Valaris (VAL) investor relations material

Executive summary

• A definitive agreement was reached for a business combination between two offshore drilling companies, with one acquiring all shares of the other at a fixed exchange ratio, resulting in a combined entity owned 53% by the acquirer's shareholders and 47% by the target's shareholders.

• The transaction will be executed via a court-sanctioned scheme of arrangement under Bermuda law, with all necessary regulatory, shareholder, and court approvals required before closing.

• The boards of both companies unanimously approved the agreement, and significant shareholders (18% and 9% stakes) have entered into support agreements to vote in favor of the deal.

• The agreement includes detailed forward-looking statements and risk factors, highlighting uncertainties such as regulatory approvals, integration challenges, and market conditions.

Voting matters and shareholder proposals

• Shareholders of both companies must approve the transaction at special meetings, with specific resolutions required for share issuance and board changes.

• Only transaction-related matters and any legally required items will be voted on at these meetings.

• Support agreements ensure a significant portion of shares will be voted in favor of the transaction.

Board of directors and corporate governance

• The post-closing board will include two directors from the acquired company, subject to approval by the acquirer's shareholders.

• All directors and officers of the acquired company will resign at closing, with severance and benefits provided as if terminated without cause.

• The agreement includes provisions for indemnification and D&O insurance for former directors and officers for six years post-closing.