| Equity Clawback Redemption · Call / Redemption | Up to 40% of Notes redeemable at 108.375% with equity offering proceeds prior to April 30, 2026 | | source ↗ |
| Make-Whole Redemption · Call / Redemption | Treasury Rate plus 50 basis points prior to April 30, 2026 | | source ↗ |
| Change of Control Offer · Put / Change of Control | 101% of aggregate principal amount plus accrued and unpaid interest upon a Change of Control Triggering Event | | source ↗ |
| 10% Early Redemption Option (Prior to April 30, 2026) · Call / Redemption | Up to 10% of aggregate principal amount per twelve-month period at 103% of principal amount plus accrued interest prior to April 30, 2026 | | source ↗ |
| Restriction on Resale of Securities by Affiliates · Negative Covenant | No resale of Securities by Valaris Parties or Affiliates for one year after Closing Date | | source ↗ |