<SEC-DOCUMENT>0001104659-26-063885.txt : 20260519
<SEC-HEADER>0001104659-26-063885.hdr.sgml : 20260519
<ACCEPTANCE-DATETIME>20260519164600
ACCESSION NUMBER:		0001104659-26-063885
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20260519
DATE AS OF CHANGE:		20260519

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Transocean Ltd.
		CENTRAL INDEX KEY:			0001451505
		STANDARD INDUSTRIAL CLASSIFICATION:	DRILLING OIL & GAS WELLS [1381]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				980599916
		STATE OF INCORPORATION:			V8
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38373
		FILM NUMBER:		26999792

	BUSINESS ADDRESS:	
		STREET 1:		TURMSTRASSE 30
		CITY:			STEINHAUSEN
		STATE:			V8
		ZIP:			6312
		BUSINESS PHONE:		41 41 749 0500

	MAIL ADDRESS:	
		STREET 1:		TURMSTRASSE 30
		CITY:			STEINHAUSEN
		STATE:			V8
		ZIP:			6312
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
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<P STYLE="margin: 0">&#160;</P>

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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WASHINGTON, D.C. 20549&#160;</B></P>

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM&#160;8-K</B></P>

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

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CURRENT REPORT<BR>
Pursuant to Section&#160;13 or 15(d)&#160;of<BR>
the Securities and Exchange Act of 1934</B></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; text-align: center"><B>Date of Report (Date of earliest event reported): </B><B>May 19, 2026</B></P>

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

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

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

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  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; width: 32%"><B>Switzerland</B></TD>
    <TD STYLE="width: 2%">&#160;</TD>
    <TD STYLE="text-align: center; width: 36%"><B>001-38373</B></TD>
    <TD STYLE="width: 2%">&#160;</TD>
    <TD STYLE="text-align: center; width: 28%"><B>98-0599916</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">(State or other jurisdiction of</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: center">(Commission</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: center">(I.R.S. Employer</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">incorporation or organization)</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: center">File Number)</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: center">Identification No.)</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</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="text-align: center; width: 51%"><B>Turmstrasse 30</B></TD>
    <TD STYLE="width: 2%">&#160;</TD>
    <TD STYLE="text-align: center; width: 47%">&#160;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><B>Steinhausen, Switzerland </B></TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: center"><B>CH-6312</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">(Address of principal executive offices)</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: center">(zip code)</TD></TR>
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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; text-align: center">Registrant&#8217;s telephone number, including
area code: <B>+41 (41) 749-0500</B></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; text-align: justify">Check the appropriate box below if the Form&#160;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">&#160;</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: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Written communications pursuant to Rule&#160;425 under the Securities
Act (17 CFR 230.425)</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</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: Wingdings">x</FONT></TD><TD STYLE="text-align: justify">Soliciting material pursuant to Rule&#160;14a-12 under the Exchange
Act (17 CFR 240.14a-12)</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</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: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Pre-commencement communications pursuant to Rule&#160;14d-2(b)&#160;under
the Exchange Act (17 CFR 240.14d-2(b))</TD>
</TR></TABLE>

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

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Pre-commencement communications pursuant to Rule&#160;13e-4(c)&#160;under
the Exchange Act (17 CFR 240.13e-4(c))</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; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Securities registered pursuant to Section&#160;12(b)&#160;of the Act:</P>



