Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 1 of 121

UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF TEXAS HOUSTON DIVISION

) In re: ) Chapter 11 ) VALARIS PLC, et al.,1 ) Case No. 20-34114 (MI) ) Debtors. ) (Jointly Administered) )

FEE STATEMENT OF SLAUGHTER AND MAY FOR COMPENSATION FOR SERVICES AND REIMBURSEMENT OF EXPENSES AS SPECIAL CORPORATE COUNSEL TO THE DEBTORS AND DEBTORS IN POSSESSION FOR THE PERIOD FROM AUGUST 19, 2020, THROUGH SEPTEMBER 30, 2020

Name of Applicant Slaughter and May

Applicant’s Role in Case: Special Corporate Counsel to the Debtors and Debtors-in-possession

Date Order of Employment Signed: October 9, 2020 [Docket No. 332]

Beginning of Period End of Period

Time period covered by this statement: 19/08/2020 30/09/2020

Summary of Total Fees and Expenses Requested

£708,244.012 (or Total fees requested in this statement approximately

$913,634.77) 3 (80% of

1 A complete list of each of the Debtors in these Chapter 11 Cases may be obtained on the website of the Debtors’ claims and noticing agent at http://cases.stretto.com/Valaris. The location of Debtor Ensco Incorporated’s principal place of business and the Debtors’ service address in these Chapter 11 Cases is 5847 San Felipe Street, Suite 3300, Houston, Texas 77057.

2 All fees included in this Monthly Fee Statement are exclusive of UK value added tax “VAT”. Invoices to Valaris plc in the UK would be subject to VAT at 20%.

3 All USD amounts in this Monthly Fee Statement are provided for illustrative purposes only and shall not be determinative of the amount of fees and expenses requested in this Monthly Fee Statement for which reference should

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£885,305.01 having applied a 7.5% volume discount)

[Total fees requested in this statement including VAT: £849,892.81]

Total expenses requested in this statement £0

£885,305.01 (or approximately $1,142,043.46) Total fees and expenses requested in this statement (inclusive of holdback amount): [Total fees requested in this statement including holdback and VAT: £1,062,366.00]

Summary of Attorney Fees Requested

£885,305.01 (or Total attorney fees requested in this statement: approximately $1, 142,043.46)

Total actual attorney hours covered by this statement: 1,454.2

£608.79 (or Average hourly rate for attorneys approximately $785.34 )

Pursuant to sections 327, 330 and 331 of title 11 of the United States Code (the “Bankruptcy Code”), rule 2016 of the Federal Rules of Bankruptcy Procedure (the “Bankruptcy Rules”), and rule 2016-1 of the Bankruptcy Local Rules for the Southern District of Texas (the “Bankruptcy Local Rules”), the Order Authorizing the Retention and Employment of Slaughter and May as Special Corporate Counsel Nunc Pro Tunc to the Petition Date [Docket No. 332] the Order (I) Establishing Procedures for Interim Compensation and Reimbursement of Expenses for Professionals, and (II) Granting Related Relief [Docket No. 325] (the “Interim Compensation

be made to the relevant GBP amounts herein. Such USD amounts have been calculated using the GBP-USD exchange rate applicable as at October 30, 2020 (being 1.29 USD : 1 GBP).

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Order”), the law firm of Slaughter and May, special corporate counsel for Valaris plc and certain of its affiliates, as debtors and debtors in possession (collectively, the “Debtors”), hereby files this monthly fee statement (this “Monthly Fee Statement”) for compensation in the amount of £708,244.01 (or approximately $913,634.77) (including VAT at 20%, £849,892.81) for the reasonable and necessary legal services of Slaughter and May rendered to the Debtors from payment of compensation for professional services rendered to the Debtors from August 19, 2020, through and including September 30, 2020 (the “Fee Period”) (80% of £885,305.01, having applied a 7.5% volume discount). Slaughter and May is not requesting reimbursement for any expenses incurred during the Fee Period.

Itemization of Services Rendered and Disbursements Incurred

1. In support of this Monthly Fee Statement, attached are the following exhibits:

(A) Exhibit A is a schedule of the number of hours expended and fees incurred (on an aggregate basis) by Slaughter and May partners, associates, and trainee solicitors during the Fee Period with respect to each of the subject matter categories Slaughter and May established in accordance with its internal billing procedures. As reflected in Exhibit A, Slaughter and May incurred £885,305.01 (or approximately $1,142,043.46) in fees during the Fee Period. Pursuant to this Monthly Fee Statement, Slaughter and May seeks reimbursement for 80% of such fees (£708,244.01 in the aggregate).

(B) Exhibit B is a schedule providing certain information regarding the Slaughter and May attorneys for whose work on these Chapter 11 cases compensation is sought in this Monthly Fee Statement. Attorneys of Slaughter and May have expended a total of 1454.2 hours in connection with these chapter 11 cases during the Fee Period.

(C) Exhibit C consists of Slaughter and May’s record of fees incurred during the Fee Period in the rendition of the professional services to the Debtors and their estates. Exhibit C(1) consists of the fees for the Slaughter and May London office; Exhibit C(2) consists of the fees for the Slaughter and May Hong Kong Office.

REPRESENTATIONS

2. Although every effort has been made to include all fees and expenses incurred in the Fee Period, some fees and expenses might not be included in this Monthly Fee Statement due to delays caused by accounting and processing during the Fee Period. Slaughter and May reserves the right to make further application to this Court for allowance of such fees and expenses not included herein. Subsequent Monthly Fee Statements will be filed in

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accordance with the Bankruptcy Code, the Bankruptcy Rules, Bankruptcy Local Rules, and the Interim Compensation Order.

WHEREFORE, Slaughter and May requests allowance of its fees incurred during the Fee Period in the total amount of £708,244.01 (or approximately $913,634.77) (including VAT at 20%, £849,892.81) which is 80% of the fees incurred by the Debtors for reasonable and necessary professional services rendered by Slaughter and May (having applied a 7.5% volume discount) and that such fees be paid as administrative expenses of the Debtors’ estates.

Pursuant to paragraph 1(a) of the Interim Compensation Order, this Monthly Fee Statement shall be served by email on those notice parties set forth in paragraph 1(a) of the Interim Compensation Order. No other notice is required. Each notice party has until 4:00 p.m. (Prevailing Central Time) 14 days after service of this Monthly Fee Statement to object to the requested fees in this Monthly Fee Statement pursuant to the procedures set forth in paragraph 1(c) of the Interim Compensation Order.

Dated: 18 November 2020 /s/ Ian Stuart Johnson London, England

Ian Johnson Partner Slaughter and May

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Exhibit A

Summary of Legal Fees for the Fee Period

Matter Matter Description Total Total Fees Total Fees Number Billed Requested Requested Hours (GBP) (USD Approximate) ZA10 Deal documentation and 869.4 £541,555.00 implementation ZB10 Organizational / coordination 188.0 £139,627.00 ZC10 Tax 103.4 £80,427.00 ZD10 Employment 7.1 £5,109.50 ZE10 Real Estate 3.5 £2,237.00 ZF10 Anti-trust 63.4 £36,561.00 ZG10 Disclosure and due diligence 3.8 £1,938.00 ZH10 Corporate re-organization 10.7 £8,037.50 ZI10 Corporate matters, corporate 184.4 £128,706.50 governance, and board matters ZJ10 Asset Disposition or 0 £0.00 Restructuring ZK10 Fee applications 20.5 £12,888.00 Sub-total £957,086.50 7.5% Volume Discount £71,781.49 Totals £885,305.01 $1,142,043.46

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Exhibit B

Summary of Hours Billed by Slaughter and May Attorneys for the Fee Period

Attorney Position Department Hourly Total Total Total Billing Billed Compensation Compensation Rate Hours (GBP) (USD) Alex Cooper Junior Dispute 510 10.10 5,151.00 Associate Resolution Alexandra Trainee Competition 285 7.40 2,109.00 Cameron Solicitor Alice White Trainee Competition 285 6.20 1,767.00 Solicitor Anton Trainee Tax 285 1.60 456.00 Nilsson Solicitor Aleezeh Senior Corporate 795 51.90 41,260.50 Liaqat Associate Alexander Middle Financing 660 2.9 1,914.00 Short Associate Alexander Senior Financing 795 111.9 88,960.50 Short4 Associate Beatriz Junior Financing 510 114.40 58,344.00 Posada Associate Calum Scott Trainee Financing 285 12.90 3,676.50 Solicitor Christian Partner Corporate 905 25.40 22,987.00 Boney Colm Senior Corporate 795 15.00 11,925.00 Kinsella Associate Charles Senior Tax 795 41.50 32,992.50 Osborne Associate Chaya Trainee Dispute 285 9.00 2,565.00 Kupperman Solicitor Resolution David Ives Partner Corporate 905 0.60 543.00 David Senior Corporate 795 34.50 27,427.50 McKendrick- Associate Ness Di Yu Senior Corporate 795 4.80 3,816.00 Associate Edward Middle Financing 660 164.30 108,438.00 Couzens Associate Eloise Middle Competition 660 41.10 27,126.00 Morgan Associate Emily Trainee Corporate 285 1.00 285.00 Costello Solicitor Ferenc Jari Middle Competition 660 5.60 3,696.00 Associate Gabrielle Junior Corporate 510 1.10 561.00 Ohlsen Associate Hywel Partner Corporate 905 35.80 32,399.00 Davies Harry Klein Trainee Employment 285 1.40 399.00 Solicitor

4 As shown in this Exhibit B, certain associates changed position during the time period covered by this Monthly Fee Statement.

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Harrison Trainee Financing 285 5.40 1,539.00 Fookes Solicitor Ian Brown Senior Employment 795 7.20 5,724.00 Counsel Ian Johnson Partner Financing 905 62.40 56,472.00 Iain Trainee Financing 285 80.00 22,800.00 Meiklejohn Solicitor Jennifer Trainee Financing 285 2.70 769.50 Wardley Solicitor Jamshed Middle Tax 660 27.90 18,414.00 Bilimoria Associate Josh Fennell Trainee Corporate 285 6.80 1,938.00 Solicitor James Stacey Partner Dispute 905 1.20 1,086.00 Resolution Julian Ried Senior Corporate 795 9.60 7,632.00 Associate John Nevin Partner Real Estate 905 1.00 905.00 Jodi Haigh Trainee Financing 285 0.40 114.00 Solicitor Liu Hui Senior Dispute 795 0.80 636.00 Associate Resolution Mike Lane Partner Tax 905 29.50 26,697.50 Mark Spiller Middle Corporate 660 2.60 1,716.00 Associate Nicholas Junior Corporate 510 5.00 2,550.00 White Associate Nupur Senior Dispute 795 10.70 8,506.50 Upadhyay Associate Resolution Patricia Senior Financing 795 13.10 10,414.50 Anyaegbuna Associate Peter Senior Dispute 795 5.40 4,293.00 Wickham Associate Resolution Padraig Partner Employment 905 0.70 633.50 Cronin Rebecca Middle Financing 660 25.7 16,962.00 Davies Associate Rebecca Junior Financing 510 20.2 10,302.00 Davies Associate Richard Trainee Financing 285 0.50 142.50 Dodding Solicitor Robert Senior Financing 795 65.50 52,072.50 Withycombe- Associate Taperell Sarah Mercer Trainee Financing 285 119.50 34,057.50 Solicitor Samay Shah Partner Financing 905 54.40 49,232.00 Sophie Trainee Financing 285 3.10 883.50 Winton Solicitor Tom Vickers Partner Financing 905 9.50 8,597.50 Tom Trainee Financing 285 5.10 1,453.50 Hurleston Solicitor Will Turtle Partner Competition 905 0.60 543.00 William Seal Middle Financing 660 16.60 10,956.00 Associate Adrienne Senior Hong Kong 795 32.90 26,155.50 Yeung Associate Ariad Porat Senior Hong Kong 795 97.20 77,274.00 Associate

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Kenny Lai Trainee Hong Kong 285 16.00 4,560.00 Solicitor Michael Senior Hong Kong 795 8.00 6,360.00 Ringer Associate Peter Brien Partner Hong Kong 905 5.90 5,339.50 Sandra Wong Senior Hong Kong 795 0.70 556.50 Associate

Sub-total for Attorneys £957,086.50 7.5% Volume Discount £71,781.49 Totals for Attorneys 1454.20 £885,305.01 $1,142,043.46

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Exhibit C(1) Detailed Description of Fees - Slaughter and May London Office 19/08/2020 - 30/09/2020

Task code: ZA10 - Deal documentation and implementation Date Worked Fee-earner name Hourly Rate Narrative Time Worked Agreed Rate Value - (£) Band 1 (£)

19/08/2020 Alexander Short 660 Reviewing the DIP facility for issues relating to the giving of security in the UK and 2:54 1,914.00 making amendments to the document.

19/08/2020 Beatriz Posada 510 Jersey Exchange announcement: revising and sending to K&E for review; reviewing 1:06 561.00 against updated 8-K and revising where necessary.

19/08/2020 Beatriz Posada 510 Jersey announcement: sending revised announcement to Jersey Counsel; drafting 0:30 255.00 email to the company relating to the same.

19/08/2020 Chaya Kupperman 285 Reviewing the DIP credit agreement against term sheet to ensure guarantor, DIP 1:36 456.00 collateral and documentation provisions properly incorporated and sending issues list to Robert Withycombe-Taperell.

19/08/2020 Chaya Kupperman 285 Reviewing DIP credit agreement Bail-In provisions to ensure Loan Market 0:18 85.50 Association rider definitions properly incorporated.

19/08/2020 Chaya Kupperman 285 Reviewing DIP credit facility to determine when a borrower has to gross up for 0:12 57.00 interest withholding tax.

19/08/2020 Edward Couzens 660 Reviewing DIP facility from a restructuring perspective. 3:00 1,980.00

19/08/2020 Edward Couzens 660 Reviewing revised mark-ups of BCA and RSA. 0:12 132.00

19/08/2020 Edward Couzens 660 Preparing for and attending call with R. Withycombe-Taperell regarding DIP facility. 0:42 462.00 Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 10 of 121

19/08/2020 Edward Couzens 660 Analysing DIP facility interaction with UK implementation mechanisms and marking 3:00 1,980.00 up document.

19/08/2020 Patricia Anyaegbuna 795 Reviewing draft DIP Facility Agreement and providing comments. 2:42 2,146.50

19/08/2020 Robert Withycombe- 795 Discussing internally issues concerning draft DIP credit facility agreement; reviewing 3:48 3,021.00 Taperell comments in respect of the same; drafting further comments on the same.

19/08/2020 Robert Withycombe- 795 Reviewing draft DIP credit facility agreement; considering issues and drafting 3:06 2,464.50 Taperell comments concerning the same.

19/08/2020Samay Shah 905 Reviewing latest draft / mark up of DIP credit agreement. 3:00 2,715.00

19/08/2020 Samay Shah 905 Reviewing internal comments on latest draft DIP credit agreement and mails re the 1:30 1,357.50 same.

19/08/2020 Tom Vickers 905 Reviewing Emails. 0:30 452.50

19/08/2020 Tom Vickers 905 Preparing for and attending Internal discussions re administration preparation. 0:30 452.50

20/08/2020 Beatriz Posada 510 Jersey announcement: final checks of draft announcement and sending to company 1:36 816.00 for review; discussions around date of suspension and de-listing; revising wording of announcement to reflect NYSE notice.

20/08/2020 David McKendrick- 795 Reviewing draft DIP credit agreement in relation to equity and UK implementation 0:30 397.50 Ness aspects; sending comments to Robert Withycombe-Taperell.

20/08/2020 Edward Couzens 660 Call with I. Johnson and T. Vickers in relation to administration workstream; follow- 0:54 594.00 up emails with R. Kwasteniet.

20/08/2020 Edward Couzens 660 Emails with B. Posada in relation to Jersey listing disclosure. 0:30 330.00

20/08/2020 Edward Couzens 660 Attending first day hearings by telephone and follow-up emails to I. Johnson. 2:54 1,914.00 Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 11 of 121

20/08/2020 Edward Couzens 660 Further review of DIP facility in relation to English proceedings; emails with D. 1:30 990.00 McKendrick-Ness.

20/08/2020 Ian Johnson 905 Reviewing emails and progressing implementation work stream with Ed Couzens / 1:18 1,176.50 Rebecca Davies.

20/08/2020 Ian Johnson 905 Preparing for and attending internal call re: admin role. 0:36 543.00

20/08/2020Peter Wickham 795 Review of emails re deal documentation and hearing update. 0:18 238.50

20/08/2020 Rebecca Davies 510 Administration: preparing for and attending call with A&M regarding update on 0:12 102.00 administration workstream and retention application.

20/08/2020 Robert Withycombe- 795 Drafting further amendments to and comments in respect of DIP credit agreement; 3:42 2,941.50 Taperell discussing internally the same and issues concerning the same; reviewing precedent documents concerning the same.

20/08/2020 Samay Shah 905 Reviewing draft DIP credit agreement and internal comments on the same; mails re 3:00 2,715.00 the same.

20/08/2020 Tom Vickers 905 Various internal discussions and emails re contingency planning for use of 1:30 1,357.50 administration.

21/08/2020 Beatriz Posada 510 Jersey announcement: finalising and coordinating submission with Jersey counsel; 0:48 408.00 updating company post filing.

21/08/2020 Edward Couzens 660 Call with S. Winters; preparing for and attending call with A&M US/UK and K&E in 1:36 1,056.00 relation to administration appointment.

21/08/2020 Edward Couzens 660 Reviewing A&M administration deck and discussing with R. Davies. 1:06 726.00

21/08/2020 Ian Johnson 905 Preparing for and attending call with A&M and K&E re: A&M retention and admin 0:36 543.00 role.

21/08/2020 Ian Johnson 905 Preparing for and attending coordination call with K&E re: A&M retention. 0:24 362.00 Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 12 of 121

21/08/2020Ian Johnson 905 Preparing for and attending call with Total. 1:06 995.50

21/08/2020 Rebecca Davies 510 Internal emails and calls regarding approach to administration workstream in A&M's 0:36 306.00 retention application.

21/08/2020 Rebecca Davies 510 Administration: preparing for and attending call with A&M UK, A&M US and K&E 1:36 816.00 regarding A&M's retention application in connection with administration workstream.

21/08/2020 Rebecca Davies 510 Administration: emails to/from A&M UK regarding proposed agenda for advisors call. 0:18 153.00

21/08/2020 Tom Vickers 905 Initial review of slide deck prepared by A&M UK. Calls/emails re approach to 2:00 1,810.00 retention of A&M, including internal call and call with A&M UK and US, and K&E.

22/08/2020 Edward Couzens 660 Reviewing COMI query; email to I. Johnson in relation to the same; reviewing case 0:42 462.00 law regarding time for testing COMI and sending advice to K. Moawad.

23/08/2020Beatriz Posada 510 Drafting executive summary for COMI analysis for additional UK filing entities. 1:18 663.00

24/08/2020 Chaya Kupperman 285 Reviewing DIP credit agreement and term sheet and flagging amendments 1:18 370.50 proposed by Slaughter and May from English law / general perspective which had not been incorporated. 24/08/2020 Edward Couzens 660 Preparing for and attending call with I. Johnson in relation to DIP facility. 0:24 264.00

24/08/2020 Edward Couzens 660 Preparing for and attending call with K&E in relation to DIP facility and UK 0:30 330.00 implementation paths.

24/08/2020 Edward Couzens 660 Preparing for and attending call with R. Withycombe-Taperell regarding DIP facility. 0:24 264.00

24/08/2020 Edward Couzens 660 Reviewing deck from I. Chantry in relation to administration; providing internal 2:24 1,584.00 comments.

24/08/2020 Rebecca Davies 510 Administration: reviewing and providing comments on the draft A&M report for the 3:30 1,785.00 company. Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 13 of 121

24/08/2020 Rebecca Davies 510 Emails to/from A&M and K&E regarding A&M's retention application. 0:24 204.00

24/08/2020 Robert Withycombe- 795 Preparation for and telephone attendance on call with K&E concerning debtor in 2:36 2,067.00 Taperell possession credit agreement and issues concerning the same including interaction with restructuring implementation; preparing for the same; discussing internally issues concerning the same following call; reviewing debt documents in connection with the same and considering issues concerning the same.

24/08/2020 Samay Shah 905 Preparing for and attending call with K&E to discuss DIP credit agreement; 0:48 724.00 discussion with R Withycombe-Taperell post-call.

25/08/2020 Edward Couzens 660 Reviewing revisions to communications materials. 0:12 132.00

25/08/2020 Edward Couzens 660 Reviewing query from M. Koltermann re share awards; internal emails relating to the 0:24 264.00 same and email to S. Winters.

25/08/2020 Edward Couzens 660 Preparing for and attending call with R. Withycombe-Taperell regarding DIP 0:24 264.00 comments.

25/08/2020 Edward Couzens 660 Preparing for and attending call with R. Withycombe-Taperell and C. Osborne 0:24 264.00 regarding DIP amendments.

25/08/2020 Edward Couzens 660 Preparing for and attending call with I. Johnson and R. Davies regarding 1:06 726.00 administration deck.

25/08/2020 Edward Couzens 660 Preparing detailed mark-up of administration deck and providing comments to R. 2:06 1,386.00 Davies.

25/08/2020 Rebecca Davies 510 Administration: preparing for and attending internal discussion regarding A&M draft 0:36 306.00 report; emails regarding the same.

25/08/2020 Robert Withycombe- 795 Reviewing revised credit agreement and considering issues concerning the same; 3:54 3,100.50 Taperell drafting comments and proposed amendments to the same; discussing internally issues concerning the draft and these comments and finalising comments and sending to K&E. Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 14 of 121

26/08/2020 David McKendrick- 795 Reviewing chapter 11 plan implementation timetable circulated by Kirkland & Ellis 0:18 238.50 Ness team

26/08/2020Edward Couzens 660 Commencing review of revised DIP facility from R. McNulty. 1:06 726.00

26/08/2020 Edward Couzens 660 Reviewing precedent disclosure statements and interim relief permitting Luminus 1:54 1,254.00 trade and sharing analysis with I. Johnson and C. Boney.

26/08/2020 Edward Couzens 660 Analysing deal timeline by reference to English proceedings. 1:42 1,122.00

26/08/2020 Edward Couzens 660 Considering queries in relation to engagement letter and retention; emails with I. 1:00 660.00 Johnson and E. Figaro regarding the same.

26/08/2020 Ian Johnson 905 Preparing for and attending call with K&E re: interaction of UK implementation with 0:36 543.00 C11 timeline.

26/08/2020 Ian Johnson 905 Preparing for and attending internal call re: slides for board re: UK implementation 0:36 543.00 options.

26/08/2020 Peter Wickham 795 Review of email from junior associate re potential next steps re implementation of 0:12 159.00 deal from English perspective and potential disputes implications.

26/08/2020 Rebecca Davies 510 Administration: emails to / from I.Johnson and E.Couzens regarding draft A&M 0:24 204.00 report.

26/08/2020 Rebecca Davies 510 Administration: preparing for and attending call with Izzy Chantry of A&M regarding 0:48 408.00 draft A&M report.

26/08/2020 Rebecca Davies 510 Administration: drafting documents list for administration filing and preparing draft 1:36 816.00 instructions to counsel regarding workstream.

27/08/2020 Edward Couzens 660 Preparing for and attending call with A&M (including J. Marston) regarding slide 1:36 1,056.00 deck. and follow-up comments.

27/08/2020 Edward Couzens 660 Drafting email of analysis regarding DIP facility to R. Withycombe-Taperell. 1:18 858.00 Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 15 of 121

27/08/2020 Edward Couzens 660 Call regarding comments on DIP with R. Withycombe-Taperell. 0:42 462.00

27/08/2020 Edward Couzens 660 Reviewing revised DIP facility received from R. McNulty. 3:06 2,046.00

27/08/2020 Ian Johnson 905 Preparing for and joining part of call with A&M re: admin work stream. 0:54 814.50

27/08/2020 Rebecca Davies 510 Administration: preparing for and attending call with A&M regarding draft report to 1:06 561.00 company.

27/08/2020 Rebecca Davies 510 Administration: email to A&M regarding proposed agenda for call; follow-up email to 0:18 153.00 A&M regarding documents.

27/08/2020Rebecca Davies 510 Emails to/from J. Bilimoria regarding hold harmless letter for A&M UK. 0:12 102.00

27/08/2020Rebecca Davies 510 Administration: call with I. Chantry of A&M regarding draft report to company. 0:12 102.00

27/08/2020 Robert Withycombe- 795 Further work reviewing and drafting comments in respect of the DIP credit 3:54 3,100.50 Taperell agreement. Discussing internally issues concerning the same. Further review of debt documents in connection with the same; considering issues concerning the same.

27/08/2020 Robert Withycombe- 795 Reviewing and drafting comments in respect of the DIP credit agreement. Reviewing 2:36 2,067.00 Taperell debt documents in connection with the same; considering issues concerning the same. 28/08/2020 Edward Couzens 660 Reviewing approach to UK Implementation Agreement and considering subsidiary 1:12 792.00 incorporation / steps plan for pre-pack.

28/08/2020 Ian Johnson 905 Reviewing and commenting on draft implementation slides. 1:18 1,176.50

28/08/2020 Rebecca Davies 510 Administration: call with I. Chantry of A&M regarding A&M draft report. 0:06 51.00 Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 16 of 121

28/08/2020Rebecca Davies 510 Administration: review of draft A&M report and providing comments. 2:06 1,071.00

28/08/2020 Robert Withycombe- 795 Preparation for and telephone attendance with Kirkland and Ellis concerning debtor 1:24 1,113.00 Taperell in possession credit agreement and English law security for the same and outstanding issues concerning the same. Preparing for the same; discussing internally outstanding points arising on the call.

29/08/2020 Edward Couzens 660 Reviewing revised A&M administration slide deck and providing comments to R. 2:30 1,650.00 Davies.

29/08/2020Ian Johnson 905 Reviewing emails and slides for board re: implementation. 0:48 724.00

29/08/2020Rebecca Davies 510 Administration: Reviewing and providing comments on draft A&M report. 2:06 1,071.00

29/08/2020 Robert Withycombe- 795 Reviewing DIP credit agreement documents and considering issues concerning the 0:36 477.00 Taperell same; email correspondence with K&E setting out issues concerning the same.

30/08/2020 Peter Wickham 795 Review of draft presentation concerning implementation of the restructuring in 0:18 238.50 England, and considering scope of disputes assistance likely to be required in relation to a scheme / administration - emails with James Stacey re the same.

