Valaris Restructuring Agreement

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Valaris PLC on October 15 filed a proposed turnaround plan and disclosure statement in its Chapter 11 case, court documents show. The plan implements the terms of the company`s Restructuring Assistance Agreement (RSA), concluded as part of the company`s Chapter 11 bid on August 19. LONDON, August 19, 2020 /PRNewswire/ — Valaris plc (NYSE: VAL) (“Valaris” or “company”) announced today that it has entered into a binding restructuring support agreement (the “RSA”) with approximately 50% of its bondholders (“Consenting Noteholders”) and a “backstop commitment agreement” (the “BCA”). Valaris will undergo a financial restructuring to significantly reduce the burden of its debt, support continued operations in the current context of declining demand, and provide a robust financial platform to take advantage of the long-term market recovery. Valaris plc (OTC: VALPQ) is the leader in offshore drilling services in all waters and regions. Valaris operates a high-quality drilling rig with ultra-deep drilling vessels, multi-purpose semi-submersible boats and modern shallow water jackups and has experience in almost every major offshore basin. With an unwavering commitment to safety and operational excellence and a focus on technology and innovation, Valaris was ranked first in EnergyPoint Research`s latest independent survey, the ninth consecutive year the company has won the award. Valaris plc is an English limited company (England 7023598) headquartered at 110 Cannon Street, London EC4N 6EU. For more information, please visit our website at www.valaris.com. This financial restructuring should enable Valaris to reduce its debt, improve its financial base and grow as a stronger and more agile company, ready to take full advantage of the demand for offshore drilling services to return to more normal levels. For more information, visit our restructuring website, cases.stretto.com/Valaris, or call our special information guide at 855-348-2032 (free) or at 949-266-6309 (International). Valaris seeks to implement an effective restructuring process and will leave Chapter 11 as soon as possible and is convinced that a comprehensive financial restructuring is in the long term in the interests of the company and its stakeholders. Following the planned restructuring, Valaris will have one of the best balance sheets in the offshore drilling industry.

Offshore Drill Valaris supported more than 70% of senior noteholders for the restructuring of the support agreement (RSA) and the backstop commitment agreement (BCA).