As previously reported, on August 19, 2020, Valaris plc (“Legacy Valaris”), commenced voluntary cases (the “Chapter 11 Cases”) under chapter 11 of title 11 of the United States Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Southern District of Texas (the “Bankruptcy Court”). In accordance with the Plan, William E. Albrecht, Frederick Arnold, Mary E. Francis CBE, Georges J. Lambert, Suzanne P. Nimocks, Thierry Pilenko, and Charles L. Szews resigned from the Legacy Valaris board of directors (the “Legacy Valaris Board”) on the calendar day following the Effective Date. The Valaris board of directors (the “Board”) will consist of seven members selected in accordance with the Plan. As of the Effective Date, in accordance with the Plan, the following individuals were appointed to the Board: Tom Burke, Dick Fagerstal, Joe Goldschmid, Elizabeth Leykum, Deepak Munganahalli, and Jay Swent (“Valaris Directors” and each a “Valaris Director”). Anton Dibowitz will become a director of Valaris with effect from July 1, 2021 and as of such date shall be considered a “Valaris Director.” Ms. Leykum was also appointed to serve as Chairman of the Board. The Board consists of a single class of directors with the initial term of office to expire at the 2022 annual meeting of shareholders or until their office is vacated in accordance with the Bye-laws. The current expected committees of the Board and directors appointed to each committee are as follows: Audit Committee: Mr.Fagerstal (Chair), Ms.Leykum, and Mr.Swent; Compensation Committee: Mr.Goldschmid (Chair), Ms.Leykum, and Mr.Swent; Nominating and Governance Committee: Mr.Swent (Chair), Mr.Goldschmid, and Ms.Leykum; Environmental, Social and Governance Committee: Mr. Munganahalli (Chair) and Mr. Fagerstal; and Strategy Committee: Mr. Goldschmid (Chair), Ms. Leykum and Mr. Munganahalli.