30/08/2020 Rebecca Davies 510 Administration: emails to/from A&M UK regarding comments on the A&M report. 0:24 204.00

31/08/2020 Rebecca Davies 660 Administration: Emails to/from A&M regarding comments on A&M report. 0:12 132.00

01/09/2020 Edward Couzens 660 Preparing for and attending call regarding administration workstream with A&M (J. 1:12 792.00 Marston and others), Company (T. Burke and others) and SM, including follow up with I. Johnson. 01/09/2020 Ian Johnson 905 Preparing for and attending tax call with Deloitte and follow up discussion. 1:06 995.50

01/09/2020 Ian Johnson 905 Preparing for and attending prepack admin call with A&M and client. 1:42 1,538.50 Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 17 of 121

01/09/2020 Rebecca Davies 660 Administration: preparing for and attending administration update call with the 1:12 792.00 company, K&E and A&M.

01/09/2020 Rebecca Davies 660 Administration: internal emails regarding A&M report and retention application. 0:24 264.00

01/09/2020 Robert Withycombe- 795 Reviewing and considering issues concerning revised debtor in possession credit 3:42 2,941.50 Taperell agreement and Kirkland and Ellis points on the same; reviewing debt documents in connection with the same; discussing internally issues concerning the same; correspondence with K&E on the same.

01/09/2020 Samay Shah 905 Reviewing latest draft of DIP credit agreement and comments re the same; mails 3:48 3,439.00 and providing comments re the same.

01/09/2020 William Seal 660 Attending tax implementation call. 0:42 462.00

02/09/2020 Alexander Short 795 Drafting corporate authorisations for UK entities in order to authorise their entry into 3:12 2,544.00 the DIP facility and related documentation.

02/09/2020 Alexander Short 795 Continuing to draft corporate authorisations for UK entities in order to authorise their 2:00 1,590.00 entry into the DIP facility and related documentation.

02/09/2020 Edward Couzens 660 Preparing for and attending call with I. Johnson and R. Davies in relation to 0:36 396.00 contracts at Plc; follow-ups.

02/09/2020 Edward Couzens 660 Reviewing contract work in respect of Plc; reviewing email from R. Davies to A&M 1:54 1,254.00 and providing comments.

02/09/2020 Edward Couzens 660 Preparing for and attending call with R. Withycombe-Taperell, S. Shah and A. Short 0:24 264.00 regarding DIP.

02/09/2020 Edward Couzens 660 Emails with R. Davies regarding SPA skeleton and reviewing previous versions. 0:24 264.00

02/09/2020 Edward Couzens 660 Preparing for and attending call with K&E regarding DIP. 0:36 396.00 Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 18 of 121

02/09/2020 Edward Couzens 660 Revising UK implementation actions list in light of comments from D. McKendrick- 0:30 330.00 Ness and J. Bilimoria and detailed next steps.

02/09/2020 Edward Couzens 660 Reviewing Deloitte / EY decks in relation to tax jurisdiction. 0:30 330.00

02/09/2020 Edward Couzens 660 Preparing for and attending call with A. Lazar and J. Fedell in relation to timeline of 0:30 330.00 case.

02/09/2020Ian Johnson 905 Preparing for and attending call re: DIP and potential prepack admin carve-outs. 0:48 724.00

02/09/2020 Nicholas White 510 Communicating with E Couzens and R Dodding on JVA, parent company 0:42 357.00 guarantees and New Build and Drilling Contract matrix reviews re administration due diligence. 02/09/2020 Rebecca Davies 660 Administration: drafting skeleton pre-pack SPA document. 0:36 396.00

02/09/2020 Rebecca Davies 660 Administration: email to A&M regarding approach to plc contract review; review of 0:48 528.00 data room for plc contracts.

02/09/2020Richard Dodding 285 Search for parent company guarantees table. Circulated with Nicholas White. 0:30 142.50

02/09/2020 Robert Withycombe- 795 Reviewing and considering further comments from K&E concerning debtor in 2:48 2,226.00 Taperell possession credit facility and issues on the same; reviewing debt documents in connection with the same in preparation for telephone attendance with K&E; telephone attendance with K&E on the same.

02/09/2020 Robert Withycombe- 795 Reviewing draft debt ancillary documents; discussing internally issues concerning 1:24 1,113.00 Taperell the same.

02/09/2020 Samay Shah 905 Preparing for and attending internal call re DIP credit agreement and subsequent 1:12 1,086.00 call with K&E; discussion with R Withycombe-Taperell re the same; mails re the same. 02/09/2020 Samay Shah 905 Reviewing UK corporate authorities for DIP. 0:30 452.50 Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 19 of 121

03/09/2020 Aleezeh Liaqat 795 Preparation of presentation for Valaris on the non-tax factors to consider in relation 1:30 1,192.50 to the incorporation of New Holdco.

03/09/2020 Aleezeh Liaqat 795 Reading-in to background materials in relation to the Chapter 11 process and 1:00 795.00 scheme of arrangement process (including latest draft of chapter 11 documents, board briefing papers and other presentations).

03/09/2020 Alexander Short 795 Continuing to draft corporate authorisations for UK entities in order to authorise their 2:12 1,749.00 entry into the DIP facility and related documentation.

03/09/2020 Calum Scott 285 Searching for registered IP. 1:54 541.50

03/09/2020 Christian Boney 905 Reviewing draft administration sale "term sheet" and commenting. 0:30 452.50

03/09/2020 David Ives 905 Discussing IP searches with Rebecca Davies. Briefing G Ohlsen. Discussing 0:36 543.00 subsequently with G Ohlsen.

03/09/2020 David McKendrick- 795 Reviewing and marking up draft SPA strawman terms for prepack transfer of assets 0:54 715.50 Ness and assumption of lIan Brownilities and discussing with Christian Boney.

03/09/2020 Edward Couzens 660 Reviewing directors and officers policies from UK implementation perspective and 2:54 1,914.00 detailed email of advice to I. Johnson.

03/09/2020 Edward Couzens 660 Reviewing UK implementation agreement structure and SPA term sheet from R. 1:18 858.00 Davies.

03/09/2020 Gabrielle Ohlsen 510 Call with David Ives to discuss IP review. Call with Calum Scott to instruct review. 1:06 561.00 Call with Rebecca Davies to clarify issues. Setting up a spreadsheet. Double checking Calum Scott's findings. Emailing Rebecca Davies findings.

03/09/2020 Ian Johnson 905 Considering and discussing approach re: skeleton SPA. 0:36 543.00

03/09/2020 Jennifer Wardley 285 Reviewing documents in data room and matching against insurance policies listed in 2:30 712.50 chapter 11 schedule of insurance policies. Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 20 of 121

03/09/2020 Jennifer Wardley 285 Preparing for and attending call with R Davies. 0:12 57.00

03/09/2020 Rebecca Davies 660 Administration: preparing for and attending internal call with I.Johnson and E. 0:18 198.00 Couzens regarding pre-pack implementation agreement skeleton.

03/09/2020 Rebecca Davies 660 Administration: drafting pre-pack SPA skeleton and updating for internal comments. 0:42 462.00

03/09/2020 Rebecca Davies 660 Reviewing Project Phoenix data room regarding plc contracts; discussing with 0:48 528.00 J.Wardley regarding insurance policy due diligence; discussing with G. Ohlsen regarding IP search. 04/09/2020 Aleezeh Liaqat 795 Updating presentation for Valaris on the non-tax factors to consider in relation to the 0:48 636.00 incorporation of New Holdco following discussion with Christian Boney.

04/09/2020 Aleezeh Liaqat 795 Reading-in to background materials in relation to the Chapter 11 process and 3:00 2,385.00 scheme of arrangement process (including latest draft of chapter 11 documents, board briefing papers and other presentations).

04/09/2020 Alexander Short 795 Reviewing the UK debenture draft provided by Akin Gump and providing comments. 3:12 2,544.00

04/09/2020 David McKendrick- 795 Continuing to review and mark up draft SPA strawman terms for prepack transfer of 1:06 874.50 Ness assets and assumption of lIan Brownilities and reviewing precedents and applicable company law requirements. 04/09/2020 Edward Couzens 660 Emails with J. Brown in relation to tax analysis. 0:12 132.00

04/09/2020Edward Couzens 660 Drafting paper in relation to UK implementation deal structure. 2:12 1,452.00

04/09/2020 Edward Couzens 660 Drafting email to A. Lazar in relation to interaction of Chapter 11 with UK processes. 0:54 594.00

04/09/2020Ian Johnson 905 Discussion with Ed and reviewing emails re: prepack admin. 0:54 814.50

04/09/2020 Rebecca Davies 660 Reviewing insurance policies from virtual data room and discussions with J. Wardley 0:24 264.00 regarding the same. Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 21 of 121

04/09/2020 Rebecca Davies 660 Preparing for and attending call with J.Bilimoria regarding DTC arrangements and 0:18 198.00 depositary structures.

04/09/2020 Rebecca Davies 660 Administration: Email to K&E regarding insurance motions and due diligence. 0:18 198.00

04/09/2020 Rebecca Davies 660 Administrations: Emails to / from A&M regarding pre-pack due diligence process and 0:24 264.00 SPA skeleton.

04/09/2020 Rebecca Davies 660 Administration: updating SPA skeleton with respect to depositary arrangements and 1:36 1,056.00 internal comments and updating administration next steps paper.

05/09/2020 Aleezeh Liaqat 795 Continuing to read-in to background materials in relation to the Chapter 11 process 3:00 2,385.00 and scheme of arrangement process (including latest draft of chapter 11 documents, board briefing papers and other presentations).

05/09/2020 Aleezeh Liaqat 795 Reading-in to background materials in relation to the Chapter 11 process and 3:00 2,385.00 scheme of arrangement process (including latest draft of chapter 11 documents, board briefing papers and other presentations).

05/09/2020 Chaya Kupperman 285 Reviewing Valaris asset documents and preparing account charges and material 2:18 655.50 contract debenture schedules for all UK entities.

05/09/2020 Edward Couzens 660 Circulating document structure paper to I. Johnson, H. Davies and C. Boney. 0:06 66.00

05/09/2020 Robert Withycombe- 795 Reviewing email correspondence from K&E tax and debt finance teams concerning 1:06 874.50 Taperell provisions allowing additional borrowers and finance and tax issues concerning the same; reviewing draft documents and considering issues concerning the same; drafting email notes concerning the same.

05/09/2020 Robert Withycombe- 795 Telephone attendance with DIP creditor advisers concerning English law issues on 1:12 954.00 Taperell credit agreement; considering issues and reviewing draft documents concerning the same; drafting internal email note concerning the same.

07/09/2020 Alexander Short 795 Providing comments on UK debenture draft and turning document to send out to 3:12 2,544.00 AG. Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 22 of 121

07/09/2020 Beatriz Posada 510 Internal discussions re. parent company guarantees review and email to K&E 0:30 255.00 relating to the same.

07/09/2020 Edward Couzens 660 Preparing for and attending call with J. Terry and D. David Ives regarding UK 0:48 528.00 implementation.

07/09/2020 Edward Couzens 660 Reviewing DIP comments and email to R. Withycombe-Taperell. 0:18 198.00

07/09/2020 Edward Couzens 660 Reviewing revised DIP facility in respect of UK implementation interaction including 2:42 1,782.00 administration.

07/09/2020 Ian Johnson 905 Preparing for and attending update call with Akin. 0:54 814.50

07/09/2020 Rebecca Davies 660 Preparing for and attending calls with S. Mercer regarding insurance due diligence 0:48 528.00 and review of pro forma due diligence list.

07/09/2020 Robert Withycombe- 795 Reviewing revised of credit agreement; considering issues concerning the same; 0:48 636.00 Taperell discussing internally issues concerning the same.

07/09/2020 Sarah Mercer 285 Administration: due diligence task - reviewing Valaris' insurance contracts in the 2:36 741.00 Data Room for (among other things): 1) termination clauses impacted by a scheme of arrangement or administration; 2) change of control clauses; and 3) prohibitions on assignment/novation.

07/09/2020 Sarah Mercer 285 Administration: Two calls with R Davies, briefing and following up on due diligence 0:48 228.00 task - reviewing Valaris' insurance contracts in the Data Room for (among other things): 1) termination clauses impacted by a scheme of arrangement or administration; 2) change of control clauses; and 3) prohibitions on assignment/novation. 07/09/2020 Samay Shah 905 Mails and comments re DIP credit agreement. 0:42 633.50

08/09/2020 Aleezeh Liaqat 795 Preparing for and attending internal call with other members of Phoenix SM team. 0:30 397.50

08/09/2020Aleezeh Liaqat 795 Preparing for and attending the UCC kick-off call with Ian Johnson. 1:00 795.00 Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 23 of 121

08/09/2020 Alexander Short 795 Reviewing comments on UK authorities provided by Akin Gump and making 2:12 1,749.00 changes to the documentation.

08/09/2020Beatriz Posada 510 Internal emails relating to parent company guarantee review. 0:18 153.00

08/09/2020Beatriz Posada 510 Email to K&E re. parent company guarantees review. 0:18 153.00

08/09/2020 David McKendrick- 795 Reviewing analysis of timetable impacts associated with accelerating the UK 0:24 318.00 Ness shareholder scheme and associated risks including UK court approach, shareholder approvals required and forum associated risks and sending comments to Edward Couzens re the foregoing.

08/09/2020 Edward Couzens 660 Preparing for and attending call with A. Liaqat in relation to UK and Chapter 11 plan 0:24 264.00 timeline.

08/09/2020 Edward Couzens 660 Reviewing P. Anyaegbuna comments on DIP facility and emails with R. Withycombe- 0:54 594.00 Tapperell; providing comments to G. Owen.

08/09/2020 Edward Couzens 660 Drafting overview analysis of shareholder scheme implementation time relative to 1:00 660.00 Chapter 11.

08/09/2020 Edward Couzens 660 Reviewing DIP facility and marking up document before sending comments to R. 2:48 1,848.00 Withycombe-Taperell.

08/09/2020 Edward Couzens 660 Reviewing Lazard investor log and providing comments to I. Johnson. 0:30 330.00

08/09/2020Mark Spiller 660 Introductory briefing to potential pre-pack administration sale of Valaris PLC. 0:18 198.00

08/09/2020 Patricia Anyaegbuna 795 Reviewing revised DIP Loan Agreement and providing comments. 2:18 1,828.50

08/09/2020 Rebecca Davies 660 Administration: emails to / from A&M regarding update calls and contract due 0:18 198.00 diligence. Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 24 of 121

08/09/2020 Rebecca Davies 660 Preparing for and attending internal update call. 0:36 396.00

08/09/2020 Sarah Mercer 285 Setting myself up on the F-Store and the Data Room ready to commence work on 0:12 57.00 the matter.

08/09/2020 Sarah Mercer 285 Administration: due diligence task - reviewing Valaris' insurance contracts in the 3:00 855.00 Data Room for (among other things): 1) termination clauses impacted by a scheme of arrangement or administration; 2) change of control clauses; and 3) prohibitions on assignment/novation.

08/09/2020 Samay Shah 905 Reviewing Kramer Levin mark up of credit agreement and comments from internal 2:00 1,810.00 team re the same.

08/09/2020 Tom Vickers 905 Reviewing documents shared with A&M re potential pre-pack. Discussions/emails 1:00 905.00 with internal team.

09/09/2020 Aleezeh Liaqat 795 Drafting a paper which sets out the steps that would need to be taken in connection 2:48 2,226.00 with a UK scheme of arrangement.

09/09/2020 Alexander Short 795 Continuing to review the UK debenture and drafting and preparing board packs for 3:48 3,021.00 signing by Valaris.

09/09/2020 Alexander Short 795 Continuing to review the UK debenture and drafting and preparing board packs for 3:48 3,021.00 signing by Valaris.

09/09/2020 Alexander Short 795 Reviewing the UK debenture and drafting and preparing board packs for signing by 3:48 3,021.00 Valaris.

09/09/2020 Alexander Short 795 Continuing to review the UK debenture and drafting and preparing board packs for 0:48 636.00 signing by Valaris.

09/09/2020 Beatriz Posada 510 Internal email on parent company guarantees review. 0:12 102.00

09/09/2020 Calum Scott 285 Reviewing material contracts identified by K&E for relevant restrictions and updating 3:30 997.50 due diligence spreadsheet in relation to same. Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 25 of 121

09/09/2020 Edward Couzens 660 Preparing for and attending call with A&M UK (J. Marston and E. Hill). 0:42 462.00

09/09/2020 Edward Couzens 660 Reviewing I. Johnson comments on UK implementation documentation paper and 0:30 330.00 circulating to K&E team.

09/09/2020 Edward Couzens 660 Emails in relation to tax structure with J. Bilimoria including revising UK 0:24 264.00 implementation agreement paper.

09/09/2020 Edward Couzens 660 Preparing for and attending call with I. Johnson in relation to shareholder feedback 0:12 132.00 approach and other aspects.

09/09/2020 Edward Couzens 660 Revising scheme timing analysis email and circulating to I. Johnson, C. Boney and 1:30 990.00 H. Davies; call with J. Bilimoria and C. Osborne regarding tax.

09/09/2020 Edward Couzens 660 Email to Lazard in relation to shareholder log. 0:42 462.00

09/09/2020 Edward Couzens 660 Preparing for and attending call with I. Johnson regarding BCA joinders and follow- 1:24 924.00 up on BCA.

09/09/2020Ian Johnson 905 Preparing for and attending call with A&M UK re: pre-pack work stream. 1:06 995.50

09/09/2020 Iain Meiklejohn 285 Compiling signature pack for Valaris UK entity security documentation. Compiling 3:42 1,054.50 omnibus certificate. Liaising with Alex Short. Sending emails to Akin Gump + Scots Counsel

09/09/2020 Iain Meiklejohn 285 Compiling UK omnibus certificate and collating signature pack for all UK documents 3:18 940.50 to be executed. Email to Blake Sherry at AG re same.

09/09/2020 Iain Meiklejohn 285 Continuing to compile UK omnibus certificate and collate signature pack for all UK 3:12 912.00 documents to be executed.

09/09/2020 Mark Spiller 660 Review of covering summary note of an unsecured credit bid pre-pack 2:18 1,518.00 administration for Valaris PLC, and marking up proposed comments/aspects of consideration. Discussing proposed commentary with Rebecca Davies and sending further updated version of the note. Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 26 of 121

09/09/2020 Patricia Anyaegbuna 795 Internal correspondence and discussion regarding identity of entities executing UK 0:36 477.00 Debenture and UK security assets.

09/09/2020 Rebecca Davies 660 Review of insurance policy due diligence and emails and calls regarding the same. 0:24 264.00

09/09/2020 Rebecca Davies 660 Administration: preparing for and attending call with A&M regarding SPA skeleton. 0:42 462.00

09/09/2020 Rebecca Davies 660 Administration: preparing for and attending call with M.Spiller regarding pre-pack 0:18 198.00 skeleton.

09/09/2020 Robert Withycombe- 795 Reviewing and discussing internally revised credit agreement and English law 1:12 954.00 Taperell debenture; discussing internally issues on the same and next steps on the same.

09/09/2020 Sarah Mercer 285 Administration: continuing to undertake due diligence review of insurance contracts 1:42 484.50 for relevant provisions

09/09/2020 Sarah Mercer 285 Administration: undertaking due diligence review of insurance contracts for relevant 4:00 1,140.00 provisions.

09/09/2020 Sarah Mercer 285 Administration: communicating with IT to try and arrange access to further insurance 0:42 199.50 documentation provided by Alvarez and Marsal.

09/09/2020Samay Shah 905 Initial review of UK debenture; mails re the same. 1:00 905.00

09/09/2020 Tom Vickers 905 Discussions/emails with Ian Johnson and Rebecca Davies. 0:30 452.50

09/09/2020 Tom Vickers 905 Reviewing emails. 0:30 452.50

09/09/2020 Tom Vickers 905 Preparing for and attending update call with A&M UK. 0:30 452.50

10/09/2020 Aleezeh Liaqat 795 Discussing the steps paper in relation to the scheme of arrangement with Ed 1:00 795.00 Couzens and David McKendrick-Ness. Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 27 of 121

10/09/2020 Aleezeh Liaqat 795 Continuing to draft a paper which sets out the steps that would need to be taken in 0:30 397.50 connection with a UK scheme of arrangement.

10/09/2020 Aleezeh Liaqat 795 Drafting a paper which sets out the steps that would need to be taken in connection 4:00 3,180.00 with a UK scheme of arrangement.

10/09/2020 Alexander Short 795 Preparing packs of execution form documentation relating to the DIP facility for 3:06 2,464.50 Valaris to sign.

10/09/2020 Alexander Short 795 Continuing to prepare packs of execution form documentation relating to the DIP 3:06 2,464.50 facility for Valaris to sign.

10/09/2020 Beatriz Posada 510 Parent company guarantee review - review of K&E's parent company guarantee 1:00 510.00 table; locating K&E's parent company guarantees in data room; comparing list of contracts in creditor matrix against that in the DIP.

10/09/2020 Calum Scott 285 Continuing to review material contracts identified by K&E for relevant restrictions 0:18 85.50 and updating due diligence spreadsheet in relation to same.

10/09/2020 Calum Scott 285 Reviewing material contracts identified by K&E for relevant restrictions and updating 4:00 1,140.00 due diligence spreadsheet in relation to same.

10/09/2020 Iain Meiklejohn 285 Compiling signature packet and proofing the same. Zip files of all relevant 2:06 598.50 documents i.e. resolutions and articles to forward to Kirkland.

10/09/2020 Iain Meiklejohn 285 Continuing to amend articles of various entities, amending and formatting 0:24 114.00 resolutions of various entities. Redlines of the same. Corresponding with Scots counsel and Akin re the same. 10/09/2020 Patricia Anyaegbuna 795 Reviewing revised UK Debenture and providing comments. 2:42 2,146.50

10/09/2020 Rebecca Davies 660 Emails and calls with S. Mercer regarding insurance policy due diligence. 0:24 264.00

10/09/2020 Robert Withycombe- 795 Reviewing and discussing internally next steps on English law security and credit 0:36 477.00 Taperell agreement and discussing internally the same.

10/09/2020 Sarah Mercer 285 Administration: continuing to undertake due diligence review of insurance contracts 4:00 1,140.00 for relevant provisions Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 28 of 121

10/09/2020 Sarah Mercer 285 Administration: continuing to undertake due diligence review of insurance contracts 3:00 855.00 for relevant provisions.

11/09/2020Aleezeh Liaqat 795 Preparing for and attending a call with (UCC Advisor) MoFo. 1:00 795.00

11/09/2020 Aleezeh Liaqat 795 Updating the paper which sets out the steps that would need to be taken in 2:48 2,226.00 connection with a UK scheme of arrangement.

11/09/2020 Alexander Short 795 Reviewing comments on the UK debenture provided by Akin Gump and negotiating 2:48 2,226.00 a revised position with them.

11/09/2020 Alexander Short 795 Continuing to review comments on the UK debenture provided by Akin Gump and 3:42 2,941.50 negotiating a revised position with them.

11/09/2020 Beatriz Posada 510 Preparing for and attending introductory call with unsecured creditors' committee UK 0:48 408.00 advisers (Morrison & Foerster).

11/09/2020 Beatriz Posada 510 Review of K&E's comments and queries on Ed Couzens' comments on the DIP; 4:06 2,091.00 discussing the same with internal team.

11/09/2020 Calum Scott 285 Reviewing material contracts identified by K&E for relevant restrictions and updating 0:24 114.00 due diligence spreadsheet in relation to same

11/09/2020 Edward Couzens 660 Reviewing A. Liaqat timeline and providing comments. 0:30 330.00

11/09/2020 Ian Johnson 905 Preparing for and attending for call with UCC adviser (MoFo) re: UK aspects of 1:18 1,176.50 implementation.

11/09/2020 Iain Meiklejohn 285 Drafting responses to K&E and Akin Gump re queries that came in about the 2:30 712.50 signature pages, signing and documentation. Later email between the two in respect of RoCal Cayman Limited being a Cayman entity. Call with Blake Sherry to discuss DocuSign. Amending ZIP files with resolutions to send to K&E

11/09/2020 Iain Meiklejohn 285 Drafting and inserting Material Subsidiaries Schedule for DIP Security Agreement. 0:30 142.50 Finding material subsidiary information for UK from Credit Agreement + researching Company number details. Query re Ensco Global being UK - Liaising with Alex Short. Sending to Kristy (K&E) Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 29 of 121

11/09/2020 Nupur Upadhyay 795 Preparing for and attending call with K&E regarding RCF Lender objection to board 0:12 159.00 decision making.

11/09/2020 Rebecca Davies 660 Review of due diligence with respect to insurance policies and discussion with S. 0:18 198.00 Mercer regarding the same.

11/09/2020 Rebecca Davies 660 Email to and attending call with Alex Lazar at K&E regarding PLC due diligence. 0:24 264.00

11/09/2020 Robert Withycombe- 795 Reviewing revised credit agreement and English law security for the same; 2:06 1,669.50 Taperell discussing internally outstanding issues concerning the same.

11/09/2020 Sarah Mercer 285 Administration: continuing to undertake due diligence review of insurance contracts 4:00 1,140.00 for relevant provisions.

11/09/2020 Sarah Mercer 285 Administration: preparation for and attending call with R Davies, discussing due 0:24 114.00 diligence task, and also briefing me on other due diligence tasks to be undertaken next week while R Davies is away.

11/09/2020 Sarah Mercer 285 Administration: continuing to undertake due diligence review of insurance contracts 2:36 741.00 for relevant provisions

11/09/2020 Samay Shah 905 Reviewing mark up of debenture and providing comments. 2:30 2,262.50

12/09/2020 Beatriz Posada 510 Preparing for and attending internal call re. K&E's comments and queries on DIP; 1:06 561.00 email to Robert Withycombe-Taperell relating to the same.

12/09/2020 Ian Johnson 905 Emails and catch up re: DIP comments. 0:42 633.50

12/09/2020 Robert Withycombe- 795 Discussing internally outstanding issues concerning debtor in possession credit 1:18 1,033.50 Taperell agreement, questions raised by K&E and responses to the same. Reviewing debt documents concerning the same.

13/09/2020 Aleezeh Liaqat 795 Continuing to draft a paper which sets out the steps that would need to be taken in 1:48 1,431.00 connection with a UK scheme of arrangement. Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 30 of 121

13/09/2020 Aleezeh Liaqat 795 Drafting a paper which sets out the steps that would need to be taken in connection 4:00 3,180.00 with a UK scheme of arrangement.

13/09/2020 Beatriz Posada 510 Review of DIP for status of previous comments. Drafting email to K&E with 3:24 1,734.00 additional comments relating to the same.

