTS;&nbsp;</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>the Debtors&#8217; </B></FONT><B>FINANCIAL STRATEGY,
BUDGET, PROJECTIONS, AND OPERATING RESULTS;&nbsp;</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B>THE AMOUNT, NATURE, AND TIMING OF THE DEBTORS&#8217; CAPITAL EXPENDITURES;&nbsp;</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B>AVAILABILITY AND TERMS OF CAPITAL;&nbsp;</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B>THE INTEGRATION AND BENEFITS OF ASSET AND PROPERTY ACQUISITIONS OR THE EFFECTS OF ASSET AND
PROPERTY ACQUISITIONS OR DISPOSITIONS AND DIVESTITURES ON THE DEBTORS&#8217; CASH POSITION AND LEVELS OF INDEBTEDNESS;&nbsp;</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B>COSTS OF CONDUCTING THE DEBTORS&#8217; OTHER OPERATIONS;&nbsp;</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B>GENERAL ECONOMIC AND BUSINESS CONDITIONS;&nbsp;</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B>EFFECTIVENESS OF THE DEBTORS&#8217; RISK MANAGEMENT ACTIVITIES;&nbsp;</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B>THE DEBTORS&#8217; ENVIRONMENTAL LIABILITIES;&nbsp;</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B>COUNTERPARTY CREDIT RISK;&nbsp;</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B>THE OUTCOME OF PENDING AND FUTURE LITIGATION;&nbsp;</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B>GOVERNMENTAL REGULATION AND TAXATION OF THE OIL AND NATURAL GAS INDUSTRY;</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B>DEVELOPMENTS IN OIL-PRODUCING AND NATURAL GAS-PRODUCING COUNTRIES; </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B>THE ADEQUACY OF THE DEBTORS&#8217; CAPITAL RESOURCES AND LIQUIDITY;&nbsp;</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B>RISKS IN CONNECTION WITH ACQUISITIONS;&nbsp;</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B>THE POTENTIAL ADOPTION OF NEW GOVERNMENTAL REGULATIONS; AND&nbsp;</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B>THE DEBTORS&#8217; ABILITY TO SATISFY FUTURE CASH OBLIGATIONS.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-transform: uppercase"><B>Statements
concerning these and other matters are not guarantees of the Reorganized Debtors&#8217; future performance. There are risks, uncertainties,
and other important factors that could cause the Reorganized Debtors&#8217; actual performance or achievements to be different
from those they may project, and the Debtors undertake no obligation to update the projections made herein. These risks, uncertainties,
and factors may include the following: </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase"><B>the
Debtors&#8217; ability to confirm and consummate the Plan; POTENTIAL OBJECTIONS TO THE CONFIRMATION OF THE DEBTORS&#8217; PLAN
OR OTHER PLEADINGS FILED THAT COULD PROTRACT THE CHAPTER 11 CASES; the potential that THE DEBTORS MAY NEED TO PURSUE AN ALTERNATIVE
TRANSACTION IF THE PLAN IS NOT CONFIRMED; the Debtors&#8217; ability to reduce their overall financial leverage; the potential
adverse impact of the Chapter 11 Cases on the Debtors&#8217; operations, management, and employees; the risks associated with
operating the Debtors&#8217; businesses during the Chapter&nbsp;11 Cases; THE DEBTORS&#8217; ABILITY TO COMPLY WITH THE RESTRICTIONS
AND OTHER COVENANTS IMPOSED BY THE DEBTORS&#8217; DIP CREDIT AGREEMENT AND OTHER FINANCING ARRANGEMENTS; customer responses to
the Chapter 11 Cases; the Debtors&#8217; inability to discharge or settle Claims during the Chapter&nbsp;11 Cases; THE length
OF TIME THAT THE DEBTORS WILL OPERATE UNDER CHAPTER 11 PROTECTION; THE DEBTORS&#8217; ability to attract and retain skilled personnel
on commercially reasonable terms, whether due to labor regulations, unionization, or otherwise, or to retain employees, customers,
or suppliers as a result of THE DEBTORS&#8217; financial condition generally or as a result of the Chapter 11 Cases; THE IMPACTS
OF THE DELISTING OF Valaris&#8217;s CLASS A ORDINARY SHARES FORM THE NEW YORK STOCK exchange; general economic, business, and
market conditions; currency fluctuations; interest rate fluctuations; price increases; exposure to litigation; a decline in the
Debtors&#8217; market share due to competition or price pressure by customers; the Debtors&#8217; ability to implement cost reduction
initiatives in a timely manner; the Debtors&#8217; ability to divest existing businesses; POTENTIAL ADDITIONAL IMPAIRMENTS; financial
conditions of the Debtors&#8217; customers INCLUDING DECREASES IN LEVELS OF DRILLING ACTIVITY AND CAPITAL EXPENDITURES; DELAYS
IN CONTRACT COMMENCEMENT DATES OR CANCELLATION, SUSPENSION, RENEGOTIATION, OR TERMINATION OF DRILLING CONTRACTS OR DRILLING PROGRAMS
AS A RESULT OF GENERAL AND INDUSTRY-SPECIFIC ECONOMIC CONDITIONS, MECHANICAL DIFFICULTIES, PERFORMANCE, OR OTHER REASONS; adverse
tax changes; limited access to capital resources; changes in domestic and foreign laws and regulations; trade balance; </B></FONT><B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">OIL
AND NATURAL GAS PRICES AND THE OVERALL HEALTH OF THE OIL AND NATURAL GAS INDUSTRY, INCLUDING THE DISPUTE OVER PRODUCTION LEVELS
AMONG MEMBERS OF THE ORGANIZATION OF PETROLEUM EXPORTING COUNTRIES AND OTHER OIL AND GAS PRODUCING NATIONS; </FONT><FONT STYLE="text-transform: uppercase">natural
disasters; </FONT>THE COVID-19 GLOBAL PANDEMIC, THE RELATED PUBLIC HEALTH MEASURES IMPLEMENTED BY GOVERNMENTS WORLDWIDE AND THE
DECLINE IN OIL PRICES DURING 2020, INCLUDING THE DURATION AND SEVERITY OF THE OUTBREAK, THE DURATION OF THE PRICE AND DEMAND DECLINE
AND THE EXTENT OF DISRUPTIONS TO THE DEBTORS&#8217; OPERATIONS; THE <FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase">occurrence
of cybersecurity incidents, attacks or other breaches to THE DEBTORS&#8217; information technology </FONT></B><B><FONT STYLE="text-transform: uppercase">systems,
including THE DEBTORS&#8217; rig operating systems; geopolitical instability; and the effects of governmental regulation on the
Debtors&#8217; businesses.</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in; color: #010000"><B>Article
I</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center; color: #010000">Supplemental
Disclosure Of Events in the Chapter 11 Cases</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000"><B>A.</B></FONT></TD><TD>The Amended RSA and the Fourth Amended Plan</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Following entry of
the Disclosure Statement Order on December&nbsp;30,&nbsp;2020, the Debtors commenced solicitation of votes for the Third Amended
Plan on January&nbsp;6,&nbsp;2021. During the solicitation period, the Debtors and several of their key stakeholders, including
the Ad Hoc Group and RCF Agent (on behalf of the Holders of Credit Facility Claims), continued to negotiate a consensual resolution
regarding the treatment of Credit Facility Claims set forth in the Third Amended Plan. On February 5, 2021, following extensive,
arm&#8217;s-length negotiations, the Debtors successfully executed an amended Restructuring Support Agreement (the&nbsp;&#8220;<U>Amended
RSA</U>&#8221;) with the Consenting Noteholders and the Consenting Lenders. The Amended RSA is attached hereto as <B><U>Exhibit
1</U></B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>As
a result of the Amended RSA, the Debtors anticipate having support for Confirmation of the Fourth Amended Plan from a substantial
majority of voting classes. The Amended RSA leaves the treatment of General Unsecured Creditors unmodified from the Third Amended
Plan, proposing full payment of General Unsecured Claims</B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A summary of the terms
of the Amended RSA, which terms have been incorporated into the Fourth Amended Plan, is set forth below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The Consenting Lenders had a seven-day period within which to elect to participate in the Rights
Offering and the Backstop Commitments and to receive one of two corresponding Plan treatments.<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>3</SUP></FONT>
That period expired on February 4, 2021, at 5:00 p.m., prevailing Central Time. Based on the results of that election:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Each New Money Participating Credit Facility Creditor will receive its <I>Pro Rata </I>share of
(i)&nbsp;5.340% of the New Valaris Equity, subject to dilution on account of the Management Incentive Plan and the New Warrants,
as applicable, (ii)&nbsp;2.427% of the New Secured Notes (and associated Participation Equity offered in the Rights Offering),
and (iii)&nbsp;$7,802,007.88 in Cash (the&nbsp;&#8220;<U>RCF New Money Participation Treatment</U>&#8221;).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Each Holder of an Allowed Credit Facility Claim that has become a Consenting Lender by the first
day of the Confirmation Hearing and is not a New Money Participating Credit Facility Creditor will receive its <I>Pro Rata</I>
share of (i) 22.980% of the New Valaris Equity, subject to dilution on account of the Management Incentive Plan and the New Warrants,
as applicable (the&nbsp;&#8220;<U>RCF Base Treatment Distributable Shares</U>&#8221;) and (ii) $96,053,481.87 in Cash (the&nbsp;&#8220;<U>Consenting
Lender Base Treatment Pool</U>&#8221;).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">In the event that not all Holders of Credit Facility Claims are Consenting Lenders, the Consenting
Lenders&#8217; <I>Pro Rata</I> share of the RCF Base Treatment Distributable Shares (the&nbsp;&#8220;<U>Consenting Base Treatment
Distributable Shares</U>&#8221;)will be reduced to reflect the amount of Cash such Consenting Lenders received.<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>4</SUP></FONT>
In such event, each Non-Consenting Lender will receive its <I>Pro
Rata </I>share of an allocation of RCF Base Treatment Distributable Shares equal to the aggregate of the RCF Base Treatment Distributable
Shares <I>minus</I> the Consenting Base Treatment Distributable Shares (the &#8220;<U>RCF Base Treatment Pool</U>&#8221;).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<!-- Field: Rule-Page --><DIV STYLE="width: 25%"><DIV STYLE="border-top: Black 1pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>3</SUP></FONT></TD><TD STYLE="text-align: justify">An illustrative one-page summary of the options presented to each of the Holders of Credit Facility
Claims is attached hereto as <B><U>Exhibit 4</U></B>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>4</SUP></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
aggregate of RCF Base Treatment Distributable Shares shall be multiplied by a fraction (i) the numerator of which is the aggregate
principal amount of Consenting Base Treatment Credit Facility Claims minus $96,053,481.87 and (ii) the denominator of which is
the aggregate principal amount of Base Treatment Credit Facility Claims minus $96,053,481.87.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Holders of the Senior Notes Claims will receive the same proportional treatments proposed under
the Third Amended Plan, with adjustments to the constitution of the Senior Notes Distributable Pool to account for the adjusted
allocations of New Valaris Equity and Subscription Rights to Holders of Credit Facility Claims. More specifically, under the Fourth
Amended Plan, the Senior Notes Distributable Pool is comprised of (i) 38.980% of the New Valaris Equity (as compared to 34.8% under
the Third Amended Plan) and (ii) 97.573% of the Subscription Rights (as opposed to 100% under the Third Amended Plan).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The Debtors will pay all unpaid reasonable and documented fees and expenses of the Credit Facility
Agent Advisors (as defined in the Amended RSA), the Consenting Noteholder Advisors (as defined in the Amended RSA), and the professionals
retained by the Initial Backstop Parties (as defined in the Backstop Agreement), and the Rowan Ad Hoc Group Fees (as defined in
the Amended RSA), whether incurred prior to, on, or after the Petition Date.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">All Credit Facility Letters of Credit will be replaced or cash collateralized pursuant to the terms
of the Credit Facility.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Plan Modifications
leave the rights of all other stakeholders substantially unaltered. The slight adjustments to the allocation of the Subscription
Rights and Backstop Premium are projected to have the following impacts on recoveries:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #A6A6A6">
    <TD COLSPAN="4" STYLE="border: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0.75in; text-align: center; text-indent: -0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>SUMMARY OF EXPECTED RECOVERIES</B></FONT></TD></TR>
<TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-right: Black 1pt solid; width: 10%; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Class</B></P></TD>
    <TD STYLE="border-right: Black 1pt solid; width: 30%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Claim/Equity</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Interest</B></P></TD>
    <TD STYLE="border-right: Black 1pt solid; width: 30%; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Projected Recovery<BR>
Under the <BR>
Third Amended Plan</B><SUP>5</SUP></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; width: 30%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Projected Recovery Under the <BR>
Fourth Amended Plan</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other Secured Claims</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">N/A</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">N/A</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other Priority Claims</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">N/A</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">N/A</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Credit Facility Claims</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">100%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">100%</FONT></TD></TR>
<TR STYLE="background-color: #E5E5E5">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pride Bond Claims</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">25.7%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">27.2%</FONT></TD></TR>
<TR STYLE="background-color: #E5E5E5">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Ensco International Bond Claims</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">17.2%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">19.1%</FONT></TD></TR>
<TR STYLE="background-color: #E5E5E5">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Jersey Bond Claims</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">29.6%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">31.4%</FONT></TD></TR>
<TR STYLE="background-color: #E5E5E5">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Valaris Bond Claims</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">14.9%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">15.8%</FONT></TD></TR>
