Notice Regarding Valaris PLC - in liquidation (formerly in administration) ("Old Valaris")

Important notice Regarding Old Valaris

As part of the implementation of the Valaris Group's Plan of Reorganization (the "Plan"), Jonathan Charles Marston and Mark Granville Firmin of Alvarez & Marsal Europe LLP were appointed as Joint Administrators of Old Valaris on 30 April 2021.

Shortly following their appointment, the Joint Administrators completed certain transactions pursuant to the Plan (together "the UK Transaction") which resulted in the sale of substantially all of Old Valaris's assets and liabilities to the go-forward Valaris Group, of which Valaris Limited is the parent company. Following the UK Transaction, Old Valaris is no longer a part of the go-forward Valaris Group. All entities other than Old Valaris are continuing to operate in the ordinary course with the benefit of a significantly delevered capital structure.

As part of the post-transaction strategy, the Administration of the Company concluded on 24 April 2023 by Order for the Court and Jonathan Charles Marston and Mark Granville Firmin of Alvarez & Marsal Europe LLP were subsequently appointed as Joint Liquidators of Old Valaris on 24 April 2023. No action is required from creditors, or, shareholders of Old Valaris in respect of the conversion to Liquidation.

Should you require any further information regarding the emergence, the UK Administration or the UK Liquidation of Old Valaris, please contact our claims agent, Stretto, at 855-348-2032 (Toll-Free) or +1949-266-6309 (International) in the first instance, or directly to the Joint Liquidators at INS_VALARF_WUC@alvarezandmarsal.com. Any queries regarding ongoing operations should be directed to the go-forward Valaris Group at ir.hdqrs@valaris.com.

Creditors of Old Valaris

Old Valaris's unsecured trade creditor liabilities have all transferred to and will be satisfied by the go-forward Valaris Group in accordance with the terms of the Plan.

Old Valaris's principal financial creditors have no unsecured claim in the Liquidation because the Plan discharged over $7.1 billion of Old Valaris's funded debt.

Accordingly, the Joint Liquidators are not aware of any trade or financial creditors of Old Valaris. Should you disagree with this position, please contact our claims agent, Stretto, at 855-348-2032 (Toll-Free) or +1 949-266-6309 (International), in the first instance. 

Shareholders of Old Valaris

As part of the emergence from Chapter 11, the shareholders of Old Valaris will have received warrants for shares in the go-forward Valaris Group as agreed under the Plan.

If you are a shareholder of Old Valaris and have any questions regarding these warrants, please contact the go-forward Valaris Group in the first instance, at ir.hdqrs@valaris.com.

Shareholders of Old Valaris are entitled to request a copies of the Joint Liquidators’ (formerly Joint Administrators’) insolvency notifications, free of charge, by applying in writing to the Joint Liquidators at INS_VALARF_WUC@alvarezandmarsal.com.

The affairs, business and property of Old Valaris are being managed by Jonathan Charles Marston and Mark Granville Firmin, each of Alvarez & Marsal Europe LLP who act without personal liability. The Joint Liquidators are authorized to act as insolvency practitioners by The Institute of Chartered Accountants in England and Wales.