---
schema_version: "secwatch.filing_event.v1"
accession: "0000314808-23-000006"
form_type: "8-K"
ticker: "VAL"
cik: "0000314808"
company_name: "Valaris Ltd"
filed_at: "2023-01-27T23:59:59+00:00"
generated_at: "2026-06-20T07:26:03.028947+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.3
calibrated_materiality_score: 0.3
confidence: "high"
source: SEC EDGAR
---

# Valaris amends support agreement with Famatown on board nomination and standstill extension

## Summary
- Famatown must notify company by March 6, 2023 whether Gunnar W. Eliassen remains nominee or a replacement is designated.
- If Famatown nominates and the nominee is elected at 2023 AGM, standstill extends through 2024 AGM nomination deadline.
- If Famatown fails to notify by deadline, no Famatown-nominated director will be proposed and standstill ends at 2023 AGM.
- Amendment allows Famatown to replace Eliassen before the 2023 AGM, but appointment delayed until after the meeting.
- Agreement previously filed December 9, 2021; amendment effective January 25, 2023.

## SEC filing metadata
- accession: 0000314808-23-000006
- form_type: 8-K
- ticker: VAL
- cik: 0000314808
- company_name: Valaris Ltd
- filed_at: 2023-01-27T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.3
- calibrated_materiality_score: 0.3
- confidence: high
- sec_items: 1.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/314808/000031480823000006/0000314808-23-000006-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/314808/000031480823000006/val-20230125.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000314808-23-000006
- JSON: https://secwatch.observer/filing/0000314808-23-000006.json
- Plain text: https://secwatch.observer/filing/0000314808-23-000006.txt

## Key facts
- Material Agreements
  Valaris Ltd amended Amendment No. 1 to Support Agreement with Famatown Finance Limited valued at Amendment extends Standstill Period to completion of 2023 AGM and modifies director nomination right (effective 2023-01-25).
  - Action: amendment
  - Counterparty: Famatown Finance Limited
  - Value: Amendment extends Standstill Period to completion of 2023 AGM and modifies director nomination right
  - Effective: 2023-01-25
  source text: if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Item 1.01 - Entry into a Material Definitive Agreement On January 25, 2023, Valaris Limited (the “ Company ”) entered into an Amendment No. 1 to Support Agreement (the “ Amendment ”) with Famatown Finance Limited (“ Famatown ”) and the other parties thereto. The Amendment amends the Support Agreement dated December 9, 2021 (the “ Support Agreement ”) to, among other things: (a) provide that Famatown will notify the Company by March 6, 2023 (the “ Nomination Deadline ”) whether Gunnar W. Eliassen (the current Famatown nominee that serves on the board of directors of the Company (the “ Board ”)) will be the Famatown nominee at the 2023 annual general meeting of the Company’s shareholders (the “ 2023 AGM ”) or whether Famatown wishes to designate another nominee that otherwise meets the qualif
  evidence_url: https://www.sec.gov/Archives/edgar/data/314808/000031480823000006/0000314808-23-000006-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.