<TR STYLE="background-color: #E5E5E5">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Legacy Rowan Bond Claims</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">20.0%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">21.2%</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">General Unsecured Claims</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">100%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">100%</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Newbuild Claims</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.2%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.2%</FONT></TD></TR>

<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Intercompany Claims</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">N/A</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">N/A</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Intercompany Interests</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">N/A</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">N/A</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">13</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Existing Interests in Valaris</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$11 million</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$11 million</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">14 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 510(b) Claims</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<!-- Field: Rule-Page --><DIV STYLE="width: 25%"><DIV STYLE="border-top: Black 1pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>5</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
projected recoveries for Classes 3, 4, 5, 6, 7, and 8 correspond to the mid-point of the valuation range in the analysis performed
by Lazard Fr&egrave;res &amp; Co. LLC, which is attached to the Disclosure Statement as <B><U>Exhibit&nbsp;F</U></B>. Subscription
Rights are assumed to have value equal to the value of the equity underlying the rights offering.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Debtors also engaged with various stakeholders, including the </FONT>Notes Trustees on the Debtors&#8217; series of Senior Notes,
regarding outstanding Claim amounts. Unless provided otherwise in a further amended or modified draft of the Plan, the Plan Modifications
provide that the following Claims shall be Allowed in the following amounts:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 70%; border-collapse: collapse">
<TR STYLE="background-color: #A6A6A6">
    <TD COLSPAN="3" STYLE="border: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0.75in; text-align: center; text-indent: -1.6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>CLAIM AMOUNTS</B></FONT></TD></TR>
<TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-right: Black 1pt solid; width: 18%; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Class</B></P></TD>
    <TD STYLE="border-right: Black 1pt solid; width: 43%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Claim</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; width: 39%; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Allowed Amount</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Credit Facility Claims</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">$581,000,000.02</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">in outstanding advances <I>plus </I>the
        amount of Credit Facility Letters of Credit and all accrued and accruing interest, costs, fees, and expenses</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pride Bond Claims</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$439,296,780.92</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Ensco International Bond Claims</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$114,229,893.60</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Jersey Bond Claims</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$863,607,717.29</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Valaris Bond Claims</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$3,123,087,570.34</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Legacy Rowan Bond Claims</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$2,178,878,109.04</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Based on the projections
attached to the Disclosure Statement as <U>Exhibit E</U>, the Debtors originally projected to emerge with total liquidity of approximately
$613.3 million. Due to the additional payment in cash to Holders of the Credit Facility Claims on the Effective Date as set forth
in the Fourth Amended Plan, the Debtors anticipate that total liquidity upon emergence will be approximately $508.4 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Debtors believe
that Confirmation of the Fourth Amended Plan represents the best avenue for the Debtors to reorganize and maximize value of their
estates for the benefit of all stakeholders. The&nbsp;Debtors have therefore prepared this Disclosure Statement Supplement to provide
further disclosure with respect to the value-maximizing Restructuring Transactions encompassed in the Fourth Amended Plan and described
herein and in the Disclosure Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in; color: #010000"><B>Article
II</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center; color: #010000">Summary
of Plan modifications</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This section provides
a summary of the material modifications to the structure, means for implementation of, and treatment of Claims and Interests under
the Fourth Amended Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The statements contained
in this Disclosure Statement Supplement include summaries of the provisions contained in the Fourth Amended Plan and the related
documents referred to therein. The&nbsp;statements contained in this Disclosure Statement Supplement do not purport to be precise
or complete statements of all the terms and provisions of the Fourth Amended Plan or documents referred to therein, and reference
is made to the Fourth Amended Plan and the documents referred to therein for the full and complete statement of such documents&#8217;
terms and provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Fourth Amended
Plan controls the actual treatment of Claims against, and Interests in, the Debtors under the Fourth Amended Plan and will, upon
the occurrence of the Effective Date, be binding upon all Holders of Claims against, and Interests in, the Debtors, the Debtors&#8217;
estates, the Reorganized Debtors, all parties receiving property under the Fourth Amended Plan, and other parties in interest.
In the event of any conflict between this Disclosure Statement Supplement, the Disclosure Statement, and the Fourth Amended Plan
or any other operative document, the terms of the Fourth Amended Plan (or such other operative document) shall control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000"><B>A.</B></FONT></TD><TD>Modifications to the Treatment of Claims</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
treatment of Claims pursuant to the Fourth Amended Plan has been modified as set forth below. As used herein, <I>Pro Rata</I></FONT>
means (i) in the case of distributions from the Consenting Lender Base Treatment Pool, the proportion that an Allowed Claim of
a Consenting Base Treatment Lender bears to the aggregate amount of Allowed Claims of Consenting Base Treatment Lenders; (ii) in
the case of distributions from the RCF Base Treatment Pool, the proportion that an Allowed Claim of a Non-Consenting Lender bears
to the aggregate amount of Allowed Claims held by all Non<B>-</B>Consenting Lenders; (iii) in the case of RCF New Money Participation
Treatment provided to New Money Participating Credit Facility Creditors, the proportion that an Allowed Claim of a New Money Participating
Credit Facility Creditor bears to the aggregate amount of Allowed Claims of New Money Participating Credit Facility Creditors;
and (iv) in all other instances, the proportion that an Allowed Claim or an Allowed Interest in a particular Class bears to the
aggregate amount of Allowed Claims or Allowed Interests in that Class.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="font-style: normal; width: 0.5in; text-align: left; font-weight: normal"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.</FONT></TD><TD STYLE="font-style: normal; text-align: justify; font-weight: normal"><U>Class
                                         3 &#8212; Credit Facility Claims</U></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: justify"><I>Classification</I>: Class 3 consists of any Credit
Facility Claims.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="text-align: justify"><I>Allowed Amount</I>: The Credit Facility Claims shall
be Allowed in the full amount due and owing under the Credit Agreement, including without limitation not less than $581,000,000.02
in outstanding advances <I>plus </I>the amount of Credit Facility Letters of Credit and all accrued and accruing interest, costs,
fees, and expenses.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)</FONT></TD><TD STYLE="text-align: justify"><I>Treatment</I>:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)</FONT></TD><TD STYLE="text-align: justify">Base Treatment:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)</FONT></TD><TD STYLE="text-align: justify">Each Non-Consenting Lender shall receive its Pro Rata share of the RCF Base Treatment Pool;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)</FONT></TD><TD STYLE="text-align: justify">each Consenting Base Treatment Lender shall receive its Pro Rata share of the Consenting Lender
Base Treatment Pool; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">(ii)</FONT></TD><TD STYLE="text-align: justify">New Money Participating Credit Facility Creditor Treatment:
Each New Money Participating Credit Facility Creditor shall receive its Pro Rata share of the RCF New Money Participation Treatment;
and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">(iii)</FONT></TD><TD STYLE="text-align: justify">on or prior to the Effective Date, all Credit Facility
Letters of Credit shall be replaced or cash collateralized as provided in Article IV.S of the Plan.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)</FONT></TD><TD STYLE="text-align: justify"><I>Voting</I>: Class 3 is Impaired under the Plan. Holders
of Allowed Credit Facility Claims are entitled to vote to accept or reject the Plan.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">As
used in the following treatment descriptions, &#8220;<U>Senior Notes Distributable Pool</U>&#8221; means </FONT>(a)&nbsp;38.980%
of the New Valaris Equity, subject to dilution on account of the Management Incentive Plan, the Newbuild Equity Pool, and the New
Warrants, as applicable, and (b) 97.573% of the Subscription Rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="font-style: normal; width: 0.5in; text-align: left; font-weight: normal"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.</FONT></TD><TD STYLE="font-style: normal; text-align: justify; font-weight: normal"><U>Class
                                         4 &#8212; Pride Bond Claims</U></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: justify"><I>Classification</I>: Class 4 consists of any Pride
Bond Claims.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="text-align: justify"><I>Allowed Amount</I>: $439,296,780.92</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)</FONT></TD><TD STYLE="text-align: justify"><I>Treatment</I>: Each Holder of an Allowed Pride Bond
Claim shall receive its <I>Pro Rata</I> share (as determined as a percentage of all Allowed Pride Bond Claims) of:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)</FONT></TD><TD STYLE="text-align: justify">8.808% of the Senior Notes Distributable Pool; and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">(ii)</FONT></TD><TD STYLE="text-align: justify">an aggregate $1.25 million payment in cash.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)</FONT></TD><TD STYLE="text-align: justify"><I>Voting</I>: Class 4 is Impaired under the Plan. Holders
of Allowed Pride Bond Claims are entitled to vote to accept or reject the Plan.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="font-style: normal; width: 0.5in; text-align: left; font-weight: normal"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.</FONT></TD><TD STYLE="font-style: normal; text-align: justify; font-weight: normal"><U>Class 5 &#8212; Ensco International Bond Claims</U></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: justify"><I>Classification</I>: Class 5 consists of any Ensco
International Bond Claims.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="text-align: justify"><I>Allowed Amount</I>: $114,229,893.60</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)</FONT></TD><TD STYLE="text-align: justify"><I>Treatment</I>: Each Holder of an Allowed Ensco International
Bond Claim shall receive its <I>Pro Rata</I> share (as&nbsp;determined as a percentage of all Allowed Ensco International Bond
Claims) of:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)</FONT></TD><TD STYLE="text-align: justify">1.549% of the Senior Notes Distributable Pool; and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">(ii)</FONT></TD><TD STYLE="text-align: justify">an aggregate $1 million payment in cash.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)</FONT></TD><TD STYLE="text-align: justify"><I>Voting</I>: Class 5 is Impaired under the Plan. Holders
of Allowed Ensco&nbsp;International Bond Claims are entitled to vote to accept or reject the Plan.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> <U>Class 6 &#8212; Jersey Bond Claims</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Classification</I>:
Class 6 consists of any Jersey Bond Claims.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Allowed Amount</I>: $863,607,717.29</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Treatment</I>:
Each Holder of an Allowed Jersey Bond Claim shall receive its <I>Pro Rata</I> share (as&nbsp;determined as a percentage of all
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allowed Jersey Bond Claims) of 20.204% of the Senior Notes Distributable Pool.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Voting</I>:
Class 6 is Impaired under the Plan. Holders of Allowed Jersey Bond Claims are entitled to vote to accept or reject the &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Class 7 &#8212; Valaris Bond Claims</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Classification</I>:
Class 7 consists of any Valaris Bond Claims.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Allowed Amount</I>: $3,123,087,570.34</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Treatment</I>: Each Holder of an Allowed Valaris Bond Claim shall receive its <I>Pro Rata</I> share (as determined as
a percentage of all &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allowed Valaris Bond Claims) of 36.834% of the Senior Notes Distributable Pool.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Voting</I>:
