Valaris Ltd DEFA14A, filed Feb 10, 2026

Valaris Ltd (VAL)

DEFA14A 2026-02-10

Added on October 25, 2026

Bermuda	001-08097	98-1589854
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

Title of each class	Ticker Symbol(s)	Name of each exchange on which registered
Common Shares, $0.01 par value share	VAL	New York Stock Exchange
Warrants to purchase Common Shares	VAL WS	New York Stock Exchange

Exhibit No.		Description
2.1*		Business Combination Agreement, dated as of February 9, 2026, between Transocean Ltd. and Valaris Limited
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

	Valaris Limited

Date: February 10, 2026	By:	/s/ Davor Vukadin
		Davor Vukadin
		Senior Vice President, General Counsel and Secretary

1.1	Definitions	2
1.2	Interpretation Not Affected by Headings, etc.	21
1.3	Number, etc.	21
1.4	Date for Any Action	21
1.5	Entire Agreement	21
1.6	Currency	21
1.7	Accounting Matters	22
1.8	Disclosure in Writing; Made Available	22
1.9	References to Legislation	22
1.10	Knowledge	22
1.11	No Strict Construction	22
1.12	Schedules	23

2.1	Scheme of Arrangement	23
2.2	Proxy Statement and Meetings	25
2.3	Court Proceedings	28
2.4	Effective Time	29
2.5	Exchange Procedures; Payment of Consideration; Adjustment; Conversion of Valaris Warrants	30
2.6	Officer and Director Matters	34
2.7	Treatment of Valaris Incentives	34
2.8	Treatment of Transocean Incentive(s)	36
2.9	Applicable U.S. Securities Laws	36
2.10	Income Tax Matters and Withholdings Obligations	37

3.1	Organization and Qualification	38
3.2	Corporate Authority Relative to this Agreement	39
3.3	Capitalization; Valaris Incentives	40
3.4	Joint Ventures Partners	40
3.5	Ownership of Subsidiaries	41
3.6	No Violation; Absence of Defaults and Conflicts	41
3.7	Litigation	42

3.8	Taxes	42
3.9	Reports and Financial Statements; Internal Controls and Procedures	44
3.10	No Orders	45
3.11	Material Contracts	45
3.12	No Undisclosed Material Liabilities	46
3.13	Absence of Certain Changes; Conduct of Business	46
3.14	Environmental	47
3.15	Real Property Title	48
3.16	No Defaults under Leases and Agreements	48
3.17	No Encumbrances	48
3.18	Ownership of Material Property	49
3.19	Licenses	49
3.20	Employee Benefit Plans	49
3.21	Employment Agreements and Collective Agreements	51
3.22	Fleet Assets	52
3.23	Compliance with Laws	53
3.24	Intellectual Property	54
3.25	Corrupt Practices and Trade Legislation	54
3.26	Finders or Brokers	56
3.27	No Additional Representations	56

4.1	Organization and Qualification	57
4.2	Corporate Authority Relative to this Agreement	58
4.3	Capitalization; Transocean Incentives	59
4.4	Joint Venture Partners	60
4.5	Ownership of Subsidiaries	60
4.6	No Violation; Absence of Defaults and Conflicts	60
4.7	Transocean Shares	61
4.8	Litigation	61
4.9	Taxes	62
4.10	Reports and Financial Statements; Internal Controls and Procedures	64
4.11	No Orders	65
4.12	Material Contracts	65
4.13	No Undisclosed Material Liabilities	66
4.14	Absence of Certain Changes; Conduct of Business	66
4.15	Environmental	66
4.16	Real Property Title	68
4.17	No Defaults under Leases and Agreements	68
4.18	No Encumbrances	69
4.19	Ownership of Material Property	69
4.20	Licenses	69
4.21	Employee Benefit Plans	69
4.22	Employment Agreements and Collective Agreements	71
4.23	Fleet Assets	73

4.24	Compliance with Laws	74
4.25	Intellectual Property and Information Technology	74
4.26	Corrupt Practices and Trade Legislation	75
4.27	Finders or Brokers	76
4.28	No Additional Representations	77

5.1	Conduct of Business of Transocean	78
5.2	Conduct of Business of Valaris	81
5.3	Mutual Covenants Regarding the Business Combination	84
5.4	Additional Covenants of Transocean	87
5.5	Additional Covenants of Valaris	89
5.6	Key Regulatory Approval(s)	91
5.7	CFIUS Approval	93
5.8	Employee Matters	94

6.1	Mutual Conditions Precedent	95
6.2	Additional Conditions to Obligations of Transocean	96
6.3	Additional Conditions to Obligations of Valaris	97

7.1	Covenants Regarding Non-Solicitation	99
7.2	Fees and Expenses	102
7.3	Access to Information; Confidentiality	103
7.4	Insurance and Indemnification	104

9.1	Termination	106
9.2	Notice and Effect of Termination	107
9.3	Valaris Termination Fee	108
9.4	Transocean Termination Fee	109
9.5	Effect of Termination; Expense Reimbursement	110
9.6	Waiver	111

11.1	No Survival	113
11.2	Binding Effect	113
11.3	Assignment	113
11.4	Public Statements and Disclosure	113
11.5	Severability	114
11.6	Further Assurances	114
11.7	Time of Essence	114
11.8	Governing Law	114
11.9	Jurisdiction; WAIVER OF TRIAL BY JURY	115
11.10	Specific Performance	116
11.11	Third Party Beneficiaries	116
11.12	Disclosure Schedules	118
11.13	Counterparts; Effectiveness	118

	Valaris Limited

	By:	/s/ Anton Dibowitz
	Name:	Anton Dibowitz
	Title:	President and Chief Executive Officer