<SEC-DOCUMENT>0001104659-21-059177.txt : 20210430
<SEC-HEADER>0001104659-21-059177.hdr.sgml : 20210430
<ACCEPTANCE-DATETIME>20210430170633
ACCESSION NUMBER:		0001104659-21-059177
CONFORMED SUBMISSION TYPE:	8-A12B
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20210430
DATE AS OF CHANGE:		20210430

FILER:

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

	FILING VALUES:
		FORM TYPE:		8-A12B
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08097
		FILM NUMBER:		21879467

	BUSINESS ADDRESS:	
		STREET 1:		CLARENDON HOUSE
		STREET 2:		2 CHURCH STREET
		CITY:			HAMILTON
		STATE:			D0
		ZIP:			HM 11
		BUSINESS PHONE:		4402076594660

	MAIL ADDRESS:	
		STREET 1:		CLARENDON HOUSE
		STREET 2:		2 CHURCH STREET
		CITY:			HAMILTON
		STATE:			D0
		ZIP:			HM 11

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Valaris plc
		DATE OF NAME CHANGE:	20190801

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-A12B
<SEQUENCE>1
<FILENAME>tm2114630d3_8a12b.htm
<DESCRIPTION>8-A12B
<TEXT>
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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WASHINGTON, D.C. 20549</B></P>

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

<P STYLE="font: 14pt 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;&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 8-A</B></P>

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

<P STYLE="font: 18pt 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"><B>FOR REGISTRATION OF CERTAIN CLASSES OF SECURITIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PURSUANT TO SECTION 12(b) OR (g) OF</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>THE SECURITIES EXCHANGE ACT OF 1934</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"></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: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Valaris Limited</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; text-align: center; width: 49%"><FONT STYLE="font-size: 10pt"><B>Bermuda</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; width: 49%"><FONT STYLE="font-size: 10pt"><B>98-1589854</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">(State or other jurisdiction of incorporation)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">(IRS Employer Identification No.)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Clarendon House, 2 Church Street </B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Bermuda, Hamilton </B></P></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt"><B>HM 11</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(Address of principal executive offices)</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(Zip Code)</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">Securities to be registered pursuant to Section
12(b) of the Act:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt 1pt; text-align: center; width: 49%"><FONT STYLE="font-size: 10pt"><B>Title of each class to be so registered</B></FONT></TD>
    <TD STYLE="padding: 0.75pt 1pt; width: 2%">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt 1pt; text-align: center; width: 49%"><FONT STYLE="font-size: 10pt"><B>Name of each exchange on which<BR>
each class is to be registered</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-top: black 1pt solid; border-bottom: black 1pt solid; padding: 1.5pt 1pt; text-align: center"><FONT STYLE="font-size: 10pt">Common Shares, $0.01 par value per share</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: black 1pt solid; border-bottom: black 1pt solid; padding: 1.5pt 1pt; text-align: center"><FONT STYLE="font-size: 10pt">The New York Stock Exchange</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt 1pt; text-align: center"><FONT STYLE="font-size: 10pt">Warrants to purchase Common Shares</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.75pt 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt 1pt; text-align: center"><FONT STYLE="font-size: 10pt">The New York Stock Exchange</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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<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">If this form relates to the registration of a class of securities pursuant
to Section 12(b) of the Exchange Act and is effective pursuant to General Instruction A.(c) or (e), check the following box. <FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#120;</FONT></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">If this form relates to the registration of a class of securities pursuant
to Section 12(g) of the Exchange Act and is effective pursuant to General Instruction A.(d) or (e), check the following box. <FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></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"><B>Securities Act registration statement file number
to which this form relates:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Not applicable</B></P>

<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>Securities to be registered pursuant to Section
12(g) of the Act: None</B></P>