Class 7 is Impaired under the Plan. Holders of Allowed Valaris Bond Claims are entitled to vote to accept or reject the &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Class 8 &#8212; Legacy Rowan Bond Claims</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Classification</I>: Class 8 consists of any Legacy Rowan Bond Claims.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Allowed
Amount</I>: $2,178,878,109.04</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.75in; text-align: justify; text-indent: -0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Treatment</I>:
Each Holder of an Allowed Legacy Rowan Bond Claim shall receive its <I>Pro Rata</I> share (as&nbsp;determined as a &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;percentage
of all Allowed Legacy Rowan Bond Claims) of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: -0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>32.605% of the Senior Notes Distributable Pool; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>an aggregate $23.75 million payment in cash.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><I>Voting</I>:
Class 8 is Impaired under the Plan. Holders of Allowed Legacy Rowan Bond Claims are entitled to vote to accept or &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reject the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000"><B>B.</B></FONT></TD><TD>The Rights Offering</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Article
IV.C.1</U></FONT> of the Fourth Amended Plan has been amended to reflect the New Money Participating Credit Facility
Creditors&#8217; participation in the Rights Offering, which provides for, among other things, an amended allocation of the
Subscription Rights and the Backstop Premium. Holders of Senior Notes Claims as of the Record Date will be offered 97.573% of
the Subscription Rights, and 2.427% of the Subscription Rights will be purchased directly by New Money Participating Credit
Facility Creditors. The Backstop Parties, including New Money Participating Credit Facility Creditors, will have the
exclusive right and obligation to purchase 37.5% of the New Secured Notes offered in the Rights Offering (such amount,
the&nbsp;&#8220;<U>Holdback</U>&#8221;). The Senior Notes Backstop Parties will have the exclusive right and obligation to
participate in 97.6% of the Holdback, and the Lender Backstop Parties will have the exclusive right and obligation to
participate in 2.4% of the Holdback.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
addition, the Backstop Premium under the Fourth Amended Plan has been amended to reflect the participation of the New Money Participating
Credit Facility Creditors. The Senior Notes Backstop Parties who previously would have received $50&nbsp;million in New Secured
Notes for the Backstop Premium under the Third Amended Plan, will instead receive $48.786 million in New Secured Notes, with the
remaining $1.214 million reserved for the Lender Backstop Parties. The Senior Notes Backstop Parties who previously would have
received an additional 2.70% of the New Valaris Equity in exchange for their commitments as set forth in the Backstop Agreement
will instead receive 2.634%, with the remaining 0.066% reserved for the Lender Backstop Parties</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010000"><B>Article
III</B></FONT><BR>
Continued Solicitation and Voting Procedures</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On February<FONT STYLE="font-family: Wingdings">&#168;</FONT>, 2021, the Bankruptcy Court entered the <I>Order (I) Approving the Debtors&#8217; Continued Solicitation of the
Fourth Amended Plan and the Adequacy of the Supplemental Disclosure in Connection Therewith, (II) Modifying Certain Deadlines
and Procedures in Connection with Plan Confirmation, (III) Approving the Form of Ballots in Connection Therewith, and
(IV)&nbsp;Granting Related Relief</I>, which, among other things, approved the adequacy of the <I>Disclosure Statement
Supplement Relating to the Fourth Amended Joint Chapter 11 Plan of Reorganization</I> (the &#8220;<U>Continued Solicitation
Order</U>&#8221;), which, among other things, approved the Disclosure Statement Supplement and modified the dates and
deadlines for the following items in the confirmation schedule established by paragraph&nbsp;4 of the Disclosure Statement
Order. All other dates and deadlines remain unchanged.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 28%; padding-top: 12pt; padding-bottom: 12pt; font-weight: bold; text-align: center; text-indent: 0in"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">Event</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 33%; padding-top: 12pt; padding-bottom: 12pt; font-weight: bold; text-align: center; text-indent: 0in"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">Original Date</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; width: 39%; padding-top: 12pt; padding-bottom: 12pt; font-weight: bold; text-align: center; text-indent: 0in"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">Revised Date</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Supplemental Solicitation Deadline</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">N/A</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">February 12</FONT><FONT STYLE="font-size: 10pt">, 2021 (or as soon as reasonably practicable thereafter)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Deadline for Non-Backstop Parties to Revoke Rights Offering Subscriptions</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">N/A</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">February 23, 2021,</FONT> <FONT STYLE="font-size: 10pt">at 5:00 p.m., prevailing Central Time</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Voting Deadline</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">February 3</FONT><FONT STYLE="font-size: 10pt">, 2021, at 4:00 p.m., prevailing Central Time</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">February 25</FONT><FONT STYLE="font-size: 10pt">, 2021, at 5:00 p.m., prevailing Central Time</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Plan Modifications Objection Deadline</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">N/A<SUP>6</SUP></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">February 25</FONT><FONT STYLE="font-size: 10pt">, 2021, at 5:00 p.m., prevailing Central Time</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Deadline to File Confirmation Brief</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">February 9, 2021, </FONT><FONT STYLE="font-size: 10pt">at 4:00 p.m., prevailing Central Time</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">March 1</FONT><FONT STYLE="font-size: 10pt">, 2021, at 5:00 p.m., prevailing Central Time</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Deadline to File Voting Report</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">February 9, 2021, </FONT><FONT STYLE="font-size: 10pt">at 4:00 p.m., prevailing Central Time</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">March 1</FONT><FONT STYLE="font-size: 10pt">, 2021, at 5:00 p.m., prevailing Central Time</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 28%; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Confirmation Hearing Date</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 33%; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">February 11, 2021, </FONT><FONT STYLE="font-size: 10pt">at 1:30 p.m., prevailing Central Time</FONT></TD>
    <TD STYLE="border: Black 1pt solid; width: 39%; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">March 3, 2021, at 1:30 p.m</FONT><FONT STYLE="font-size: 10pt">., prevailing Central Time</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 25%"><DIV STYLE="border-top: Black 1pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>6</SUP></TD><TD STYLE="text-align: justify">The original Plan Objection Deadline expired February
3, 2021 at 4:00 p.m., prevailing Central Time. The extended deadline applies solely to the Plan Modifications.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Other than as set forth
in the Continued Solicitation Order, all provisions of the Disclosure Statement Order remain in full force and effect; including,
for the avoidance of doubt, setting December&nbsp;1,&nbsp;2020 as the Voting Record Date. <B><U>For the avoidance of doubt, if
a Ballot is submitted for the Third Amended Plan and no subsequent Ballot is received for the Fourth Amended Plan, the Ballot received
for the Third Amended Plan shall count toward the Fourth Amended Plan.</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Copies
of the Fourth Amended Plan and a redline highlighting all of the Plan Modifications are attached hereto. Copies of the Disclosure
Statement, the Continued Solicitation Order, the Disclosure Statement Order, and all other pleadings in the Chapter 11 Cases can
be obtained (a) for a fee via PACER at http://www.txs.uscourts.gov; or (b) at no charge from Stretto (the &#8220;<U>Notice and
Claims Agent</U>&#8221;) by: (a) accessing the Debtors&#8217; restructuring website at <U>https://cases.stretto.com/valaris</U>;
(b)&nbsp;writing to Stretto at Valaris plc, et al., Ballots, c/o Stretto, 410 Exchange, Suite 100, Irvine, CA 92602; (c)&nbsp;emailing
</FONT>ValarisInquiries@stretto.com; or (d) calling the Notice and Claims Agent at:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">U.S. Toll Free: (855)&nbsp;348&#45;2032</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">International: (949)&nbsp;266&#45;6309</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">You may also obtain
copies of any pleadings filed in the Chapter 11 Cases for a fee via PACER at: <U>http://www.txs.uscourts.gov</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010000"><B>Article
IV</B></FONT><FONT STYLE="color: red"><BR>
</FONT>Additional Risk Factors</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000"><B>A.</B></FONT></TD><TD>The Debtors May Not Be Able to Satisfy the Conditions Precedent to Consummation of the Fourth Amended Plan.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To the extent that
the Debtors are unable to satisfy the conditions precedent to consummation of the Fourth&nbsp;Amended Plan, the Debtors may be
unable to consummate the Fourth Amended Plan, which may cause certain stakeholders or parties in interest to terminate their support
for the Fourth Amended Plan prior to the Confirmation or Consummation of the Fourth Amended Plan. Any such loss of support could
adversely affect the Debtors&#8217; ability to confirm and consummate the Fourth Amended Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010000"><B>Article
V</B></FONT><BR>
CERTAIN UNITED STATES FEDERAL INCOME TAX CONSEQUENCES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Modifications under
the Fourth Amended Plan have resulted in revised treatment of Holders in Class&nbsp;3 that hold Credit Facility Claims. In the
Third Amended Plan, Holders in Class 3 that hold Credit Facility Claims, were entitled to receive New Valaris Equity. In the Fourth
Amended Plan, certain of such Holders are entitled to receive a combination of Subscription Rights and/or Cash in addition to New
Valaris Equity. Consequently, the treatment of U.S. Holders of Credit Facility Claims for U.S. federal income tax purposes described
in the Disclosure Statement is no longer applicable to all such Holders in light of revisions under the Fourth Amended Plan, as
discussed in this Disclosure Statement Supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A U.S. Holder of
an Allowed Credit Facility Claim is generally expected to be treated as receiving its distribution under the Fourth Amended
Plan in a taxable exchange under section 1001 of the Tax Code. Accordingly, other than with respect to any amounts received
that are attributable to accrued but untaxed interest (or &#8220;OID&#8221;), a U.S. Holder of such Allowed Claim would
recognize gain or loss equal to the difference between: (a) (1) the amount of the Cash received plus (2) the value of (A) the
Holder&#8217;s Pro Rata Share of the RCF Base Treatment Distributable Shares or (B) the Holder&#8217;s Pro Rata Share of the
RCF Participation Distributable Shares, as applicable and (b) such U.S. Holder&#8217;s adjusted basis in such Claim.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010000"><B>Article
VI</B></FONT><BR>
Recommendation and Conclusion</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the opinion of the
Debtors, the Fourth Amended Plan is preferable to all other available alternatives and provides for a larger distribution to the
Debtors&#8217; creditors than would otherwise result in any other scenario. Accordingly, the Debtors recommend that Holders of
Claims entitled to vote on the Fourth Amended Plan vote to accept the Fourth Amended Plan and support Confirmation of the Fourth&nbsp;Amended
Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Dated:&nbsp;&nbsp;February 5, 2021</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">VALARIS PLC <BR>
on behalf of itself and all other Debtors</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>/s/ Jonathan Baksht</I></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Jonathan Baksht</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Executive Vice President and Chief Financial Officer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Valaris plc</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B><U>Exhibit 1</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Amended RSA</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>[Intentionally omitted.]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Exhibit 2</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Fourth Amended Plan </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>[Intentionally omitted.]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Exhibit 3</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Fourth Amended Plan (Redline)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>[Intentionally omitted.]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Exhibit 4</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Illustrative Summary of RCF Lender Options
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>&nbsp;</B><IMG SRC="tm215634d1_img001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="tm215582d1_ex10-1img002.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

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</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>tm215582d1_ex10-2.htm
<DESCRIPTION>EXHIBIT 10.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="text-align: right; margin: 0pt"><B>Exhibit 10.2</B></P>

<P STYLE="margin: 0pt; text-align: right">&nbsp;</P>

<P STYLE="margin: 0pt; text-align: right">Execution Version</P>

<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">AMENDMENT AND JOINDER TO BACKSTOP COMMITMENT
AGREEMENT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">THIS AMENDMENT AND JOINDER
(this &ldquo;<B><U>Agreement</U></B>&rdquo;) TO THE BACKSTOP COMMITMENT AGREEMENT by and among Valaris plc, a company organized
under the Laws of England and Wales (the &ldquo;<B><U>Company</U></B>&rdquo;) and each of its direct and indirect debtor subsidiaries
that files chapter 11 cases (the &ldquo;<B><U>Chapter 11 Cases</U></B>&rdquo;) under Title 11 of the United States Code, 11 U.S.C.