<P STYLE="margin: 0">&#160;</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-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 32%"><B>Title of each class</B></TD>
    <TD STYLE="padding-bottom: 1pt; width: 2%">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 32%"><B>Ticker<BR>
    Symbol(s)</B></TD>
    <TD STYLE="padding-bottom: 1pt; width: 2%">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 32%"><B>Name of each exchange <BR>
    on which registered</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Shares,  $0.10 par value</TD>
    <TD>&#160;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">RIG</TD>
    <TD>&#160;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">New York Stock Exchange</TD></TR>
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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; text-align: justify">Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule&#160;405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule&#160;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">Emerging Growth Company <FONT STYLE="font-family: Wingdings">&#168;</FONT></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; 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&#160;13(a)&#160;of the Exchange Act. <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></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">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 1.01 Entry into a Material Definitive
Agreement.</B></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; text-align: justify; text-indent: 0.25in">On May&#160;19, 2026,
<FONT STYLE="color: #030303">Transocean Ltd., a Swiss corporation (&#8220;<B>Transocean</B>&#8221;), </FONT>entered into a support agreement
(the &#8220;<B>Famatown Support Agreement</B>&#8221;) with Famatown Finance Limited, Kristian Johansen and the other parties thereto,
pursuant to which Transocean has agreed, subject to the terms and conditions set forth therein, to nominate Mr.&#160;Johansen for election
to the board of directors (the &#8220;<B>Transocean Board</B>&#8221;) of Transocean (the &#8220;<B>Initial Nomination Right</B>&#8221;)
at (i)&#160;the extraordinary general meeting of Transocean shareholders (the &#8220;<B>Transocean Extraordinary General Meeting</B>&#8221;),
with his election conditioned on approval of a shareholder resolution at the Transocean Extraordinary General Meeting and consummation
of Transocean&#8217;s acquisition of Valaris Limited<FONT STYLE="color: #030303">, an exempted company limited by shares incorporated
under the laws of Bermuda (&#8220;<B>Valaris</B>&#8221;)</FONT>, and (ii)&#160;each annual or extraordinary meeting of Transocean shareholders
at which directors are elected during the period commencing at the Transocean Extraordinary General Meeting and ending on the date that
is two years thereafter (the &#8220;<B>Re-Nomination Period</B>&#8221;). If the Transocean Board includes Mr.&#160;Johansen or another
replacement director reasonably acceptable to the Transocean Board (a &#8220;<B>Replacement Director</B>&#8221;) on Transocean&#8217;s
slate of director nominees for any subsequent annual general meeting of Transocean shareholders and Mr.&#160;Johansen or the Replacement
Director is elected to serve as a Transocean director at such meeting, the Re-Nomination Period will be extended until completion of the
next annual general meeting of Transocean shareholders.</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; text-align: justify; text-indent: 0.25in">If Mr.&#160;Johansen is not
elected to the Transocean Board at the Transocean Extraordinary General Meeting or any meeting of Transocean shareholders during the Re-Nomination
Period, the Famatown Parties (as defined in the Famatown Support Agreement) have the right to nominate a Replacement Director, and the
Transocean Board shall promptly nominate such Replacement Director for election at the next meeting of Transocean shareholders, subject
to the terms and conditions set forth in the Famatown Support Agreement (together with the Initial Nomination Right, the &#8220;<B>Nomination
Right</B>&#8221;). At any time Mr.&#160;Johansen or a Replacement Director is not a member of the Transocean Board during the Re-Nomination
Period, the Famatown Parties have the right to designate an individual reasonably acceptable to the Transocean Board as an observer to
the Transocean Board and each committee thereof (the &#8220;<B>Observer Right</B>&#8221;). The Famatown Support Agreement contains customary
standstill and voting covenants applicable to the Famatowon Parties during the Re-Nomination Period, as well as important conditions relating
to the Nomination Right and Observer Right.</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; text-align: justify; text-indent: 0.25in">Pursuant to the Famatown
Support Agreement, Mr.&#160;Johansen has agreed to tender his resignation as a director of the Transocean Board effective upon a determination
by a majority of the Transocean Board (excluding Mr.&#160;Johansen), and the Famatown Support Agreement and the Re-Nomination Period will
terminate, if, among others, (i)&#160;the Famatown Parties do not own at least 3.5% of the total issued and outstanding shares of Transocean,
