VAL · Valaris Ltd

These shares were withheld upon vesting to enable the reporting person to satisfy tax withholding obligations that arose upon such vesting, which will be paid by the issuer to the appropriate taxing authority in cash.

Consists of an annual equity grant of 8,673 restricted stock units, which will vest in three equal installments on each of the first three anniversaries of the date of grant.

These shares were withheld upon vesting to enable the reporting person to satisfy tax withholding obligations that arose upon such vesting, which will be paid by the issuer to the appropriate taxing authority in cash.

Each restricted stock unit represents the right to receive one Valaris common share, the cash value thereof, or a combination of shares and cash, in accordance with the grant agreements and at the election of the reporting person. Consists of 2,849 restricted stock units, representing the recipient's annual equity retainer, which will vest in full on the earlier of the first anniversary of the date of grant or the next annual meeting of the Company's shareholders.

Represents the portion of restricted stock units that were cash settled in accordance with the terms of the reporting person's equity award agreement.

Each restricted stock unit represents the right to receive one Valaris common share, the cash value thereof, or a combination of shares and cash, in accordance with the grant agreements and at the election of the reporting person.

Each restricted stock unit represents the right to receive one Valaris common share, the cash value thereof, or a combination of shares and cash, in accordance with the grant agreements and at the election of the reporting person.

Consists of 2,188 restricted stock units, representing the recipient's annual equity retainer, which will vest in full on the earlier of the first anniversary of the date of grant or the next annual meeting of the Company's shareholders.

Pursuant to the policies of Oak Hill Advisors, L.P. ("OHA"), the restricted stock units received by Mr. Goldschmid are held for the benefit of certain clients of OHA.

Each restricted stock unit represents the right to receive one Valaris common share, the cash value thereof, or a combination of shares and cash, in accordance with the grant agreements and at the election of the reporting person. Consists of 2,391 restricted stock units, representing the recipient's annual equity retainer, which will vest in full on the earlier of the first anniversary of the date of grant or the next annual meeting of the Company's shareholders.

These shares were withheld upon settlement or vesting to enable the reporting person to satisfy tax withholding obligations that arose upon such settlement or vesting, which will be paid by the issuer to the appropriate taxing authority in cash.

Consists of 1,984 restricted stock units, representing the recipient's annual equity retainer, which will vest in full on the earlier of the first anniversary of the date of grant or the next annual meeting of the Company's shareholders.

Consists of 2,493 restricted stock units, representing the recipient's annual equity retainer, which will vest in full on the earlier of the first anniversary of the date of grant or the next annual meeting of the Company's shareholders.

Represents the portion of restricted stock units that were cash settled in accordance with the terms of the reporting person's equity award agreement.

These shares were withheld upon settlement or vesting to enable the reporting person to satisfy tax withholding obligations that arose upon such settlement or vesting, which will be paid by the issuer to the appropriate taxing authority in cash.

Due to an administrative error in the calculation of equity awards granted to executive officers in March 2025, fewer restricted share units were issued than were previously approved by the Compensation Committee and the Board of Directors. This grant represents a true-up award to align the number of restricted share units issued with the amounts originally approved. This grant will vest as follows: 127 restricted share units that would have vested on March 3, 2026 vested upon grant on April 7, 2026; 126 restricted share units will vest on March 3, 2027 and 126 restricted share units will vest on March 3, 2028.

Due to an administrative error in the calculation of equity awards granted to executive officers in March 2025, fewer restricted share units were issued than were previously approved by the Compensation Committee and the Board of Directors. This grant represents a true-up award to align the number of restricted share units issued with the amounts originally approved. This grant will vest as follows: 74 restricted share units that would have vested on March 3, 2026 vested upon grant on April 7, 2026; 74 restricted share units will vest on March 3, 2027 and 73 restricted share units will vest on March 3, 2028.

These shares were withheld upon settlement or vesting to enable the reporting person to satisfy tax withholding obligations that arose upon such settlement or vesting, which will be paid by the issuer to the appropriate taxing authority in cash.

These shares were withheld upon settlement or vesting to enable the reporting person to satisfy tax withholding obligations that arose upon such settlement or vesting, which will be paid by the issuer to the appropriate taxing authority in cash.

Due to an administrative error in the calculation of equity awards granted to executive officers in March 2025, fewer restricted share units were issued than were previously approved by the Compensation Committee and the Board of Directors. This grant represents a true-up award to align the number of restricted share units issued with the amounts originally approved. This grant will vest as follows: 356 restricted share units that would have vested on March 3, 2026 vested upon grant on April 7, 2026; 356 restricted share units will vest on March 3, 2027 and 355 restricted share units will vest on March 3, 2028.

Due to an administrative error in the calculation of equity awards granted to executive officers in March 2025, fewer restricted share units were issued than were previously approved by the Compensation Committee and the Board of Directors. This grant represents a true-up award to align the number of restricted share units issued with the amounts originally approved. This grant will vest as follows: 127 restricted share units that would have vested on March 3, 2026 vested upon grant on April 7, 2026; 126 restricted share units will vest on March 3, 2027 and 126 restricted share units will vest on March 3, 2028.