 &sect;&sect;&nbsp;101-1532 (as it may be amended from time to time, the&nbsp;&ldquo;<B><U>Bankruptcy Code</U></B>&rdquo;) in the
Bankruptcy Court (together with the Company, each a &ldquo;<B><U>Debtor</U></B>&rdquo; and, collectively, the &ldquo;<B><U>Debtors</U></B>&rdquo;),
on the one hand, and the Backstop Parties party thereto, dated as of August 18, 2020, as previously amended (and as may be further
amended, supplemented or otherwise modified from time to time in accordance with its terms, the &ldquo;<B><U>BCA</U></B>&rdquo;),
is made by and among the Requisite Backstop Parties and the Debtors as of February 5, 2021. Capitalized terms used but not otherwise
defined herein shall have the meaning ascribed to such terms in the BCA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">RECITALS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">WHEREAS, on August 18,
2020, the Company, the other Debtors and the Initial Backstop Parties entered into the BCA and a related Restructuring Support
Agreement, which provides for the restructuring of the Debtors&rsquo; capital structure and financial obligations pursuant to a
plan of reorganization (the &ldquo;<B><U>Plan</U></B>&rdquo;) in the Chapter 11 Cases implementing the terms and conditions of
the Restructuring;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">WHEREAS, the BCA was
amended by the Requisite Backstop Parties and the Debtors on September 10, 2020 to extend the period for which holders of Senior
Notes Claims could join the BCA pursuant to Section 2.7 of the BCA;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">WHEREAS, the BCA was
amended by the Requisite Backstop Parties and the Debtors on January 22, 2021, as set forth on <U>Exhibit A</U>, to update certain
funding mechanics with respect to funding required by Backstop Parties that are lenders under the Debtors&rsquo; debtor-in-possession
credit facility pursuant to Section 2.4 of the BCA; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">WHEREAS, the Requisite
Backstop Parties and the Debtors desire to further amend the Restructuring Support Agreement and the BCA to facilitate the joinder
by certain holders of Credit Facility Claims to such agreements by allowing such holders to participate in certain rights and obligations
set forth herein and therein by way of joinder to the BCA pursuant to <U>Section 5.4</U> of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">NOW, THEREFORE, in consideration
of the mutual promises, agreements, representations, warranties and covenants contained herein, each of the parties hereto hereby
agrees as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-weight: normal; color: #010000">ARTICLE
I</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-weight: normal; color: #010000"></FONT>Definitions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section
1.1&nbsp;&nbsp; <U>Definitions</U>. The BCA shall be amended to include the following definitions in Section 1.1 thereof,
placed in alphabetical order therein, and to the extent any such term had previously been defined therein, such previous
definition is hereby amended and restated in its entirety as set forth herein:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B><U>Additional
Backstop Party</U></B>&rdquo; means each Person that is a qualified institutional buyer (as defined in Rule 144A under the Securities
Act) or an Institutional Accredited Investor (which is an &ldquo;accredited investor&rdquo; as such term is defined in Rule 501(a)(1),
(2), (3) or (7) under the Securities Act) and that is a holder of any Senior Notes Claim or Credit Facility Claim against the Debtors
that agrees to participate in the Backstop Commitment by joining this Agreement and the Restructuring Support Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B><U>Backstop
Commitment Percentage</U></B>&rdquo; means, with respect to each Backstop Party, the percentage set forth opposite such Backstop
Party&rsquo;s name under the column titled &ldquo;<U>Backstop Commitment Percentage</U>&rdquo; on <U>Schedule 1</U> (as it may
be amended, supplemented or otherwise modified from time to time in accordance with this Agreement). <U>Schedule 1</U> shall be
redacted in any public filings with the SEC, the Bankruptcy Court or otherwise and shall be updated from time to time to reflect
the addition of Additional Backstop Parties that become party hereto, which updates shall be provided to the counsel to the Initial
Backstop Parties upon reasonable request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B><U>Backstop
Party Default</U></B>&rdquo; means the failure by (i) any Backstop Party other than an RCF Lender Backstop Party to deliver and
pay the aggregate Purchase Price for such Backstop Party&rsquo;s Backstop Commitment Percentage of Backstop Securities or Additional
Notes, (ii) any RCF Lender Backstop party to deliver and pay the aggregate Purchase Price for the Rights Offering Securities such
RCF Lender Backstop Party is obligated to purchase under <U>Section 2.1(b)</U> or (iii) any Backstop Party to deliver and pay the
aggregate Purchase Price for such Backstop Party&rsquo;s Backstop Commitment Percentage of Holdback Securities, in each case by
the Backstop Escrow Funding Date in accordance with <U>Section&nbsp;2.4</U> and/or <U>Section 3.5</U>, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B><U>Credit Facility
Claims</U></B>&rdquo; shall have the meaning set forth in the Plan with respect to each RCF Lender Backstop Party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B><U>Deemed Claim
Amount</U></B>&rdquo; means, (a) for any Person other than an RCF Lender Backstop Party, the sum of each Claims Amount of such
Person <I>multiplied by</I> the applicable Claims Multiplier and (b) for each RCF Lender Backstop Party, an amount equal to its
Credit Facility Claim.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B><U>RCF Lender
Backstop Party</U></B>&rdquo; means those Persons identified as &ldquo;RCF Lender Backstop Parties&rdquo; on <U>Schedule 1</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section 1.2&nbsp;&nbsp;
<U>Additional Defined Terms</U>. The BCA shall be amended to include the following definitions in Section 1.2 thereof, in alphabetical
order therein:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 85%; margin-left: 1in">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 30%">Equity Premium</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; width: 70%">Section 3.4</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Remaining New Secured Notes</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">Section 2.1(a)</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section
1.3&nbsp;&nbsp; <U>Replaced Defined Terms</U>. The BCA shall be amended to delete the defined term &ldquo;Holdback Commitment
Percentage&rdquo; and to replace each other use of &ldquo;Holdback Commitment Percentage&rdquo; in the Agreement with
 &ldquo;Backstop Commitment Percentage&rdquo;; provided, however that where the terms &ldquo;Backstop Commitment Percentage or
Holdback Commitment Percentage&rdquo; are used together, such language shall be replaced with &ldquo;Backstop Commitment
Percentage&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-weight: normal; text-transform: none; color: #010000">ARTICLE
II</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-weight: normal; text-transform: none; color: #010000"></FONT>BACKSTOP COMMITMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section 2.1&nbsp;&nbsp;
<U>The Rights Offering</U>. Sections 2.1(a) and 2.1(b) of the BCA shall be amended and restated in their entirety as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Rights Offering Allocation. </I>On and subject to the terms and conditions hereof, the Debtors and Issuer, if applicable,
shall conduct the Rights Offering pursuant to and in accordance with the Plan, the Rights Offering Procedures and the Disclosure
Statement Order. The Backstop Parties shall be offered the Holdback Notes offered in the Rights Offering, together with the corresponding
Holdback Shares, allocated among such Backstop Parties based on the Backstop Commitment Percentage of such Backstop Parties and
the remaining $312,500,000 of the New Secured Notes offered in the Rights Offering (the &ldquo;<B><U>Remaining New Secured Notes</U></B>&rdquo;),
together with the corresponding Participation Equity, shall be offered to the holders of Senior Notes Claims and the RCF Lender
Backstop Parties holding Credit Facility Claims (including, for the avoidance of doubt, the Backstop Parties) (each such holder,
a &ldquo;<B><U>Holder</U></B>&rdquo;), allocated among such Holders based on the Deemed Claim Amount of each such Holder relative
to the Deemed Claim Amount of all such Holders of Senior Notes Claims (in the case of Senior Notes Claims) or RCF Lender Backstop
Parties (in the case of Credit Facility Claims), as applicable (such amount, per Holder, the &ldquo;<B><U>Holder Subscription Rights</U></B>&rdquo;).
For the avoidance of doubt, (x) in no event will (i) any Backstop Party or Holder have oversubscription Rights or privileges or
(ii) Rights offered in the Rights Offering be detachable from the Claims with which they are associated, (y) the RCF Lender Backstop
Parties shall be entitled to purchase 2.427% (i.e., $7,585,000) of the Remaining New Secured Notes (together with the corresponding
Participation Equity) and (z) holders of Senior Notes Claims shall be entitled to purchase 97.573% (i.e., $304,915,000) of the
Remaining New Secured Notes (together with the corresponding Participation Equity).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Subscription Covenant</I>. On and subject to the terms and conditions hereof, including entry of the Confirmation Order,
each Backstop Party agrees, severally and not jointly, to fully exercise all Rights that are issued to it pursuant to the Rights
Offering and duly purchase all Rights Offering Securities issuable to it in relation thereto (which amount of Rights Offering Securities
shall consist of, with respect to each RCF Lender Backstop Party, all Rights Offering Securities which such RCF Lender Backstop
Party is entitled to purchase pursuant to <U>Section 2.1(a)</U>), in accordance with the Rights Offering Procedures and the Plan.
Any Defaulting Backstop Party shall be liable, severally and not jointly, to each non-Defaulting Backstop Party, the Debtors and
the Issuer as a result of any breach of its obligations hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section 2.2&nbsp;&nbsp;
<U>Backstop Commitment</U>. Section 2.2(a) of the BCA shall be amended and restated in its entirety as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>On
and subject to the terms and conditions hereof, including entry of the Confirmation Order, (i) each Backstop Party other than
the RCF Lender Backstop Parties agrees, severally and not jointly, to purchase, and the Issuer agrees to issue to such Backstop
Party, on the Closing Date for the applicable Purchase Price, the amount of Unsubscribed Securities equal to such Backstop Party&rsquo;s
Backstop Commitment Percentage of the aggregate Unsubscribed Securities, in accordance with the Rights Offering Procedures and
the Plan; <U>provided</U> that for purposes of this clause (i), the aggregate Backstop Commitment Percentage of the RCF Lender
Backstop Parties shall be deemed to be 0%, and the Backstop Commitment Percentages of all other Backstop Parties shall be deemed
increased proportionately so that, in the aggregate, the Backstop Commitment Percentage of all such other Backstop Parties shall
be 100% (such obligation to purchase the Unsubscribed Securities, the &ldquo;<B><U>Rights Offering Commitment</U></B>&rdquo;)
and (ii) each Initial Backstop Party agrees, severally and not jointly, to purchase, and the Issuer agrees to issue to such Initial
Backstop Party, on the Closing Date for the applicable Purchase Price, the amount of Additional Notes equal to such Initial Backstop
Party&rsquo;s Backstop Commitment Percentage as of August 18, 2020 of the aggregate Additional Notes in accordance with the terms
of this Agreement (such obligation to purchase the Additional Notes, together with the Rights Offering Commitment, the &ldquo;<B><U>Backstop
Commitment</U></B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section 2.3&nbsp;&nbsp;
<U>Backstop Party Default</U>. Section 2.3(d) of the BCA shall be amended and restated in its entirety as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as contemplated by <U>Section 2.3(a)</U>, nothing in this Agreement shall be deemed to require a Backstop Party to purchase more
than its Backstop Commitment Percentage (as calculated pursuant to <U>Section 2.2(a)</U>) of the Unsubscribed Securities, Additional
Notes or Holdback Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section 2.4&nbsp;&nbsp;
<U>Backstop Escrow Account</U>. The third sentence of Section 2.4(c) of the BCA shall be amended and restated as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Backstop Escrow Account shall be established
with an escrow agent satisfactory to the Requisite Backstop Parties and the Company and the Issuer (as relevant) pursuant to an
escrow agreement in form and substance reasonably satisfactory to the Requisite Backstop Parties and the Company and the Issuer
(as relevant).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section 2.5&nbsp;&nbsp;
<U>Additional Backstop Parties</U>. Section 2.7(b) of the BCA shall be deleted in its entirety.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-weight: normal; color: #010000">ARTICLE
III</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-weight: normal; color: #010000"></FONT>BACKSTOP PREMIUM, EQUITY ALLOCATION AND EXPENSE REIMBURSEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section 3.1&nbsp;&nbsp;
<U>Backstop Premium</U>. Section 3.1(a) of the BCA shall be amended and restated as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>As consideration for the Backstop Commitment and the other agreements of the Initial Backstop Parties and RCF Lender Backstop
Parties in this Agreement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>the
Debtors shall pay or cause to be paid to the Initial Backstop Parties (and any Replacing Backstop Party and/or Cover
Purchaser with respect to any Initial Backstop Party, as applicable) a backstop premium paid in the form of New Secured Notes
(in addition to the New Secured Notes offered in the Rights Offering) equal to 9.757% (i.e., $48,786,000 in principal amount)
of the New Secured Notes allocated among such Initial Backstop Parties pro rata based on the Initial Backstop Parties&rsquo;
Backstop Commitment Percentage as of August 18, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>the Debtors shall pay or cause to be paid to the RCF Lender Backstop Parties (and any Replacing Backstop Party and/or
Cover Purchaser with respect to any RCF Lender Backstop Party, as applicable) a backstop premium (together with the backstop premium
paid pursuant to <U>Section 3.1(a)(i)</U>, the &ldquo;<B><U>Backstop Premium</U></B>&rdquo;), paid in the form of New Secured Notes
(in addition to the New Secured Notes offered in the Rights Offering) equal to 0.243% (i.e., $1,214,000 in principal amount) of
the New Secured Notes, allocated among such RCF Lender Backstop Parties pro rata based on the RCF Lender Backstop Parties&rsquo;
Backstop Commitment Percentage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>For
the avoidance of doubt, Additional Backstop Parties that are not RCF Lender Backstop Parties shall not receive any portion of
the Backstop Premium or the Extension Fee (if any), and no Additional Backstop Party (including any RCF Lender Backstop Party)
shall receive any portion of the Commitment Fee (as defined below).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section 3.2&nbsp;&nbsp;