(ii)&#160;the Famatown Parties breach their standstill and voting commitments or (iii)&#160;Mr.&#160;Johansen or a Replacement Director
fails to comply with applicable Transocean policies.</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; text-align: justify; text-indent: 0.25in">The foregoing description
of the Famatown Support Agreement is not complete and is qualified in its entirety by the full text of the Famatown Support Agreement,
which is filed as Exhibit&#160;10.1 hereto.</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"><B>Item 9.01 Financial Statements and Exhibits.</B></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">(d)&#160;Exhibits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</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-bottom: black 1pt solid; font-size: 10pt; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit&#160;<BR>
No</B>.</FONT></TD>
    <TD STYLE="width: 2%">&#160;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left; font-size: 10pt; width: 88%; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><A HREF="tm269762d9_ex10-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">10.1</FONT></A></TD>
    <TD STYLE="font-size: 10pt">&#160;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><A HREF="tm269762d9_ex10-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Support Agreement, dated as of May&#160;</FONT>19<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">, 2026, between Transocean Ltd., Kristian K. Johansen, Famatown Finance Limited, Greenwich Holdings Limited, C.K. Limited, Geveran Trading Co. Limited and Hemen Holding Limited.</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">104</FONT></TD>
    <TD>&#160;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Cover Page&#160;Interactive Data File (formatted as inline XBRL).</FONT></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"></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"><I>Important Additional Information and Where
to Find It</I></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; text-align: justify; text-indent: 0.5in">The transaction relates to
the proposed business combination of Transocean and Valaris pursuant to the terms of the Business Combination Agreement, dated as of February&#160;9,
2026, and is being made by way of a scheme of arrangement pursuant to section 99 of the Companies Act 1981, as amended, under the laws
of Bermuda. In connection therewith, Transocean and Valaris filed a joint preliminary proxy statement on Schedule 14A with the SEC on
May&#160;19, 2026. The joint preliminary proxy statement is not final, and a joint
definitive proxy statement (when available) will be mailed or otherwise disseminated to shareholders of each of Transocean and Valaris
seeking their approval of the parties&#8217; respective transaction-related proposals. None of the securities to be issued pursuant to
the scheme of arrangement are anticipated to be registered under the U.S. Securities Act or any state securities laws, and any securities
issued in the transaction are anticipated to be issued in reliance upon an exemption from such registration requirements pursuant to Section&#160;3(a)(10)&#160;of
the U.S. Securities Act and applicable exemptions under state securities laws.</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; text-align: justify; text-indent: 0.5in">INVESTORS AND SHAREHOLDERS
OF TRANSOCEAN AND VALARIS ARE URGED TO READ THE JOINT PROXY STATEMENT, THE BUSINESS COMBINATION AGREEMENT, THE SCHEME DOCUMENT AND ANY
OTHER RELEVANT DOCUMENTS THAT WILL BE FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS
THERETO) CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE
PROPOSED TRANSACTION, THE PARTIES TO THE PROPOSED TRANSACTION AND RELATED MATTERS.</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; text-align: justify; text-indent: 0.5in">This communication does not
constitute an offer to buy, or the solicitation of an offer to sell, any securities, nor shall there be any sale of securities in any
jurisdiction in which such offer or sale would be unlawful prior to registration or qualification under the securities laws of any such
jurisdiction. This communication is not a substitute for the joint proxy statement or any other document that Transocean or Valaris may
file with the SEC and send to their respective shareholders in connection with the proposed transaction. Investors and shareholders will
be able to obtain free copies of the joint proxy statement (when available) and other documents filed with the SEC by Transocean or Valaris
through the website maintained by the SEC at&#160;http://www.sec.gov. Copies of the documents filed with the SEC by Transocean will be
available free of charge on Transocean&#8217;s website at&#160;www.deepwater.com&#160;under the tab &#8220;Investors&#8221; and under
the heading &#8220;SEC Filings.&#8221; Copies of the documents filed with the SEC by Valaris will be available free of charge on Valaris&#8217;
website at&#160;www.valaris.com under the tab &#8220;Investors&#8221; and under the heading &#8220;Financials&#8221; and subheading &#8220;SEC
Filings.&#8221;</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; text-align: justify; text-indent: 0.5in">This communication is not