13/09/2020 Ian Johnson 905 Emails re: DIP and response to Bea Posada. 0:24 362.00

13/09/2020 Robert Withycombe- 795 Further review of draft credit agreement; drafting comments and issues list on the 1:06 874.50 Taperell same; discussing internally the same.

13/09/2020 Samay Shah 905 Reviewing correspondence. 0:30 452.50

14/09/2020 Aleezeh Liaqat 795 Drafting a paper which sets out the steps that would need to be taken in connection 2:12 1,749.00 with a UK scheme of arrangement.

14/09/2020 Alexander Short 795 Reviewing security documentation. 1:42 1,351.50

14/09/2020 Beatriz Posada 510 Reviewing email to K&E with compiled Slaughter and May comments on DIP and 0:42 357.00 sending.

14/09/2020 Beatriz Posada 510 Administration workstream: discussing Valaris plc due diligence with Sarah Mercer 0:18 153.00 and responding to queries relating to the same.

14/09/2020 Beatriz Posada 510 Dialling into Lazard standing call; sending bullet points to internal team following call. 0:30 255.00

14/09/2020 Beatriz Posada 510 Responding to K&E's comments on the DIP. 0:18 153.00

14/09/2020 Beatriz Posada 510 Administration workstream: emails to Sarah Mercer re. local counsel engagement 0:12 102.00 letters (for PLC due diligence).

14/09/2020 Beatriz Posada 510 Review of updated DIP from K&E (as sent to Kramer) for status of Slaughter and 0:48 408.00 May comments. Sending email to internal team relating to the same. Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 31 of 121

14/09/2020 Emily Costello 285 Conducting research task in relation to meeting notice periods / schemes of 1:00 285.00 arrangements.

14/09/2020 Ian Johnson 905 Preparing for and attending call with UCC advisers and K&E re: deal and DIP 1:48 1,629.00 background.

14/09/2020 Iain Meiklejohn 285 Preparing for and attending call with Alex Short to discuss K&E queries. 0:12 57.00

14/09/2020 Iain Meiklejohn 285 Emails with Alex Short re Omnibus Certificate. Drafting email to Akin Gump in 0:12 57.00 respect of the UK Omnibus Certificate. Sending same.

14/09/2020 Iain Meiklejohn 285 Reviewing K&E comments on UK Signature Packet, Swiss Quotaholder Resolution 1:12 342.00 and also Preferred Signatory Chart. Updating Written Resolution and Signature Packet for Ensco Universal Limited to reflect additional director. Reviewing these against director/company information online. Amending Swiss Quotaholder resolutions. Email to K&E with our comments on above.

14/09/2020 Sarah Mercer 285 Administration: Preparing for and attending call with B Posada on the tasks R 0:24 114.00 Davies has asked me do while she is away, including in relation to indemnity agreements, change of control wording and engagement agreements.

14/09/2020 Sarah Mercer 285 Administration: extracting Indemnity Agreements from the Data Room and creating 2:54 826.50 a schedule listing the name of the individual, the name of the Valaris entity, and the date on which the agreement was entered into. Updating R Davies on same.

14/09/2020 Sarah Mercer 285 Administration: searching in Data Room for Change of Control clauses in Severance 0:30 142.50 Agreements, following up with B Posada and R Davies in relation to same.

14/09/2020 Sarah Mercer 285 Administration: collecting engagement letters with local counsel and pulling together 2:42 769.50 a tracker to enable me to create a schedule, cross referencing with list of jurisdictions provided by B Posada to make sure we are not missing any engagement letters, and following up with B Posada in relation to the same.

14/09/2020Samay Shah 905 Reviewing updated draft of DIP credit agreement. 1:30 1,357.50

14/09/2020 Samay Shah 905 Correspondence. 0:30 452.50 Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 32 of 121

15/09/2020 Aleezeh Liaqat 795 Preparing for and attending internal call with other members of Phoenix SM team. 0:30 397.50

15/09/2020 Aleezeh Liaqat 795 Updating the paper in connection with the UK scheme of arrangement. 4:00 3,180.00

15/09/2020Aleezeh Liaqat 795 Continuing to update the paper in relation to the UK scheme of arrangement. 0:24 318.00

15/09/2020 Aleezeh Liaqat 795 Preparing for and attending a call with Christian Boney and David McKendrick-Ness 0:30 397.50 in relation to the paper being prepared in connection with a UK scheme of arrangement. 15/09/2020 Alexander Short 795 Continuing to review comments on the UK debenture provided by Akin Gump and 0:42 556.50 negotiating a revised position with them.

15/09/2020 Alexander Short 795 Continuing to review comments on the UK debenture provided by Akin Gump and 4:00 3,180.00 negotiating a revised position with them.

15/09/2020 Beatriz Posada 510 Review of Ian Johnson and Samay Shah's comments on DIP email for K&E, 1:00 510.00 updating email to reflect such comments and sending to K&E.

15/09/2020 Beatriz Posada 510 Incorporating Slaughter and May's comments on DIP into K&E draft in track 1:42 867.00 changes.

15/09/2020 Beatriz Posada 510 Review of Kramer's mark-up to the DIP (in particular to check status of SM's 4:00 2,040.00 comments). Drafting email to K&E with comments relating to the same. Internal emails relating to the same. 15/09/2020 Beatriz Posada 510 Review of Kramer's mark-up to the DIP (in particular to check status of SM's 0:54 459.00 comments). Drafting email to K&E with comments relating to the same. Internal emails relating to the same (cont). 15/09/2020Beatriz Posada 510 Email to K&E on directors' and officers' insurance policies. 0:06 51.00

15/09/2020 David McKendrick- 795 Preparing for and attending call with Christian Boney and Aleezeh Liaqat to discuss 0:24 318.00 Ness deferred share option structure and scheme procedural requirements in the context of UK implementation discussions.

15/09/2020 Ian Johnson 905 Emails and discussion re: DIP. 0:42 633.50 Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 33 of 121

15/09/2020 Ian Johnson 905 Preparation for and discussion with Bea Posada and progressing deliverables for 1:18 1,176.50 implementation.

15/09/2020 Iain Meiklejohn 285 Responding to email from Akin re foreign entities with UK establishments signing the 1:00 285.00 UK debenture. Email to K&E re the same. Drafting emails to Scottish counsel, Akin and K&E re new Scots counsel and instructing entities.

15/09/2020 Patricia Anyaegbuna 795 Reviewing DIP Agreement. 0:12 159.00

15/09/2020 Robert Withycombe- 795 Discussing internally outstanding issues concerning debtor-in-possession, reviewing 2:06 1,669.50 Taperell debtor-in-possession credit agreement revised draft; discussing the same with bondholder counsel. 15/09/2020 Sarah Mercer 285 Administration: starting to pull together schedule of other Phoenix advisers for R 0:54 256.50 Davies.

15/09/2020 Sarah Mercer 285 Administration: finalising schedule of local counsel engagement letters for R Davies, 1:42 484.50 liaising with B Posada in relation to the same.

15/09/2020 Samay Shah 905 Reviewing revised draft of DIP credit agreement; reviewing internal team comments; 2:00 1,810.00 providing comments; mails re the same.

16/09/2020 Aleezeh Liaqat 795 Preparing a paper relating to two possible routes of implementation for the UK 4:00 3,180.00 scheme of arrangement (including one which involves the use of deferred shares).

16/09/2020 Aleezeh Liaqat 795 Preparing for and attending a call with Lazard in relation to inbound contact logs. 0:30 397.50

16/09/2020 Alexander Short 795 Continuing to review stock transfer forms, forms of notices and other documentation 0:42 556.50 relating to the UK debenture.

16/09/2020 Alexander Short 795 Reviewing stock transfer forms, forms of notices and other documentation relating to 4:00 3,180.00 the UK debenture.

16/09/2020 Beatriz Posada 510 Review of Robert Withycombe-Taperell's email on K&E's comments on the DIP 0:30 255.00 (principally relating to the Consolidated Subsidiary definition and additional borrower jurisdictions). Drafting and sending response to K&E. Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 34 of 121

16/09/2020 Beatriz Posada 510 Call with K&E regarding the DIP and drafting email to K&E with amendments to 0:48 408.00 Permitted Lien definition.

16/09/2020 Beatriz Posada 510 Review of Ed Couzens' emails on shareholder log ahead of call with K&E and 0:18 153.00 Lazard this afternoon.

16/09/2020 Beatriz Posada 510 Preparing for and attending call with K&E and Lazard to discuss communications 0:42 357.00 with shareholders.

16/09/2020 Beatriz Posada 510 Preparing for and attending internal catch up with internal team on outstanding DIP 0:12 102.00 issues.

16/09/2020 Beatriz Posada 510 Administration workstream: review of schedule of local counsel contracts prepared 0:18 153.00 as part of PLC diligence from Sarah Mercer and providing comments on the same.

16/09/2020 Beatriz Posada 510 Review of K&E's queries on DIP in relation to definition of Consolidated Subsidiary 0:30 255.00 and Permitted Liens. Email to internal team relating to the same.

16/09/2020 Ian Johnson 905 Emails re: DIP and discussion with Bea Posada. 0:36 543.00

16/09/2020 Ian Johnson 905 Considering issues re: reactive admin appointment and A&M queries. 0:42 633.50

16/09/2020 Ian Johnson 905 Preparing for and attending call with Lazard and K&E re: shareholder log and 0:36 543.00 coordination.

16/09/2020 Robert Withycombe- 795 Discussing internally further issues on further revised debtor in possession credit 2:54 2,305.50 Taperell agreement; considering issues concerning the same; telephone attendance with K&E on the same. 16/09/2020 Sarah Mercer 285 Administration: Continuing to work on schedule of engagements in relation to 1:36 456.00 Project Phoenix

16/09/2020 Sarah Mercer 285 Administration: Update call and emails with B Posada, discussing outstanding 0:24 114.00 matters. Sending local counsel schedule and tracker, as well as the full schedule of engagements. 16/09/2020 Sarah Mercer 285 Administration: Updating schedules in light of B Posada's comments, and resending. 0:54 256.50 Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 35 of 121

16/09/2020 Sarah Mercer 285 Scheme: Reading background emails from B Posada, prior to attending call with 0:42 199.50 Kirkland & Ellis on shareholder engagement, for background purposes.

16/09/2020 Samay Shah 905 Reviewing K&E comments on UK debenture; reviewing correspondence re the 0:30 452.50 same.

16/09/2020 Samay Shah 905 Preparing for and attending call with K&E re DIP. 0:18 271.50

17/09/2020 Aleezeh Liaqat 795 Preparing a skeleton essay plan for the UK scheme of arrangement and discussing 2:30 1,987.50 that plan with Ian Johnson.

17/09/2020 Aleezeh Liaqat 795 Preparing handover materials for Di Yu and handover email with update of status on 1:00 795.00 where things are.

17/09/2020 Alexander Short 795 Reviewing stock transfer forms, forms of notices and other documentation relating to 1:42 1,351.50 the UK debenture.

17/09/2020 Beatriz Posada 510 Sending parent company guarantees to Sarah Mercer for Valaris plc parent 0:12 102.00 company guarantees review.

17/09/2020 Beatriz Posada 510 Drafting summary bullet points to internal team on Lazard call and checking 1:48 918.00 interaction between warrant allocation and UK implementation paths in the RSA.

17/09/2020 Beatriz Posada 510 Review of parent company guarantee table produced by Sarah Mercer and providing 0:12 102.00 comments.

17/09/2020 Beatriz Posada 510 Reviewing pack of UK implementation documents for sending to Akin / Kramer and 1:06 561.00 sending for internal review.

17/09/2020 Beatriz Posada 510 Emails with corporate department on shareholder scheme steps paper. 0:12 102.00

17/09/2020 Beatriz Posada 510 Discussing parent company guarantees review with Sarah Mercer and sending 0:18 153.00 briefing email. Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 36 of 121

17/09/2020 Iain Meiklejohn 285 Call with R Withycombe-Taperell re Valaris workstreams and local counsel. Drafting 0:36 171.00 email to Scots counsel re background to transaction. Email to K&E re collateral schedule queries. Forwarding most recent version of debenture to Scots counsel and drafting email.

17/09/2020 Iain Meiklejohn 285 Email to Scots local counsel responding to queries about sharing of information 0:30 142.50 (persons with significant control register; register of members; original share certificates) with opposing Scots counsel for lender, and on proper instructing entity for purposes of their fee letter. Email to K&E re same to confirm those points.

17/09/2020 Rebecca Davies 660 Preparing for and attending call with A&M and K&E regarding ordinary course 0:24 264.00 professionals' engagement due diligence.

17/09/2020 Robert Withycombe- 795 Discussing outstanding points concerning debtor in possession financing and 1:18 1,033.50 Taperell English law security and reviewing documents in connection with the same.

17/09/2020 Sarah Mercer 285 Administration: reviewing new batch of insurance documentation received from 4:00 1,140.00 Kirkland & Ellis to identify missing items, sending update to R Davies.

17/09/2020 Sarah Mercer 285 Reviewing additional parent company guarantees and adding to summary table; 1:30 427.50 searching in internal systems to make sure we haven't been sent a more up to date version of specific parent company guarantee.

17/09/2020 Sarah Mercer 285 Administration: continuing to review new batch of insurance documentation received 0:30 142.50 from Kirkland & Ellis, to identify outstanding items, sending update to R Davies.

18/09/2020 Aleezeh Liaqat 795 Updating notes for distribution to Akin / discussion with Ian Johnson 0:48 636.00

18/09/2020 Beatriz Posada 510 Administration workstream: re-review of schedule of local counsel engagement 0:18 153.00 letters produced by Sarah Mercer and providing comments.

18/09/2020 Beatriz Posada 510 Reading over shareholder scheme materials prepared by corporate department 0:24 204.00 ahead of sending to creditors' advisers.

18/09/2020 Beatriz Posada 510 Revising UK implementation update deck for Akin to reflect comments from Ian 1:30 765.00 Johnson. Sharing updated pack of documents for Akin and Kramer with internal team. Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 37 of 121

18/09/2020 Beatriz Posada 510 Reviewing UK implementation documents to send to Akin and Kramer, including 2:30 1,275.00 checking for consistency between slides and scheme straw man / timeline. Drafting covering email and sending. 18/09/2020 Beatriz Posada 510 Discussing query on shareholder scheme structure paper with corporate 0:18 153.00 department.

18/09/2020 Ian Johnson 905 Reviewing and finalising implementation briefing papers (Plan A and Plan B) for Akin 1:48 1,629.00 and Kramer.

18/09/2020 Sarah Mercer 285 Administration: continuing to undertake due diligence review of insurance contracts 2:12 627.00 for relevant provisions.

18/09/2020 Sarah Mercer 285 Administration: continuing to undertake due diligence review of insurance contracts 4:00 1,140.00 for relevant provisions.

18/09/2020 Sarah Mercer 285 Administration: Making updates suggested by B Posada to the schedule of local 0:48 228.00 counsel engagements and parent company guarantees.

18/09/2020Sarah Mercer 285 Administration: summary email to R Davies on progress of diligence workstream. 1:30 427.50

19/09/2020 Beatriz Posada 510 Review of query from K&E on contract review for DIP Schedule 6.09(f). Drafting 1:42 867.00 email for K&E to explain scope of contract reviews conducted to date.

19/09/2020 Beatriz Posada 510 Review of queries from K&E on the DIP relating to (1) permitted borrower concept; 1:18 663.00 and (2) contractual restrictions (including checking scope of previous material contract review and sending update email to internal team).

19/09/2020 Iain Meiklejohn 285 Responding to queries from K&E and Scots counsel in respect of execution of 1:00 285.00 agreements e.g. dating of resolutions and other queries.

20/09/2020 Beatriz Posada 510 Preparing for contract review for Schedule 6.09(f) of the DIP: checking list of DIP 1:54 969.00 drilling contracts against creditor matrix; compiling review template; review of virtual data room for any supplemental agreements.

20/09/2020 Beatriz Posada 510 Discussion with Ian Johnson on contract review for Schedule 6.09(f) of the DIP, 1:06 561.00 drafting and sending email to K&E to clarify scope of review, drafting email to company with update on review. Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 38 of 121

21/09/2020 Alexander Short 795 Reviewing the UK security position to determine the scope of security package in 3:36 2,862.00 relation to the security principles in the DIP facility

21/09/2020 Beatriz Posada 510 Review of Kramer's mark-up of the DIP, in particular to check status of Slaughter 0:48 408.00 and May's comments.

21/09/2020 Beatriz Posada 510 Responding to K&E with comments on Kramer's DIP mark-up. 0:48 408.00

21/09/2020 Beatriz Posada 510 Preparing for DIP Schedule 6.09(f) contract review: reviewing sample contracts, 1:24 714.00 drafting email with instructions to trainee review team, allocating contracts to trainee review team. 21/09/2020 Beatriz Posada 510 Coordinating DIP contract review for Schedule 6.09(f) (Existing Restrictive 2:00 1,020.00 Agreements); reviewing commercial contracts; second level review of trainee review (continued). 21/09/2020 Beatriz Posada 510 Coordinating DIP contract review for Schedule 6.09(f) (Existing Restrictive 4:00 2,040.00 Agreements); reviewing commercial contracts; second level review of trainee review. 21/09/2020 Beatriz Posada 510 DIP restrictive contracts review - briefing trainee team, sending update emails to 1:48 918.00 K&E and the company, coordinating trainee review.

21/09/2020 Harrison Fookes 285 Document review on newbuild shipping contracts. 4:00 1,140.00

21/09/2020 Harrison Fookes 285 Document review of leasehold contract. 1:24 399.00

21/09/2020Iain Meiklejohn 285 Email to Alex Short re Scots counsel query on register of members. 0:06 28.50

21/09/2020 Iain Meiklejohn 285 Emails w/ Alex Short and then email to Juliesa at Kirkland re DIP signatures. Email 0:18 85.50 to Kristy at Kirkland re UK deliverables. Emails to Blake at Akin Gump re UK deliverables update. 21/09/2020 Iain Meiklejohn 285 Reviewing emails and internal documents from K&E re DIP closing and signature 0:12 57.00 pages.

21/09/2020 Iain Meiklejohn 285 Continuing to review Valaris entity commercial contracts for certain restrictions. 0:30 142.50 Email to Bea Posada re the same. Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 39 of 121

21/09/2020 Iain Meiklejohn 285 Preparing for and attending call with R Withycombe-Taperell x2 re Valaris debenture 0:12 57.00 execution and legal opinion. Follow up email to Alex Short re same.

21/09/2020 Iain Meiklejohn 285 Reviewing Valaris entity commercial contracts for certain restrictive provisions. 4:00 1,140.00

21/09/2020 Iain Meiklejohn 285 Preparing for and attending call with Beatriz Posada and trainee team to brief on 0:30 142.50 contract review.

21/09/2020 Rebecca Davies 660 Emails to/from B. Posada and I. Johnson regarding DIP facility wording for 0:12 132.00 administration funding.

21/09/2020 Rebecca Davies 660 Email to A&M regarding DIP facility wording regarding administration funding. 0:18 198.00

21/09/2020 Rebecca Davies 660 Emails to/from tax team regarding depositary structures and A&M hold harmless 0:18 198.00 letter.

21/09/2020 Rebecca Davies 660 Internal discussion with I. Johnson regarding PLC governance due diligence and 0:36 396.00 instructing S. Mercer regarding the same; email to A&M regarding PLC governance.

21/09/2020 Robert Withycombe- 795 Reviewing further revised credit agreement and considering and discussing 2:54 2,305.50 Taperell internally outstanding issues concerning the same; drafting comments and proposed amendments to the same; discussing internally the proposed amendments.

21/09/2020 Robert Withycombe- 795 Reviewing and discussing internally outstanding issues concerning English law 0:48 636.00 Taperell security.

21/09/2020 Sarah Mercer 285 Organising bareboat charters ready for review - downloading from the Data Room, 0:54 256.50 organising into Slaughter and May internal systems, cross referencing with the contracts listed in the schedule to the "Debtor in Possession" agreement.

21/09/2020 Sarah Mercer 285 Preparing for briefing on contract review of restrictive clauses in material contracts; 0:42 199.50 attending briefing on same.

21/09/2020 Sarah Mercer 285 Administration: Call with R Davies on next steps for due diligence on insurance 2:00 570.00 contracts. Briefing and conducting further task in relation to certain queries re. board decision making, including searching public sources (including Valaris' public filings) and feeding back on same to R Davies. Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 40 of 121

21/09/2020 Sarah Mercer 285 Lifting out relevant information from schedule to "Debtor in Possession" agreement 0:30 142.50 for the bareboat charters into the relevant spreadsheet; discussing same with Bea Posada. 21/09/2020 Sarah Mercer 285 Providing findings of bareboat charter review to B Posada, receiving feedback and 1:00 285.00 follow up formatting tasks, actioning these and returning the documents to B Posada, including a list of missing documentation.

21/09/2020Sarah Mercer 285 Final searches in Data Room for certain bareboat charter agreements. 0:18 85.50

21/09/2020 Sarah Mercer 285 Reviewing bareboat charters for clauses restricting charging and distribution of 4:00 1,140.00 assets and inputting details of these clauses into the relevant spreadsheet.

21/09/2020 Samay Shah 905 Reviewing updated DIP credit agreement. 0:54 814.50

21/09/2020 Sophie Winton 285 Reviewing drilling contracts for relevant provisions in relation to the Debtor-In- 3:06 883.50 Possession Credit Agreement.

21/09/2020 Tom Hurleston 285 Reviewing commercial contracts for certain restrictive provisions. 2:36 741.00

21/09/2020 Tom Hurleston 285 Reviewing commercial contracts for certain restrictive provisions. 2:30 712.50

22/09/2020 Alexander Short 795 Continuing to review comments on the UK debenture provided by Akin Gump and 3:42 2,941.50 making amendments to the document.

22/09/2020 Alexander Short 795 Reviewing comments on the UK debenture provided by Akin Gump and making 3:48 3,021.00 amendments to the document.

22/09/2020 Beatriz Posada 510 Responding to query from K&E on Schedule 6.09(f) DIP contract review results. 0:24 204.00

22/09/2020 Beatriz Posada 510 Review of DIP hearing press release. 0:30 255.00

22/09/2020 Beatriz Posada 510 Final review of Schedule 6.09(f) due diligence template, in particular review of 1:06 561.00 trainee new build / lease analysis. Creating list of contracts to include in Schedule 6.09(f). Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 41 of 121

22/09/2020 Beatriz Posada 510 Finalising DIP Schedule 6.09(f) contract review results before sending to K&E, 1:24 714.00 including cross checking list of contracts against those in the virtual data room, updating draft email to K&E and proof reading documents to send to K&E.

22/09/2020 Beatriz Posada 510 Review of directors' and officers' insurance emails between Slaughter and May and 0:24 204.00 K&E.

22/09/2020 Beatriz Posada 510 Dealing with query from K&E on restrictions in commercial contracts: reviewing 1:30 765.00 provisions flagged as part of the Schedule 6.09(f) review, discussing the same internally, call with K&E to discuss the same.

22/09/2020 Beatriz Posada 510 Sending pack of UK implementation planning documents to Morrison & Foerster 0:24 204.00 (UK).

22/09/2020 Ian Johnson 905 Discussion with Bea Posada and Robert Withycombe-Taperell re: commercial 1:18 1,176.50 contracts and DIP security and related emails.

22/09/2020 Iain Meiklejohn 285 Preparing for and attending call with Alex Short re signature pages, signing and 0:12 57.00 schedules.

22/09/2020 Iain Meiklejohn 285 Amending UK Omnibus Secretary Certificate. Email to Alex Short and then to Akin 0:30 142.50 Gump confirming our amendments.

22/09/2020 Iain Meiklejohn 285 Drafting UK Debenture signature packet. 2:00 570.00

22/09/2020 Iain Meiklejohn 285 Responding to UK deliverables to K&E. 0:42 199.50

22/09/2020 Iain Meiklejohn 285 Drafting notices for bank account charges and material contracts under the 1:24 399.00 debenture. Drafting signature packets of same.

22/09/2020 Rebecca Davies 660 Administration: email to I. Chantry regarding liquidation analysis. 0:12 132.00

22/09/2020 Rebecca Davies 660 Administration: preparing for and attending call with I. Chantry of A&M regarding 0:36 396.00 workstream update and due diligence. Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 42 of 121

22/09/2020 Rebecca Davies 660 Preparing for and attending call with S. Mercer regarding insurance due diligence. 0:18 198.00

22/09/2020 Robert Withycombe- 795 Reviewing and considering issues concerning questions in respect of grants of 2:12 1,749.00 Taperell security and potential contractual restrictions on the same; discussing the same internally, review requirements for the same and next steps on the same.

22/09/2020 Robert Withycombe- 795 Reviewing further revised DIP debt documents, considering issues concerning the 3:42 2,941.50 Taperell same and providing comments to K&E in respect of the same. Discussing the same internally and with K&E. 22/09/2020 Sarah Mercer 285 Administration: preparing for and attending call with C Scott, briefing on due 0:24 114.00 diligence task - reviewing new Valaris' insurance contracts for (among other things): 1) termination clauses impacted by a scheme of arrangement or administration; 2) change of control clauses; and 3) prohibitions on assignment/novation.

22/09/2020 Sarah Mercer 285 Administration: due diligence task continuing to review new batch of Valaris' 4:00 1,140.00 insurance contracts for (among other things): 1) termination clauses impacted by a scheme of arrangement or administration; 2) change of control clauses; and 3) prohibitions on assignment/novation.

22/09/2020 Sarah Mercer 285 Administration: finishing up due diligence task - reviewing Valaris' new batch of 3:18 940.50 insurance contracts, liaising with C Scott in relation to same, updating spreadsheet and organising documents in our internal system.

22/09/2020 Samay Shah 905 Reviewing Akin mark up of debenture and providing comments; reviewing mails re 2:00 1,810.00 debenture and security.

22/09/2020 Calum Scott 285 Reviewing material contracts identified by K&E for relevant restrictions and updating 1:36 456.00 due diligence spreadsheet in relation to same.

23/09/2020 Iain Meiklejohn 285 Call with R Withycombe-Taperell to brief on Valaris task. Reviewing precedent 3:30 997.50 transaction for certain restrictions in drilling contracts. Reviewing to ascertain how any similar restrictions were dealt with on previous matter. Note of findings to R Withycombe-Taperell /I Johnson /B Posada. Call with R Withycombe-Taperell to discuss same.