<U>Commitment Fee</U>. The second sentence of Section 3.1(b) of the BCA shall be amended and restated as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Notwithstanding anything
to the contrary herein, including <U>Section 3.1</U>, if the Closing shall occur, the principal amount of New Secured Notes paid
to the Initial Backstop Parties pursuant to <U>Section 3.1(a)(i)</U> in connection with the Backstop Premium shall be reduced by
an amount equal to the Commitment Fee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section 3.3&nbsp;&nbsp;
<U>Integral Part of Transaction</U>. Section 3.1(c) of the BCA shall be amended and restated as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The provisions for the payment of the Backstop Premium and the Equity Premium (as defined below) are an integral part of
the transactions contemplated by this Agreement and without these provisions the Initial Backstop Parties and the RCF Lender Backstop
Parties would not have entered into this Agreement, and each of the Backstop Premium and the Equity Premium shall constitute an
allowed administrative expense of the Debtors&rsquo; estates under Sections 503(b) and 507 of the Bankruptcy Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section 3.4&nbsp;&nbsp;
<U>Extension Fee</U>. Section 3.1(e) of the BCA shall be amended and restated as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
anything herein to the contrary, upon (i) the Company providing written notice to the Requisite Backstop Parties and the RCF
Lender Backstop Parties and (ii) payment of $10,000,000 in cash (the &ldquo;<B><U>Extension Fee</U></B>&rdquo;) to the
Initial Backstop Parties and the RCF Lender Backstop Parties, allocated among such Initial Backstop Parties and RCF Lender
Backstop Parties <I>pro rata</I> in proportion to their Backstop Commitment Percentage, the Outside Date shall automatically
be extended to August 18, 2021. For purposes of this <U>Section 3.4(e)</U>, the aggregate Backstop Commitment Percentage of
all Backstop Parties other than the Initial Backstop Parties and the RCF Lender Backstop Parties shall be deemed to be 0%,
and the Backstop Commitment Percentages of the Initial Backstop Parties and the RCF Lender Backstop Parties shall be deemed
increased proportionately so that, in the aggregate, the Backstop Commitment Percentage of the Initial Backstop Parties and
the RCF Lender Backstop Parties, taken together, shall be 100%. For the avoidance of doubt, (i) the principal amount of New
Secured Notes paid in connection with the Backstop Premium shall not be reduced by the Extension Fee and (ii) the Extension
Fee shall be fully earned, nonrefundable and non-avoidable upon the payment thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section 3.5&nbsp;&nbsp;
<U>Payment of Backstop Premium</U>. The first sentence of Section 3.2 of the BCA shall be amended and restated as follows:Subject
to <U>Section 3.1(d)</U>, the Backstop Premium and the Equity Premium shall be fully earned, nonrefundable and non-avoidable upon
entry by the Bankruptcy Court of the Confirmation Order, and shall be paid promptly on the later to occur of the Closing Date and
the Effective Date by the Issuer to the Initial Backstop Parties and the RCF Lender Backstop Parties pursuant to <U>Section 3.1(a)(i)</U>
and <U>Section 3.1(a)(ii)</U>, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section 3.6&nbsp;&nbsp;
<U>Equity Allocation</U>. Section 3.4 of the BCA shall be amended and restated as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">On the Closing Date,
in addition to the Participation Equity, the Issuer will issue New Shares (a) representing 2.634% of the total issued and outstanding
New Shares of Issuer as of immediately following the Effective Date (subject to dilution by the New Warrants and the MIP) to all
Backstop Parties other than the RCF Lender Backstop Parties <I>pro rata</I> among such Backstop Parties in accordance with their
Backstop Commitment Percentages and (b) representing 0.066% of the total issued and outstanding New Shares of Issuer as of immediately
following the Effective Date (subject to dilution by the New Warrants and the MIP) to all RCF Lender Backstop Parties <I>pro rata</I>
among such RCF Lender Backstop Parties in accordance with their Backstop Commitment Percentages (such New Shares, collectively,
the &ldquo;<B><U>Equity Premium</U></B>&rdquo;); provided that if any Backstop Party becomes a Defaulting Backstop Party, then
such Defaulting Backstop Party shall not receive any New Shares in accordance with this <U>Section&nbsp;3.4</U> and such New Shares
originally allocated to such Defaulting Backstop Party in accordance with this <U>Section 3.4</U> shall instead be allocated to
the Backstop Parties and/or Cover Purchaser, as applicable, that actually purchase the New Secured Notes that would have otherwise
been purchased by such Defaulting Backstop Party, had such Defaulting Backstop Party not committed a Backstop Party Default, and
such New Shares shall be allocated among such Backstop Parties and/or Cover Purchaser <I>pro rata</I> in proportion with the amount
of such New Secured Notes the Defaulting Backstop Party was obligated to purchase, but which were actually purchased by such Backstop
Parties and/or Cover Purchaser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-weight: normal; color: #010000">ARTICLE
IV</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-weight: normal; color: #010000"></FONT>GENERAL PROVISIONS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section 4.1&nbsp;&nbsp;
<U>Notices</U>. Section 10.1 of the BCA shall be amended to amend and restate Section 10.1(c), and add a new Section 10.1(d), as
follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
to an Additional Backstop Party other than an RCF Lender Backstop Party or transferee thereof, to the address set forth on such
Additional Backstop Party&rsquo;s joinder signature page or such transferee&rsquo;s joinder signature page.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
to an RCF Lender Backstop Party or transferee thereof, to the address set forth adjacent to such RCF Lender Backstop Party&rsquo;s
signature page or such transferee&rsquo;s joinder signature page, with, in the case of an RCF Lender Backstop Party, a copy (which
shall not constitute notice) to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Sherman &amp; Sterling LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">599 Lexington Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">New York, NY 10022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Attention: Fredric Sosnick, Ned Schodek</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">E-mail address: fsosnick@sherman.com; ned.schodek@sherman.com</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-weight: normal; color: #010000">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-weight: normal; color: #010000">ARTICLE
V</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-weight: normal; color: #010000"></FONT>Miscellaneous</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section 5.1&nbsp;&nbsp;
<U>Miscellaneous</U>. The terms and conditions set forth in Section 10.2 (Assignment Third Party Beneficiaries), Section 10.3 (Prior
Negotiations; Entire Agreement), Section 10.4 (Governing Law; Venue), Section 10.5 (Waiver of Jury Trial), Section 10.6 (Counterparts),
Section 10.7 (Waivers and Amendments; Rights Cumulative), Section 10.8 (Headings), Section 10.9 (Specific Performance), Section
10.10 (Damages), Section 10.11 (No Reliance), Section 10.12 (Publicity) and Section 10.13 (Settlement Discussions) of the BCA shall
be applied <I>mutatis mutandis</I> to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section 5.2&nbsp;&nbsp;
<U>Consent to Amendment and Joinder</U>. By execution hereof, the amendments to the BCA set forth herein are hereby consented to
by the Company and the other Debtors and the Requisite Backstop Parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section 5.3&nbsp;&nbsp;
<U>Ratification and Continuation</U>. Except as otherwise amended hereby, the terms and provisions of the BCA shall continue in
full force and effect and remain unchanged and are hereby ratified and confirmed in all respects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section 5.4&nbsp;&nbsp;
<U>Joinder</U>. By executing this Agreement, the persons listed as &ldquo;RCF Lender Backstop Parties&rdquo; in the signature pages
hereto agree to join and be bound by all of the terms of the BCA as &ldquo;Additional Backstop Parties&rdquo;, &ldquo;Backstop
Parties&rdquo;, and &ldquo;RCF Lender Backstop Parties&rdquo; for all purposes under the Agreement, including with respect to representations,
warranties and covenants contained therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<I>Signature Pages Omitted</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">IN WITNESS WHEREOF, the Parties have duly
executed this Agreement as of the date first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD></TD><TD COLSPAN="2" STYLE="text-align: left"><B>VALARIS PLC</B></TD>
</TR>               <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 50%">&nbsp;</TD><TD STYLE="text-align: left; width: 3%">&nbsp;</TD><TD STYLE="text-align: justify; width: 47%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">By:</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: justify">/s/ Darin Gibbins</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">Name: Darin Gibbins</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">Title: Authorized Signatory</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ALPHA ACHIEVER COMPANY</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ALPHA ADMIRAL COMPANY</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ALPHA ARCHER COMPANY</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ALPHA OFFSHORE DRILLING SERVICES</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>COMPANY</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ALPHA ORCA COMPANY</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ATLANTIC MARITIME SERVICES LLC</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ATWOOD AUSTRALIAN WATERS DRILLING</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PTY LTD</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ATWOOD DEEP SEAS, LTD.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ATWOOD OCEANICS AUSTRALIA PTY.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>LIMITED</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ATWOOD OCEANICS LLC</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ATWOOD OCEANICS PACIFIC LIMITED</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ATWOOD OFFSHORE DRILLING LIMITED</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ATWOOD OFFSHORE WORLDWIDE LIMITED</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ENSCO (THAILAND) LIMITED</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ENSCO ASIA PACIFIC PTE. LIMITED</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ENSCO ASSOCIATES COMPANY</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ENSCO AUSTRALIA PTY LIMITED</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ENSCO CAPITAL LIMITED</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ENSCO CORPORATE RESOURCES LLC</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ENSCO DEVELOPMENT LIMITED</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ENSCO DO BRASIL PETROLEO E GAS LTDA.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ENSCO DRILLING I LTD.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ENSCO DRILLING MEXICO LLC</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ENSCO ENDEAVORS LIMITED</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ENSCO GLOBAL GMBH</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ENSCO GLOBAL INVESTMENTS LP</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ENSCO GLOBAL IV LTD</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ENSCO GLOBAL RESOURCES LIMITED</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ENSCO HOLDING COMPANY</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ENSCO HOLDINGS I LTD.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ENSCO HOLLAND B.V.</B></FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[Debtors&rsquo;
Signature Page to the Backstop Commitment Agreement Amendment]</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 8 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 50%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ENSCO INCORPORATED</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ENSCO INTERCONTINENTAL GMBH</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ENSCO INTERNATIONAL INC.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ENSCO INTERNATIONAL LTD.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ENSCO INVESTMENTS LLC</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ENSCO JERSEY FINANCE LIMITED</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ENSCO LIMITED</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ENSCO MANAGEMENT CORP.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ENSCO MARITIME LIMITED</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ENSCO MEXICO SERVICES, S. DE R.L. DE C.V.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ENSCO OCEAN 2 COMPANY</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ENSCO OCEANICS COMPANY LLC</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ENSCO OCEANICS INTERNATIONAL</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>COMPANY</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ENSCO OFFSHORE COMPANY</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ENSCO OFFSHORE INTERNATIONAL</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>COMPANY</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ENSCO OFFSHORE INTERNATIONAL</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>HOLDINGS LIMITED</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ENSCO OFFSHORE INTERNATIONAL INC.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ENSCO OFFSHORE U.K. LIMITED</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ENSCO OVERSEAS LIMITED</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ENSCO TRANSCONTINENTAL II LP</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ENSCO TRANSNATIONAL I LIMITED</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ENSCO UK DRILLING LIMITED</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ENSCO UNITED INCORPORATED</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ENSCO UNIVERSAL LIMITED</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ENSCO VISTAS LIMITED</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ENSCO WORLDWIDE GMBH</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>GREAT WHITE SHARK LIMITED</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>GREEN TURTLE LIMITED</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>OFFSHORE DRILLING SERVICES LLC</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PRIDE FORAMER S.A.S.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PRIDE FORASOL S.A.S.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PRIDE GLOBAL II LTD.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PRIDE INTERNATIONAL LLC</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PRIDE INTERNATIONAL MANAGEMENT</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>COMPANY LP</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RALPH COFFMAN LIMITED</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RALPH COFFMAN LUXEMBOURG S.A R.L.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RCI INTERNATIONAL, INC.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RD INTERNATIONAL SERVICES PTE. LTD.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RDC ARABIA DRILLING, INC.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RDC HOLDINGS LUXEMBOURG S.A R.L.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ROCAL CAYMAN LIMITED</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ROWAN COMPANIES LIMITED</B></FONT></TD></TR>
