Item 1.01 Entry into a Material Definitive Agreement

On December 9, 2021, Valaris Limited (the "Company") entered into a support agreement (the "Support Agreement") with Famatown Finance Limited ("Famatown") and the other parties thereto, pursuant to which the Company has agreed, subject to the satisfaction of certain conditions specified in the Support Agreement, to appoint a representative of Famatown as an observer (the "Observer Right") to the board of directors of the Company (the "Board") until the Company's 2022 annual general meeting. In addition, if prior to the Company's 2022 annual general meeting Famatown acquires additional common shares in an amount that the Board deems sufficient, the Company will appoint to the Board the board observer or another individual nominated by Famatown that is reasonably acceptable to the Board (the "Famatown Director" and such appointment, collectively with the Observer Right, the "Appointment Rights"). The Observer Right will terminate upon that appointment. The Support Agreement contains customary standstill and voting commitments and certain important conditions, including to the Appointment Rights.

The Appointment Rights terminate if, among other things, Famatown and certain of its related entities (the "Famatown Parties") do not own at least 5% of the total issued and outstanding common shares, subject to specified periods to increase their ownership above the threshold requirement in the event of certain dilutive events. The Support Agreement, including the Appointment Rights and the standstill and voting commitments, terminates following the completion of the Company's 2022 annual general meeting. If, however, the Board includes the Famatown Director on the Company's slate of director nominees for the 2022 annual general meeting or any subsequent annual general meeting of Company's shareholders and such Famatown Director is elected to serve on the Board, the term of the Support Agreement will be extended until the close of business on the 30th business day prior to the advance notice deadline for shareholder nominations of directors to be proposed for appointment at the annual general meeting of Company shareholders immediately following the meeting at which the Famatown Director is elected.

The foregoing description of the Support Agreement is not complete and is qualified in its entirety by the full text of the Support Agreement, which is filed as Exhibit 10.1 hereto.

Item 7.01 Regulation FD Disclosure

A press release issued by the Company on December 9, 2021 with respect to the Support Agreement is furnished as Exhibit 99.1 hereto.

The information furnished in this Item 7.01 and the information attached hereto as Exhibit 99.1 shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits





(d)    Exhibits



Exhibit No.   Description




   10.1     Support Agreement, dated as of December 9, 2021, among Valaris
          Limited, Famatown Financial Limited and the other parties thereto




   99.1     Press release issued by Valaris Limited dated December 9, 2021
          (included in Exhibit C to the Support Agreement)

101 Interactive data files pursuant to Rule 405 of Regulation S-T formatted in


     inline Extensible Business Reporting Language

104 Cover Page Interactive Data File (formatted as inline XBRL and contained in

Exhibit 101)

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