23/09/2020 Alexander Short 795 Continuing to prepare for closing of the DIP facility - finalising the signature pages 3:48 3,021.00 for the UK entities for all UK and other documentation Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 43 of 121

23/09/2020 Alexander Short 795 Reviewing Rig mortgage structure. 3:24 2,703.00

23/09/2020 Alexander Short 795 Preparing for closing of the DIP facility - finalising the signature pages for the UK 3:48 3,021.00 entities for all UK and other documentation.

23/09/2020 Alexander Short 795 Continuing to prepare for closing of the DIP facility - finalising the signature pages 3:48 3,021.00 for the UK entities for all UK and other documentation.

23/09/2020 Alexander Short 795 Continuing to prepare for closing of the DIP facility - finalising the signature pages 0:18 238.50 for the UK entities for all UK and other documentation.

23/09/2020 Beatriz Posada 510 Review of internal summary on restrictive provisions in contracts and links to 2:24 1,224.00 security package. Populating K&E's review table with summary findings. Internal discussions relating to the same (continued).

23/09/2020 Beatriz Posada 510 Review of Slaughter and May's summary of restrictive provisions in contracts and 4:00 2,040.00 security package. Populating K&E's template review table with summary findings. Internal discussions relating to the same.

23/09/2020 Beatriz Posada 510 Creating index of contracts reviewed by Slaughter and May for the purposes of the 1:24 714.00 Schedule 6.09(f) review for the purposes of coordinating review on drilling contract mortgage restrictions, drafting email to K&E relating to the same.

23/09/2020 Beatriz Posada 510 Commercial contracts rig mortgage review - discussing and reviewing summary 3:24 1,734.00 table containing green/amber/red results of diligence. Amending table and creating summary overview following feedback from Ian Johnson. Drafting summary email to Kirkland with findings and suggested next steps. Reviewing and responding to related query from Kirkland on the ability to grant informal waivers of certain provisions in the intra group bareboat charter arrangements.

23/09/2020 Ian Johnson 905 Discussion with Bea Posada and review of emails re: DIP and commercial contract 1:18 1,176.50 restrictions re: security.

23/09/2020 Iain Meiklejohn 285 Creating DocuSign account. Familiarizing self with using internal guides/Docusign. 1:24 399.00 Drafting Mercury-compliant signing instructions for execution of debenture/security agreement by DocuSign. 23/09/2020 Iain Meiklejohn 285 Continuing to work with the debenture execution blocks and bank account notices / 4:00 1,140.00 material agreement notices. Compiling signature pages for same. Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 44 of 121

23/09/2020 Iain Meiklejohn 285 Compiling signature pages for all UK documents to send to Valaris. 2:12 627.00

23/09/2020 Rebecca Davies 660 Reviewing output of insurance policy due diligence and reviewing policies. 1:06 726.00

23/09/2020 Rebecca Davies 660 Administration: preparing for and attending call with I.Chantry and J.Bull of A&M 0:54 594.00 regarding workstream update and DIP facility.

23/09/2020 Robert Withycombe- 795 Reviewing and discussing internally reviews of drilling contracts and related 2:06 1,669.50 Taperell contracts in connection with grants of security. Considering issues concerning the same. 23/09/2020 Sarah Mercer 285 Administration: collating documents from Data Room for R. Davies. 0:36 171.00

23/09/2020 Sarah Mercer 285 Administration: finalise current draft of due diligence spreadsheet for extant 1:18 370.50 insurance contracts, draft cover email and send to R Davies.

23/09/2020 Sarah Mercer 285 Running through drilling contracts for additional restrictions. 1:00 285.00

23/09/2020 Sarah Mercer 285 Making changes requested by B Posada to the due diligence spreadsheet (to reflect 0:24 114.00 more recent review requested by K&E).

23/09/2020 Sarah Mercer 285 Call with B Posada, briefing on cross checking task , reviewing K&E's schedule of 1:00 285.00 drilling contracts and making sure we have reviewed them before and that our analysis aligns with K&E's. 23/09/2020 Sarah Mercer 285 Search for, download and review missing contract (governed by Qatari law). Write 1:54 541.50 up conclusions and send to B Posada.

23/09/2020 Sarah Mercer 285 Preparing for and attending call with R Withycombe-Taperell, A Short, B Posada 0:12 57.00 and I Meiklejohn about approach to review that K&E asked us to undertake.

23/09/2020 Sarah Mercer 285 Reviewing bareboat charters reviewed by K&E, checking them against our list to 2:48 798.00 make sure we had reviewed them previously (and reviewing them if we hadn't), comparing K&E's analysis and making changes to their review table. Returning table to B Posada with comments and amendments. Transferring flagged changes to alternate version of table (as requested by B Posada). Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 45 of 121

23/09/2020 Samay Shah 905 Reviewing Akin mark up of debenture. 0:30 452.50

24/09/2020 Alexander Short 795 Preparing for the closing of the transaction by finalising the form of all UK 3:30 2,782.50 documentation including certificates, UK debenture and stock transfer forms.

24/09/2020 Alexander Short 795 Reviewing the security restrictions over the Valaris rigs and determining whether 3:24 2,703.00 they can provide security.

24/09/2020 Alexander Short 795 Gathering and compiling signatures from Valaris. 3:54 3,100.50

24/09/2020 Beatriz Posada 510 Rig mortgage review: drafting email to company with conclusions from call and 0:48 408.00 suggested next steps.

24/09/2020 Beatriz Posada 510 Coordinating call with K&E and the company to discuss results of rig mortgage 0:24 204.00 diligence.

24/09/2020 Beatriz Posada 510 Rig mortgage review: finalising table summarising results of Slaughter and May 1:42 867.00 diligence and sending the same to K&E.

24/09/2020 Beatriz Posada 510 Rig mortgage diligence: re-review of commercial contract restrictions to consider 0:18 153.00 queries raised on call with the company.

24/09/2020 Beatriz Posada 510 Continuation of call with the company and K&E to discuss results of rig mortgage 0:24 204.00 diligence.

24/09/2020 Beatriz Posada 510 Call with company and K&E to discuss results of rig mortgage diligence. Discussing 1:24 714.00 next steps with Ian Johnson following call.

24/09/2020 Beatriz Posada 510 Review of K&E's responses to rig mortgage review; updating rig mortgage review 4:00 2,040.00 template; collating contracts to send to company; discussing rig mortgage review tracker internally and with K&E. 24/09/2020 Beatriz Posada 510 Review of queries from company on rig mortgage review template relating to one of 0:24 204.00 the group's rigs.

24/09/2020 Beatriz Posada 510 Review of K&E's responses to rig mortgage review; updating rig mortgage review 0:24 204.00 template; collating contracts to send to company; discussing rig mortgage review tracker internally and with K&E (continued). Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 46 of 121

24/09/2020 Ian Johnson 905 Discussions with Bea Posada and emails relating to rig mortgage and collateral 0:54 814.50 package.

24/09/2020 Ian Johnson 905 Preparing for and attending calls with Valaris and K&E re: contract consents. 1:12 1,086.00

24/09/2020 Iain Meiklejohn 285 Email to Melanie at Valaris re signing procedure. 0:12 57.00

24/09/2020 Iain Meiklejohn 285 Preparing for and attending call with Alex Short re Valaris matter and signing 0:18 85.50 process.

24/09/2020 Iain Meiklejohn 285 Call with Akin Gump + Alex Short. Call with K&E to update and discuss signing. 4:00 1,140.00 Continuing to compile final execution copies of UK documents for signing. Internal correspondence/ re same. 24/09/2020 Iain Meiklejohn 285 Compiling final signed versions of the DIP documents. Corresponding with Akin 2:00 570.00 Gump and K&E re the same.

24/09/2020 Iain Meiklejohn 285 Drafting and reviewing the Material Agreement notices. Sending to Akin Gump for 2:24 684.00 review

24/09/2020 Iain Meiklejohn 285 Reviewing and finalising UK signature pages to send to K&E for final review. 1:30 427.50 Incorporating mark up comments as they come in. Sending out full pack to Valaris for signing. Drafting cover email to Valaris.

24/09/2020 Iain Meiklejohn 285 Preparing for and attending call with K&E and Alex Short in respect of DIP closing. 0:24 114.00

24/09/2020 Iain Meiklejohn 285 Reviewing UK documents ahead of signing. Internal correspondence re same. 0:30 142.50

24/09/2020 Rebecca Davies 660 Review of DTC documents and rules; review of Computershare agreement; review 1:06 726.00 of insurance due diligence output.

24/09/2020 Robert Withycombe- 795 Discussing internally and considering issues concerning restrictions on grants of 2:06 1,669.50 Taperell mortgage security over rigs; reviewing documents concerning the same and next steps on the same; telephone attendance with K&E and Valaris in respect of the same issues and preparing for the same. Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 47 of 121

24/09/2020 Sarah Mercer 285 Administration: working on summary version of due diligence spreadsheet for 2:24 684.00 insurance contracts, incorporating comments from R Davies

24/09/2020 Sarah Mercer 285 Helping B Posada with the mechanics of sending a large volume of files securely to 0:54 256.50 K&E through HighQ

24/09/2020 Sarah Mercer 285 Administration: Preparing for and attending call with R Davies on next stage of 0:24 114.00 reviewing insurance documentation.

24/09/2020 Sarah Mercer 285 Administration: Continuing to work on due diligence spreadsheet for insurance 2:00 570.00 contracts. Sending to R Davies for review.

24/09/2020 Sarah Mercer 285 Administration: Pulling together first few rows of new summary spreadsheet for 0:42 199.50 insurance documentation and sending to R Davies for review.

25/09/2020 Alexander Short 795 Dealing with the closing of the DIP facility transaction, finalising the English law 3:42 2,941.50 security documentation and preparing execution versions.

25/09/2020 Alexander Short 795 Continuing to deal with the closing of the DIP facility transaction, including gathering 3:48 3,021.00 signatures and sending execution emails.

25/09/2020 Beatriz Posada 510 Review of draft waiver email notice prepared by K&E in respect of notice/consent 4:00 2,040.00 requirements relating to the granting of mortgages under certain intra-group bareboat charter agreements. Discussing the same internally and providing comments on the draft notice. 25/09/2020 Beatriz Posada 510 Review of customer sections of communications documents sent through by ABM. 0:06 51.00

25/09/2020Ian Johnson 905 Attending part of DIP hearing. 2:42 2,443.50

25/09/2020 Ian Johnson 905 Attending part of closing of DIP hearing. 0:36 543.00

25/09/2020 Iain Meiklejohn 285 Reviewing the material agreements in the debenture schedule to find the contact 1:12 342.00 details in respect of the material agreement notices.

25/09/2020 Iain Meiklejohn 285 Calls with Blake Sherry at Akin Gump in respect of editing the Material Agreement 0:36 171.00 notices and re-circulating to K&E. Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 48 of 121

25/09/2020 Iain Meiklejohn 285 Amending the LP agreement references in the LP resolutions and editing the 0:36 171.00 Omnibus Secretary's Certificate. Re-circulating the certificate to Akin Gump + K&E to reflect this. 25/09/2020 Iain Meiklejohn 285 Call with Kristy Moawad (K&E) and Alex Short to update on the UK debenture and 0:30 142.50 closing items. Subsequent call with Kristy to discuss certificate and circulation to Kramer in escrow. 25/09/2020 Iain Meiklejohn 285 Compiling final executed documents for the DIP in respect of closing today - the 4:00 1,140.00 Omnibus Secretary's Certificate, the US Security and Guaranty Agreements, Debenture, and Material Agreement notices.

25/09/2020 Iain Meiklejohn 285 Compiling the amended versions of the material agreement and bank account 0:24 114.00 notices as forwarded by Akin Gump

25/09/2020 Iain Meiklejohn 285 Continuing to compile final execution versions of docs and circulate these out of the 1:30 427.50 firm in escrow.

25/09/2020 Rebecca Davies 660 Reviewing insurance due diligence summary and summary of PLC contracts. 0:48 528.00

25/09/2020 Sarah Mercer 285 Doing final check through bareboat charters with B Posada. 0:18 85.50

25/09/2020 Sarah Mercer 285 Proofreading and amending drafting of waiver wording for B Posada, reviewing 0:54 256.50 proposed Schedule for same.

25/09/2020 Sarah Mercer 285 Administration: Making amendments requested by R Davies to the spreadsheet 0:54 256.50 containing due diligence on advisor engagements and indemnity deeds, drafting cover email and returning to R Davies. 25/09/2020 Sarah Mercer 285 Administration: Continuing to work on summary tab of insurance contracts in due 1:42 484.50 diligence spreadsheet for R Davies.

25/09/2020 Sarah Mercer 285 Administration: continuing to work on summary tab of insurance contracts in due 2:30 712.50 diligence spreadsheet for R Davies.

25/09/2020 Sarah Mercer 285 Administration: Continuing to work on summary tab of insurance contracts in due 3:06 883.50 diligence spreadsheet for R Davies, finalising cover email and sending to R Davies.

25/09/2020 Samay Shah 905 Reviewing queries re UK debenture; reviewing debenture; discussing the same with 0:30 452.50 A Short. Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 49 of 121

26/09/2020 Iain Meiklejohn 285 Emails to Alex Short, Kristy Moawad (K&E) and Blake Short (Akin Gump) in respect 1:00 285.00 of closing, and the material agreements. Re-circulating the material agreements and bank accounts pack and instructions to K&E following Akin Gump's amended footnote versions.

26/09/2020 Iain Meiklejohn 285 Calls x2 with R Withycombe-Taperell in respect of sending the material agreement 0:12 57.00 notices to the company and what our position was.

26/09/2020 Robert Withycombe- 795 Discussing internally and with K&E outstanding issues concerning English law 0:42 556.50 Taperell security and post-completion steps.

27/09/2020 Beatriz Posada 510 Reviewing final versions of communications documents for DIP additions (Q&A, 0:30 255.00 claims agent FAQ and press release).

28/09/2020 Alexander Short 795 Dealing with post-closing steps in relation to the DIP facility, including registering 2:12 1,749.00 security and sending out notices to effect security over accounts

28/09/2020 Calum Scott 285 Reviewing material contracts identified by K&E for relevant restrictions and updating 1:12 342.00 due diligence spreadsheet in relation to same.

28/09/2020 Edward Couzens 660 Reviewing previous disclaimer language and considering appropriate MNPI 0:42 462.00 language for UCC materials; emails with I. Johnson in relation to the same.

28/09/2020 Edward Couzens 660 Preparing for and attending call with M. McGuinty and D. Vukadin in relation to 0:30 330.00 Topco jurisdictions.

28/09/2020 Edward Couzens 660 Reviewing Sunwing case in detail and preparing draft email to C. Boney. 1:54 1,254.00

28/09/2020 Edward Couzens 660 Reviewing insurance diligence summary and call with R. Davies in relation to 0:36 396.00 directors and officers call.

28/09/2020 Ian Johnson 905 Discussion with Ed Couzens and coordination of work streams. 1:12 1,086.00

28/09/2020Iain Meiklejohn 285 Draft and send e-mail to Citibank attaching notices of charges on bank accounts. 0:30 142.50 Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 50 of 121

28/09/2020 Iain Meiklejohn 285 Researching filing requirements of articles/special resolutions at Companies House 1:24 399.00 re filing Valaris' amended articles - i.e. hard copy or soft, firm system etc. Compiling PDF and word versions of both to send over to Company for filing.

28/09/2020 Iain Meiklejohn 285 Call with Alex Short. Follow up call with Blake Sherry of Akin Gump. Email to 0:54 256.50 Melanie re sending the wet ink original signature pages to Akin Gump for registration purposes. 28/09/2020 Iain Meiklejohn 285 Email to Wells Fargo in respect of Valaris bank account notice under the debenture. 0:18 85.50

28/09/2020 Iain Meiklejohn 285 Email to Valaris re registration of security and filing of amended articles/resolutions. 0:30 142.50 Emails with Alex Short re same.

28/09/2020 Rebecca Davies 660 Emails and calls with S.Mercer regarding insurance policy review. 0:42 462.00

28/09/2020 Sarah Mercer 285 Administration: Making amendments to insurance due diligence spreadsheet in light 3:30 997.50 of conversation with R Davies.

28/09/2020 Sarah Mercer 285 Administration: Cross checking K&E list of drilling contracts against those previously 2:36 741.00 reviewed by Slaughter and May (and reflected in excel spreadsheet). Emailing R Davies with a query on same. 28/09/2020 Sarah Mercer 285 Administration: Call with R Davies on the insurance contracts due diligence 1:06 313.50 exercise. Updating spreadsheet in light of same.

28/09/2020 Sarah Mercer 285 Administration: Preparing for discussion with R Davies on due diligence exercise, 0:48 228.00 and attending same.

29/09/2020 Alexander Short 795 Dealing with post-closing steps in relation to the DIP facility, including registering 2:36 2,067.00 security and sending out notices to effect security over accounts.

29/09/2020 Edward Couzens 660 Light-touch review of Plan document and attending call with L. Brown, J. Fedell and 1:06 726.00 others at K&E in relation to Plan.

29/09/2020 Edward Couzens 660 Preparing for and attending call with S. Mercer regarding draft waiver letter 0:12 132.00 approach.

29/09/2020 Edward Couzens 660 Emails with D. Koetting in relation to liquidation analysis. 0:06 66.00 Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 51 of 121

29/09/2020 Edward Couzens 660 Finalising draft email to C. Boney regarding Sunwing scheme decision and impact 0:30 330.00 on lock-up agreements.

29/09/2020 Ian Johnson 905 Emails and related call with K&E re: treatment of shareholders and plan drafting. 0:48 724.00

29/09/2020 Iain Meiklejohn 285 Editing signed material agreement notices and converting PDF signed versions into 1:12 342.00 word form.

29/09/2020 Iain Meiklejohn 285 DIP - Getting and reviewing mortgage package for Ensco Offshore U.K. Limited 0:12 57.00 from GlobalX in respect of outstanding charges. Email to Enquiries Desk re details.

29/09/2020 Rebecca Davies 660 Emails and calls with S.Mercer regarding insurance policy review summary. 0:12 132.00

29/09/2020 Rebecca Davies 660 Emails to/from internal tax team regarding DTC structure and A&M hold harmless 0:18 198.00 letter.

29/09/2020 Rebecca Davies 660 Review of Deloitte tax paper regarding administration implementation mechanism. 0:54 594.00

29/09/2020 Rebecca Davies 660 Preparing email to I.Johnson regarding insurance due diligence and finalising output 0:36 396.00 as an attachment.

29/09/2020 Rebecca Davies 660 Email to K&E and A&M US regarding missing insurance policies and summary 0:18 198.00 output of review.

29/09/2020 Sarah Mercer 285 Administration: Making amendments requested by R Davies to the due diligence 0:12 57.00 spreadsheet for the insurance contracts, returning same to R Davies.

29/09/2020 Sarah Mercer 285 Drafting waiver agreement between Valaris group entities in relation to restrictions 2:12 627.00 contained in bareboat charter agreements.

29/09/2020 Sarah Mercer 285 Administration: doing final check on list of missing documents to be sent to Alvarez 0:30 142.50 & Marsal / Kirkland & Ellis for R Davies.

29/09/2020 Sarah Mercer 285 Administration: Revising spreadsheet for PLC contract review in light of updated 2:48 798.00 Ordinary Course Professional list sent by Alvarez & Marsal Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 52 of 121

29/09/2020 Sarah Mercer 285 Administration: Cross referencing list of drilling contracts provided by Kirkland & Ellis 2:48 798.00 against our previous due diligence matrix; searching for missing documents on our internal systems, writing up findings and emailing same to R Davies.

30/09/2020 Alexander Short 795 Dealing with post-closing steps relating to the sending out of notices to effect 1:36 1,272.00 security registration

30/09/2020 Edward Couzens 660 Providing comments on Plan internally; call with I. Johnson and with J. Bilimoria in 1:42 1,122.00 relation to the same; email of advice / comments to L. Brown.

30/09/2020 Edward Couzens 660 Carrying out detailed review of Chapter 11 draft Plan. 3:00 1,980.00

30/09/2020 Edward Couzens 660 Reviewing Jersey notes indenture in respect of query from A. Campbell and 1:00 660.00 providing internal analysis; brief call with I. Johnson in relation to the same.

30/09/2020 Edward Couzens 660 Reviewing draft waiver letter from S. Mercer and providing comments; sharing with 1:06 726.00 K&E for comment.

30/09/2020 Iain Meiklejohn 285 Reviewing overnight emails from K&E/Valaris/Wells Fargo in respect of the Wells 0:12 57.00 Fargo bank account notice. Emails to K&E and Anderson Strathern in respect of scots counsel letter of engagement.

30/09/2020 Rebecca Davies 660 Reviewing E.Couzens comments on the Deloitte tax paper and providing additional 1:12 792.00 comments.

30/09/2020 Sarah Mercer 285 Reviewing Court Docket and checking for relevant updates. Sending summary to E 0:54 256.50 Couzens.

30/09/2020 Sarah Mercer 285 Proofreading waiver agreement letter (following amendments by E Couzens). 0:18 85.50 Sending same to I Johnson for review.

30/09/2020Tom Vickers 905 Internal discussions. 0:30 452.50

30/09/2020 Tom Vickers 905 Reviewing emails. 0:30 452.50

739:48 439,233.00 Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 53 of 121

Task code: ZB10 - Organizational / coordination Date Worked Fee-earner name Hourly Rate Narrative Time Worked Agreed Rate Value - (£) Band 1 (£)

19/08/2020 David McKendrick- 795 Preparing for and attending PMO call with Alvarez & Marsal, Kirkland & Ellis and 0:18 238.50 Ness Valaris teams.

19/08/2020 David McKendrick- 795 Preparing for and attending legal workstreams update call with Valaris and Kirkland 0:24 318.00 Ness teams.

19/08/2020 Edward Couzens 660 Emails with C. Turner and E. Figaro in relation to Friday call. 0:06 66.00

19/08/2020 Edward Couzens 660 Preparing for and attending PMO update call. 0:18 198.00

19/08/2020 Edward Couzens 660 Preparing for and attending call with B Posada in relation to retention application. 0:12 132.00

19/08/2020 Edward Couzens 660 Preparing for and attending legal workstreams update call. 1:00 660.00

19/08/2020 Edward Couzens 660 Preparing for and attending briefing call with E. Morgan. 0:24 264.00

19/08/2020 Hywel Davies 905 Preparing for and attending legal update call. 0:30 452.50

19/08/2020 Ian Johnson 905 Preparing for and attending legal work streams and coordination. 0:48 724.00

19/08/2020 Jodi Haigh 285 Preparing for and attending external legal workstreams call. 0:24 114.00

19/08/2020 Patricia Anyaegbuna 795 Preparing for and attending legal workstreams weekly call. 0:24 318.00 Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 54 of 121

19/08/2020 Peter Wickham 795 Preparing for and attending weekly update call. 0:24 318.00

19/08/2020 Rebecca Davies 510 Preparing for and attending weekly update call with K&E. 0:18 153.00

19/08/2020 Robert Withycombe- 795 Telephone attendance on working group with Valaris and its advisers concerning 0:30 397.50 Taperell status of work streams, outstanding points and next steps.

19/08/2020 Samay Shah 905 Preparing for and attending PMO update call. 0:24 362.00

19/08/2020 Samay Shah 905 Preparing for and attending legal workstreams call. 0:24 362.00

19/08/2020 Tom Vickers 905 Preparing for and attending various work stream calls. 0:30 452.50

20/08/2020 Edward Couzens 660 Emails in relation to call regarding jurisdiction of incorporation. 0:12 132.00

20/08/2020 Edward Couzens 660 Reviewing emails in relation to matter including implementation paths. 0:24 264.00

20/08/2020 Edward Couzens 660 Preparing for and attending PMO call and dealing with follow-ups internally. 1:06 726.00

20/08/2020 Edward Couzens 660 Emails with E. Morgan in relation to antitrust (HSR filings). 0:06 66.00

20/08/2020 Hywel Davies 905 Preparing for and attending call re UK administration process and A&M role. 0:18 271.50

20/08/2020 Ian Johnson 905 Preparing for and attending PMO. 0:36 543.00

20/08/2020 Patricia Anyaegbuna 795 Preparing for and attending PMO Call. 0:30 397.50 Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 55 of 121

20/08/2020 Rebecca Davies 510 Preparing for and attending weekly update call with K&E. 0:18 153.00

20/08/2020 Rebecca Davies 510 Administration: preparing for and attending internal call regarding administration 0:36 306.00 workstream.

20/08/2020 Samay Shah 905 Preparing for and attending PMO call. 0:36 543.00

21/08/2020 Edward Couzens 660 Emails with T. Baksht and D. Vukadin in relation to calls. 0:12 132.00

21/08/2020 Edward Couzens 660 Reviewing post-filing emails and call with I. Johnson. 0:54 594.00

21/08/2020 Rebecca Davies 510 Preparing for and attending call with K&E regarding administration workstream. 0:24 204.00

22/08/2020 Edward Couzens 660 Reviewing DIP email and sending email to I. Johnson. 0:06 66.00

22/08/2020 Edward Couzens 660 Reviewing email query from creditor and responding. 0:12 132.00

23/08/2020 Beatriz Posada 510 Drafting handover email to Ed Couzens, including checking local counsel fee update 1:24 714.00 table as updated by Jodi Haigh and making amendments.

23/08/2020 Samay Shah 905 Reviewing correspondence. 0:18 271.50

24/08/2020 David McKendrick- 795 Preparing for and attending call with Christian Boney to discuss implementation 0:18 238.50 Ness mechanism options, board process and warrant structure.

24/08/2020 Edward Couzens 660 Preparing for and attending call with I. Johnson in relation to outstanding items. 0:24 264.00

24/08/2020 Edward Couzens 660 Consolidating questions in relation to retention parties and circulating questions to A. 1:54 1,254.00 Lazar; further follow-up questions and comments. Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 56 of 121

24/08/2020 Edward Couzens 660 Reviewing A&M retention application and providing comments to R. Davies. 0:12 132.00

24/08/2020 Ian Johnson 905 Coordination discussion with Ed Couzens and emails re: implementation work 1:12 1,086.00 streams.

25/08/2020 Colm Kinsella 795 Preparing for and attending weekly call. 0:30 397.50

25/08/2020 Charles Osborne 795 Preparing for and attending workstream call. 0:42 556.50

25/08/2020 Chaya Kupperman 285 Attending workstreams call for background purposes. 0:30 142.50

25/08/2020 Edward Couzens 660 Attending communications call. 0:18 198.00

25/08/2020 Edward Couzens 660 Revising internal workstreams tracker and circulating internally. 0:18 198.00

25/08/2020 Edward Couzens 660 Call with J. Adams in relation to retention application. 0:06 66.00

25/08/2020 Edward Couzens 660 Preparing for and attending workstreams call; various follow-ups. 0:42 462.00

25/08/2020 Edward Couzens 660 Preparing for and attending PMO call. 0:42 462.00

25/08/2020 Edward Couzens 660 Various emails including regarding Ashurst OCP, D&O policies, Cayman notification 0:30 330.00 etc.

