Court documents and other information relating to the court-supervised proceedings are available on a website run by the company`s agent, Stretto, cases.stretto.com/Valaris. Please ask questions at our special restructuring hotline 855-348-2032 (free) or at 949-266-6309 (International). Burke continues: “We have taken several steps to bring our organization to the right size and streamline it, in line with our goal of being the head of offshore drilling. We now intend to use this restructuring to complement these measures to strengthen the company`s financial structure. Valaris will continue to serve our customers continuously through this process and ensure safe and reliable operation through its high-performance Rig fleet. On August 18, 2020, Valaris entered into a restructuring support agreement (“RSA”) with approximately 50 per cent and a “backstop” (BCA) commitment agreement for its unsecured bondholders to undertake a comprehensive financial restructuring and significantly reduce their debt profile. The agreed plan – which was developed during several months of discussions – will allow Valaris to support its continued operations in the current low demand environment and provide a strong financial platform to take advantage of the long-term market recovery. Slaughter and May works as Corporate and UK Restructuring Counsel as part of an integrated team with the Valaris and Kirkland-Ellis LLP legal team. Lazard is Valaris` financial advisor in connection with the restructuring and Alvarez-Marsal as a restructuring advisor. Ashurst LLP is an independent advisor to the Valaris Board of Directors. Burke concludes: “We appreciate the continued support of all our stakeholders throughout this process, particularly our employees, who continue to provide excellent service to our customers in challenging market conditions while preserving integrity, safety, excellence, respect, commitment and trust to our clients in challenging market conditions.” The statements contained in this press release, which are not historical facts, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements contain words or phrases such as “anticipate,” “believe,” “appreciate,” “wait,” “project,” “plan,” “could,” “could,” “could,” “should,” “want” and similar words.