intended to constitute, and does not constitute, an offer or solicitation in or into Switzerland to purchase or invest in any securities,
and no application has been made or will be made to admit any securities referred to herein to trading on any trading venue (i.e., exchange
or multilateral trading facility) in Switzerland. Neither this communication nor any other offering or marketing material relating to
the transaction described herein or any securities referred to herein constitutes a prospectus within the meaning of the Swiss Financial
Services Act of June&#160;15, 2018, as amended (the &#8220;<B>FinSA</B>&#8221;), or advertising within the meaning of the FinSA.</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; text-align: justify; text-indent: 0.5in">Neither this communication
nor any other offering or marketing material relating to the transaction described herein or any securities referred to herein has been
filed with or approved by any Swiss regulatory authority. In particular, no material relating to the transaction described herein or any
securities referred to herein has been reviewed or approved by a Swiss reviewing body (Pr&#252;fstelle) pursuant to article 51 of the
FinSA.</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; text-align: justify; text-indent: 0.5in">This communication is not
subject to, and has not received approval from, either the Bermuda Monetary Authority or the Registrar of Companies of Bermuda and no
statement to the contrary, explicit or implicit, is authorized to be made in this regard. Securities may be offered or sold in Bermuda
only in compliance with the provisions of the Investment Business Act 2003 of Bermuda.</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; text-align: justify"><I>Participants in the Solicitation</I></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; text-align: justify; text-indent: 0.5in">Transocean, Valaris and their
respective directors and executive officers and certain other members of management and employees may be considered to be participants
in the solicitation of proxies from the shareholders of Transocean and Valaris in connection with the proposed transaction. Information
about the interests of the directors and executive officers of Transocean and Valaris and other persons who may be deemed to be participants
in the solicitation of shareholders of Valaris in connection with the proposed transaction and a description of their direct and indirect
interests, by security holdings or otherwise, will be included in the joint proxy statement, which will be filed with the SEC. Information
about Transocean&#8217;s directors and executive officers is set forth in Transocean&#8217;s Annual Report on Form&#160;10-K for the year
ended December&#160;31, 2025, which was filed with the SEC on February&#160;23, 2026 and its proxy statement for its 2026 annual meeting,
which was filed with the SEC on March&#160;20, 2026. Information about Valaris&#8217; directors and executive officers is set forth in
Valaris&#8217; Annual Report on Form&#160;10-K for the year ended December&#160;31, 2025, which was filed with the SEC on February&#160;20,
2026, and its proxy statement for its 2026 annual meeting, which was filed with the SEC on April&#160;16, 2026. To the extent holdings
of Transocean&#8217;s or Valaris&#8217; securities by its directors or executive officers have changed since the amounts set forth in
such filings, such changes have been or will be reflected in Initial Statements of Beneficial Ownership on Form&#160;3 or Statements of
Beneficial Ownership on Form&#160;4 filed with the SEC. Additional information about the directors and executive officers of Transocean
and Valaris and other information regarding the potential participants in the proxy solicitations and a description of their direct and
indirect interests, by security holdings or otherwise, which may, in some cases, be different than those of Transocean shareholders or
Valaris&#8217; shareholders generally, will be contained in the joint proxy statement and other relevant materials to be filed with the
SEC regarding the proposed transaction. You may obtain these documents (when they become available) free of charge through the website
maintained by the SEC at&#160;http://www.sec.gov&#160;and from Transocean&#8217;s or Valaris&#8217; website as described above.</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; text-align: center"><B>SIGNATURES</B></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; 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">&#160;</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">&#160;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">TRANSOCEAN LTD.</P></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top">&#160;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">&#160;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: May 19,
    2026</FONT></TD>
    <TD STYLE="font-size: 10pt; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 47%"> /s/ Debra Kupferman</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Debra Kupferman</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized Person</FONT></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"></P>