25/08/2020 Edward Couzens 660 Reviewing further feedback from K&E in relation to parties in interest for the 0:36 396.00 purposes of retention application.

25/08/2020 Hywel Davies 905 Internal legal workstreams call (part) and follow-up. 0:30 452.50 Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 57 of 121

25/08/2020 Ian Brown 795 Preparing for and attending team call. Call with P Cronin re settlement agreements 0:36 477.00 entered into pre-filing.

25/08/2020 Ian Johnson 905 Preparing for and attending PMO call. 0:36 543.00

25/08/2020 Ian Johnson 905 Preparing for and attending internal call re: A&M slides. 0:42 633.50

25/08/2020 Jamshed Bilimoria 660 Preparing for and attending weekly internal update call. 0:36 396.00

25/08/2020 Liu Hui 795 Preparing for and attending weekly internal workstreams call. 0:36 477.00

25/08/2020Rebecca Davies 510 Preparing for and attending internal workstreams call. 0:24 204.00

25/08/2020 Rebecca Davies 510 Administration: finalising comments on A&M draft report and sending to A&M. 1:06 561.00

26/08/2020 Christian Boney 905 Preparing for and attending legal workstream call with client and other advisers. 0:42 633.50

26/08/2020 Colm Kinsella 795 Preparing for and attending weekly call. 0:48 636.00

26/08/2020 David McKendrick- 795 Attending part of legal workstreams update call with Valaris and Kirkland & Ellis 0:48 636.00 Ness teams.

26/08/2020 Edward Couzens 660 Preparing for and attending legal workstreams update call. 0:48 528.00

26/08/2020 Edward Couzens 660 Reviewing emails including in relation to UK workstreams and interaction with 1:24 924.00 Chapter 11 timeline as well as share award vesting.

26/08/2020 Edward Couzens 660 Preparing for and attending call with R. Davies regarding A&M presentation and 0:18 198.00 administration steps plan / documents. Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 58 of 121

26/08/2020 Edward Couzens 660 Preparing for and attending call with S. Winters and K&E regarding Chapter 11 0:30 330.00 implementation timeline.

26/08/2020 Ian Johnson 905 Preparing for and attending legal work streams call. 0:36 543.00

26/08/2020 Rebecca Davies 510 Preparing for and attending legal workstreams update call with K&E and company. 0:36 306.00

26/08/2020 Robert Withycombe- 795 Telephone attendance on working group call with legal advisers and company and 0:42 556.50 Taperell preparing for the same.

27/08/2020 Edward Couzens 660 Arranging call regarding A&M workstream. 0:18 198.00

27/08/2020 Edward Couzens 660 Emails with Y. Salloum regarding ordinary course professionals process. 0:30 330.00

27/08/2020 Edward Couzens 660 Preparing for and attending Lazard update call. 0:24 264.00

27/08/2020 Edward Couzens 660 Email update to M. McGuinty and D. Vukadin regarding A&M workstream and DIP. 0:24 264.00

27/08/2020 Edward Couzens 660 Reviewing various outstanding emails from 26/08. 0:18 198.00

27/08/2020 Edward Couzens 660 Reviewing emails in relation to implementation options and analysing UK process 1:00 660.00 considerations.

27/08/2020 Samay Shah 905 Reviewing correspondence. 0:30 452.50

28/08/2020 Edward Couzens 660 Emails in relation to retention application including with N. Hafen. 0:36 396.00

28/08/2020 Edward Couzens 660 Emails with C. Osborne in relation to DIP borrower accession mechanics. 0:18 198.00 Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 59 of 121

28/08/2020 Edward Couzens 660 Reviewing various emails in relation to matter including from T. Florey (parent 1:06 726.00 company incorporation), E. Figaro (A&M call coordination) and E. Morgan (antitrust elements). 28/08/2020 Edward Couzens 660 Emails with Hengeler Mueller in relation to ordinary course professionals process 1:00 660.00 and drafting emails to C. Woodside in relation to same.

28/08/2020 Edward Couzens 660 Drafting update email to M. McGuinty and D. Vukadin in relation to administration 0:42 462.00 and DIP.

31/08/2020 Edward Couzens 660 Preparing for and attending Lazard update call and providing summary to H. Davies 0:42 462.00 following the call.

31/08/2020 Ian Johnson 905 Preparing for and attending update call with client, including update emails. 0:42 633.50

01/09/2020 Alexander Short 795 Reviewing the agreed position in the DIP facility and correspondence to determine 3:12 2,544.00 the outline of the UK security package.

01/09/2020 Christian Boney 905 Prep for and attending internal workstreams call. 0:30 452.50

01/09/2020 Christian Boney 905 Preparing for and attending call with H Davies to discuss next steps and co- 0:18 271.50 ordination.

01/09/2020 Colm Kinsella 795 Preparing for and attending weekly call. 0:30 397.50

01/09/2020 David McKendrick- 795 Attending call with Deloitte team to discuss tax structure paper; preparing for call 1:12 954.00 Ness and reviewing latest draft paper.

01/09/2020 David McKendrick- 795 Preparing for and attending internal call with tax and restructuring team to discuss 0:30 397.50 Ness Deloitte tax paper and next steps on shareholder scheme.

01/09/2020 Edward Couzens 660 Reviewing RSA and BCA and providing equity allocations to E. Morgan. 0:18 198.00

01/09/2020 Edward Couzens 660 Preparing for and attending call with R. Withycombe-Taperell re DIP facility. 0:12 132.00 Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 60 of 121

01/09/2020 Edward Couzens 660 Preparing for and attending internal workstreams call. 0:30 330.00

01/09/2020 Edward Couzens 660 Revising workstreams tracker and circulating internally. 0:30 330.00

01/09/2020 Edward Couzens 660 Preparing for and attending call with J. Bilimoria and D. McKendrick-Ness regarding 0:36 396.00 tax workstream.

01/09/2020 Edward Couzens 660 Considering various implementation scenarios and preparing action list for UK 3:06 2,046.00 implementation; circulating internally.

01/09/2020Ian Brown 795 Preparing for and attending team catch up. 0:24 318.00

01/09/2020 Nupur Upadhyay 795 Preparing for and attending internal team call catch up. 0:36 477.00

01/09/2020 Peter Wickham 795 Preparing for and attending weekly call with Slaughter and May team. 0:30 397.50

01/09/2020 Peter Wickham 795 Discussion as to scope of administration workstream with Rebecca Davies. 0:06 79.50

01/09/2020Rebecca Davies 660 Preparing for and attending internal workstreams update call. 0:24 264.00

01/09/2020 Samay Shah 905 Reviewing correspondence. 0:30 452.50

01/09/2020 Samay Shah 905 Preparing for and attending internal workstreams meeting. 0:30 452.50

01/09/2020 William Seal 660 Attending weekly workstream call. 0:30 330.00

02/09/2020 Aleezeh Liaqat 795 Preparing for and attending briefing with Christian Boney and David McKendrick- 0:48 636.00 Ness. Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 61 of 121

02/09/2020 Aleezeh Liaqat 795 Reading-in to background materials in relation to the Chapter 11 process and 1:00 795.00 scheme of arrangement process (including latest draft of chapter 11 documents, board briefing papers and other presentations).

02/09/2020 Christian Boney 905 Preparing for and attending briefing call with A Liaquat and D McKendrick-Ness. 0:30 452.50

02/09/2020 Christian Boney 905 Prep for and attending legal workstreams call. 0:30 452.50

02/09/2020 David McKendrick- 795 Briefing Aleezeh Liaqat on chapter 11 filings, shareholder scheme of arrangement 1:00 795.00 Ness proposal, Companies Act requirements, RSA provisions and related matters and discussing with Christian Boney and Nicholas White. 02/09/2020 Edward Couzens 660 Preparing for and attending coordinating call with J. Brown (Akin Gump) in relation 0:12 132.00 to UK implementation.

02/09/2020 Edward Couzens 660 Revising retention application documents and obtaining relevant terms and 0:24 264.00 conditions.

02/09/2020 Edward Couzens 660 Preparing for (including revising workstreams work plan) and attending weekly legal 0:48 528.00 update call.

02/09/2020 Hywel Davies 905 Attending legal workstreams call update in part. 0:18 271.50

02/09/2020 Ian Johnson 905 Preparing for and attending legal work stream call with client and K&E. 0:48 724.00

02/09/2020 James Stacey 905 Update call with Peter Wickham. 0:18 271.50

02/09/2020 Peter Wickham 795 Preparation for and attending update discussion with James Stacey as to Disputes 0:18 238.50 and Investigations input.

02/09/2020Peter Wickham 795 Attending litigation portion of weekly catch up call with client. 0:12 159.00

02/09/2020 Samay Shah 905 Preparing for and attending legal workstreams call. 0:24 362.00 Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 62 of 121

03/09/2020 Edward Couzens 660 Call with I. Johnson and R. Davies regarding SPA "term sheet" and continued call 0:18 198.00 with I. Johnson regarding other aspects.

03/09/2020 Edward Couzens 660 Preparing for and attending Lazard update call. 0:48 528.00

03/09/2020 Edward Couzens 660 Emails with K&E and A&M in relation to German retention. 0:18 198.00

03/09/2020 Edward Couzens 660 Reviewing emails in relation to matter including impact on UK implementation action 0:36 396.00 list.

03/09/2020 Edward Couzens 660 Preparing for and attending PMO call. 0:48 528.00

03/09/2020 Hywel Davies 905 Standing call with advisers and management and follow up. 0:36 543.00

03/09/2020 Ian Johnson 905 Preparing for and attending standing call and reviewing board slides while on call. 0:42 633.50

03/09/2020Ian Johnson 905 Reviewing emails re: PMO actions and joining PMO calls in relation to the same. 0:48 724.00

03/09/2020 Samay Shah 905 Preparing for and attending PMO call. 0:48 724.00

03/09/2020 Samay Shah 905 Preparing for and attending standing call with Lazard, Valaris and K&E. 0:54 814.50

04/09/2020 David McKendrick- 795 Attending and taking minutes at Valaris plc board meeting - reviewing board 1:54 1,510.50 Ness materials

04/09/2020 Edward Couzens 660 Emails with E. Morgan and P. Hogan in relation to competition law. 0:18 198.00

04/09/2020 Edward Couzens 660 Internal coordination including call with D. McKendrick-Ness and emails with R. 0:54 594.00 Davies. Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 63 of 121

04/09/2020 Peter Wickham 795 Review of board presentation concerning timeline for implementation of chapter 11 0:12 159.00 process.

04/09/2020 Samay Shah 905 Reviewing board materials. 0:48 724.00

07/09/2020Christian Boney 905 Prep for and attending call with Akin Gump to discuss implementation phase. 0:42 633.50

07/09/2020 Edward Couzens 660 Reviewing emails in relation to matter received from 4/09 to 7/09. 0:30 330.00

07/09/2020 Edward Couzens 660 Drafting agenda for call with Akin Gump re UK implementation. 0:30 330.00

07/09/2020 Edward Couzens 660 Call with I. Johnson in relation to noteholder inbounds and email to L. West. 0:12 132.00

07/09/2020 Patricia Anyaegbuna 795 Reviewing revised DIP Agreement. 1:00 795.00

08/09/2020 Beatriz Posada 510 Drafting emails to Mexican and Brazilian counsel on fees; emails to K&E relating to 0:18 153.00 the same.

08/09/2020 Beatriz Posada 510 Preparing for and attending weekly workstreams call (internal). 0:30 255.00

08/09/2020 Christian Boney 905 Prep for and attending internal legal workstreams call and follow-up call with A 0:48 724.00 Liaquat.

08/09/2020 Charles Osborne 795 Preparing for and attending weekly workstream call. 0:24 318.00

08/09/2020 Edward Couzens 660 Reviewing emails and communicating internally including with B. Posada and R. 0:24 264.00 Davies.

08/09/2020 Edward Couzens 660 Preparing for and attending internal legal workstreams call and follow-up emails / 0:54 594.00 call with S. Mercer. Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 64 of 121

08/09/2020 Edward Couzens 660 Preparing for and attending call with UCC advisors. 1:00 660.00

08/09/2020 Edward Couzens 660 Revising legal workstreams tracker and UK implementation action list. 0:30 330.00

08/09/2020 Hywel Davies 905 Legal workstreams call and follow up. 0:30 452.50

08/09/2020 Ian Johnson 905 Preparing for and attending internal work streams coordination call. 0:36 543.00

08/09/2020 Ian Johnson 905 Preparing for and attending UCC call. 1:06 995.50

08/09/2020 Jamshed Bilimoria 660 Prep for and attend internal workstreams update call 0:36 396.00

08/09/2020 Nicholas White 510 Preparing for and attending internal workstreams call 0:30 255.00

08/09/2020 Patricia Anyaegbuna 795 Preparing for and attending internal workstreams call. 0:30 397.50

08/09/2020 Sarah Mercer 285 Preparing for and attending workstreams call for background purposes. 0:30 142.50

08/09/2020 Samay Shah 905 Preparing for and attending UCC kick off call. 1:00 905.00

09/09/2020Aleezeh Liaqat 795 Preparing for and attending the legal workstreams call 1:00 795.00

09/09/2020Beatriz Posada 510 Attending weekly workstreams call (in part). 0:24 204.00

09/09/2020 Beatriz Posada 510 Review of handover email points from Ed Couzens. 0:42 357.00 Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 65 of 121

09/09/2020 Beatriz Posada 510 Arranging call with UCC English legal advisers. 0:06 51.00

09/09/2020 Edward Couzens 660 Revising workstreams tracker and circulating to J. Fedell. 0:12 132.00

09/09/2020 Edward Couzens 660 Preparing for and attending legal workstreams update call with M. McGuinty and D. 0:36 396.00 Vukadin.

09/09/2020 Edward Couzens 660 Reviewing emails in relation to matter from 08/9 and 09/9. 0:30 330.00

09/09/2020 Edward Couzens 660 Preparing for and attending call with B. Posada in relation to various aspects of 0:30 330.00 matter.

09/09/2020 Edward Couzens 660 Preparing for and attending call with R. Withycombe-Taperell in relation to DIP. 0:12 132.00

09/09/2020 Edward Couzens 660 Drafting update in relation to outstanding points on matter and circulating to I. 1:00 660.00 Johnson and B. Posada.

09/09/2020 Hywel Davies 905 Legal workstreams call and follow-up. 0:30 452.50

09/09/2020 Ian Johnson 905 Preparing for and attending legal work streams call. 0:36 543.00

09/09/2020 James Stacey 905 Email to T Vickers and considering team. 0:12 181.00

09/09/2020James Stacey 905 Update to Peter Wickham on next steps following call with T Vickers. 0:06 90.50

09/09/2020 Nupur Upadhyay 795 Preparing for and attending legal workstreams call. 0:36 477.00

09/09/2020 Patricia Anyaegbuna 795 Preparing for and attending legal update call. 0:36 477.00 Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 66 of 121

09/09/2020 Peter Wickham 795 Updates with Disputes and Investigations team members as to relevant background 0:24 318.00 and next steps.

09/09/2020 Sarah Mercer 285 Preparing for and attending workstreams call for background purposes. 0:30 142.50

09/09/2020 Samay Shah 905 Preparing for and attending legal workstreams call. 0:30 452.50

09/09/2020 Tom Vickers 905 Preparing for and attending legal work streams call. 0:30 452.50

10/09/2020 Beatriz Posada 510 Arranging call with Lazard and Kirkland relating to shareholder log. 0:12 102.00

10/09/2020 Beatriz Posada 510 Preparing for and attending Lazard call and sending bullet points to SM Project 1:06 561.00 Phoenix team post call.

10/09/2020 Beatriz Posada 510 Attending PMO call (in part). 0:18 153.00

10/09/2020 Hywel Davies 905 Preparing for and attending weekly PMO call with A&M. 0:24 362.00

10/09/2020 Ian Johnson 905 Preparing for and attending standing call. 0:48 724.00

10/09/2020 Samay Shah 905 Preparing for and attending PMO call. 0:24 362.00

10/09/2020 Samay Shah 905 Preparing for and attending standing call with Lazard, Valaris and K&E. 0:42 633.50

10/09/2020 Samay Shah 905 Reviewing correspondence. 0:30 452.50

11/09/2020Beatriz Posada 510 Attending comms call and updating internal team following call. 0:12 102.00 Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 67 of 121

11/09/2020 David McKendrick- 795 Preparing for and attending call with Morrison & Foerster team (representing 1:12 954.00 Ness unsecured creditors committee) to discuss restructuring proposals and discussing shareholder scheme mechanics with Aleezeh Liaqat

11/09/2020 Ian Johnson 905 Emails and coordination discussion with Bea Posada. 0:30 452.50

11/09/2020 Iain Meiklejohn 285 Preparing for and attending call with Alex Short to discuss responses to queries on 0:18 85.50 doc pack.

11/09/2020 Liu Hui 795 Preparing for and attending internal update call on next steps. 0:12 159.00

11/09/2020 Patricia Anyaegbuna 795 Responding to questions raised by K&E in relation to the draft DIP Facility. 0:30 397.50

11/09/2020 Peter Wickham 795 Preparing for and attending discussion with K&E re litigation risk. 1:00 795.00

11/09/2020 Samay Shah 905 Reviewing correspondence. 0:30 452.50

13/09/2020 David McKendrick- 795 Reviewing draft expanded steps plan for shareholder scheme circulated by Aleezeh 0:18 238.50 Ness Liaqat and sending comments on draft

13/09/2020 David McKendrick- 795 Preparing for and attending call with Nupur Upadhyay re RCF lender litigation 0:18 238.50 Ness background

13/09/2020 Peter Wickham 795 Review of research concerning directors' duties. 0:12 159.00

14/09/2020Beatriz Posada 510 Updating internal workstreams trackers. 0:24 204.00

14/09/2020 Beatriz Posada 510 Responding to query on fees from Brazilian counsel. 0:06 51.00

14/09/2020Christian Boney 905 Preparing for and attending standing call. 0:30 452.50 Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 68 of 121

14/09/2020 Ian Johnson 905 Preparing for and attending standing call. 0:36 543.00

14/09/2020 James Stacey 905 Preparing for and attending call. 0:24 362.00

14/09/2020 Samay Shah 905 Preparing for and attending standing call with Lazard, Valaris and K&E. 0:24 362.00

14/09/2020 Samay Shah 905 Preparing for and attending call with UCC advisers. 1:42 1,538.50

15/09/2020 Beatriz Posada 510 Email to Slaughter and May litigation team regarding Valaris plc articles. 0:06 51.00

15/09/2020 Beatriz Posada 510 Reviewing internal workstreams trackers and circulating to internal team ahead of 0:36 306.00 weekly call.

15/09/2020 Beatriz Posada 510 Preparing for and attending internal workstreams call. 0:24 204.00

15/09/2020 Christian Boney 905 Attending internal workstreams update call and dealing with follow-up matters. 0:30 452.50

15/09/2020 Harry Klein 285 Impact to the employee benefit trusts meeting with Valaris. Call to discuss employee 0:54 256.50 benefit trust options.

15/09/2020 Ian Brown 795 Preparing for and attending team call. 0:30 397.50

15/09/2020 Ian Johnson 905 Preparing for and attending legal work streams call. 0:36 543.00

15/09/2020 Nupur Upadhyay 795 Preparing for and attending internal work-streams call. 0:24 318.00

15/09/2020 Patricia Anyaegbuna 795 Preparing for and attending internal work streams update call. 0:24 318.00 Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 69 of 121

15/09/2020 Peter Wickham 795 Review of analysis concerning fiduciary duties following queries from K&E litigation 0:18 238.50 team.

15/09/2020 Peter Wickham 795 Preparing for and attending internal catch up call. 0:18 238.50

15/09/2020 Sarah Mercer 285 Preparing for and attending weekly internal workstream call for background 0:30 142.50 information.

15/09/2020 Samay Shah 905 Preparing for and attending internal workstreams meeting. 0:30 452.50

15/09/2020 Samay Shah 905 Correspondence. 0:30 452.50

15/09/2020 William Seal 660 Preparing for and attending workstreams call. 0:30 330.00

16/09/2020Aleezeh Liaqat 795 Preparing for and attending the legal workstreams call. 1:00 795.00

16/09/2020 Beatriz Posada 510 Reviewing and updating weekly workstreams plan and sending to K&E. 0:18 153.00

16/09/2020 Beatriz Posada 510 Preparing for and attending weekly workstreams call with K&E and company. 0:48 408.00

16/09/2020 Beatriz Posada 510 Email to Slaughter and May competition team on antitrust next steps following end 0:06 51.00 of backstop joinder period.

16/09/2020 Christian Boney 905 Prep for and attending legal workstream update call. 0:48 724.00

16/09/2020 Hywel Davies 905 Legal workstreams call (part). 0:30 452.50

16/09/2020Harry Klein 285 Drafting note of call of 15th September as a high level record. 0:30 142.50 Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 70 of 121

16/09/2020James Stacey 905 Reviewing and commenting on email. 0:12 181.00

16/09/2020 Nupur Upadhyay 795 Preparing for and attending legal workstreams call. 0:42 556.50

16/09/2020 Peter Wickham 795 Preparing for and attending weekly call with client. 0:30 397.50

16/09/2020 Sarah Mercer 285 Preparing for and attending weekly external workstreams call for background 0:48 228.00 purposes.

16/09/2020 Samay Shah 905 Preparing for and attending legal workstreams call. 0:48 724.00

16/09/2020 Samay Shah 905 Reviewing correspondence. 0:30 452.50

16/09/2020 William Seal 660 Preparing for and attending legal update call. 0:36 396.00

17/09/2020 Beatriz Posada 510 Preparing for and dialling into standing call with Lazard, the company and other 0:24 204.00 advisers.

17/09/2020Beatriz Posada 510 Internal emails relating to Scottish counsel engagement terms. 0:18 153.00

17/09/2020 Beatriz Posada 510 Discussion with Robert Withycombe-Taperell on Scottish Counsel engagement 0:12 102.00 terms.

17/09/2020 Beatriz Posada 510 Dialling into PMO and sending update email to internal team following call. 0:42 357.00

17/09/2020 Christian Boney 905 Prep for and attending standing call. 0:30 452.50

17/09/2020 Christian Boney 905 Attending to internal team co-ordination. 0:18 271.50 Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 71 of 121

17/09/2020 Hywel Davies 905 Standing call (part). 0:18 271.50

17/09/2020 Hywel Davies 905 PMO call (part). 0:12 181.00

17/09/2020 Ian Johnson 905 Preparing for and attending PMO. 0:42 633.50

17/09/2020 Ian Johnson 905 Preparing for and attending standing call. 0:42 633.50

17/09/2020 Samay Shah 905 Preparing for and attending standing call with Lazard, Valaris and K&E. 0:30 452.50

17/09/2020 Samay Shah 905 Preparing for and attending PMO call. 0:30 452.50

17/09/2020 Samay Shah 905 Reviewing correspondence. 0:24 362.00

18/09/2020 Alexander Short 795 Reviewing the UK security position to determine the scope of security package in 3:30 2,782.50 relation to the security principles in the DIP facility

18/09/2020 Beatriz Posada 510 Catch up with Ian Johnson on Phoenix workstreams, including to discuss comments 0:18 153.00 on Implementation slides to be shared with Akin.

18/09/2020 Samay Shah 905 Correspondence. 0:18 271.50

19/09/2020 Samay Shah 905 Correspondence. 0:18 271.50

20/09/2020 Samay Shah 905 Correspondence. 0:12 181.00

21/09/2020 Beatriz Posada 510 Preparing for and attending Lazard standing call. 0:42 357.00 Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 72 of 121

21/09/2020 Christian Boney 905 Briefing D Yu re UK scheme implementation workstream. 0:42 633.50

21/09/2020 Christian Boney 905 Prep for and attending standing call. 0:42 633.50

21/09/2020 Hywel Davies 905 Standing call and follow up. 0:54 814.50

21/09/2020 Ian Johnson 905 Preparing for and attending standing call 0:48 724.00

21/09/2020 Iain Meiklejohn 285 Organizing internal systems for collection of signature pages in anticipation of 0:18 85.50 execution versions of corporate authorities.

21/09/2020 Robert Withycombe- 795 Telephone attendance on working group call concerning current status, outstanding 0:36 477.00 Taperell issues and next steps on work streams. Preparing for the same.

21/09/2020 Samay Shah 905 Reviewing correspondence. 0:24 362.00

21/09/2020 Samay Shah 905 Preparing for and attending standing call with Lazard, Valaris and K&E. 0:48 724.00

22/09/2020 Alex Cooper 510 Preparing and engaging in internal workstreams co-ordination call. 0:36 306.00

22/09/2020 Alexander Short 795 Preparing for and attending weekly update call 0:36 477.00

22/09/2020 Beatriz Posada 510 Preparing for and attending internal workstreams call. 0:36 306.00

22/09/2020Beatriz Posada 510 Updating internal workstreams tracker. 0:18 153.00

22/09/2020 Christian Boney 905 Briefing C Kinsella re governance matters. 0:12 181.00 Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 73 of 121

22/09/2020 Christian Boney 905 Prep for and attending internal update call. 0:42 633.50

22/09/2020 Charles Osborne 795 Preparing for and attending internal workstreams tracker call. 0:42 556.50

22/09/2020 Di Yu 795 Preparing for and attending internal catch-up call on progress on the legal 0:36 477.00 workstreams.

22/09/2020 Hywel Davies 905 Internal workstreams call (part). 0:18 271.50

22/09/2020Ian Johnson 905 Preparing for and attending internal legal work streams meeting. 0:36 543.00

22/09/2020Rebecca Davies 660 Preparing for and attending internal workstreams update call. 0:36 396.00

22/09/2020 Sarah Mercer 285 Prepare for and attend internal workstream call for background purposes. 0:42 199.50

22/09/2020 Samay Shah 905 Preparing for and attending internal workstreams meeting. 0:42 633.50

22/09/2020 Samay Shah 905 Reviewing correspondence. 0:30 452.50

22/09/2020William Seal 660 Preparing for and attending weekly update workstreams call. 0:36 396.00

23/09/2020 Beatriz Posada 510 Preparing for and attending weekly workstreams call with client and K&E. 0:42 357.00

23/09/2020 Beatriz Posada 510 Updating weekly workplan and sending to K&E ahead of weekly call with K&E and 0:18 153.00 the company.