<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></B></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"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&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: 0.65in; text-align: left"><B>Item 1.</B></TD><TD STYLE="text-align: justify"><B>Description of Registrant&rsquo;s Securities to be Registered.</B></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"><B>General</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-indent: 0.25in"><FONT STYLE="background-color: white">As previously
reported, on August 19, 2020, Valaris plc (the &ldquo;Predecessor&rdquo;) and certain of the Predecessor&rsquo;s wholly owned direct and
indirect subsidiaries (together with the Predecessor, the &ldquo;Debtors&rdquo;) filed voluntary petitions for reorganization under Chapter
11 of the United States Bankruptcy Code (the &ldquo;Bankruptcy Code&rdquo;) in the Bankruptcy Court for the Southern District of Texas
(the &ldquo;Bankruptcy Court&rdquo;). The Debtors&rsquo; Chapter 11 cases were jointly administered under the caption&nbsp;<I>In re Valaris
plc, et al.</I>&nbsp;(the &ldquo;Chapter 11 Cases&rdquo;). On February 5, 2021, the Debtors filed the Debtor&rsquo;s Fourth Amended Joint
Chapter 11 Plan of Reorganization pursuant to Chapter 11 of the Bankruptcy Code (as amended, modified or supplemented from time to time,
the&nbsp;&ldquo;Plan&rdquo;)</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On March 3, 2021, the Bankruptcy Court entered
an order approving and confirming the Plan (the&nbsp;&ldquo;Confirmation Order&rdquo;), a copy of which was included as Exhibit 99.1 to
Company&rsquo;s Current Report on Form 8-K filed with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) on March 5, 2021
and which is incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On April 30, 2021 (the &ldquo;Effective Date&rdquo;),
the Debtors satisfied the conditions specified in the Confirmation Order and the Plan became effective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to the Plan and as part of the Debtors&rsquo;
emergence from bankruptcy, Valaris Limited (the &ldquo;Company&rdquo;) was incorporated under the laws of Bermuda on January 19, 2021,
as evidenced by the memorandum of association (the &ldquo;Memorandum of Association&rdquo;), and on such date and further on April 30,
2021 authorized new common shares, par value $0.01 per share (the &ldquo;Common Shares&rdquo;) and warrants (the &ldquo;Warrants&rdquo;)
to purchase Common Shares. On the Effective Date, pursuant to the Plan, the Company issued an aggregate of approximately 75,000,000 Common
Shares and 5,645,161 Warrants. This registration statement registers under Section 12(b) of the Securities Exchange Act of 1934, as amended,
the Common Shares and the Warrants issued pursuant to the Plan. The Company has applied to list the Common Shares and the Warrants on
The New York Stock Exchange under the symbols &ldquo;VAL&rdquo; and &ldquo;VAL WS&rdquo;, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Also on the Effective Date, the Company adopted
its amended and restated bye-laws (the &ldquo;Bye-laws&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Authorized Capitalization</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-indent: 0.25in">As of the Effective Date, the Company&rsquo;s
authorized share capital consists of 850,000,000 shares, which include 700,000,000 Common Shares and 150,000,000 preference shares, par
value $0.01 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Common Shares</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-indent: 0.25in">A description of the Common Shares is contained
in the Company&rsquo;s Current Report on Form 8-K filed with the Commission on April 30, 2021, which description is <FONT STYLE="background-color: white">incorporated
herein by reference. </FONT>The description of the Common Shares does not purport to be complete and is subject to our Memorandum of Association
and the Bye-laws, copies of which are attached to this registration statement as Exhibits 3.1 and 3.2, respectively, and incorporated
by reference herein. Additionally, the Bermuda Companies Act 1981 may contain provisions which affect the share capital of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Warrant Agreements</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-indent: 0.25in">Pursuant to the Plan, on the Effective Date, the
Company entered into a Warrant Agreement (the &ldquo;Warrant Agreement&rdquo;) with Computershare Trust Company, N.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A description of the material provisions of the
Warrant Agreement is contained in the Company&rsquo;s Current Report on Form&nbsp;8-K&nbsp;filed with the Commission on April 30, 2021,
which description does not purport to be complete and is qualified in its entirety by reference to the Warrant Agreement, which is attached
to hereto as Exhibit 4.1 and is incorporated by reference herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Registration Rights 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-indent: 24.5pt; background-color: white">Pursuant to the Plan,
on the Effective Date, the Company entered into a registration rights agreement (the &ldquo;Equity Registration Rights Agreement&rdquo;)
with certain holders of the Common Shares by and among the Company and the parties set forth therein. Additionally on the Effective Date,
the Company entered into a registration rights agreement (the &ldquo;Notes Registration Rights Agreement&rdquo; and, together with the
Equity Registration Rights Agreement, the &ldquo;Registration Rights Agreements&rdquo;) with certain holders of the New Secured Notes
(as defined in the Plan) by and among the Company and the parties set forth therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">A description of the
material provisions of the Registration Rights Agreements is contained in the Company&rsquo;s Current Report on Form&nbsp;8-K&nbsp;filed
with the Commission on April 30, 2021, which description does not purport to be complete and is qualified in its entirety by reference
to the full text of the Registration Rights Agreements, which are attached hereto as Exhibit 4.2 and 4.3, respectively, and are incorporated
by reference herein.</P>

<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: 0.65in; text-align: left"><B>Item 2.</B></TD><TD STYLE="text-align: justify"><B>Exhibits.</B></TD>
</TR></TABLE>