</TABLE>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[Debtors&rsquo;
Signature Page to the Backstop Commitment Agreement Amendment]</B></FONT></P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 50%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ROWAN COMPANIES LLC</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ROWAN DRILLING (TRINIDAD) LIMITED</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ROWAN DRILLING (U.K.) LIMITED</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ROWAN DRILLING, S. DE R.L. DE C.V.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ROWAN INTERNATIONAL RIG HOLDINGS S.A</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>R.L.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ROWAN MARINE SERVICES, LLC</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ROWAN N-CLASS (GIBRALTAR) LIMITED</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ROWAN NO. 1 LIMITED</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ROWAN NORWAY LIMITED</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ROWAN OFFSHORE (GIBRALTAR) LIMITED</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ROWAN OFFSHORE LUXEMBOURG S.A R.L.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ROWAN REX LIMITED</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ROWAN RIGS S.A R.L.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ROWAN SERVICES LLC</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ROWAN, S. DE R.L. DE C.V.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ROWANDRILL, LLC</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 50%"></TD><TD STYLE="width: 3%; text-align: left">By:</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: justify; width: 47%">/s/ Darin
                                         Gibbins</TD>
</TR>               <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">Name: Darin Gibbins</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">Title: Authorized Signatory</TD></TR>
</TABLE>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">[Debtors&rsquo; Signature
Page to the Backstop Commitment Agreement Amendment]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 189pt"><B></B></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 189pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>[Signature pages of the Consenting Creditors
on file with the Company.]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Schedule 1</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Backstop Commitment Percentage</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">[To be
updated to reflect the addition of the RCF Lender Backstop Parties on the date hereof in a manner consistent with the Plan and
Restructuring Support Agreement. For the avoidance of doubt, the Backstop Commitment Percentages of the RCF Lender Backstop Parties
in the aggregate shall be 2.427%]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal"></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">Exhibit
A</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">Amendment
to the Backstop Agreement, dated January 22, 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">See attached.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-align: center">OMNIBUS AMENDMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">THIS OMNIBUS AMENDMENT
(this &#8220;<B><U>Amendment</U></B>&#8221;), dated as of January 22, 2021, is made by and among Valaris plc, a company organized
under the Laws of England and Wales (the &#8220;<B><U>Company</U></B>&#8221;) and its subsidiaries signatory hereto (together with
the Company, the &#8220;<B><U>Debtors</U></B>&#8221;), Wilmington Savings Fund Society, FSB, as DIP Agent for and on behalf of
the DIP Lenders (as defined below) (in such capacity, together with its successors in such capacity, the &#8220;<B><U>DIP Agent</U></B>&#8221;)
and the Backstop Parties (as defined in the Backstop Agreement) party hereto that are also DIP Lenders. The Company, the other
Debtors, the DIP Agent and each such Backstop Party party hereto is referred to herein, individually, as a &#8220;<B><U>Party</U></B>&#8221;
and, collectively, as the &#8220;<B><U>Parties</U></B>&#8221;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">RECITALS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Company,
the other Debtors, and the other parties thereto entered into that certain Backstop Commitment Agreement, dated August 18, 2020
(as amended, the &#8220;<B><U>Backstop Agreement</U></B>&#8221;) and the Company, the DIP Agent and the lenders party thereto from
time to time (the &#8220;<B><U>DIP Lenders</U></B>&#8221;) entered into that certain Senior Secured Superpriority Debtor-in-Possession
Credit Agreement, dated September 25, 2020 (as amended, the &#8220;<B><U>DIP Credit Agreement</U></B>&#8221; and the credit facility
provided thereunder, the &#8220;<B><U>DIP Facility</U></B>&#8221;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Backstop
Agreement contemplates Backstop Parties, including Backstop Parties that are DIP Lenders, making certain payments into escrow in
connection with the funding required under the Backstop Agreement in advance of the closing of the transaction contemplated thereby
(the &#8220;<B><U>Closing</U></B>&#8221;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the DIP Facility
contemplates the Company repaying its obligations to the DIP Lenders on the Maturity Date (as defined in the DIP Credit Agreement),
which is contemplated to occur substantially concurrently with the Closing; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, for the sake
of efficiency, the Debtors, the DIP Agent and the Backstop Parties party hereto, constituting the Requisite Backstop Parties (as
defined in the Backstop Agreement), desire to amend, among other things, the funding and repayment mechanics in the Backstop Agreement
and DIP Facility, in each case, as set forth herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">NOW, THEREFORE, in
consideration of the mutual promises, agreements, representations, warranties and covenants contained herein, each of the Parties
hereby agrees as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-weight: normal; text-transform: none; color: #010000">ARTICLE
I</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-weight: normal; text-transform: none; color: #010000"></FONT>BACKSTOP Agreement amendment</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section 1.1&nbsp;&nbsp;
<U>Backstop Agreement Amendment</U>. Section 2.4 of the Backstop Agreement shall be amended and restated in its entirety to read
as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>No
later than the tenth (10<SUP>th</SUP>) Business Day following the Rights Offering Expiration Time, the Rights Offering
Subscription Agent shall deliver to each Backstop Party (to the extent applicable) a written notice (the &#8220;<B><U>Rights
Offering Notice</U></B>&#8221;) of (i) the amount of Rights Offering Securities elected to be purchased by the Rights
Offering Participants and the aggregate Purchase Price therefore; (ii) the aggregate amount of Unsubscribed Securities (and
corresponding Participation Equity), if any, and the aggregate Purchase Price therefor; (iii) the amount of Unsubscribed
Securities (based upon such Backstop Party&#8217;s Backstop Commitment Percentage) to be purchased by such Backstop Party and
the Purchase Price therefor as determined in accordance with <U>Section 2.2</U>; (iv) the amount of Holdback Securities to be
purchased by such Backstop Party and the Purchase Price therefor as determined in accordance with <U>Section 2.2</U>; (v) the
aggregate Purchase Price to be paid by such Backstop Party for the Unsubscribed Securities and Holdback Securities purchased
in accordance with Section 2.4(a)(iii) and (iv) above, plus the aggregate Purchase Price of the Rights Offering Securities to
be purchased by such Backstop Party in the Rights Offering (the &#8220;<B><U>Aggregate Purchase Price</U></B>&#8221;); and
(vi) the escrow account to which such Backstop Party shall deliver and pay the Aggregate Purchase Price, as may be adjusted
in the Funding Notice for Backstop Parties that are also DIP Lenders (the &#8220;<B><U>Backstop Escrow
Account</U></B>&#8221;). The Rights Offering Subscription Agent shall promptly provide any written backup, information and
documentation relating to the information contained in the Rights Offering Notice as any Backstop Party may reasonably
request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No later than fifteen (15) Business Days prior to the Closing (and on or after the date on which the Rights Offering Notice
is delivered), the Company will deliver written notice (the &#8220;<B><U>Funding Notice</U></B>&#8221;) to the Backstop Parties
setting forth:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>if the Backstop Party is not a DIP Lender, the Aggregate Purchase Price;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>if the Backstop Party is a DIP Lender and the outstanding obligations under the DIP Credit Agreement and the other
loan documents entered into in connection therewith owed by the Company or any of its subsidiaries (the &#8220;<B><U>Outstanding
Obligations</U></B>&#8221;) to such Backstop Party that is a DIP Lender as of such date exceed the Aggregate Purchase Price for
such Backstop Party that is a DIP Lender, an amount equal to such Outstanding Obligations less such Aggregate Purchase Price (the
 &#8220;<B><U>Net Payment Amount</U></B>&#8221;); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>if the Backstop Party is a DIP Lender and the Aggregate Purchase Price owed by such Backstop Party that is a DIP
Lender exceeds the Outstanding Obligations owed by the Company to such Backstop Party that is a DIP Lender as of the date of the
Funding Notice, an amount equal to such Aggregate Purchase Price less such Outstanding Obligations (the &#8220;<B><U>Net Contribution
Amount</U></B>&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>At
least ten (10) Business Days prior to the Closing (such tenth (10<SUP>th</SUP>) Business Day, the &#8220;<B><U>Escrow Funding
Date</U></B>&#8221;), each Backstop Party (other than a Backstop Party with a Net Payment Amount) shall pay by wire transfer
in immediately available funds in U.S. dollars into the Backstop Escrow Account in satisfaction of such Backstop
Party&#8217;s Backstop Commitment (x) if such Backstop Party is not a DIP Lender, the Aggregate Purchase Price or (y) if such
Backstop Party is a DIP Lender with a Net Contribution Amount, the Net Contribution Amount. For the avoidance of doubt, if
the Outstanding Obligations owed by the Company to a DIP Lender that is a Backstop Party as of the date of the Funding Notice
exceed the Aggregate Purchase Price for such Backstop Party, then such Backstop Party will not be required to pay any cash
into the Backstop Escrow Account in satisfaction of such Backstop Party&#8217;s Backstop Commitment. The Backstop Escrow
Account shall be established with an escrow agent satisfactory to the Backstop Parties and the Company and the Issuer (as
relevant) pursuant to an escrow agreement in form and substance reasonably satisfactory to the Requisite Backstop Parties and
the Company and the Issuer (as relevant). The funds held in the Backstop Escrow Account shall be distributed to the Debtors
at the Closing or pursuant to a borrowing under the DIP Credit Agreement in accordance with Section 2.4(d)(ii) hereof, or
returned to each Backstop Party upon the termination of this Agreement, in each case, inclusive of any interest accrued
thereon, if any.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>(i) If, on or after the date on which the Funding Notice is delivered, but before the Escrow Funding Date (such period,
the &#8220;<B><U>Interim Period</U></B>&#8221;), the Company or any other Borrower (as defined in the DIP Credit Agreement) delivers
a Notice of Borrowing (as defined in the DIP Credit Agreement) in accordance with the terms of the DIP Credit Agreement, the Company
shall contemporaneously therewith deliver an updated Funding Notice to each Backstop Party that is a DIP Lender reflecting, in
the case of a Backstop Party that is a DIP Lender with a Net Contribution Amount, that the amount required to be funded by such
DIP Lender pursuant to such Notice of Borrowing shall be deducted from the Net Contribution Amount of such Backstop Party that
is a DIP Lender, and such Backstop Party shall fund such amount directly to the Company in accordance with the terms of the DIP
Credit Agreement; <U>provided</U>, that if such Backstop Party has previously paid (or is in the process of paying) (such Backstop
Parties that are DIP Lenders, if any, the &#8220;<B><U>Interim Funding Backstop Parties</U></B>&#8221;) and has provided notice
to the Company of such prior payments, the applicable amounts into the Backstop Escrow Account in accordance with Section 2.4(c)
above, then the amount to be funded by such Backstop Party that is a DIP Lender pursuant to the Notice of Borrowing shall instead
be distributed to the Company or other applicable Borrower directly from the Backstop Escrow Account pursuant to Section 2.4(d)(ii)
below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(ii) If the
Company or any other Borrower (as defined in the DIP Credit Agreement) delivers a Notice of Borrowing (as defined in the DIP
Credit Agreement) in accordance with the terms of the DIP Credit Agreement on or after the Escrow Funding Date (or delivers
such Notice of Borrowing during the Interim Period and there are one or more Interim Funding Backstop Parties), then, (x)
substantially concurrently therewith the Company shall deliver a copy of such Notice of Borrowing to the escrow agent with
instructions (executed solely by a Debtor) for the escrow agent to release the corresponding amount of funds from the
Backstop Escrow Account (on account of each Backstop Party that is a DIP Lender) to the Company (including, for the avoidance
of doubt, the corresponding amount of funds on account of Interim Funding Backstop Parties); <U>provided</U> that if the
escrow agent requires joint written instructions in the applicable escrow agreement, then the Company shall deliver joint
written instructions with the Notice of Borrowing to each Backstop Party that is a DIP Lender (including any Interim Funding
Backstop Parties) and each such Backstop Party shall countersign and deliver such joint written instructions in no more than
three (3) Business Days to the escrow agent, and (x) as promptly as practicable, and in any event within two days thereafter,
the Company will deliver to each Backstop Party that is a DIP Lender an updated Funding Notice taking into account the
additional Obligations owing to such Backstop Party resulting from such borrowing under the DIP Credit Agreement. For the
avoidance of doubt, if a Backstop Party that is a DIP Lender is required to fund an amount to the Company under a Notice of
Borrowing delivered after the Escrow Funding Date (or, in the case of an Interim Funding Backstop Party, delivered during the
Interim Period) that exceeds the amount of funds held on behalf of such Backstop Party in the Backstop Escrow Account, then
such Backstop Party that is a DIP Lender shall fund the net amount directly to the Company in accordance with the terms of
the DIP Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>At the Closing, each DIP Lender that is a Backstop Party that (i) has a Net Payment Amount owed to it by the Company shall
be deemed to have contributed to the Issuer an amount of cash equal to its Aggregate Purchase Price and (ii) has a Net Contribution
Amount owing by it to the Company shall be deemed to have contributed to the Issuer an amount of cash equal to the Outstanding
Obligations owed to such DIP Lender by the Company as of the date of the Funding Notice, in each case, giving effect to any updates
