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On April 30, 2021 (the \"Effective Date\"), the Plan became effective in accordance with its terms and the Issuer emerged from chapter 11."},{"field":"kind","element":"transactionCoding","label":"F3","text":"On the Effective Date, the Reporting Person received Warrants (the \"Warrants\") to purchase common shares, par value $0.01 per share, of the Issuer (the \"Common Shares\"), with respect to Legacy Valaris ordinary shares (the \"Existing Equity Interest\") held by the Reporting Person on the Effective Date at an effective exchange ratio of 0.0274975 of a Warrant for each share of Exiting Equity Interest. The Warrants are exercisable for one Common Share from the date of issuance until 5:00 p.m., New York time, on the Expiration Date. 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