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


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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>tm269762d9_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

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

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 377.25pt"><B><I>Execution Version</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>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; text-align: justify; text-indent: 0.5in">This SUPPORT AGREEMENT (this
 &ldquo;<B><I>Agreement</I></B>&rdquo;), dated as of May&nbsp;19, 2026, is entered into by and among the signatories 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; text-align: justify; text-indent: 0.5in">This Agreement is delivered
in connection with the announcement of the Director Nominee&rsquo;s nomination for election to the Board of Directors (the &ldquo;<B><I>Board</I></B>&rdquo;)
of Transocean Ltd. (the &ldquo;<B><I>Company</I></B>&rdquo;) at the Company&rsquo;s Extraordinary General Meeting (the &ldquo;<B><I>EGM</I></B>&rdquo;)
to be held to approve the Business Combination (as defined in <U>Annex A</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: 0.5in">In consideration of and reliance
upon the mutual covenants and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, the parties hereto agree as follows:</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: 0.25in">1.</TD><TD STYLE="text-align: justify">The Director Nominee understands that
                                            the announcement of his nomination follows discussions between Famatown Parties (as defined
                                            in <U>Annex A</U>) and the Company.</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: 0.25in">2.</TD><TD STYLE="text-align: justify">The Director Nominee has received a copy
                                            of the Company&rsquo;s Corporate Governance Guidelines and other Company and Board policies
                                            with which he will be required to comply should he be elected to the Board at the EGM (such
                                            policies, as they may be amended from time to time, the &ldquo;<B><I>Policies</I></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: 0.25in">3.</TD><TD STYLE="text-align: justify">The Director Nominee shall be nominated
                                            for election to the Board at each annual or extraordinary meeting of shareholders at which
                                            directors are elected during the period commencing at the EGM and ending on the date that
                                            is two years thereafter (the &ldquo;<B><I>Re-Nomination Period</I></B>&rdquo;), unless the
                                            Re-Nomination Period is earlier terminated due to a Resignation Event (as defined in <U>Annex
                                            A</U>) or extended pursuant to the following sentence. In addition, the Board may determine
                                            to include the Director Nominee on the Company&rsquo;s slate of director nominees for any
                                            subsequent annual general meeting of Company shareholders (which determination is to be made
                                            in the Board&rsquo;s sole discretion), and if the Director accepts such nomination and is
                                            elected to serve on the Board at such subsequent annual general meeting, the Re-Nomination
                                            Period shall be extended until the completion of the next annual general meeting.</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: 0.25in">4.</TD><TD STYLE="text-align: justify">Each of the Famatown Signatories agrees
                                            that from and after the date hereof until the completion of the Re-Nomination Period it shall
                                            not, directly or indirectly, and it shall cause each other Famatown Party not to, directly
                                            or indirectly, commit a Famatown Termination Event; <I>provided</I> that notwithstanding
                                            anything to the contrary contained herein, this Agreement shall automatically terminate and
                                            be of no further force and effect upon a Resignation Event, and neither party shall have
                                            any further liability to the other arising under this 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>

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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>

<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">5.</TD><TD STYLE="text-align: justify">In the event that the Director Nominee
                                            is not elected to the Board at the EGM or any meeting of shareholders, or if the Director
                                            Nominee otherwise does not serve as a director of the Company during the Re-Nomination Period
                                            for any reason other than the occurrence of a Famatown Beneficial Ownership Trigger, then
                                            the Famatown Parties shall have the right to designate one individual reasonably acceptable
                                            to the Board (the &ldquo;<B><I>Replacement Director</I></B>&rdquo;), and the Board shall
                                            promptly nominate such Replacement Director for election at the next meeting of shareholders,
                                            in each case on the same terms and subject to the same conditions, including entry into a
                                            substantially similar agreement to this Agreement, as would have applied to the Director
                                            Nominee&rsquo;s nomination and service, so long as no Resignation Event has occurred; <I>provided</I>
                                            that, at any time the Director Nominee or a Replacement Director is not a member of the Board
                                            during the Re-Nomination Period the Company shall, at the request of the Famatown Parties,
                                            the Famatown Parties shall have the right to designate an individual reasonably acceptable
                                            to the Board as an observer to the Board and each committee thereof (the &ldquo;<B><I>Observer</I></B>&rdquo;);
                                            <I>provided further</I>, the Famatown Parties shall have the right to remove or replace the
                                            Observer with a person reasonably acceptable to the Board, so long as no Resignation Event
                                            has occurred and the Replacement Director has not been elected to the Board; <I>provided
                                            further</I> the Company shall (i)&nbsp;deliver to the Observer, including any replacement
                                            observer, any proposed action, including by written consent, of the Board and each committee
                                            thereof (together with any supporting materials) substantially concurrently with delivery
                                            thereof to the members of the Board or such committee, as the case may be; and (ii)&nbsp;permit
                                            the Observer to attend all meetings of the Board and each committee thereof in person (if
                                            such meeting is an in-person meeting) or by conference call (if such meeting is by telephonic
                                            conference) and distribute all materials distributed for or at any such meeting (including
                                            any meeting agenda or board package) and all other information and materials distributed
                                            to members of the Board or such committee, as the case may be, in each case, substantially
                                            concurrently with the distribution of any such information or materials to the members of
                                            the Board or such committee, as the case may be. The Observer, including any replacement
                                            observer, shall be entitled to receive compensation for any consulting services provided
                                            to the Company, and shall, to the greatest extent permitted under applicable law, be entitled
                                            to indemnification and expense reimbursement to the same extent as provided to the non-management
                                            Directors. The Famatown Parties agree that (I)&nbsp;any information or materials provided
                                            to the Observer in connection with the foregoing shall be kept confidential in accordance
                                            with the terms of the confidentiality agreement entered into substantially simultaneously
                                            with this Agreement, and (II)&nbsp;nothing herein shall require the Company to disclose to
                                            the Observer any information or include the Observer in any meeting to the extent such disclosure
                                            or inclusion could reasonably be detrimental to the Company or constitute a waiver of the
                                            Company&rsquo;s attorney-client privilege or attorney work product privilege with respect
                                            to such information (as determined by the chair of the Board after consultation with internal
                                            or external counsel to the Company). In no event will the Observer, including any replacement
                                            Observer, be entitled to vote at a meeting of the Board or any committee thereof.</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: 0.25in">6.</TD><TD STYLE="text-align: justify">In light of these circumstances, assuming
                                            that the Director Nominee is elected to the Board at the EGM, the Director Nominee hereby
                                            resigns from the Board and from any and all committees of the Board on which the Director
                                            Nominee serves, subject to and effective following a determination by a majority of the Board
                                            (without including myself) that a Resignation Event has occurred.</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: 0.25in">7.</TD><TD STYLE="text-align: justify">Famatown, the Famatown Parties, the Company
                                            and the undersigned parties hereby agree to, effective as of the closing of the Business
                                            Combination, cause the Support Agreement to be terminated in its entirety, at which point
                                            it shall be null and void and of no further force or effect, including any provisions that
                                            purport to survive termination.</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: center">[The remainder of this page&nbsp;is intentionally
left blank.]</P>

