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VALARIS PLC: Porter, Kramer Represent Noteholder Group

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In the Chapter 11 cases of Valaris PLC, et al., the law firms of Kramer Levin Naftalis & Frankel LLP and Porter Hedges LLP submitted a verified statement under Rule 2019 of the Federal Rules of Bankruptcy Procedure, to disclose that they are representing the Ad Hoc Group of Unsecured Noteholders.

The Ad Hoc Group of Unsecured Noteholders comprised of holders of (i) notes issued by Valaris, (ii) notes issued by Ensco International Inc., (iii) notes issued by Rowan Companies, LLC (iv) notes issued by Pride International, Inc. and (v) convertible notes issued by Ensco Jersey Finance Limited. Members of the Ad Hoc Group of Unsecured Noteholders are also the lenders under the proposed superpriority debtor-in-possession financing facility and Backstop Parties under the Backstop Agreement.

Counsel represents only the Ad Hoc Group of Unsecured Noteholders and does not represent or purport to represent any entities other than the Ad Hoc Group of Unsecured Noteholders in connection with the Chapter 11 Cases.

As of Sept. 22, 2020, members of the Ad Hoc Group of Unsecured Noteholders and their disclosable economic interests are:

Aurelius Capital Management, LP
535 Madison Avenue
New York, NY 10022

* Valaris Bonds: 33,836,000
* Legacy Rowan Bonds: 188,476,000
* DIP Facility Commitment Amounts: 37,184,710.45
* Backstop Commitment Amounts: 24,254,000

Brigade Capital Management, LP
399 Park Avenue,
New York, NY 10022

* Valaris Bonds: 13,200,000
* Legacy Rowan Bonds: 108,151,000
* Pride Bonds: 60,272,000
* DIP Facility Commitment Amounts: 36,039,508.36
* Backstop Commitment Amounts: 25,072,000
* Other Holdings: 288,000 shares of Valaris’ common equity

Canyon Capital Advisors LLC
2000 Avenue of the Stars, 11th Floor
Los Angeles, CA 90067

* Valaris Bonds: 82,752,000
* Legacy Rowan Bonds: 310,457,000
* DIP Facility Commitment Amounts: 63,632,908.39
* Backstop Commitment Amounts: 41,829,000

GoldenTree Asset Management LP
300 Park Avenue,
21st Floor, New York, NY 10022

* Valaris Bonds: 305,649,000
* Legacy Rowan Bonds: 317,667,000
* Pride Bonds: 5,415,000
* Jersey Bonds: 26,972,000
* DIP Facility Commitment Amounts: 95,078,399.82
* Backstop Commitment Amounts: 65,483,000

King Street Capital Management, L.P.
299 Park Avenue
40th Floor, New York, NY 10171

* Legacy Rowan Bonds: 310,322,550
* Jersey Bonds: 21,614,200
* DIP Facility Commitment Amounts: 59,390,582.88
* Backstop Commitment Amounts: 38,595,000
* Other Holdings: 1,993,750 shares of Valaris’ common equity

Lodbrok Capital LLP
55 St. James’s Street
London, SW1A 1LA

* Legacy Rowan Bonds: 13,500,000
* Jersey Bonds: 258,456,000
* DIP Facility Commitment Amounts: 53,122,368.67
* Backstop Commitment Amounts: 42,226,000

Oak Hill Advisors, L.P.
1114 Avenue of the Americas
27th Floor, New York, NY 10036

* Valaris Bonds: 537,797,000
* Legacy Rowan Bonds: 10,000,000
* Pride Bonds: 48,473,000
* Jersey Bonds: 112,644,000
* DIP Facility Commitment Amounts: 31,117,852.68
* Backstop Commitment Amounts: 66,862,000

Oaktree Capital Management, L.P.
333 S. Grand Avenue, 28th Floor
Los Angeles, CA 90071

