Item 1.01 Entry into a Material Definitive Agreement On June 1, 2020, Valaris plc (the “Company”), certain lenders party thereto, Citibank, N.A., as administrative agent (the “Agent”) and the other parties thereto, entered into a Waiver (the “Waiver”) under the Company’s revolving credit facility to waive any resulting default or event of default attributed to any failure by the Company or any of its subsidiaries to make all or any part of their required interest payments (the “Interest Payments”) due (i) on June 1, 2020 with respect to the Company’s 4.875% Senior Notes due 2022 (the “2022 Notes”) and 5.40% Senior Notes due 2042 (“2042 Notes” together with the 2022 Notes the “Notes”) and (ii) on June 15, 2020 with respect to the Company’s 7.375% Senior Notes due 2025. The Waiver will terminate if at any time the obligations under all or a portion of the Notes are accelerated in accordance with the terms of the Notes. The Waiver includes customary representations and does not limit, impair or constitute a waiver of the rights and remedies of the lenders or the Agent, and except as expressly provided in the Waiver, does not amend or affect the terms of the revolving credit facility. The foregoing description of the Waiver is only a summary of the material terms, does not purport to be complete, and is qualified in its entirety by reference to the Waiver, which is filed herewith as Exhibit 10.1 and incorporated by reference herein. https://www.sec.gov/ix?doc=/Archive...0031480820000099/a8k-creditfacilitywaiver.htm