<P STYLE="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">IN WITNESS WHEREOF, the parties have caused this
Agreement to be duly executed as of the date first written above.</P>

<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>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TRANSOCEAN LTD.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; width: 45%"><B>/</B>s<B>/ </B>Sandro Thoma</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">Name:</FONT></TD>
    <TD STYLE="font-size: 10pt">Sandro Thoma</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">Title:</FONT></TD>
    <TD STYLE="font-size: 10pt">Corporate Secretary</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: center">[<I>Signature Page&nbsp;to Support Agreement</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>

<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="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DIRECTOR NOMINEE</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</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"><B>/</B>s<B>/ </B>Kristian
    K. Johansen</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kristian K. Johansen</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FAMATOWN FINANCE LIMITED</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" 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 STYLE="border-bottom: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Christakis Theodoulou</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Christakis Theodoulou</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">GREENWICH HOLDINGS LIMITED</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" 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 STYLE="border-bottom: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Christakis Theodoulou</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Christakis Theodoulou</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.K. LIMITED,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in its capacity as trustee of the GHL No.&nbsp;1 Trust and the GHL No.&nbsp;2 Trust</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" 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 STYLE="border-bottom: Black 1pt solid; font-size: 10pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Christakis Theodoulou</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Christakis Theodoulou</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">GEVERAN TRADING CO. LIMITED</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; width: 47%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Christakis Theodoulou</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Christakis Theodoulou</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">HEMEN HOLDING LIMITED</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" 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 STYLE="border-bottom: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Christakis Theodoulou</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Christakis Theodoulou</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Director</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; text-align: center">[<I>Signature Page&nbsp;to Support Agreement</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: center"><FONT STYLE="font-variant: small-caps"><B>Annex
A</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">For purposes of the Agreement
of which this <U>Annex A</U> forms a part, the capitalized terms defined below have the following definitions:</P>

<P STYLE="font: 10pt Times New Roman, 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><I>Business Combination</I></B>&rdquo;
means the business combination contemplated by that certain Business Combination Agreement, dated as of February&#8239;9,&#8239;2026,
by and between the Company and Valaris, pursuant to which, among other things, the Company will acquire all of the issued and outstanding
common shares of Valaris in exchange for shares of the Company, and Valaris will become a wholly owned subsidiary of the 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><I>Exchange Act</I></B>&rdquo;
means the Securities Exchange Act of 1934, 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; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Famatown</I></B>&rdquo;
means Famatown Finance Limited.</P>