* Valaris Bonds: 154,000,000
* Legacy Rowan Bonds: 33,729,000
* DIP Facility Commitment Amounts: 22,252,574.35
* Backstop Commitment Amounts: 16,162,000

Pacific Investment Management Company LLC
650 Newport Center Drive
Newport Beach, CA 92660

* Valaris Bonds: 248,332,000
* Legacy Rowan Bonds: 19,507,000
* Pride Bonds: 2,000,000
* Jersey Bonds: 135,337,000
* DIP Facility Commitment Amounts: 58,384,928.98
* Backstop Commitment Amounts: 43,794,000

Taconic Capital Advisors L.P
280 Park Avenue
5th Floor
New York, NY 10017

* Valaris Bonds: 128,286,000
* Legacy Rowan Bonds: 10,000,000
* Backstop Commitment Amounts: 11,865,000

Whitebox Advisors LLC
3033 Excelsior Boulevard
Suite 300
Minneapolis, MN 55416

* Valaris Bonds: 128,918,000
* Ensco International Bonds: 3,000,000
* Legacy Rowan Bonds: 50,423,000
* Pride Bonds: 115,353,000
* DIP Facility Commitment Amounts: 43,796,165.42
* Backstop Commitment Amounts: 32,138,000

Counsel does not hold, nor has it ever held, any claims against the Debtors except for services rendered to the Ad Hoc Group of Unsecured Noteholders. Pursuant to prior agreement, the Debtors have agreed to pay the fees and expenses of Counsel. Counsel does not perceive any actual or potential conflict of interest with respect to the representation of the Ad Hoc Group of Unsecured Noteholders, as applicable, in these Chapter 11 Cases.

Counsel does not represent the Ad Hoc Group of Unsecured Noteholders or any of its members in connection with the case captioned UMB Bank v. Darin Gibbins, 2020- 18184, which was filed in Harris County, Texas on March 19, 2020. Certain members of the Ad Hoc Group of Unsecured Noteholders are represented in connection with such litigation by Quinn Emmanuel Urquhart & Sullivan, LLP.

Counsel for the Ad Hoc Group of Unsecured Noteholders can be reached at:

PORTER HEDGES LLP
John F. Higgins, Esq.
M. Shane Johnson, Esq.
Megan Young-John, Esq.
1000 Main Street, 36th Floor
Houston, TX 77002-2764
Tel: (713) 226-6000
Fax: (713) 226-6248
Email: jhiggins@porterhedges.com
sjohnson@porterhedges.com
myoung-john@porterhedges.com

– and –

KRAMER LEVIN NAFTALIS & FRANKEL LLP
Philip Bentley, Esq.
Thomas Moers Mayer, Esq.
Stephen D. Zide, Esq.
Nathaniel Allard, Esq.
1177 Avenue of the Americas
New York, NY 10036
Tel: (212) 715-9100
Fax: (212) 715-8000
Email: pbentley@kramerlevin.com
tmayer@kramerlevin.com
szide@kramerlevin.com
nallard@kramerlevin.com

A copy of the Rule 2019 filing, downloaded from PacerMonitor.com, is available at https://bit.ly/2EtfsmH

About Valaris plc

Valaris plc (NYSE: VAL) provides offshore drilling services. It is an English limited company with its corporate headquarters located at 110 Cannon St., London. Visit http://www.valaris.com/ for more information.

On Aug. 19, 2020, Valaris and its affiliates sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 20-34114).

The Debtors tapped Kirkland & Ellis LLP and Slaughter and May as their bankruptcy counsel, Lazard as investment banker, and Alvarez & Marsal North America LLC as their restructuring advisor. Stretto is the claims agent, maintaining the page http://cases.stretto.com/Valaris

Kramer Levin Naftalis & Frankel LLP and Akin Gump Strauss Hauer & Feld LLP serve as legal advisors to the consenting noteholders while Houlihan Lokey Inc. serves as their financial advisor.