Due to an administrative error in the calculation of equity awards granted to executive officers in March 2025, fewer restricted share units were issued than were previously approved by the Compensation Committee and the Board of Directors. This grant represents a true-up award to align the number of restricted share units issued with the amounts originally approved. This grant will vest as follows: 127 restricted share units that would have vested on March 3, 2026 vested upon grant on April 7, 2026; 126 restricted share units will vest on March 3, 2027 and 126 restricted share units will vest on March 3, 2028.

These shares were withheld upon settlement or vesting to enable the reporting person to satisfy tax withholding obligations that arose upon such settlement or vesting, which will be paid by the issuer to the appropriate taxing authority in cash.

These shares were withheld upon settlement or vesting to enable the reporting person to satisfy tax withholding obligations that arose upon such settlement or vesting, which will be paid by the issuer to the appropriate taxing authority in cash.

These shares were withheld upon settlement or vesting to enable the reporting person to satisfy tax withholding obligations that arose upon such settlement or vesting, which will be paid by the issuer to the appropriate taxing authority in cash.

These shares were withheld upon settlement or vesting to enable the reporting person to satisfy tax withholding obligations that arose upon such settlement or vesting, which will be paid by the issuer to the appropriate taxing authority in cash.

These shares were withheld upon settlement or vesting to enable the reporting person to satisfy tax withholding obligations that arose upon such settlement or vesting, which will be paid by the issuer to the appropriate taxing authority in cash.

These shares were withheld upon settlement or vesting to enable the reporting person to satisfy tax withholding obligations that arose upon such settlement or vesting, which will be paid by the issuer to the appropriate taxing authority in cash.

These shares were withheld upon settlement or vesting to enable the reporting person to satisfy tax withholding obligations that arose upon such settlement or vesting, which will be paid by the issuer to the appropriate taxing authority in cash.

These shares were withheld upon settlement or vesting to enable the reporting person to satisfy tax withholding obligations that arose upon such settlement or vesting, which will be paid by the issuer to the appropriate taxing authority in cash.

These shares were withheld upon settlement or vesting to enable the reporting person to satisfy tax withholding obligations that arose upon such settlement or vesting, which will be paid by the issuer to the appropriate taxing authority in cash.

These shares were withheld upon settlement or vesting to enable the reporting person to satisfy tax withholding obligations that arose upon such settlement or vesting, which will be paid by the issuer to the appropriate taxing authority in cash.

These shares were withheld upon settlement or vesting to enable the reporting person to satisfy tax withholding obligations that arose upon such settlement or vesting, which will be paid by the issuer to the appropriate taxing authority in cash.

These shares were withheld upon settlement or vesting to enable the reporting person to satisfy tax withholding obligations that arose upon such settlement or vesting, which will be paid by the issuer to the appropriate taxing authority in cash.

These shares were withheld upon settlement or vesting to enable the reporting person to satisfy tax withholding obligations that arose upon such settlement or vesting, which will be paid by the issuer to the appropriate taxing authority in cash.

Consists of a one-time grant of 4,992 restricted share units, which will vest in three equal installments on each of the first three anniversaries of the date of grant.

Consists of a one-time grant of 3,270 restricted share units, which will vest in three equal installments on each of the first three anniversaries of the date of grant.

Consists of a one-time grant of 14,037 restricted share units, which will vest in three equal installments on each of the first three anniversaries of the date of grant.

Consists of a one-time grant of 4,992 restricted share units, which will vest in three equal installments on each of the first three anniversaries of the date of grant.

Consists of a one-time grant of 4,992 restricted share units, which will vest in three equal installments on each of the first three anniversaries of the date of grant.

These shares were withheld upon vesting to enable the reporting person to satisfy tax withholding obligations that arose upon such vesting, which will be paid by the issuer to the appropriate taxing authority in cash.

These shares were withheld upon vesting to enable the reporting person to satisfy tax withholding obligations that arose upon such vesting, which will be paid by the issuer to the appropriate taxing authority in cash.

These shares were withheld upon vesting to enable the reporting person to satisfy tax withholding obligations that arose upon such vesting, which will be paid by the issuer to the appropriate taxing authority in cash.

These shares were withheld upon vesting to enable the reporting person to satisfy tax withholding obligations that arose upon such vesting, which will be paid by the issuer to the appropriate taxing authority in cash.

These shares were withheld upon vesting to enable the reporting person to satisfy tax withholding obligations that arose upon such vesting, which will be paid by the issuer to the appropriate taxing authority in cash.

These shares were withheld upon vesting to enable the reporting person to satisfy tax withholding obligations that arose upon such vesting, which will be paid by the issuer to the appropriate taxing authority in cash.

The price in column 4 is a weighted average. The prices actually received ranged from $48.69 to $49.44. The issuer undertakes to provide upon request by the SEC staff, or a security holder of the issuer, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

These shares were withheld upon vesting to enable the reporting person to satisfy tax withholding obligations that arose upon such vesting, which will be paid by the issuer to the appropriate taxing authority in cash.

These shares were withheld upon vesting to enable the reporting person to satisfy tax withholding obligations that arose upon such vesting, which will be paid by the issuer to the appropriate taxing authority in cash.