23/09/2020 Christian Boney 905 Prep for and attending legal workstreams update call. 0:48 724.00 Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 74 of 121

23/09/2020Di Yu 795 Preparing for and attending internal all workstreams catch-up call. 0:36 477.00

23/09/2020 Ian Johnson 905 Preparing for and attending legal work streams coordination call. 0:48 724.00

23/09/2020 Rebecca Davies 660 Preparing for and attending legal workstream update call with the company and 0:30 330.00 K&E.

23/09/2020 Sarah Mercer 285 Preparing for and attending weekly workstreams call with K&E and the client for 0:42 199.50 background purposes.

23/09/2020 Samay Shah 905 Reviewing correspondence. 0:30 452.50

23/09/2020 Samay Shah 905 Preparing for and attending legal workstreams call. 0:42 633.50

24/09/2020Christian Boney 905 Prep for and call with finance team to discuss time entries for matter. 0:24 362.00

24/09/2020 Christian Boney 905 Prep for and call with Tax Team to discuss warrant issuance of new HoldCo and 0:30 452.50 approach to analysis of new HoldCo jurisdiction.

24/09/2020 Samay Shah 905 Reviewing correspondence. 0:30 452.50

25/09/2020 Ian Johnson 905 Preparing for and attending coordination call and updating Bea Posada 0:30 452.50

25/09/2020 Iain Meiklejohn 285 Calls with Alex Short in respect of Valaris closing - to do's/emails to send/calls to 0:36 171.00 make etc. e.g. brief on circulating omnibus secretary's certificate to K&E/Akin.

25/09/2020 Samay Shah 905 Preparing for and attending standing call with Lazard, Valaris and K&E. 0:24 362.00

26/09/2020 Samay Shah 905 Reviewing correspondence. 0:18 271.50 Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 75 of 121

28/09/2020 Edward Couzens 660 Reviewing emails from preceding two weeks and reviewing related materials 2:06 1,386.00 (including materials sent to J. Terry and J. Brown).

28/09/2020 Edward Couzens 660 Preparing for and discussing fee update approach with I. Johnson and S. Mercer. 0:06 66.00

28/09/2020 Edward Couzens 660 Reviewing B. Posada update and following up on various items. 0:42 462.00

28/09/2020 Edward Couzens 660 Catch-up discussions with I. Johnson and follow-ups (including emails to A. Short re 1:06 726.00 deliverables, emails with C. Osborne re Topco call etc.)

28/09/2020 Edward Couzens 660 Email to N. Hafen in relation to retention application. 0:12 132.00

28/09/2020 Iain Meiklejohn 285 Preparing for and attending call with Alex Short to discuss post-closing items 0:12 57.00

28/09/2020 Samay Shah 905 Reviewing correspondence. 0:30 452.50

29/09/2020 Alex Cooper 510 Preparation for and attendance at weekly internal workstream meeting. Emailed 0:42 357.00 relevant DI associates updates on matter.

29/09/2020Christian Boney 905 Preparing for and attending internal workstreams call. 0:30 452.50

29/09/2020 Colm Kinsella 795 Preparing for and attending weekly call. 0:36 477.00

29/09/2020 Edward Couzens 660 Email to C. Turner regarding shareholder inbounds to call centre; email to J. Fedell 1:30 990.00 regarding shareholder documents; reviewing call centre log; reviewing shareholder letters and providing internal comments.

29/09/2020 Edward Couzens 660 Revising internal workstreams tracker; preparing for and attending internal 0:54 594.00 workstreams call.

29/09/2020 Edward Couzens 660 Reviewing timeline sent through by H. Morris; providing comments internally and 0:42 462.00 email to K&E; drafting email to H. Morris regarding comments and disclaimer. Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 76 of 121

29/09/2020 Edward Couzens 660 Preparing for and attending Lazard update call. 0:24 264.00

29/09/2020 Edward Couzens 660 Email to J. Ried in relation to local counsel for Holdco analysis. 0:18 198.00

29/09/2020 Hywel Davies 905 Update call (part). 0:18 271.50

29/09/2020 Ian Brown 795 Preparing for and attending call with team re long form docs and update. 0:30 397.50

29/09/2020 Ian Johnson 905 Preparing for and attending standing coordination call. 0:42 633.50

29/09/2020 Ian Johnson 905 Preparing for and attending internal coordination call. 0:36 543.00

29/09/2020 Jamshed Bilimoria 660 Prep for and attendance at internal update call. 0:48 528.00

29/09/2020 Patricia Anyaegbuna 795 Preparing for and attending internal workstreams call. 0:42 556.50

29/09/2020 Rebecca Davies 660 Administration: preparing for and attending call with I.Chantry and J.Bull of A&M 0:30 330.00 regarding administration workstream.

29/09/2020Rebecca Davies 660 Preparing for and attending internal workstreams update call. 0:30 330.00

29/09/2020 Sarah Mercer 285 Preparing for and attending weekly internal call for background purposes. 0:36 171.00

29/09/2020 Samay Shah 905 Preparing for and attending standing call with Lazard, Valaris and K&E. 0:30 452.50

29/09/2020 Samay Shah 905 Reviewing correspondence. 0:24 362.00 Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 77 of 121

29/09/2020 Samay Shah 905 Preparing for and attending internal workstreams meeting. 0:42 633.50

29/09/2020William Seal 660 Preparing for and attending weekly internal workstream meeting. 0:42 462.00

30/09/2020 Christian Boney 905 Prep for and attending legal workstreams update call. 0:30 452.50

30/09/2020 David McKendrick- 795 Preparing for and attending legal workstreams update call with Valaris and Kirkland 0:48 636.00 Ness teams.

30/09/2020 Edward Couzens 660 Emails with N. Hafen in relation to retention application; call with I. Johnson in 0:30 330.00 relation to the same and reviewing precedent approach.

30/09/2020 Edward Couzens 660 Preparing for and attending call with J. Brown at Akin and internal emails. 0:12 132.00

30/09/2020 Edward Couzens 660 Revising legal workstreams work plan and providing to J. Fedell; attending weekly 1:18 858.00 update call.

30/09/2020 Edward Couzens 660 Emails with I. Johnson in relation to document provision to UCC and email to H. 0:24 264.00 Morris.

30/09/2020 Ian Johnson 905 Preparing for and attending legal work streams call. 0:42 633.50

30/09/2020 Ian Johnson 905 Preparing for and attending standing call with client and K&E, Lazard and A&M. 0:36 543.00

30/09/2020 Peter Wickham 795 Review of shareholder complaint letters from a DI perspective. 0:12 159.00

30/09/2020 Samay Shah 905 Reviewing correspondence. 0:18 271.50

30/09/2020 Samay Shah 905 Preparing for and attending legal workstreams call. 0:54 814.50 Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 78 of 121

30/09/2020 Tom Vickers 905 Preparing for and attending legal worksteams call. 0:30 452.50

188:00 139,627.00

Task code: ZC10 - Tax Date Worked Fee-earner name Hourly Rate Narrative Time Worked Agreed Rate Value - (£) Band 1 (£)

19/08/2020 Anton Nilsson 285 Researching definition of interest in relation to Undrawn Commitment Fee 1:36 456.00

19/08/2020 Charles Osborne 795 Reviewing DIP Credit Facility from a UK tax perspective. Emails and calls on same. 4:00 3,180.00 Marking up changes.

19/08/2020 Charles Osborne 795 Continuing to review DIP Credit Facility from a UK tax perspective. Emails and calls 2:36 2,067.00 on same. Marking up changes.

19/08/2020 Jamshed Bilimoria 660 Discussing with C Osborne re precedent withholding tax provisions for DIP facility. 0:06 66.00

20/08/2020 Charles Osborne 795 Reading and considering emails on filing and hearings. 0:06 79.50

20/08/2020 Charles Osborne 795 Emails and calls on UK tax aspects of DIP credit facility. 4:00 3,180.00

20/08/2020Charles Osborne 795 Continued emails and calls on UK tax aspects of DIP credit facility. 0:42 556.50

20/08/2020 Jamshed Bilimoria 660 Discussing C Osborne re DIP facility and UK tax consequences of sub participation 0:36 396.00 and retrieving precedent wording re the same.

20/08/2020 Mike Lane 905 Reviewing DIP agreement and C Osborne markup, latest Deloitte structure plan and 2:30 2,262.50 related e-mails; call w/ K&E tax to discuss DIP. Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 79 of 121

21/08/2020 Charles Osborne 795 Reading emails on DIP facility. 0:06 79.50

24/08/2020 Charles Osborne 795 Reviewing guarantee. Emails on same. 0:30 397.50

24/08/2020 Charles Osborne 795 Preparing for and attending call on related DIP credit agreement and emails on 1:24 1,113.00 same.

24/08/2020 Jamshed Bilimoria 660 Reviewing emails re DIP guaranty agreement tax issues. 0:06 66.00

24/08/2020 Mike Lane 905 Emails re: DIP facility and guarantee, review draft. 0:48 724.00

25/08/2020 Charles Osborne 795 Reviewing and considering withholding tax issues in latest DIP facility. Emails and 2:48 2,226.00 calls on same.

25/08/2020 Edward Couzens 660 Preparing for and attending call with C. Osborne in relation to withholding tax 0:18 198.00 analysis.

25/08/2020 Mike Lane 905 E-mails/analysis on DIP credit agreement. 0:54 814.50

26/08/2020 Charles Osborne 795 Emails on UK tax aspects of DIP credit facility. Calls with Akin on same. Email to 3:48 3,021.00 Dave Armour on same and on latest structuring.

26/08/2020 Jamshed Bilimoria 660 Reviewing emails re DIP financing / "short" interest withholding tax position. 0:06 66.00

26/08/2020 Mike Lane 905 Reviewing DIP facility and suggesting short interest amends to deal w/ withholding 1:00 905.00 tax and related e-mails.

27/08/2020 Charles Osborne 795 Reviewing and commenting on updated DIP facility. Emails on same. 2:00 1,590.00

27/08/2020 Jamshed Bilimoria 660 Emails re Deloitte hold harmless letter. 0:06 66.00 Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 80 of 121

27/08/2020 Mike Lane 905 Reviewing latest DIP, RSA amendment drafts and related e-mails. 0:18 271.50

28/08/2020 Charles Osborne 795 Emails on tax issues in DIP credit agreement. Calls and discussions on same. 1:42 1,351.50

28/08/2020 Jamshed Bilimoria 660 Discussing with C Osborne re current status of tax workstream, internal emails re 0:48 528.00 the same

28/08/2020 Mike Lane 905 E-mails re: DIP, possible new treasury co. 0:30 452.50

30/08/2020 Jamshed Bilimoria 660 Emails re audit committee presentation. 0:06 66.00

31/08/2020 Jamshed Bilimoria 660 Reviewing DIP financing agreement, emails re the same. 0:18 198.00

01/09/2020 Jamshed Bilimoria 660 Reviewing changes to DIP facility agreement, reviewing K&E tax markup of the 0:42 462.00 same and proposed responses by Slaughter and May Finance Team, emails re the same. 01/09/2020 Jamshed Bilimoria 660 Internal discussion with E Couzens and D McKendrick-Ness re UK implementation 0:36 396.00 steps, prep for and emails re the same.

01/09/2020 Jamshed Bilimoria 660 Call with Deloitte re tax structuring workstream, follow up emails to company and 1:42 1,122.00 internally.

01/09/2020 Jamshed Bilimoria 660 Preparing for and attending internal workstreams update call. 0:30 330.00

01/09/2020 Jamshed Bilimoria 660 Reviewing UK implementation action list, providing comments on same to E 0:18 198.00 Couzens.

01/09/2020 Jamshed Bilimoria 660 Call re incorporation jurisdiction with Valaris, further call with Valaris tax re same, 1:48 1,188.00 follow-up discussion internally with H Davies, emails re the same with Irish counsel.

01/09/2020 Mike Lane 905 Reading DIP e-mails, UK implementation deck, Deloitte step plan, Deloitte holding 4:00 3,620.00 company jurisdiction deck, tax call w/ Deloitte, K&E and related e-mails. Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 81 of 121

01/09/2020 Samay Shah 905 Preparing for and attending tax/structure call with Deloitte. 0:48 724.00

02/09/2020Edward Couzens 660 Email to I. Johnson in relation to DIP and additional borrower / gross-up. 0:06 66.00

02/09/2020 Jamshed Bilimoria 660 Emails re DIP financing. 0:06 66.00

02/09/2020 Jamshed Bilimoria 660 Discussing with C Boney re incorporation jurisdiction. 0:18 198.00

03/09/2020 Edward Couzens 660 Preparing for and attending call with Company (M. McGuinty / D. Armour) in relation 0:54 594.00 to tax.

03/09/2020 Jamshed Bilimoria 660 Call with Valaris and Deloitte re incorporation jurisdiction, follow up discussions 1:12 792.00 internally with M Lane and C Boney re the same.

03/09/2020 Jamshed Bilimoria 660 Reviewing Plan B SPA strawman, providing comments on the same. 0:24 264.00

03/09/2020 Jamshed Bilimoria 660 Call with Akin Tax re DIP facility agreement tax provisions and prep therefore, 1:24 924.00 emails to K&E Tax summarising call with Akin and further emails re the same, further call re tax provisions with Kramer and K&E.

03/09/2020 Mike Lane 905 Preparing for and attending call w/ Valaris and Deloitte re: new holdco location and e- 2:00 1,810.00 mails re: DIP tax language.

04/09/2020 Edward Couzens 660 Preparing for and attending call with A. Liaqat in relation to tax comments and deal 0:24 264.00 structure.

04/09/2020 Edward Couzens 660 Reviewing document regarding tax incorporation from A. Liaqat. 0:18 198.00

04/09/2020 Jamshed Bilimoria 660 Reviewing revised Plan B strawman. 0:12 132.00

04/09/2020 Jamshed Bilimoria 660 Emails re RCL / DR structure. 0:18 198.00 Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 82 of 121

04/09/2020 Jamshed Bilimoria 660 Discussing with E Couzens re Topco jurisdiction, further emails re Topco jurisdiction 0:42 462.00 and slides, discussing A Liaqat re same, considering tax issues relating to Topco jurisdiction. 04/09/2020 Jamshed Bilimoria 660 Discussing with R Davies re DTC agreements, locate and send bible of DTC 0:30 330.00 documents.

04/09/2020 Jamshed Bilimoria 660 Reviewing slides re Topco jurisdiction, emails re the same. 0:24 264.00

04/09/2020 Jamshed Bilimoria 660 Reviewing markup of DIP facility agreement provided by Akin Tax, commenting 2:24 1,584.00 thereon and emails re the same, reviewing further markup provided by Akin, email response to Akin with comments, email to K&E with further comments, discussion with R Withycombe-Taperell re provision of related legal opinions.

04/09/2020 Mike Lane 905 Reading and commenting on SPA termsheet, Topco jurisdictions paper, DIP facility 3:00 2,715.00 and related e-mails.

05/09/2020 Jamshed Bilimoria 660 Emails with K&E re DIP credit agreement. 0:18 198.00

07/09/2020 Jamshed Bilimoria 660 Reviewing changes to DIP facility agreement, emails with K&E Tax re same. 1:00 660.00

07/09/2020 Jamshed Bilimoria 660 Discussing C Osborne re status of tax workstream. 0:24 264.00

07/09/2020 Mike Lane 905 Emails re tax on facility. 0:30 452.50

08/09/2020 Jamshed Bilimoria 660 Comment on email re early implementation of Scheme of Arrangement. 0:12 132.00

08/09/2020 Jamshed Bilimoria 660 Reviewing financing comments on DIP facility from tax perspective, email to E 0:06 66.00 Couzens/R Withycombe-Taperell re Excluded Jurisdictions.

08/09/2020 Mike Lane 905 Debt e-mails. 0:24 362.00 Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 83 of 121

09/09/2020 Charles Osborne 795 Attending call on Plan B structuring implications. Discussions with Jamshed 0:36 477.00 Bilimoria on same. Reading emails on same.

09/09/2020 Jamshed Bilimoria 660 Emails re novation of supplier contracts, various emails re UK implementation 0:24 264.00 document.

09/09/2020 Jamshed Bilimoria 660 Email from E Couzens re early scheme of arrangement, discussing with E Couzens 0:24 264.00 and C Osborne re same.

09/09/2020 Jamshed Bilimoria 660 Internal email re parent co incorporation jurisdiction, reviewing Deloitte slide deck re 0:12 132.00 same.

09/09/2020 Jamshed Bilimoria 660 Reviewing UK implementation document, emails with M Lane re same, email 0:24 264.00 comments to E Couzens.

09/09/2020 Mike Lane 905 Review and commenting on UK implementation document, DIP emails. 1:30 1,357.50

10/09/2020 Charles Osborne 795 Emails organising tax call on DIP facility. 0:06 79.50

10/09/2020 Mike Lane 905 Emails re: UK implementation process and DIP facility. 0:30 452.50

11/09/2020 Charles Osborne 795 Discussions on DIP facility and email on same. 1:18 1,033.50

11/09/2020 Jamshed Bilimoria 660 Discussing with C Osborne re DIP facility agreement wording and tax issues, email 0:36 396.00 to Deloitte re tax workstream update

12/09/2020 Charles Osborne 795 Preparing for and attending call on DIP drafting re change of borrower and 0:42 556.50 interaction with chapter 11 scenarios.

13/09/2020 Charles Osborne 795 Reading emails on DIP facility. 0:12 159.00

14/09/2020 Charles Osborne 795 Emails, calls, and discussions on tax aspects of DIP, focusing around "permitted 2:00 1,590.00 borrower" concept. Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 84 of 121

14/09/2020 Jamshed Bilimoria 660 Emails re DIP facility. 0:06 66.00

14/09/2020Mike Lane 905 Emails and call re: DIP facility/permitted borrowers. 1:30 1,357.50

15/09/2020 Charles Osborne 795 Considering tax issues on DIP. Emails and calls on same. 1:12 954.00

15/09/2020 Jamshed Bilimoria 660 Emails re DIP facility agreement. 0:06 66.00

15/09/2020 Mike Lane 905 Ongoing DIP issues. 0:30 452.50

16/09/2020 Charles Osborne 795 Emails on warrants in structuring. Considering same. 0:54 715.50

16/09/2020 Charles Osborne 795 Emails on newco/holdco jurisdiction question. Preparing for and attending call on tax 1:30 1,192.50 aspects of DIP, primarily dependent on answer to same.

16/09/2020 Charles Osborne 795 Emails on tax issues re DIP. 0:24 318.00

16/09/2020 Jamshed Bilimoria 660 Emails re DIP and new treasury co. 0:12 132.00

16/09/2020 Mike Lane 905 Emails re DIP, treasury company and UK implementation. 1:00 905.00

18/09/2020 Charles Osborne 795 Emails on latest developments re tax decisions. 0:06 79.50

18/09/2020 Mike Lane 905 Emails re holdco and DIP. 1:00 905.00

20/09/2020 Charles Osborne 795 Reviewing implementation slides. 0:24 318.00 Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 85 of 121

21/09/2020 Charles Osborne 795 Preparing for and attending call with Dave Armour on jurisdiction of incorporation 2:48 2,226.00 and tax residence of new holdco/newco. Emails on same.

21/09/2020 Mike Lane 905 Preparing for and attending call w/ Dave Armour re: residence, emails. 1:30 1,357.50

22/09/2020 Charles Osborne 795 Emails on warrant arrangements and organising call on same. 0:12 159.00

24/09/2020 Charles Osborne 795 Emails to and discussions with Deloitte on jurisdiction of incorporation and tax 1:18 1,033.50 residence of new holdco/newco.

24/09/2020 Charles Osborne 795 Reviewing and considering UK tax implications of latest proposed implementation 0:24 318.00 steps.

24/09/2020 Mike Lane 905 Preparing for and attending call re: warrant arrangements; e-mails. 1:24 1,267.00

25/09/2020 Charles Osborne 795 Preparing for and attending call with Deloitte on steps plan and latest updates. 0:48 636.00

25/09/2020 Mike Lane 905 Preparing for and attending call re: Topco jurisdictions, e-mails. 1:00 905.00

28/09/2020 Charles Osborne 795 Discussions on DTC mechanics and emails on same. Considering tax issues with 1:06 874.50 same and impact on timing.

28/09/2020 Jamshed Bilimoria 660 Internal catch up re Topco jurisdiction with C Boney and C Osborne, call with D 1:24 924.00 Vukadin and others re same, discussing again C Osborne re same.

28/09/2020 Mike Lane 905 Holding company e-mails. 0:12 181.00

29/09/2020 Edward Couzens 660 Drafting internal email regarding comments on Deloitte tax paper and circulating to 1:06 726.00 J. Bilimoria and others.

29/09/2020 Edward Couzens 660 Reviewing Deloitte tax steps paper. 2:12 1,452.00 Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 86 of 121

29/09/2020 Jamshed Bilimoria 660 Internal emails re Deloitte status of access letters and DTC. 0:06 66.00

29/09/2020 Mike Lane 905 Review and comment draft Chapter 11 plan and Deloitte steps plan. 2:30 2,262.50

30/09/2020 Edward Couzens 660 Preparing for and attending calls with J. Bilimoria in relation to Deloitte tax paper. 0:36 396.00

30/09/2020 Jamshed Bilimoria 660 Reviewing Chapter 11 plan document and commenting on same, emails re same. 2:24 1,584.00

30/09/2020 Jamshed Bilimoria 660 Reviewing Deloitte step plan, reviewing restructuring comments on the same, 1:54 1,254.00 discussing such comments w/ E Couzens, emails re the same.

30/09/2020Mike Lane 905 Reviewing Chapter 11 comments v Deloitte steps plan. 1:00 905.00

103:24 80,427.00

Task code: ZD10 - Employment Date Worked Fee-earner name Hourly Rate Narrative Time Worked Agreed Rate Value - (£) Band 1 (£)

25/08/2020 Padraig Cronin 905 Considering question from Melanie Koltermann via Ed Couzens about EEs and 0:24 362.00 settlement agreement terms re equity-related award vesting and Chapter 11 stay on new share issues; email to Ed Couzens re same.

05/09/2020Ian Brown 795 Review of query re resettlement of trust and email to H Davies re same. 0:42 556.50

08/09/2020 Ian Brown 795 Email to Ed Couzens re Employee Benefit Trust and team call. Email to S Mercer re 0:48 636.00 data room.

08/09/2020 Sarah Mercer 285 Upon request from I Brown, searching in the Data Room for trust documentation 1:12 342.00 relating to Employee Benefit/Employee Share Trusts. Follow up discussions with E Couzens, and then emailing findings to I Brown. Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 87 of 121

09/09/2020 Ian Brown 795 Call and email to S Mercer, reviewing deeds provided. Email to Kristin (K&E) re wind- 0:24 318.00 up of trusts.

10/09/2020 Ian Brown 795 Analysis of employee benefit trust documentation and email to Kristin re employee 0:36 477.00 benefit trust wind-up.

15/09/2020Ian Brown 795 Call with Company and Rebecca Davies re wind-up of employee benefit trusts. 1:12 954.00

22/09/2020 Padraig Cronin 905 Emails re EMSP / earmarking. 0:18 271.50

23/09/2020Ian Brown 795 Email to Rebecca Davies re employee benefit trusts. 0:06 79.50

24/09/2020 Ian Brown 795 Calls to D McKendrick-Ness and Bea Posada re sale of shares. Note of advice re 1:24 1,113.00 wind up of employee benefit trusts.

7:06 5,109.50

Task code: ZE10 - Real Estate Date Worked Fee-earner name Hourly Rate Narrative Time Worked Agreed Rate Value - (£) Band 1 (£)

02/09/2020 Edward Couzens 660 Reviewing London lease in detail and providing potential strategy email to I. 0:42 462.00 Johnson, T. Vickers and R. Davies.

22/09/2020 John Nevin 905 Call with I Johnson re: lease renegotiation; email to M McGuinty re: lease options 1:00 905.00 and non-payment of rent.

1:42 1,367.00

Task code: ZF10 - Anti-trust Date Worked Fee-earner name Hourly Rate Narrative Time Worked Agreed Rate Value - (£) Band 1 (£) Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 88 of 121

19/08/2020 Eloise Morgan 660 Correspondence with K&E re CFIUS filing questionnaire; discussing governance 1:12 792.00 arrangements with E Couzens; finalising filing information requests; correspondence with Valaris re same; correspondence with Akin re CFIUS questionnaire.

20/08/2020 Alexandra Cameron 285 Briefing call with E Morgan to discuss merger filing analysis. 0:24 114.00

20/08/2020 Eloise Morgan 660 Merger control / foreign investment filing analysis; correspondence with Valaris, K&E 2:00 1,320.00 and Akin re same.

21/08/2020 Alexandra Cameron 285 Continuing to conduct preliminary analysis to identify in which jurisdictions foreign 1:48 513.00 investment filings and/or notifications are likely to be required.

21/08/2020 Alexandra Cameron 285 Conducting preliminary analysis to identify in which jurisdictions merger control 4:00 1,140.00 filings and/or notifications are likely to be required.

21/08/2020 Alexandra Cameron 285 Continuing to conduct preliminary analysis to identify in which jurisdictions merger 0:06 28.50 control filings and/or notifications are likely to be required.

21/08/2020 Alexandra Cameron 285 Calculated turnover figures in local currencies (necessary for merger control 1:06 313.50 analysis).

21/08/2020 Eloise Morgan 660 Merger control / foreign investment filing analysis. 2:48 1,848.00

24/08/2020 Eloise Morgan 660 Correspondence with Valaris re CFIUS questionnaire. 0:12 132.00

24/08/2020 Eloise Morgan 660 Merger control filing analysis. 4:00 2,640.00

24/08/2020 Eloise Morgan 660 Correspondence with Valaris re revenue for filing analysis. 0:12 132.00

24/08/2020 Eloise Morgan 660 Correspondence with Valaris re revenue for filing analysis. 0:12 132.00

24/08/2020 Eloise Morgan 660 Continuing merger control filing analysis. 3:36 2,376.00 Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 89 of 121

25/08/2020 Alice White 285 Continuing to complete a preliminary Foreign Investment filing analysis of 26 1:12 342.00 jurisdictions, including notes on the general regime and sector specific (oil and gas), and noting any temporary changes due to Covid.

25/08/2020 Alice White 285 Completing a preliminary Foreign Investment filing analysis of 26 jurisdictions, 4:00 1,140.00 including notes on the general regime and sector specific (oil and gas), and noting any temporary changes due to Covid.