<P STYLE="font: 10pt Times New Roman, 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><I>Famatown Beneficial
Ownership Trigger</I></B>&rdquo; means Famatown&rsquo;s or any Famatown Party&rsquo;s beneficial ownership (as determined under Section&#8239;13(d)&nbsp;of
the Exchange Act) decreasing to less than three- and one-half percent (3.5%) of the issued and outstanding shares of the 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><I>Famatown Party</I></B>&rdquo;
or &ldquo;<B><I>Famatown Parties</I></B>&rdquo; means (x)&nbsp;each of Famatown, Greenwich Holdings Limited and C.K. Limited, and each
of their respective Affiliates and Associates (as each such term is defined in Rule&nbsp;12b-2 promulgated by the U.S. Securities and
Exchange Commission under the Exchange Act), and including for the avoidance of doubt any Person that, directly or indirectly controls
or has direct or indirect substantial influence with respect to, any of the foregoing, together with any Person directly or indirectly
controlled by, or directly or indirectly substantially influenced by, any such Person, and (y)&nbsp;any counterparty with which any Person
specified or described in the foregoing clause (x)&nbsp;enters into any agreement, contract, arrangement or understanding providing for
voting or other commitments as to any actions under this <U>Annex A</U> of the Agreement that would constitute a Famatown Termination
Event (if such counterparty were included as part of Famatown). Any Person specified or described in this definition shall be a &ldquo;member&rdquo;
of Famatown.</P>

<P STYLE="font: 10pt Times New Roman, 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><I>Famatown Signatories</I></B>&rdquo;
means each of Famatown, Greenwich Holdings Limited and C.K. Limited.</P>