<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: bottom">
    <TD STYLE="padding: 1.5pt 1pt; text-align: center; width: 10%"><FONT STYLE="font-size: 10pt"><B>Exhibit<BR>
Number</B></FONT></TD>
    <TD STYLE="padding: 0.75pt 1pt; width: 2%">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt 1pt; text-align: center; width: 88%"><FONT STYLE="font-size: 10pt"><B>Name of Exhibit</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 1.5pt 1pt; text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/314808/000110465921032788/tm218790d1_ex99-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">2.1</FONT></A></TD>
    <TD STYLE="padding: 0.75pt 1pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 1.5pt 1pt"><A HREF="http://www.sec.gov/Archives/edgar/data/314808/000110465921032788/tm218790d1_ex99-1.htm" STYLE="-sec-extract: exhibit">Fourth Amended Joint Chapter 11 Plan of Reorganization of Valaris plc (n/k/a Valaris Limited) and its Debtor Affiliates Pursuant to Chapter
11 of the Bankruptcy Code (incorporated by reference to Exhibit A of Order Confirming Fourth Amended Joint Chapter 11 Plan of Reorganization,
filed as Exhibit 99.1 to Legacy Valaris' Current Report on Form 8-K filed on March 5, 2021, File No . 001-08097).</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt 1pt; text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/314808/000110465921058903/tm2114630d1_ex3-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">3.1</FONT></A></TD>
    <TD STYLE="padding: 0.75pt 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: left"><A HREF="http://www.sec.gov/Archives/edgar/data/314808/000110465921058903/tm2114630d1_ex3-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Memorandum of Association of Valaris Limited (incorporated by reference to Exhibit 3.1 to Valaris Limited&rsquo;s Current Report on Form 8-K filed on April 30, 2021).</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt 1pt; text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/314808/000110465921058903/tm2114630d1_ex3-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">3.2</FONT></A></TD>
    <TD STYLE="padding: 0.75pt 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: left"><A HREF="http://www.sec.gov/Archives/edgar/data/314808/000110465921058903/tm2114630d1_ex3-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Bye-laws of Valaris Limited (incorporated by reference to Exhibit 3.2 to Valaris Limited&rsquo;s Current Report on Form 8-K filed on April 30, 2021).</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt 1pt; text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/314808/000110465921058903/tm2114630d1_ex10-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">4.1</FONT></A></TD>
    <TD STYLE="padding: 0.75pt 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: left"><A HREF="http://www.sec.gov/Archives/edgar/data/314808/000110465921058903/tm2114630d1_ex10-1.htm" STYLE="-sec-extract: exhibit">Warrant Agreement, dated as of April 30,2021, between Valaris Limited and Computershare Inc. and Computershare Trust Company, N.A. (incorporated
by reference to Exhibit 10.1 to Valaris Limited&rsquo;s Current Report on Form 8-K filed on April 30,2021).</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt 1pt; text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/314808/000110465921058903/tm2114630d1_ex10-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">4.2</FONT></A></TD>
    <TD STYLE="padding: 0.75pt 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: left"><A HREF="http://www.sec.gov/Archives/edgar/data/314808/000110465921058903/tm2114630d1_ex10-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Equity Registration Rights
    Agreement, dated as of April 30, 2021, by and among Valaris Limited and the other Holders signatory thereto (incorporated by
    reference to Exhibit 10.2 to Valaris Limited&rsquo;s Current Report on Form 8-K filed on April 30, 2021).</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt 1pt; text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/314808/000110465921058903/tm2114630d1_ex10-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">4.3</FONT></A></TD>
    <TD STYLE="padding: 0.75pt 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: left"><A HREF="http://www.sec.gov/Archives/edgar/data/314808/000110465921058903/tm2114630d1_ex10-3.htm" STYLE="-sec-extract: exhibit">Notes <FONT STYLE="font-size: 10pt">Registration Rights
    Agreement, dated as of April 30, 2021, by and among Valaris Limited and the other Holders signatory thereto (incorporated by
    reference to Exhibit 10.3 to Valaris Limited&rsquo;s Current Report on Form 8-K filed on April 30, 2021).</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt 1pt; text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/314808/000110465921032788/tm218790d1_ex99-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">99.1</FONT></A></TD>
    <TD STYLE="padding: 0.75pt 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: left"><A HREF="http://www.sec.gov/Archives/edgar/data/314808/000110465921032788/tm218790d1_ex99-1.htm" STYLE="-sec-extract: exhibit">Order Confirming Fourth Amended Joint Chapter 11 Plan of Reorganization (incorporated by reference to Exhibit 99.1 to Legacy Valaris&rsquo;
Current Report on Form 8-K filed on March 5, 2021).</A></TD></TR>
  </TABLE>

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<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>SIGNATURES</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-indent: 0.25in">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-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 50%">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 50%">Valaris Limited</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in"><B>&nbsp;</B></P>

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%">&nbsp;</TD>
    <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 Baksht</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Name: Jonathan Baksht</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Title: Authorized Signatory</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date: April 30, 2021</P>

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

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