following delivery of the initial Funding Notice as provided for in Section 1.1(d) above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section 1.2&nbsp;&nbsp;
<U>Definitions</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Backstop Agreement is hereby amended such that all terms defined in the section of the Backstop Agreement deleted in
accordance with <U>Section&nbsp;1.1</U> hereof are removed from the definitions listed in Section 1.1 of the Backstop Agreement
and all terms defined in Section 2.4 of the Backstop Agreement as amended by <U>Section&nbsp;1.1</U> hereof, are added to Section
1.1 of the Backstop Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Section 1.1 of the Backstop Agreement is hereby amended to include the following definition:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&#8220;<B><U>DIP Lender</U></B>&#8221; has
the meaning ascribed to such term in the DIP Facility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-weight: normal; color: #010000">ARTICLE
II</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-weight: normal; color: #010000">&nbsp;</FONT>DIP
FACILITY AMENDMENTs and consents</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section 2.1&nbsp;&nbsp;
<U>DIP Credit Agreement Amendments</U>.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Section 2.02(b) is hereby amended by adding the following new sentence at the end thereof: Notwithstanding anything to the
contrary in any Loan Document, from and after the date that the Borrower has delivered a Funding Notice (as defined in the Backstop
Agreement) under the Backstop Agreement, a DIP Lender may, at its option, make its Ratable Portion of a Borrowing directly available
to the Borrower and shall provide a written notice thereof (which may be through counsel and via e-mail) to the Borrower and the
DIP Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The first sentence of Section 5.01 is hereby amended and restated in its entirety to read as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 117pt"><I>Reporting Requirements.&#9;Furnish
each of the following to the DIP Agent (which in the case of <U>clause (l)</U> of this <U>Section 5.01</U> may be satisfied by
delivery thereof to the financial and legal advisors to the DIP Lenders): </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 117pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Section 5.01(n) is hereby amended to remove &#8220;and&#8221; after the semicolon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> Section 5.01(o) is hereby amended to replace the period at the end of the provision with &#8220;; and&#8221;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>A new Section 5.01(p) shall be added to read as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><I>no later than the last Business day of
every calendar month, the Borrowers shall deliver to the DIP Agent a schedule of assets or Property that have been Disposed during
such calendar month and for which neither an officers&#8217; certificate nor Proceeds Certificate has been previously delivered.
</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Section 6.04(b) is hereby amended by replacing the reference to &#8220;Section 6.10&#8221; in clause (ii) with &#8220;Section
6.11&#8221;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Section 6.06 is hereby amended by replacing the reference to &#8220;Section 6.05(c)&#8221; with &#8220;Section 6.05(c),
(f), (h) and (i)&#8221;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Section 6.10(a) is hereby amended and restated in its entirety to read as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 117pt"><I>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Declare
or make, or permit any of its Subsidiaries to declare or make, directly or indirectly, any Restricted Payment with respect to the
ordinary shares of the Lead Borrower, or incur any obligation (contingent or otherwise) to do so, except any Restricted Payments
(i) from any Subsidiary to any Borrower or Guarantor and (ii) in the ordinary course of business consistent with past practices
for payroll, general overhead and administrative services, and Cash Management Services.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 117pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Section 9.01(d)(i) is hereby amended and restated in its entirety to read as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 117pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Each
DIP Lender hereby authorizes the DIP Agent to release any Liens granted to the DIP Agent by the Credit Parties on the Collateral
(A) upon the indefeasible payment in full in cash and full discharge of the Obligations (other than contingent indemnification
obligations as to which no claim has been made) and termination of all Commitments, or (B) pursuant to a Disposition of Property
permitted under this Agreement or any other Loan Document, subject to (x) if any Obligations are outstanding at the time of such
Disposition, the DIP Lenders&#8217; prior receipt of a Proceeds Certificate and satisfaction of the provisions of the following
clause (ii) or (y) if no Obligations are outstanding, satisfaction of the provisions of the following clause (ii). Notwithstanding
the foregoing or anything else to the contrary in any Loan Document upon any Disposition that is permitted under this Agreement
or any other Loan Document with respect to which all cash and non-cash consideration to be received by the Credit Parties and their
Subsidiaries is equal to or less than $1,000,000 for any individual Disposition (and equal to or less than $10,000,000 in the aggregate
for all such Dispositions for which no Proceeds Certificate or officer&#8217;s certificate has been provided to the DIP Lenders),
any security interest or Lien granted in any Collateral that is the subject of such Disposition pursuant to the Loan Documents
shall be automatically released.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 117pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>A new Section 9.25 shall be added to read as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 117pt"><I>Section
9.25&#9;<U>Cashless Rollovers</U>. Any Obligations owed to a DIP Lender hereunder that are used by such DIP Lender to offset
its obligation to fund any amount under the Backstop Agreement shall be deemed to be paid in cash by the Borrower to such DIP
Lender hereunder in satisfaction of such Obligations as of the date of the closing of the transaction contemplated under the
Backstop Agreement, on a dollar for dollar basis and pursuant to a cashless settlement mechanism approved by the Borrower and
such DIP Lender, and any such amount shall be deemed to have been contributed in cash by such DIP Lender under the Backstop
Agreement and shall be deemed to satisfy any requirement that any payment hereunder or under any other Loan Document is made
 &#8220;in Dollars&#8221;, &#8220;in immediately available funds&#8221;, &#8220;in Cash&#8221; or any other similar
requirement.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 117pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section 2.2&nbsp;&nbsp;
<U>Definitions</U>. Section 1.01 of the DIP Credit Agreement is hereby amended as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;clause
(g) of the definition of &#8220;Permitted Investments&#8221; is hereby amended and restated in its entirety to read as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 112.5pt"><I>(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments
by any Subsidiary that is not a Guarantor in any Guarantor or in any other Subsidiary that is not a Guarantor;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 112.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
new definition shall be added to read as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><I>&#8220;<U>Backstop
Agreement</U>&#8221; means that certain Backstop Commitment Agreement, dated August 18, 2020, entered into by Valaris, the DIP
Lenders, the other Debtors (as defined therein) party thereto and the other parties thereto, as amended including by that certain
Omnibus Amendment, dated as of January 22, 2021, entered into by Valaris, its subsidiaries signatory thereto, the DIP Agent and
the other parties thereto.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section 2.3&nbsp;&nbsp;
<U>Instruction by All DIP Lenders</U> . Section 9.01 of the DIP Credit Agreement provides that certain of the amendments set forth
in this Amendment must be &#8220;in writing and signed by all DIP Lenders&#8221;. Notwithstanding anything set forth in the DIP
Credit Agreement to the contrary, each DIP Lender has acknowledged and agreed in writing (which may include electronic mail) that
the DIP Agent is entering into this Amendment for and on behalf of such DIP Lender and that this Amendment shall be binding and
enforceable against each DIP Lender. The DIP Agent hereby acknowledges and agrees that it has, on or prior to the date hereof,
received written instructions (which may include electronic mail) from each DIP Lender to enter to this Amendment for and on behalf
of such DIP Lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-weight: normal; color: #010000">ARTICLE
III</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-weight: normal; color: #010000"></FONT>MISCELLANEOUS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section 3.1&nbsp;&nbsp;
<U>Effectiveness</U>. This Amendment shall be effective as of the date first set forth above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section
3.2&nbsp;&nbsp; <U>Consent; Continued Agreement</U>. The Parties consent to this Amendment and acknowledge that except as
expressly set forth herein, each of the Backstop Agreement and the DIP Facility shall continue in full force and effect,
remain unchanged and is hereby ratified and confirmed in all respects. Except as expressly set forth herein, nothing
contained herein shall be deemed to constitute a waiver of compliance with any term or condition contained in the DIP Loan
Agreement or any of the other Loan Documents or constitute a course of conduct or dealing among the parties hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section 3.3&nbsp;&nbsp;
<U>Loan Document</U>. This Amendment is a Loan Document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section 3.4&nbsp;&nbsp;
<U>Governing Law; Venue</U>. THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
YORK AND, TO THE EXTENT APPLICABLE, THE BANKRUPTCY CODE. THE PARTIES CONSENT AND AGREE THAT ANY ACTION TO ENFORCE THIS AMENDMENT
OR ANY DISPUTE, WHETHER SUCH DISPUTES ARISE IN LAW OR EQUITY, ARISING OUT OF OR RELATING TO THIS AMENDMENT AND THE AGREEMENTS,
INSTRUMENTS AND DOCUMENTS CONTEMPLATED HEREBY SHALL BE BROUGHT EXCLUSIVELY IN THE BANKRUPTCY COURT, <FONT STYLE="text-transform: uppercase">or
to the extent that the Bankruptcy Court does not have (or abstains from exercising) jurisdiction, in the courts of the State of
New York sitting in New York County or of the United States of America for the Southern District of New York, and, by execution
and delivery of this Agreement, each Credit Party hereby accepts for itself and in respect of its property, generally and unconditionally,
the exclusive jurisdiction of the aforesaid courts, except that each of the DIP Agent or DIP Lenders may bring legal action or
proceedings in other appropriate jurisdictions with respect to the enforcement of its rights under Loan Documents and/or the Collateral
to the extent not prohibited by the Bankruptcy Court</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section 3.5&nbsp;&nbsp;
<U>Waiver of Jury Trial</U>. EACH PARTY HEREBY WAIVES ALL RIGHTS TO TRIAL BY JURY IN ANY JURISDICTION IN ANY ACTION, SUIT, OR PROCEEDING
BROUGHT TO RESOLVE ANY DISPUTE AMONG THE PARTIES UNDER THIS AGREEMENT, WHETHER IN CONTRACT, TORT OR OTHERWISE.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section 3.6&nbsp;&nbsp;
<U>Counterparts</U>. This Agreement may be executed in any number of counterparts, all of which will be considered one and the
same agreement and will become effective when counterparts have been signed by each of the Parties and delivered to each other
Party (including via facsimile or other electronic transmission), it being understood that each Party need not sign the same counterpart.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section 3.7&nbsp;&nbsp;
<U>Incorporated Provisions</U>. The terms and provisions of Sections 9.14, 9.15, 9.16 and 9.17 of the DIP Credit Agreement are
hereby incorporated by reference herein, <I>mutatis mutandis</I>, and shall apply to this Amendment with the same force and effect
as if originally set forth herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section
3.8&nbsp;&nbsp; <U>Reaffirmation</U>. The Debtors (on behalf of themselves and the other Credit Parties) as debtor, grantor,
pledgor, guarantor, assignor, or in any other similar capacity in which such Debtor (or other Credit Party) grants liens or
security interests in its property or otherwise acts as accommodation party or guarantor, as the case may be, hereby (a)
ratifies and reaffirms all of its payment and performance obligations, contingent or otherwise, under each of the DIP Credit
Agreement and any of the other Loan Documents to which it is a party (after giving effect hereto) and (b) to the extent such
Person granted liens on or security interests in any of its property pursuant to any such Loan Documents as security for or
otherwise guaranteed the Obligations under or with respect to the Loan Documents, ratifies and reaffirms such guarantee and
grant of security interests and liens and confirms and agrees that such security interests and liens hereafter secure all of
the obligations as amended hereby.&nbsp; The Debtors (on behalf of themselves and the other Credit Parties) hereby consent to
this Amendment and acknowledge that each of the Loan Documents remains in full force and effect and is hereby ratified and
reaffirmed.&nbsp; The execution of this Amendment shall not operate as a waiver of any right, power or remedy of the Secured
Parties (including any DIP Lender), constitute a waiver of any provision of any of the Loan Documents or serve to effect a
novation of the Obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<I>Signature Pages Follow</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">IN WITNESS WHEREOF, the Parties have duly
executed this Amendment as of the date first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>VALARIS PLC</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/Darin Gibbins<U></U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; width: 3%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font-size: 10pt; width: 42%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Darin Gibbins</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: </FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized Officer</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><I>[Signature
pages of the Consenting <FONT STYLE="font-family: Times New Roman, Times, Serif">Creditors </FONT>on file with the Company.]</I></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>6
<FILENAME>val-20210205_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
<TEXT>