<P STYLE="font: 10pt Times New Roman, 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><I>Famatown Termination
Event</I></B>&rdquo; means Famatown or any of its members becoming adverse to the Company, which shall include, without limitation, any
of the following actions by Famatown or any of its members, unless such action has been specifically requested in writing by the Company
or a majority of the Board:</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: 0.25in">(a)</TD><TD STYLE="text-align: justify">Famatown or any Famatown Party becoming
                                            the beneficial owner (as determined under Section&nbsp;13(d)&nbsp;of the Exchange Act) of
                                            more than twenty percent (20%) of the outstanding shares of the Company;</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: 0.25in">(b)</TD><TD STYLE="text-align: justify">(i)&nbsp;making, engaging in or in any
                                            way participating in, directly or indirectly, any &ldquo;solicitation&rdquo; of proxies or
                                            consents to vote, or seeking to advise or knowingly encouraging or knowingly influencing
                                            any Person with respect to the voting of, or consents to vote, any securities of the Company,
                                            (ii)&nbsp;becoming a &ldquo;participant&rdquo; in any contested &ldquo;solicitation&rdquo;
                                            for the election of directors with respect to the Company (as such terms are defined or used
                                            in the Exchange Act), other than a &ldquo;solicitation&rdquo; or acting as a &ldquo;participant&rdquo;
                                            in support of all of the nominees of the Board at any shareholder meeting, or (iii)&nbsp;making
                                            any shareholder proposal;</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">&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">(c)</TD><TD STYLE="text-align: justify">making or submitting, causing or participating
                                            in, or in any way knowingly assisting or knowingly facilitating any other Person to make
                                            or submit or seek to make or submit to the Company any offer or proposal for any tender or
                                            exchange offer, merger, consolidation, acquisition, scheme, arrangement, business combination,
                                            recapitalization, reorganization, sale or acquisition of assets, restructuring, liquidation,
                                            separation, spin-off, dissolution or other extraordinary transaction involving the Company
                                            or any of its subsidiaries or joint ventures or any of their respective securities (each,
                                            an &ldquo;<B><I>Extraordinary Transaction</I></B>&rdquo;); <I>provided</I>, <I>however</I>,
                                            that (i)&nbsp;privately discussing potential Extraordinary Transactions with the Company
                                            shall not constitute a Famatown Termination Event if any such action does not create a public
                                            disclosure obligation for any member of Famatown or the Company, is not publicly disclosed
                                            by Famatown and is undertaken on a basis reasonably designed to be confidential and, (ii)&nbsp;engaging
                                            in any of the activities enumerated under this Section&nbsp;(b)&nbsp;of <U>Annex A</U> shall
                                            not constitute a Famatown Termination Event in the event that the Company has announced a
                                            sale process, or has publicly disclosed having entered into an Extraordinary Transaction;</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: 0.25in">(d)</TD><TD STYLE="text-align: justify">(i)&nbsp;calling or seeking to call any
                                            meeting of shareholders, including by written consent, (ii)&nbsp;seeking the removal or election
                                            of any member of the Board or management, other than in accordance with any recommendation
                                            of the Board, or (iii)&nbsp;soliciting consents from shareholders or otherwise acting or
                                            seeking to act by written consent, other than in accordance with any recommendation of the
                                            Board; <I>provided</I>, <I>however</I>, that privately recommending director candidates for
                                            election to the Board shall not constitute a Famatown Termination Event if such action does
                                            not create a public disclosure obligation for any member of Famatown or the Company, is not
                                            publicly disclosed by any member of Famatown and is undertaken on a basis reasonably designed
                                            to be confidential;</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: 0.25in">(e)</TD><TD STYLE="text-align: justify">knowingly taking any action in support
                                            of or making any public (or reasonably expected to become public) proposal or request with
                                            respect to controlling, changing or influencing the Board or management of the Company with
                                            respect to the management thereof; <I>provided, however</I>, that public statements with
                                            respect to any Extraordinary Transaction that are supportive of such Extraordinary Transaction
                                            shall not constitute a Famatown Termination Event if such Extraordinary Transaction was not
                                            the result of any Famatown Termination Event;</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: 0.25in">(f)</TD><TD STYLE="text-align: justify">making any public (or reasonably expected
                                            to become public) disclosure, announcement or statement regarding any intent, purpose, plan
                                            or proposal with respect to the Board, the Company, its management, policies or affairs,
                                            any of its securities or assets or this Agreement, except as permitted by this Agreement;</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: 0.25in">(g)</TD><TD STYLE="text-align: justify">making any public (or reasonably expected
                                            to become public) disclosure, announcement or statement to take any of the foregoing actions,
                                            or otherwise taking or causing any action or making any statement inconsistent with any of
                                            the foregoing;</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: 0.25in">(h)</TD><TD STYLE="text-align: justify">not causing all shares of voting securities
                                            of the Company beneficially owned by the Famatown Parties directly or indirectly to be present
                                            for quorum purposes and to be voted, at all meetings of shareholders or at any adjournments
                                            or postponements thereof, for all persons nominated by the Board for election as Directors
                                            at any meeting of shareholders and in accordance with the recommendation of the Board on
                                            any other proposals or other business that comes before any meeting of shareholders; or</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: 0.25in">(i)</TD><TD STYLE="text-align: justify">causing to be made any public statement,
                                            announcement or communication of any kind, whether verbal, in writing, electronically transferred
                                            or otherwise, that criticizes, disparages, defames, slanders, impugns or is reasonably likely
                                            to damage the reputation of the Company, its Affiliates, its subsidiaries and its or their
                                            business or any of its or their officers, employees or directors (including any director
                                            or nominee for director (including any former director or director nominee); <I>provided</I>,
                                            <I>however</I>, that the making or causing of any such public statement, announcement or
                                            communication shall not constitute a Famatown Termination Event if such public statement,
                                            announcement or communication is made in response to any public statement, announcement or
                                            communication of any kind from the Company that criticizes, disparages, defames, slanders,
                                            impugns or is reasonably likely to damage the reputation of Famatown.</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Person</I></B>&rdquo;
means any individual, corporation (including not-for-profit), general or limited partnership, limited liability or unlimited liability
company, joint venture, estate, trust, association, organization or other entity of any kind or nature.</P>

<P STYLE="font: 10pt Times New Roman, 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><I>Resignation
Event</I></B>&rdquo; means (a)&nbsp;any failure by the Director Nominee to comply with the Policies, (b)&nbsp;the occurrence of any Famatown
Termination Event, or (c)&nbsp;the occurrence of a Famatown Beneficial Ownership Trigger.</P>

<P STYLE="font: 10pt Times New Roman, 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><I>Support Agreement</I></B>&rdquo;
means that certain Support Agreement, dated December&nbsp;10, 2021, as amended, by and among Valaris, Famatown, Greenwich Holdings Limited,
Seatankers Management Company Limited, Geveran Trading Co. Limited and Hemen Holding Limited.</P>

<P STYLE="font: 10pt Times New Roman, 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><I>Valaris</I></B>&rdquo;
means Valaris Limited, an exempted company limited by shares incorporated under the laws of Bermuda.</P>

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

<P STYLE="margin: 0"></P>

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