25/08/2020 Eloise Morgan 660 Correspondence with Valaris re merger control filing analysis. 0:12 132.00

25/08/2020 Eloise Morgan 660 Continuing multi-jurisdictional merger control filing analysis. 1:36 1,056.00

25/08/2020 Eloise Morgan 660 Multi-jurisdictional merger control filing analysis. 4:00 2,640.00

26/08/2020 Alice White 285 Updating the FI filing analysis for the revenue additions of Japan and Malaysia, 1:00 285.00 including the recent threshold changes in Japan not included in our guides.

26/08/2020 Eloise Morgan 660 Multi-jurisdictional merger control filing analysis (Japan and Malaysia); 2:54 1,914.00 correspondence with Akin re same; multi-jurisdictional foreign investment filing analysis 27/08/2020 Eloise Morgan 660 Multi-jurisdictional foreign investment filing analysis; correspondence with Akin re 1:54 1,254.00 Valaris revenue.

01/09/2020 Eloise Morgan 660 Correspondence with Valaris and Akin re multi-jurisdictional filing analysis. 0:18 198.00

01/09/2020 Eloise Morgan 660 Multi-jurisdictional filing analysis. 4:00 2,640.00

01/09/2020 Eloise Morgan 660 Continuing multi-jurisdictional filing analysis. 2:00 1,320.00

02/09/2020 Eloise Morgan 660 Internal update re preliminary filing analysis. 0:36 396.00 Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 90 of 121

03/09/2020 Eloise Morgan 660 Multi-jurisdictional filings analysis. 2:06 1,386.00

03/09/2020 Eloise Morgan 660 Correspondence with Akin re filing analysis. 0:12 132.00

04/09/2020 Eloise Morgan 660 Multi-jurisdictional filing analysis; correspondence with Akin, Valaris and Kirkland & 3:24 2,244.00 Ellis re same.

04/09/2020 Ferenc Jari 660 Preparing for and attending call with E Morgan re holiday cover. 0:36 396.00

09/09/2020 Ferenc Jari 660 Correspondence with Valaris / Akin re merger control RFIs. 0:48 528.00

10/09/2020 Ferenc Jari 660 Reviewing Valaris response to Akin ex-US filings RFI; preparing follow-up queries; 3:30 2,310.00 sending to W Turtle and Valaris.

14/09/2020 Eloise Morgan 660 Reviewing CFIUS questionnaire responses; correspondence with Akin re same; 0:24 264.00 correspondence with Valaris re ex-US RFI.

14/09/2020 Ferenc Jari 660 Responding to E Morgan questions re Slaughter and May follow-ups on Valaris 0:42 462.00 response to ex-US filings RFI.

16/09/2020 Will Turtle 905 Antitrust analysis. 0:12 181.00

16/09/2020 Eloise Morgan 660 Considering market share data; correspondence with Valaris re same; 1:06 726.00 correspondence with B Posada re equity structure.

17/09/2020 Beatriz Posada 510 Antitrust query for Lazard: review of BCA and RSA provisions on equity allocation. 1:24 714.00 Drafting email on pro forma equity analysis for Lazard.

18/09/2020 Beatriz Posada 510 Review of Backstop Commitment Agreement for points of relevance to antitrust 0:36 306.00 analysis and sending related email on pro-forma equity ownership analysis to Lazard team. 18/09/2020 Eloise Morgan 660 Reviewing information provided by Valaris; preparing response to information 0:54 594.00 request for Akin. Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 91 of 121

09/09/2020 Will Turtle 905 Filing analysis. 0:24 362.00

21/09/2020 Eloise Morgan 660 Preparing response to Akin information request (antitrust). 0:24 264.00

22/09/2020 Beatriz Posada 510 Email to Ian Johnson relating to sharing competition analysis with Akin. 0:12 102.00

22/09/2020 Eloise Morgan 660 Correspondence with Akin re response to RFI. 0:06 66.00

28/09/2020 Eloise Morgan 660 Reviewing information request from Akin; correspondence with Valaris re same. 0:18 198.00

29/09/2020 Eloise Morgan 660 Correspondence with Valaris re anti-trust filing information request. 0:12 132.00

30/09/2020 Edward Couzens 660 Reviewing pro forma equity ownership from L. West and minor follow-up comment. 0:18 198.00

30/09/2020 Eloise Morgan 660 Correspondence with Valaris re anti-trust filings. 0:18 198.00

63:24 36,561.00

Task code: ZG10 - Disclosure and due diligence Date Worked Fee-earner name Hourly Rate Narrative Time Worked Agreed Rate Value - (£) Band 1 (£)

11/09/2020Beatriz Posada 510 Drafting summary of call with Morrison & Foerster for A&M UCC log. 0:54 459.00

14/09/2020Beatriz Posada 510 Dialling into UCC advisers' call. 1:30 765.00 Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 92 of 121

21/09/2020 Beatriz Posada 510 Email to K&E with update on UCC diligence requests. 0:30 255.00

24/09/2020 Beatriz Posada 510 Revising UK implementation slides for the purposes of sharing the same with the 0:36 306.00 UCC.

25/09/2020 Beatriz Posada 510 Email to K&E relating to sharing UK implementation deck with UCC. 0:18 153.00

3:48 1,938.00

Task code: ZH10 - Corporate re-organization Date Worked Fee-earner name Hourly Rate Narrative Time Worked Agreed Rate Value - (£) Band 1 (£)

01/09/2020Christian Boney 905 Prep for and attending call with client to discuss new Topco jurisdiction. 0:48 724.00

02/09/2020 Nicholas White 510 Considering AGM requirements for new holding company - communicating with C 3:00 1,530.00 Boney and D Vukadin on the same.

03/09/2020 Christian Boney 905 Attending call with client and Deloitte and attending to follow-up matters. 1:18 1,176.50

08/09/2020 Nicholas White 510 Searching for precedent scheme implementation documentation on restructuring 0:48 408.00 and corresponding with D McKendrick-Ness and A Liaqat on the same

11/09/2020 Alex Cooper 510 Briefing call on Project Phoenix with J Stacey, P Wickham, L Hui and N Upadhyay 0:12 102.00 on allocation of tasks.

14/09/2020 Christian Boney 905 Reviewing draft scheme steps plan and timetable, commenting and discussing with 1:18 1,176.50 A Liaquat.

17/09/2020 Christian Boney 905 Reviewing and revise UK scheme of arrangement implementation "straw man" and 1:30 1,357.50 discussing with A Liaquat. Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 93 of 121

24/09/2020 Di Yu 795 Preparing for and attending call with Mike Lane and Charles Osborne on holdco 0:36 477.00 incorporation considerations.

28/09/2020 Christian Boney 905 Prep for and call with client to discuss approach to new holdco incorporation 0:48 724.00 analysis.

30/09/2020 Christian Boney 905 Prep for and discussing with HoldCo incorporation slides with J Rose. 0:24 362.00

10:42 8,037.50

Task code: ZI10 - Corporate matters, corporate governance, and board matters Date Worked Fee-earner name Hourly Rate Narrative Time Worked Agreed Rate Value - (£) Band 1 (£)

19/08/2020 David McKendrick- 795 Attending and taking minutes at Valaris plc board meeting. 0:18 238.50 Ness

19/08/2020 Hywel Davies 905 Emails and matter admin. 0:30 452.50

19/08/2020 Hywel Davies 905 Preparing for and attending call with client re next steps. 0:24 362.00

19/08/2020 Hywel Davies 905 Board call re filing and follow up. 0:30 452.50

19/08/2020 Hywel Davies 905 Reviewing board minutes and commenting. 0:24 362.00

19/08/2020 Ian Johnson 905 Preparing for and attending board meeting. 0:24 362.00

19/08/2020 David McKendrick- 795 Continuing to draft minutes for board meetings held on 17 and 18 August; drafting 0:54 715.50 Ness minutes for board meeting held on 19 August. Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 94 of 121

20/08/2020 David McKendrick- 795 Reviewing and updating draft minutes for board meetings held on 15, 17, 18 and 19 0:24 318.00 Ness August to reflect internal comments; sharing drafts with Kirkland & Ellis team for review. 20/08/2020 Hywel Davies 905 Emails re filing and follow on actions. 0:24 362.00

21/08/2020 Hywel Davies 905 Considering issues re new holdco structure; emails re the same. 0:24 362.00

21/08/2020 Ian Johnson 905 Preparing for and attending special committee update call. 0:42 633.50

22/08/2020 Hywel Davies 905 Emails re enquiry from bondholder. 0:06 90.50

24/08/2020 Hywel Davies 905 Preparing for and attending call re amendment of Luminus support agreement, 0:48 724.00 review draft amendment agreement, follow up emails re same.

24/08/2020 Hywel Davies 905 Emails re DIP facility agreement. 0:12 181.00

25/08/2020 David McKendrick- 795 E-mail to Christian Boney re shareholder scheme structure and next steps. 0:12 159.00 Ness

26/08/2020 Christian Boney 905 Preparing for and attending call with K&E re Chapter 11 timeline and related 1:00 905.00 matters; discussing matters with I Johnson and others.

26/08/2020 David McKendrick- 795 Attending part of call with Kirkland & Ellis team re implementation timetable with 0:24 318.00 Ness focus on Chapter 11 process

26/08/2020 David McKendrick- 795 Preparing for and attending call with Ed Couzens, Ian Johnson and Christian Boney 0:30 397.50 Ness re drafting of slide deck for Valaris plc board meeting analysing UK implementation decision process. 26/08/2020 Edward Couzens 660 Preparing for and attending call with I. Johnson and C. Boney regarding board deck 0:42 462.00 and UK implementation options; follow-up email to S. Winters.

26/08/2020Hywel Davies 905 Reviewing Amendment Agreement with Luminus and comments; emails re same. 0:36 543.00 Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 95 of 121

26/08/2020 Hywel Davies 905 Emails re Court application. 0:12 181.00

27/08/2020 Christian Boney 905 Reviewing draft scheme timetable and discussing the same with D McKendrick- 0:24 362.00 Ness.

27/08/2020 David McKendrick- 795 Drafting documents list and steps plan for shareholder scheme by re-designation of 1:30 1,192.50 Ness shares including company law analysis and review of applicable court procedure, including in relation to Ensco Rowan merger and related precedents, discussing with Ed Couzens and Christian Boney

27/08/2020 Edward Couzens 660 Drafting board deck regarding UK implementation; call with I. Johnson in relation to 2:48 1,848.00 the same; reviewing comments from D. McKendrick-Ness and revising deck before circulating internally. 27/08/2020Hywel Davies 905 Reviewing latest draft Amendment Agreement with Luminus; emails re same. 0:24 362.00

28/08/2020 Christian Boney 905 Reviewing and commenting on U.K. implementation board update slides. 0:30 452.50

28/08/2020 David McKendrick- 795 Attending Valaris plc board meeting; taking minutes 0:30 397.50 Ness

28/08/2020 David McKendrick- 795 Reviewing draft board presentation circulated by Kirkland & Ellis team in relation to 0:18 238.50 Ness chapter 11 cases; e-mail to Kirkland & Ellis team re: draft board minutes

28/08/2020 David McKendrick- 795 Preparing for and attending call with Ed Couzens on UK implementation structure; 0:54 715.50 Ness call with Hywel Davies and Ian Johnson on tax analysis and scheme of arrangement; call with Christian Boney on scheme of arrangement

28/08/2020 Edward Couzens 660 Reviewing slide deck provided by Y. Salloum. 0:12 132.00

28/08/2020 Edward Couzens 660 Revising UK implementation slide deck and sending to Y. Salloum; call with H. 1:42 1,122.00 Davies and call with I. Johnson in relation to revised approach; emails in relation to the same. 28/08/2020 Hywel Davies 905 Discussion with Michael McGuinty re new holding company structure and follow-up 0:30 452.50 work on same. Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 96 of 121

28/08/2020 Hywel Davies 905 Preparing for and attending call with Michael McGuinty re UK implementation; follow 1:12 1,086.00 up emails and calls internally to discuss same and UK implementation materials for Board. 28/08/2020 Hywel Davies 905 Emails and board call re Amendment Agreement with Luminus and resignation of 1:00 905.00 Luminus appointed director, including review of final changes to agreement.

29/08/2020 David McKendrick- 795 Drafting minutes relating to Valaris plc board meeting held on 28 August; circulating 0:30 397.50 Ness to internal team for review

29/08/2020 David McKendrick- 795 Drafting slides analysing shareholder scheme of arrangement, implementation 1:54 1,510.50 Ness steps, key risks, timetable; updating draft steps plan.

29/08/2020 David McKendrick- 795 Reviewing and updating draft minutes in response to comments from Kirkland & 0:24 318.00 Ness Ellis team; e-mail to Hywel Davies and Ian Johnson re corporate authorisations.

29/08/2020 Edward Couzens 660 Revising slide deck to reflect comments from H. Davies and I. Johnson; circulating 1:18 858.00 to K&E.

29/08/2020 Hywel Davies 905 Reviewing updated UK implementation materials and comment, emails re same. 0:48 724.00

30/08/2020 Edward Couzens 660 Reviewing Audit Committee slide deck and providing comments to Y. Salloum; 1:18 858.00 revising UK implementation slide deck and circulating to H. Davies.

30/08/2020 Hywel Davies 905 Considering UK implementation issues and email re same. 0:24 362.00

31/08/2020 David McKendrick- 795 Amending and updating draft minutes for June, July and August board and 2:24 1,908.00 Ness committee meetings further to comments received from Valaris and discussing the foregoing internally and with Kirkland & Ellis LLP.

31/08/2020 Edward Couzens 660 Revising UK implementation slide deck and providing revised version to H. Davies 1:30 990.00 before circulating to M. McGuinty and D. Vukadin.

31/08/2020 Hywel Davies 905 Emails re DIP. 0:06 90.50 Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 97 of 121

31/08/2020 Hywel Davies 905 Emails re accession to RSA. 0:12 181.00

31/08/2020 Hywel Davies 905 Discussion re standing call. 0:06 90.50

31/08/2020 William Seal 660 Reviewing updated board minutes. 0:54 594.00

01/09/2020 Christian Boney 905 Considering and responding to client queries re future AGM requirements. 1:00 905.00

01/09/2020 David McKendrick- 795 Reviewing draft analysis of parent company incorporation options including tax 0:24 318.00 Ness analysis circulated by Deloitte team and legal analysis prepared by Slaughter and May and Gibson Dunn for Valaris

01/09/2020 David McKendrick- 795 Preparing for and attending call with Valaris management to discuss parent 0:30 397.50 Ness company incorporation and choice of jurisdiction

01/09/2020 David McKendrick- 795 Reviewing proposed amendments to draft board minutes (28 August) circulated by 0:24 318.00 Ness Kirkland & Ellis and reviewing proposed amendments to draft board minutes (10 August) circulated by William Seal.

01/09/2020 David McKendrick- 795 Reviewing and updating draft board minutes from July and August 2020 following 0:36 477.00 Ness comments from Valaris legal team, responding to comments and summarising changes to drafts. 01/09/2020 Edward Couzens 660 Preparing for and attending call regarding parent company incorporation with 1:12 792.00 Company (T. Burke and others), Gibson Dunn and Slaughter and May.

01/09/2020 Hywel Davies 905 Emails re 2021 AGM and UK governance requirements in context of C11 process. 0:12 181.00

01/09/2020Hywel Davies 905 Call with Deloitte re UK implementation, prep and follow up; emails re same. 1:30 1,357.50

01/09/2020 Hywel Davies 905 Con call re holding company structure/ domicile; prep and follow up re same. 2:00 1,810.00 Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 98 of 121

01/09/2020 William Seal 660 Reviewing updated resolutions 0:42 462.00

02/09/2020 Christian Boney 905 Prep for and attending call with client to discuss future AGM requirements. 0:30 452.50

02/09/2020 Chaya Kupperman 285 Reviewing LPAs and AoAs of UK entities to determine whether any restrictions on 1:42 484.50 board and/or shareholder written resolutions

02/09/2020Edward Couzens 660 Emails with A. Short in relation to written resolutions for DIP. 0:12 132.00

02/09/2020 Hywel Davies 905 Emails re DIP. 0:06 90.50

02/09/2020 Hywel Davies 905 Consider UK implementation issues, emails re same. 0:30 452.50

02/09/2020 Hywel Davies 905 Emails re RSA joinder arrangements. 0:12 181.00

03/09/2020 Chaya Kupperman 285 Obtaining information on shareholder / limited partner interests for the UK entities 1:06 313.50 for purposes of determining which corporate authorisations will be required for entering security docs / guarantees.

03/09/2020 Hywel Davies 905 Review draft audit committee materials and emails re the same. 0:12 181.00

03/09/2020 Hywel Davies 905 Review draft board materials and emails re same. 0:24 362.00

03/09/2020 Hywel Davies 905 Call re jurisdiction of Topco, prep and follow up; emails with Gibson Dunn and 1:42 1,538.50 Michael McGuinty re the same.

03/09/2020 William Seal 660 Updating board minutes. 0:12 132.00 Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 99 of 121

04/09/2020 Christian Boney 905 Reviewing draft slides of non-tax considerations for TopCo jurisdiction of 0:48 724.00 incorporation and commenting.

04/09/2020 David McKendrick- 795 Reviewing and marking up draft presentation for Valaris management relating to non- 0:36 477.00 Ness tax and legal considerations relating to place of jurisdiction for top company and discussing comments with Aleezeh Liaqat.

04/09/2020 Edward Couzens 660 Drafting email to J. Fedell in relation to directors and officers queries. 0:48 528.00

04/09/2020 Edward Couzens 660 Reviewing query from N. White regarding account filing obligations and providing 0:42 462.00 advice.

04/09/2020 Edward Couzens 660 Emails with Y. Salloum, L. West, I. Johnson and others in relation to revised board 1:42 1,122.00 deck; circulating comments and revised version.

04/09/2020 Hywel Davies 905 Board call, prep and follow up. 2:00 1,810.00

04/09/2020 Hywel Davies 905 Emails and review materials re Newco incorporation. 0:24 362.00

04/09/2020 Hywel Davies 905 Emails re impact of Chapter 11 on employee benefit trusts. 0:12 181.00

04/09/2020Ian Johnson 905 Preparing for and attending part of board meeting re: DIP proposals. 1:24 1,267.00

05/09/2020 Edward Couzens 660 Reviewing D. Vukadin comments on slide deck and circulating revised version. 0:18 198.00

05/09/2020 Hywel Davies 905 Emails re parties looking to sign joinder. 0:12 181.00

05/09/2020 Hywel Davies 905 Emails re choice of Newco jurisdiction. 0:12 181.00 Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 100 of 121

06/09/2020 Hywel Davies 905 Emails re Newco jurisdiction. 0:06 90.50

07/09/2020 David McKendrick- 795 Drafting minutes relating to 4 September board meeting (Valaris plc) and discussing 1:18 1,033.50 Ness with Ian Johnson.

07/09/2020 Edward Couzens 660 Reviewing revised deck from A. Lazar and analysing resolutions. 1:00 660.00

07/09/2020 Edward Couzens 660 Reviewing D. Vukadin amendments to board deck. 0:06 66.00

07/09/2020 Hywel Davies 905 Emails re joinders to RSA and backstop. 0:18 271.50

07/09/2020 Hywel Davies 905 Emails re UK implementation and Newco jurisdiction; review tax papers re same. 0:30 452.50

08/09/2020 Hywel Davies 905 Kick-off call with creditors committee and follow-up. 0:30 452.50

09/09/2020 Hywel Davies 905 Emails re RSA and backstop joinders. 0:24 362.00

09/09/2020 Hywel Davies 905 Emails re UK implementation and Newco jurisdiction. 0:24 362.00

09/09/2020 Hywel Davies 905 Emails and prep for Board and committee meetings. 0:30 452.50

09/09/2020 Iain Meiklejohn 285 Brief email by Alex Short. Reviewing board/shareholder resolutions for context per 0:42 199.50 instruction.

09/09/2020 Iain Meiklejohn 285 Preparing for and attending briefing call with Alex Short on K&E email. 0:42 199.50 Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 101 of 121

10/09/2020 David McKendrick- 795 Attending and taking minutes at Nominating, Governance and Sustainability (NGS), 3:30 2,782.50 Ness Audit and Compensation Committee meetings held on 10 September; reviewing materials and updating notes.

10/09/2020 David McKendrick- 795 Drafting minutes relating to Nominating, Governance and Sustainability (NGS), Audit 1:42 1,351.50 Ness and Compensation Committee meetings held on 10 September.

10/09/2020 Hywel Davies 905 Board call for general Phoenix update and discussion on UK implementation; review 2:00 1,810.00 materials and prep for same.

10/09/2020Hywel Davies 905 Audit committee meeting re Chapter 11 implications; prep and emails re same. 0:30 452.50

10/09/2020 Hywel Davies 905 Emails re RSA/ backstop joinders. 0:12 181.00

10/09/2020 Ian Johnson 905 Preparing for and attending board meeting and follow up briefing. 1:42 1,538.50

10/09/2020 Iain Meiklejohn 285 Email to Alex Short in respect of amended articles. Amending articles of various 4:00 1,140.00 entities, amending and formatting resolutions of various entities. Redlines of the same. Corresponding with Scots counsel and Akin re the same.

10/09/2020 William Seal 660 Attending board meeting. Drafting board minutes. 1:54 1,254.00

11/09/2020 Alex Cooper 510 Researching and drafting email on fiduciary duties. 2:00 1,020.00

11/09/2020 Hywel Davies 905 Emails re DIP credit agreement. 0:12 181.00

11/09/2020 Hywel Davies 905 Board call re tax residence and Newco incorporation; emails and prep re same. 1:00 905.00

11/09/2020 Nupur Upadhyay 795 Internal emails and calls regarding K&E Query on RCF Lender objection to board 0:30 397.50 decision making Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 102 of 121

11/09/2020William Seal 660 Attending board meeting for minute taking purposes. 5:30 3,630.00

12/09/2020 Alex Cooper 510 Continuing to research and draft email on fiduciary duties. 3:30 1,785.00

12/09/2020 Hywel Davies 905 Emails re DIP loan. 0:06 90.50

12/09/2020 Nupur Upadhyay 795 Review and consideration of K&E query regarding RCF Lender objection re Board 2:30 1,987.50 conflicts/impermissible reasons

13/09/2020 Hywel Davies 905 Emails re UCC meeting. 0:06 90.50

13/09/2020 Hywel Davies 905 Emails re RSA ad backstop joinder. 0:06 90.50

13/09/2020 Nupur Upadhyay 795 Note to respond to K&E queries about Board decision making to respond to RCF 1:00 795.00 Lender objection and circulation of note to Internal team, including call with David McKendrick-Ness. 14/09/2020 Alex Cooper 510 Reviewing board minutes and materials given to board to determine considerations 0:36 306.00 by the board in entering bondholder proposal.

14/09/2020 Alex Cooper 510 Preparing for and attending call with I Johnson, J Stacey, P Wickham and N 0:24 204.00 Upadhyay to discuss directors' duties.

14/09/2020 David McKendrick- 795 Preparing for and attending call with Nupur Upadhyay to discuss board process in 0:24 318.00 Ness connection with DIP and bondholder RSA.

14/09/2020 David McKendrick- 795 Updating draft audit committee minutes to reflect comments from chairman relating 0:18 238.50 Ness to conversations held in executive session.

14/09/2020 Hywel Davies 905 Emails re RSA joiners. 0:12 181.00

14/09/2020 Hywel Davies 905 Emails and slides re UCC presentation. 0:18 271.50 Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 103 of 121

14/09/2020 Hywel Davies 905 Update from weekly call. 0:12 181.00

14/09/2020 Nupur Upadhyay 795 Preparing for and attending internal team call and discussion regarding RCF Lender 0:36 477.00 objection arguments.

14/09/2020 Nupur Upadhyay 795 Review Board meeting minutes and Articles to consider evidence available and 0:36 477.00 strength of RCF Lender arguments.

15/09/2020 Alex Cooper 510 Research on s.177 CA 2006 duties. Discussed findings and reviewed response to 1:48 918.00 query from Kirkland & Ellis.

15/09/2020 Hywel Davies 905 Emails re DIP loan. 0:06 90.50

15/09/2020Hywel Davies 905 Emails re UK administration role and process. 0:06 90.50

15/09/2020 Nupur Upadhyay 795 Working on response to K&Es query regarding how an English court is likely to deal 2:00 1,590.00 with a conflict of interest issue in Board decision making.

15/09/2020 Nupur Upadhyay 795 Review objection. 0:30 397.50

16/09/2020 Hywel Davies 905 Emails re DIP. 0:06 90.50

16/09/2020 Iain Meiklejohn 285 Email to Alex Short re Scottish counsel queries. Reviewing collateral/assets 0:18 85.50 spreadsheet for answers.

16/09/2020 Iain Meiklejohn 285 Updating UK deliverables checklist based on new information about UK documents 0:54 256.50 to be entered into.

16/09/2020 Iain Meiklejohn 285 Reviewing Swiss quotaholder resolutions by UK entities shared by K&E. Sending our 0:36 171.00 comments to K&E by email.

16/09/2020 Nupur Upadhyay 795 Call with Ian, revising email bullets to K&E and sending regarding fiduciary duty 0:30 397.50 analysis. Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 104 of 121

17/09/2020 Iain Meiklejohn 285 Updating UK deliverables checklist in respect of DIP documents and continuing to 2:12 627.00 work on UK signature packet re same.

17/09/2020 William Seal 660 Drafting board minutes for 10-11 September board meeting. 3:30 2,310.00

18/09/2020 Hywel Davies 905 Emails re RSA joinders. 0:06 90.50

18/09/2020 Hywel Davies 905 Emails re DIP. 0:12 181.00

18/09/2020 Iain Meiklejohn 285 Email to Bea Posada re instructing entity. Draft email to R Withycombe-Taperell. 0:36 171.00

20/09/2020 Hywel Davies 905 Emails re special committee meeting. 0:06 90.50

21/09/2020 Christian Boney 905 Prep for and attending Special Committee call. 0:30 452.50

21/09/2020 Di Yu 795 Preparing for and attending internal briefing meeting on equity warrant and 3:00 2,385.00 corporate structuring issues.