<XBRL>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CurrentFiscalYearEndDate" xlink:to="dei_CurrentFiscalYearEndDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CurrentFiscalYearEndDate_lbl" xml:lang="en-US">Current Fiscal Year End Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityFileNumber" xlink:label="dei_EntityFileNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFileNumber" xlink:to="dei_EntityFileNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFileNumber_lbl" xml:lang="en-US">Entity File Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityRegistrantName" xlink:label="dei_EntityRegistrantName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityRegistrantName" xlink:to="dei_EntityRegistrantName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityRegistrantName_lbl" xml:lang="en-US">Entity Registrant Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityCentralIndexKey" xlink:label="dei_EntityCentralIndexKey" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCentralIndexKey_lbl" xml:lang="en-US">Entity Central Index Key</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityPrimarySicNumber" xlink:label="dei_EntityPrimarySicNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityPrimarySicNumber" xlink:to="dei_EntityPrimarySicNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityPrimarySicNumber_lbl" xml:lang="en-US">Entity Primary SIC Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityTaxIdentificationNumber" xlink:label="dei_EntityTaxIdentificationNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityTaxIdentificationNumber" xlink:to="dei_EntityTaxIdentificationNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xml:lang="en-US">Entity Tax Identification Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="dei_EntityIncorporationStateCountryCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityIncorporationStateCountryCode" xlink:to="dei_EntityIncorporationStateCountryCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xml:lang="en-US">Entity Incorporation, State or Country Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressAddressLine1" xlink:label="dei_EntityAddressAddressLine1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine1" xlink:to="dei_EntityAddressAddressLine1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine1_lbl" xml:lang="en-US">Entity Address, Address Line One</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressAddressLine2" xlink:label="dei_EntityAddressAddressLine2" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine2" xlink:to="dei_EntityAddressAddressLine2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine2_lbl" xml:lang="en-US">Entity Address, Address Line Two</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressAddressLine3" xlink:label="dei_EntityAddressAddressLine3" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine3" xlink:to="dei_EntityAddressAddressLine3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine3_lbl" xml:lang="en-US">Entity Address, Address Line Three</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressCityOrTown" xlink:label="dei_EntityAddressCityOrTown" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCityOrTown" xlink:to="dei_EntityAddressCityOrTown_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCityOrTown_lbl" xml:lang="en-US">Entity Address, City or Town</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressStateOrProvince" xlink:label="dei_EntityAddressStateOrProvince" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressStateOrProvince" xlink:to="dei_EntityAddressStateOrProvince_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressStateOrProvince_lbl" xml:lang="en-US">Entity Address, State or Province</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressCountry" xlink:label="dei_EntityAddressCountry" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCountry" xlink:to="dei_EntityAddressCountry_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCountry_lbl" xml:lang="en-US">Entity Address, Country</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressPostalZipCode" xlink:label="dei_EntityAddressPostalZipCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressPostalZipCode" xlink:to="dei_EntityAddressPostalZipCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressPostalZipCode_lbl" xml:lang="en-US">Entity Address, Postal Zip Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_CountryRegion" xlink:label="dei_CountryRegion" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CountryRegion" xlink:to="dei_CountryRegion_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CountryRegion_lbl" xml:lang="en-US">Country Region</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_CityAreaCode" xlink:label="dei_CityAreaCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CityAreaCode" xlink:to="dei_CityAreaCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CityAreaCode_lbl" xml:lang="en-US">City Area Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_LocalPhoneNumber" xlink:label="dei_LocalPhoneNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LocalPhoneNumber" xlink:to="dei_LocalPhoneNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_LocalPhoneNumber_lbl" xml:lang="en-US">Local Phone Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_Extension" xlink:label="dei_Extension" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Extension" xlink:to="dei_Extension_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Extension_lbl" xml:lang="en-US">Extension</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_WrittenCommunications" xlink:label="dei_WrittenCommunications" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_WrittenCommunications" xlink:to="dei_WrittenCommunications_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_WrittenCommunications_lbl" xml:lang="en-US">Written Communications</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_SolicitingMaterial" xlink:label="dei_SolicitingMaterial" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SolicitingMaterial" xlink:to="dei_SolicitingMaterial_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SolicitingMaterial_lbl" xml:lang="en-US">Soliciting Material</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_PreCommencementTenderOffer" xlink:label="dei_PreCommencementTenderOffer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementTenderOffer" xlink:to="dei_PreCommencementTenderOffer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementTenderOffer_lbl" xml:lang="en-US">Pre-commencement Tender Offer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_PreCommencementIssuerTenderOffer" xlink:label="dei_PreCommencementIssuerTenderOffer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementIssuerTenderOffer" xlink:to="dei_PreCommencementIssuerTenderOffer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementIssuerTenderOffer_lbl" xml:lang="en-US">Pre-commencement Issuer Tender Offer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_Security12bTitle" xlink:label="dei_Security12bTitle" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12bTitle" xlink:to="dei_Security12bTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12bTitle_lbl" xml:lang="en-US">Title of 12(b) Security</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_NoTradingSymbolFlag" xlink:label="dei_NoTradingSymbolFlag" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_NoTradingSymbolFlag" xlink:to="dei_NoTradingSymbolFlag_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_NoTradingSymbolFlag_lbl" xml:lang="en-US">No Trading Symbol Flag</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_TradingSymbol" xlink:label="dei_TradingSymbol" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_TradingSymbol" xlink:to="dei_TradingSymbol_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_TradingSymbol_lbl" xml:lang="en-US">Trading Symbol</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_SecurityExchangeName" xlink:label="dei_SecurityExchangeName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityExchangeName" xlink:to="dei_SecurityExchangeName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityExchangeName_lbl" xml:lang="en-US">Security Exchange Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_Security12gTitle" xlink:label="dei_Security12gTitle" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12gTitle" xlink:to="dei_Security12gTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12gTitle_lbl" xml:lang="en-US">Title of 12(g) Security</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_SecurityReportingObligation" xlink:label="dei_SecurityReportingObligation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityReportingObligation" xlink:to="dei_SecurityReportingObligation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityReportingObligation_lbl" xml:lang="en-US">Security Reporting Obligation</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_AnnualInformationForm" xlink:label="dei_AnnualInformationForm" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AnnualInformationForm" xlink:to="dei_AnnualInformationForm_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AnnualInformationForm_lbl" xml:lang="en-US">Annual Information Form</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_AuditedAnnualFinancialStatements" xlink:label="dei_AuditedAnnualFinancialStatements" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AuditedAnnualFinancialStatements" xlink:to="dei_AuditedAnnualFinancialStatements_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AuditedAnnualFinancialStatements_lbl" xml:lang="en-US">Audited Annual Financial Statements</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="dei_EntityWellKnownSeasonedIssuer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityWellKnownSeasonedIssuer" xlink:to="dei_EntityWellKnownSeasonedIssuer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityWellKnownSeasonedIssuer_lbl" xml:lang="en-US">Entity Well-known Seasoned Issuer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityVoluntaryFilers" xlink:label="dei_EntityVoluntaryFilers" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityVoluntaryFilers" xlink:to="dei_EntityVoluntaryFilers_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityVoluntaryFilers_lbl" xml:lang="en-US">Entity Voluntary Filers</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityCurrentReportingStatus" xlink:label="dei_EntityCurrentReportingStatus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCurrentReportingStatus" xlink:to="dei_EntityCurrentReportingStatus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCurrentReportingStatus_lbl" xml:lang="en-US">Entity Current Reporting Status</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityInteractiveDataCurrent" xlink:label="dei_EntityInteractiveDataCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityInteractiveDataCurrent" xlink:to="dei_EntityInteractiveDataCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityInteractiveDataCurrent_lbl" xml:lang="en-US">Entity Interactive Data Current</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityFilerCategory" xlink:label="dei_EntityFilerCategory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFilerCategory" xlink:to="dei_EntityFilerCategory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFilerCategory_lbl" xml:lang="en-US">Entity Filer Category</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntitySmallBusiness" xlink:label="dei_EntitySmallBusiness" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntitySmallBusiness" xlink:to="dei_EntitySmallBusiness_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntitySmallBusiness_lbl" xml:lang="en-US">Entity Small Business</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityEmergingGrowthCompany" xlink:label="dei_EntityEmergingGrowthCompany" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityEmergingGrowthCompany" xlink:to="dei_EntityEmergingGrowthCompany_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityEmergingGrowthCompany_lbl" xml:lang="en-US">Entity Emerging Growth Company</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityExTransitionPeriod" xlink:label="dei_EntityExTransitionPeriod" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityExTransitionPeriod" xlink:to="dei_EntityExTransitionPeriod_lbl" xlink:type="arc" />
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<SEQUENCE>7
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<head>
<title></title>
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<span style="display: none;">v3.20.4</span><table class="report" border="0" cellspacing="2" id="idm140241229473736">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Cover<br></strong></div></th>
<th class="th"><div>Feb. 05, 2021</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Feb.  05,  2021<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">1-8097<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">Valaris plc<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0000314808<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">98-0635229<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">X0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">Cannon Place<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine2', window );">Entity Address, Address Line Two</a></td>
<td class="text">78 Cannon Street<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">London<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressCountry', window );">Entity Address, Country</a></td>
<td class="text">GB<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">EC4N6AF<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">44 (0)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">20 7659 4660<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressesAddressTypeAxis=dei_FormerAddressMember', window );">Former Address [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">110 Cannon Street<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">London<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressCountry', window );">Entity Address, Country</a></td>
<td class="text">GB<span></span>
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</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">EC4N6EU<span></span>
</td>
</tr>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
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<td>xbrli:booleanItemType</td>
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<td>na</td>
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<tr>
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<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td style="white-space:nowrap;">dei_CityAreaCode</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine2">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Address Line 2 such as Street or Suite number</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine2</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCountry">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>ISO 3166-1 alpha-2 country code.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCountry</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:countryCodeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SolicitingMaterial">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Section 14a<br> -Number 240<br> -Subsection 12<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SolicitingMaterial</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
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   "Section": "12",
   "Subsection": "d1-1"
  },
  "r20": {
   "Name": "Securities Act",
   "Number": "Section",
   "Publisher": "SEC",
   "Section": "12"
  },
  "r3": {
   "Name": "Exchange Act",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "12",
   "Subsection": "g"
  },
  "r4": {
   "Name": "Exchange Act",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "12, 13, 15d"
  },
  "r5": {
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   "Number": "240",
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   "Section": "13e",
   "Subsection": "4c"
  },
  "r6": {
   "Name": "Exchange Act",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "14d",
   "Subsection": "2b"
  },
  "r7": {
   "Name": "Exchange Act",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "15",
   "Subsection": "d"
  },
  "r8": {
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   "Number": "240",
   "Publisher": "SEC",
   "Section": "14a",
   "Subsection": "12"
  },
  "r9": {
   "Name": "Form 10-K",
   "Number": "249",
   "Publisher": "SEC",
   "Section": "310"
  }
 },
 "version": "2.1"
}
</TEXT>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
