Valaris Ltd — Form 10-Q

Valaris executed two supplemental indentures (July 16 and September 14, 2026) to the 8.375% Senior Secured Second Lien Notes due 2030 (issued April 19, 2023), adding Valaris Holdings II LP, Valaris UK 1 Limited, and Valaris Bermuda 1 Limited as guarantors. Trustee: Wilmington Savings Fund Society. Company also amended executive severance plans (forms EX-10.1 and EX-10.2) to provide enhanced benefits (1.5× base + target bonus plus prorated bonus, plus healthcare and outplacement) for terminations within 3 months pre-/12 months post-change-of-control, conditioned on release of claims and restrictive covenants (24-month non-compete, non-solicitation, confidentiality). CEO Anton Dibowitz employment agreement (dated Dec 8, 2021) provides 2.0× base + target bonus severance if terminated without cause or resignation for good reason, plus 18-month healthcare subsidy, outplacement, and $10K legal fee reimbursement.