21/09/2020 Hywel Davies 905 Emails re special committee meeting. 0:12 181.00

21/09/2020 Hywel Davies 905 Emails re UCC. 0:06 90.50

21/09/2020 Hywel Davies 905 Emails re newco incorporation and tax residence. 0:12 181.00

21/09/2020 Hywel Davies 905 Emails re changes to committee structure and charters. 0:12 181.00

21/09/2020 Hywel Davies 905 Emails re joinders to RSA. 0:06 90.50 Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 105 of 121

21/09/2020Ian Johnson 905 Follow on call re: deposition prep with Tom Burke 0:24 362.00

21/09/2020 Ian Johnson 905 Discussion of duties issues and deposition prep with Tom Burke 0:48 724.00

22/09/2020 Colm Kinsella 795 Review of emails and instructions in respect of amendments to Board Minutes, 0:36 477.00 resolutions and Charter of Special Committee in respect of dissolution of two Board Committees and appointment of a director to one of the Committees and amendment and restatement of Charter as a result.

22/09/2020 Colm Kinsella 795 Call with Christian Boney and emails to trainee re (and considering scope of) 0:30 397.50 instructions for amendments to Board Minutes, resolutions and Charter of Special Committee in respect of dissolution of two Board Committees and appointment of a director to one of the Committees and amendment and restatement of Charter as a result.

22/09/2020 Josh Fennell 285 Precedent Search for board minutes / resolutions on file that resolve to dissolve a 2:00 570.00 board committee; Email to C Kinsella re: precedent search for board minutes / resolutions; Reviewed Valaris plc website to obtain the charters of Valaris' audit, finance & NG&S committees; Email to C Kinsella attaching audit, finance and NG&S committee charters; Email to C Kinsella re: draft resolutions for the dissolution of Valaris' Shareholder Engagement Committee and Finance Committee.

22/09/2020William Seal 660 Updating board minutes for 10-11 September meeting. 0:18 198.00

23/09/2020 Colm Kinsella 795 Emails re instructions for drafting of minutes and resolutions to trainee. 0:12 159.00

23/09/2020 Hywel Davies 905 Emails re contract reviews. 0:12 181.00

23/09/2020 Josh Fennell 285 Drafted board minutes and resolutions for the dissolution of the shareholder 3:24 969.00 engagement committee and the finance committee of the Valaris board; Drafted board minutes and resolutions for the amendment and restatement of the Special Committee Charter; and Drafted board minutes and resolutions for the appointment of Georges J. Lambert to the Special Committee. Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 106 of 121

23/09/2020 Josh Fennell 285 Reviewed the charter of the Finance Committee of the Valaris board to identify the 1:00 285.00 key responsibilities that are to be assumed by the Special Committee upon its dissolution; Reviewed the charter of the Special Committee of the Valaris board; and Amended the charter of the Special Committee of the Valaris board to include the key responsibilities of the Finance Committee.

24/09/2020 Colm Kinsella 795 Drafting and making amendments to Board Minutes, resolutions and Charter of 2:48 2,226.00 Special Committee in respect of dissolution of two Board Committees and appointment of a director to one of the Committees and amendment and restatement of Charter as a result.

24/09/2020 Colm Kinsella 795 Review of Committee minutes of Board of Plc to consider the amendments 2:00 1,590.00 necessary to updated Special Committee Charter. Initial review of Board Minutes, resolutions and Charter of Special Committee that was prepared by trainee in respect of dissolution of two Board Committees and appointment of a director to one of the Committees and amendment and restatement of Charter as a result.

25/09/2020 Colm Kinsella 795 Final drafting and making amendments to Board Minutes, resolutions and Charter of 2:42 2,146.50 Special Committee in respect of dissolution of two Board Committees and appointment of a director to one of the Committees and amendment and restatement of Charter as a result.

25/09/2020 Colm Kinsella 795 Drafting email to Christian Boney setting out scope and context of work in respect of 0:12 159.00 drafting Board Minutes, resolutions and Charter of Special Committee.

25/09/2020 Colm Kinsella 795 Continued review of Board Minutes, resolutions and Charter of Special Committee 1:30 1,192.50 that was prepared by trainee in respect of dissolution of two Board Committees and appointment of a director to one of the Committees and amendment and restatement of Charter as a result.

25/09/2020 David McKendrick- 795 Attending Valaris plc board meeting; drafting board minutes. 1:06 874.50 Ness

25/09/2020 Hywel Davies 905 Emails re DIP closing and DIP hearing. 0:12 181.00

25/09/2020 Hywel Davies 905 Board update call, emails and follow up re same. 0:42 633.50 Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 107 of 121

25/09/2020 Ian Johnson 905 Preparing for and attending board update call. 0:24 362.00

25/09/2020 Josh Fennell 285 Email to C Kinsella; Reviewing C Kinsella's comments on draft resolutions re 0:24 114.00 dissolution of Shareholder Engagement Committee / Finance Committee; and Commented on draft resolutions re dissolution of Shareholder Engagement Committee /Finance Committee.

27/09/2020 Hywel Davies 905 Emails re Topco jurisdiction. 0:06 90.50

28/09/2020 Christian Boney 905 Reviewing changes to draft charters and resolutions and commenting. 0:42 633.50

28/09/2020 Colm Kinsella 795 Drafting final changes and amendments to Special Committee Charter and Board 1:36 1,272.00 minutes / resolutions. Considering relevant precedents to use for resolution language. Revising wording in Charter and Minutes per comments from Christian Boney

28/09/2020 Colm Kinsella 795 Comprehensive email to client in respect of changes and amendments to Special 0:30 397.50 Committee Charter and Board minutes / resolutions.

28/09/2020 Edward Couzens 660 Reviewing comments on directors and officers analysis from CAC Specialty 0:24 264.00 (Insurance Broker) and K&E; commencing further analysis of interaction with UK process. 28/09/2020 Hywel Davies 905 Emails re Topco incorporation. 0:06 90.50

28/09/2020 Hywel Davies 905 Review Deloitte tax paper on UK implementation options. 0:18 271.50

29/09/2020Christian Boney 905 Prep for and call with K&E to discuss Plan document. 1:00 905.00

29/09/2020 Christian Boney 905 Briefing J Rose on HoldCo incorporation analysis. 0:30 452.50

29/09/2020 Julian Ried 795 Preparing table comparing possible places of incorporation and populating 3:48 3,021.00 information relating to England and Wales. Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 108 of 121

29/09/2020 Julian Ried 795 Reviewing documents prepared by Gibson Dunn and Slaughter and May on new 0:48 636.00 holdco incorporation.

29/09/2020 Julian Ried 795 Corresponding with Irish, Jersey, Cayman Islands and Bermuda counsel regarding 1:36 1,272.00 jurisdictional analysis.

30/09/2020 Alex Cooper 510 Reviewed communications to shareholder call centre. 0:18 153.00

30/09/2020 Christian Boney 905 Reviewing comments to Plan document. 0:18 271.50

30/09/2020 Julian Ried 795 Responding to queries from and liaising with foreign counsel regarding the new 0:36 477.00 holdco jurisdiction analysis.

30/09/2020 Julian Ried 795 Populating information relating to new holdco incorporation in England and Wales in 2:48 2,226.00 jurisdictional analysis table.

155:06 111,653.00

Task code: ZK10 - Fee applications Date Worked Fee-earner name Hourly Rate Narrative Time Worked Agreed Rate Value - (£) Band 1 (£)

19/08/2020 Beatriz Posada 510 Retention application: revising application to reflect updates on deal; reviewing 3:36 1,836.00 updated list of parties in interest to determine scope of additional searches; internal emails relating to conflict searches; emails to K&E relating to the same.

20/08/2020 Beatriz Posada 510 Retention application: emails to K&E team regarding dates; internal discussions 0:42 357.00 regarding conflict checks.

21/08/2020Beatriz Posada 510 Retention application: internal emails. 0:24 204.00

22/08/2020 Beatriz Posada 510 Retention application: reviewing and making amendments; sending update email to 1:18 663.00 internal team. Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 109 of 121

24/08/2020 Edward Couzens 660 Revising retention application in response to comments from N. Hafen (K&E). 1:54 1,254.00

24/08/2020 Edward Couzens 660 Reviewing conflict parties and cross-checking list in detail. 2:36 1,716.00

24/08/2020Ian Johnson 905 Reviewing and emails re: retention application. 0:42 633.50

25/08/2020 Edward Couzens 660 Revising retention application following N. Hafen comments. 1:42 1,122.00

25/08/2020 Edward Couzens 660 Emails in relation to retention application; reviewing application and additional 2:06 1,386.00 queries to N. Hafen.

25/08/2020 Ian Johnson 905 Review of retention application and discussion with E Couzens. 1:06 995.50

01/09/2020 Edward Couzens 660 Revising retention application and reviewing comments from N. Hafen. 0:30 330.00

03/09/2020 Edward Couzens 660 Reviewing revised retention application and emails relating to the same. 0:24 264.00

07/09/2020 Edward Couzens 660 Emails with E. Dawson and N. Hafen in relation to retention application. 0:24 264.00

08/09/2020 Edward Couzens 660 Finalising retention application and emails with I. Johnson and N. Hafen. 0:18 198.00

08/09/2020 Beatriz Posada 510 Retention application: review of parties in interest list and precedent retention 0:18 153.00 application. Email to Slaughter and May compliance team relating to the same.

10/09/2020 Beatriz Posada 510 Retention application: reviewing K&E's amendments; responding to K&E; liaising 0:24 204.00 with compliance team re. additional parties in interest.

11/09/2020 Beatriz Posada 510 Retention application: internal emails and email to K&E team re. additional parties in 0:12 102.00 interest. Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 110 of 121

14/09/2020 Beatriz Posada 510 Retention application: review of K&E's updates to final retention application. 0:12 102.00

22/09/2020 Beatriz Posada 510 Email to K&E with query relating to fee applications; email to internal team to 0:12 102.00 discuss briefing call on approach to preparing fee applications.

24/09/2020 Beatriz Posada 510 Review of payments motion and internal call to discuss approach to preparing fee 0:36 306.00 applications.

24/09/2020 Ian Johnson 905 Preparing for and attending call re: fee application 0:36 543.00

25/09/2020Beatriz Posada 510 Email to K&E with queries on Chapter 11 fee application process. 0:18 153.00

20:30 12,888.00

Grand Totals (Slaughter and May London Office)

Date Worked Fee-earner name Hourly Rate Narrative Time Worked Agreed Rate Value - (£) Band 1 (£) 1293:30 836,841.00 Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 111 of 121

Exhibit C(2) Detailed Description of Fees - Slaughter and May Hong Kong Office 19/08/2020 - 30/09/2020

Task code: ZA10 – Deal documentation and implementation: Date Worked Fee-earner name Hourly Rate Narrative Time Worked Agreed Rate Value - (£) Band 1 (£)

24/08/2020 Peter Brien 905.00 Reviewing draft opinion. 0:18 271.50

28/08/2020 Ariad Porat 795.00 Drafting guaranty. 1:00 795.00

28/08/2020 Peter Brien 905.00 Updates from Kirkland & Ellis and reviewing and discussing transaction documents. 0:24 362.00

31/08/2020 Adrienne Yeung 795.00 Considering steps and requirements from the Hong Kong law perspective in order 1:00 795.00 for Atwood Offshore Drilling Limited to create/perfect a floating charge in response to Kirkland & Ellis' query. 31/08/2020 Ariad Porat 795.00 Progressing legal opinion and floating charge and correspondence and internal 3:30 2,782.50 discussions in connection therewith.

31/08/2020 Peter Brien 905.00 Discussing with Ariad Porat regarding Chapter 11 filing of the HK company and draft 0:24 362.00 opinion.

01/09/2020 Adrienne Yeung 795.00 Considering steps and requirements from the Hong Kong law perspective in order 1:30 1,192.50 for Atwood Offshore Drilling Limited to create/perfect a floating charge in response to Kirkland & Ellis' query; checking board resolutions authorise the Company to take such steps. 02/09/2020 Adrienne Yeung 795.00 Reading drafts of credit agreement and US security agreement received from 2:48 2,226.00 Kirkland & Ellis to understand and consider transaction structure proposed with respect to Atwood Offshore Drilling Limited 02/09/2020 Adrienne Yeung 795.00 Preparing draft response in respect of the necessary steps and requirements from 0:24 318.00 the Hong Kong law perspective in order for Atwood Offshore Drilling Limited to create/perfect a floating charge; check Hong Kong company search for whether Atwood Offshore Drilling Limited has registered any registrable charges. Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 112 of 121

02/09/2020 Ariad Porat 795.00 Progressing legal opinion; reviewing transaction documents. 2:30 1,987.50

02/09/2020 Peter Brien 905.00 Reviewing emails and transaction documents. 0:18 271.50

03/09/2020 Adrienne Yeung 795.00 Considering available IP searches; liaising with search clerk on IP searches to 1:12 954.00 check what IP is owned under the owner name Atwood Offshore Drilling Limited; revising draft response in respect of the necessary steps and requirements from the Hong Kong law perspective in order for Atwood Offshore Drilling Limited to create/perfect a floating charge to mention the IP searches which have been checked

03/09/2020 Ariad Porat 795.00 Revising legal opinion; signing instructions; security perfection requirements; 3:48 3,021.00 internal correspondence and discussions and emailing Kirkland & Ellis in connection therewith. 03/09/2020 Michael Ringer 795.00 Progressing HK company debenture and IP rights/registration requirements with 0:18 238.50 Adrienne Yeung.

04/09/2020 Adrienne Yeung 795.00 Considering the proposal for two floating charges to be granted by Atwood Offshore 0:30 397.50 Drilling Limited.

04/09/2020 Peter Brien 905.00 Reviewing emails and transaction documents. 0:12 181.00

07/09/2020 Peter Brien 905.00 Reviewing emails and transaction documents. 0:12 181.00

08/09/2020 Adrienne Yeung 795.00 Preparing Form NM1 (registration of charge in respect of the all assets debenture to 3:36 2,862.00 be granted by Atwood Offshore Drilling Limited under the Security Agreement) to be filed with the Companies Registry. Considering precedent Companies Registry filings and preparing draft email setting out the steps for preparing the Form NM1 and accompanying materials required to be filed.

08/09/2020 Ariad Porat 795.00 Circulating and updating opinion and correspondence in connection therewith. 1:12 954.00

08/09/2020 Michael Ringer 795.00 Progressing HK company security documents with Adrienne Yeung. 0:30 397.50 Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 113 of 121

08/09/2020 Peter Brien 905.00 Reviewing emails and transaction documents. 0:18 271.50

09/09/2020 Adrienne Yeung 795.00 Considering registration requirements of all assets debenture under Hong Kong law 3:42 2,941.50 and suggestion for two debentures to be provided.

09/09/2020 Adrienne Yeung 795.00 Speaking with Companies Registry about the specific certification requirements for 0:36 477.00 the certified true copy of security document and preparing sample certification wording to be circulated.

09/09/2020 Ariad Porat 795.00 Updating signature pages and ancillary documents and correspondence. Discussing 3:30 2,782.50 with Kirkland & Ellis.

09/09/2020 Ariad Porat 795.00 Changes to legal opinion and correspondence with Kirkland & Ellis in connection 2:00 1,590.00 therewith.

09/09/2020 Michael Ringer 795.00 Progressing HK company debenture with Adrienne Yeung. 1:48 1,431.00

09/09/2020 Peter Brien 905.00 Reviewing revised draft opinion. 0:30 452.50

10/09/2020 Adrienne Yeung 795.00 Considering queries from Akin Gump relating to bank account, drafting of pledge 0:54 715.50 and request for other documents.

10/09/2020 Ariad Porat 795.00 Progressing power of attorney and vessel mortgage; changes to signature pages; 3:30 2,782.50 emails from Kirkland & Ellis and Akin Gump and additional queries and internal discussion with regard thereto.

10/09/2020 Michael Ringer 795.00 Progressing Vessel Mortgage and power of attorney with Ariad Porat. 0:24 318.00

10/09/2020 Peter Brien 905.00 Discussing with Ariad Porat regarding power of attorney and vessel mortgage. 0:30 452.50

11/09/2020 Ariad Porat 795.00 Progressing HK deliverables checklist; correspondence with Kirkland & Ellis and 3:30 2,782.50 with Akin Gump; circulation of the documents to Akin Gump. Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 114 of 121

11/09/2020 Peter Brien 905.00 Reviewing revised transaction documents. 0:30 452.50

12/09/2020 Ariad Porat 795.00 Correspondence and replying to questions from Kirkland & Ellis. 1:00 795.00

14/09/2020 Ariad Porat 795.00 Reviewing signature pages. 0:18 238.50

15/09/2020 Ariad Porat 795.00 Comments from Akin Gump on legal opinion; registers. 2:00 1,590.00

16/09/2020 Adrienne Yeung 795.00 Preparing and reviewing Form NM1 (registration of charge in respect of the all 0:24 318.00 assets debenture to be granted by Atwood Offshore Drilling Limited under the Security Agreement) against Companies Registry registration requirements.

16/09/2020 Ariad Porat 795.00 Progressing registers and documents checklist; correspondence with Kirkland & 1:42 1,351.50 Ellis and Akin Gump.

16/09/2020 Peter Brien 905.00 Reviewing revised draft opinion; reviewing emails and revised transaction 1:00 905.00 documents; discussion with Ariad Porat.

17/09/2020 Ariad Porat 795.00 Correspondence with Kirkland & Ellis and Akin Gump and circulation of our 1:30 1,192.50 comments.

17/09/2020 Peter Brien 905.00 Reviewing emails and revised transaction documents. 1:00 905.00

18/09/2020 Ariad Porat 795.00 Correspondence with Kirkland & Ellis regarding execution; comments from Akin 0:30 397.50 Gump.

19/09/2020 Ariad Porat 795.00 Revising signing instructions; comments from Akin Gump and related 1:30 1,192.50 correspondence; correspondence with Kirkland & Ellis.

20/09/2020 Ariad Porat 795.00 Correspondence with Kirkland & Ellis regarding signing instructions. 0:18 238.50

21/09/2020 Adrienne Yeung 795.00 Considering revised draft of Security Agreement received from Kirkland & Ellis; 2:24 1,908.00 preparing draft wording to Kirkland & Ellis reiterating the filing requirements under Hong Kong law and necessary steps to be taken. Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 115 of 121

21/09/2020 Ariad Porat 795.00 Revising legal opinion; discussion regarding certification of documents. 1:42 1,351.50

21/09/2020 Ariad Porat 795.00 Revising security agreement and guaranty; signing instructions and internal 4:00 3,180.00 discussions and correspondence, and with Kirkland & Ellis and London, in connection therewith. 21/09/2020 Michael Ringer 795.00 Progressing HK legal opinion and HK company security documents with Adrienne 0:24 318.00 Yeung and Ariad Porat.

22/09/2020 Adrienne Yeung 795.00 Speaking to Companies Registry about and considering certified copies requirement 1:06 874.50 for the purposes of making the filing.

22/09/2020 Ariad Porat 795.00 Revising legal opinion. 2:00 1,590.00

22/09/2020 Ariad Porat 795.00 Correspondence and discussions regarding addendum to the Security Agreement. 3:48 3,021.00

22/09/2020 Ariad Porat 795.00 Revising rider to the Security Agreement; signature block. 4:00 3,180.00

22/09/2020 Kenny Lai 285.00 Calling Hong Kong Companies Registry to check whether an agreement to be 0:18 85.50 registered can be redacted/any possible way to preserve confidentiality of the agreement as raised by Kirkland & Ellis.

22/09/2020 Kenny Lai 285.00 Summarising enquiry with the Hong Kong Companies Registry. 0:12 57.00

22/09/2020 Kenny Lai 285.00 Correspondence with Kitty Koo in relation to confidentiality issue of an agreement to 0:12 57.00 be registered with the Hong Kong Companies Registry.

22/09/2020 Michael Ringer 795.00 Progressing HK legal opinion and HK company security documents with Ariad 1:24 1,113.00 Porat.

23/09/2020 Adrienne Yeung 795.00 Reviewing and amending team's draft signing instructions for guarantee, security 1:42 1,351.50 agreement and certificates.

23/09/2020 Ariad Porat 795.00 Finalisation of the documents; correspondence and calls with Kirkland & Ellis and 3:42 2,941.50 Akin Gump. Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 116 of 121

23/09/2020 Ariad Porat 795.00 Signing instructions and execution versions. 3:30 2,782.50

24/09/2020 Adrienne Yeung 795.00 Considering and liaising on the query from Kirkland & Ellis regarding the 0:42 556.50 requirement to file certified true copy of the security agreement with the Companies Registry. 24/09/2020 Ariad Porat 795.00 Checks and correspondence regarding HK filing. 1:48 1,431.00

24/09/2020 Ariad Porat 795.00 Finalisation of ancillary documents and circulation of signed ancillary documents 3:54 3,100.50 and compiling thereof.

24/09/2020 Ariad Porat 795.00 Discussions, comments and correspondence regarding HK rider. 2:42 2,146.50

24/09/2020 Kenny Lai 285.00 Summarising enquiry with the Hong Kong Companies Registry. 0:12 57.00

24/09/2020 Kenny Lai 285.00 Calling Hong Kong Companies Registry to check filing requirement (whether 0:24 114.00 possible to only file the body but not the schedules of an agreement).

24/09/2020 Kenny Lai 285.00 Researching and communicating with Kitty Koo as to whether viable to file an 0:24 114.00 abbreviated version of the security agreement (as raised by Kirkland & Ellis).

24/09/2020 Michael Ringer 795.00 Progressing HK company security documents with Ariad Porat. 0:18 238.50

25/09/2020 Adrienne Yeung 795.00 Drafting closing and post-closing deliverables wording to go into credit agreement; 2:36 2,067.00 checking Companies Ordinance; liaising with search clerk to rerun IP searches; progressing with Ariad Porat on next steps in respect of legal opinion and documents to be signed.

25/09/2020 Ariad Porat 795.00 Finalisation of the documents. 4:00 3,180.00

25/09/2020 Ariad Porat 795.00 Finalisation of the documents; internal discussion about status; legal opinion. 3:42 2,941.50

26/09/2020 Ariad Porat 795.00 Closing; correspondence and calls with Valaris, Kirkland & Ellis and Akin Gump. 3:00 2,385.00 Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 117 of 121

26/09/2020 Ariad Porat 795.00 Closing; correspondence and calls with Valaris and Kirkland & Ellis. 2:00 1,590.00

26/09/2020 Ariad Porat 795.00 Preparing signing instructions and circulation for execution. 1:00 795.00

28/09/2020 Adrienne Yeung 795.00 Reviewing and marking up draft assumption agreement and guaranty supplement. 3:06 2,464.50

28/09/2020 Adrienne Yeung 795.00 Reviewing and marking up legal opinion to take account of assumption agreement 2:30 1,987.50 being executed instead of the original security agreement.

28/09/2020 Ariad Porat 795.00 Internal discussion; joinders and legal opinion. 1:00 795.00

28/09/2020 Kenny Lai 285.00 Preparing signature pages for assumption agreement and joinder to guaranty 0:12 57.00 agreement.

28/09/2020 Kenny Lai 285.00 Double-checking whether Atwood Offshore Drilling Limited is a signatory to 0:18 85.50 security/guaranty agreement for Adrienne Yeung.

29/09/2020 Adrienne Yeung 795.00 Discussing legal opinion, guaranty supplement and assumption agreement with 0:54 715.50 Ariad Porat. Revising draft assumption agreement.

29/09/2020 Ariad Porat 795.00 Revising director's certificate, legal opinion and joinders and correspondence and 3:12 2,544.00 internal discussion in connection therewith.

30/09/2020 Adrienne Yeung 795.00 Discussing comments to legal opinion and assumption agreement with Ariad Porat. 0:24 318.00

30/09/2020 Ariad Porat 795.00 Correspondence with Kirkland & Ellis and Akin Gump regarding status; internal 2:00 1,590.00 discussions regarding execution of the opinion; comments on the opinion and Assumption Agreement and finalisation of the documents.

30/09/2020 Kenny Lai 285.00 Preparing signature page and pdf of execution version of the joinder to guaranty 0:24 114.00 agreement.

129:36 102,322.00 Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 118 of 121

Task code: ZI10 – Corporate matters, corporate governance, and board matters: Date Worked Fee-earner name Hourly Narrative Time Worked Agreed Rate Value - Billing Rate Band 1 (£) (£) 19/08/2020 Ariad Porat 795.00 Obtaining certificate of Continuing Registration and correspondence in connection 0:18 238.50 therewith.

21/08/2020 Peter Brien 905.00 Reviewing draft resolutions. 0:18 271.50

28/08/2020 Ariad Porat 795.00 Reviewing resolutions and legal opinion; company search. 2:00 1,590.00

28/08/2020 Kenny Lai 285.00 Considering email reply and latest documents from Lauren of Kirkland & Ellis. 0:12 57.00

28/08/2020 Kenny Lai 285.00 Revising and updating draft director's certificate (for Slaughter and May opinion), 1:30 427.50 board resolution and shareholder resolution.

28/08/2020 Michael Ringer 795.00 Progressing HK legal opinion with Ariad Porat. 0:48 636.00

31/08/2020 Ariad Porat 795.00 Reviewing resolutions and internal discussions in connection therewith; checks in 1:42 1,351.50 connection with the Chapter 11 filing of the HK company.

31/08/2020 Michael Ringer 795.00 Progressing HK legal opinion and HK company corporate authorisations with Ariad 0:42 556.50 Porat.

02/09/2020 Ariad Porat 795.00 Reviewing shareholder resolutions and director's certificate. 2:00 1,590.00

02/09/2020 Kenny Lai 285.00 Progressing and revising director's certificate with Ariad Porat. 0:42 199.50

02/09/2020 Michael Ringer 795.00 Progressing HK legal opinion and HK company corporate authorisations with Ariad 0:42 556.50 Porat. Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 119 of 121

07/09/2020 Michael Ringer 795.00 Progressing HK legal opinion with Ariad Porat. 0:18 238.50

08/09/2020 Ariad Porat 795.00 Circulating and updating shareholder resolution and director's certificate and 3:00 2,385.00 correspondence in connection therewith.

08/09/2020 Kenny Lai 285.00 Preparing director's certificate (for agent) and signature pages as requested by 0:54 256.50 Kirkland & Ellis. Checking draft director's certificate and shareholder resolution.

09/09/2020 Kenny Lai 285.00 Revising signature pack and signature pages per Kirkland & Ellis' comments. 0:42 199.50

10/09/2020 Kenny Lai 285.00 Tidying up signature pack, resolutions and director's certificate. 0:30 142.50

11/09/2020 Kenny Lai 285.00 Progressing and filling in HK deliverables table in Kirkland & Ellis' email with Ariad 0:24 114.00 Porat.

15/09/2020 Ariad Porat 795.00 Considering comments from Akin Gump on shareholder resolutions and director 2:12 1,749.00 certificate.

15/09/2020 Kenny Lai 285.00 Cross-checking registers of directors, members and charges with latest annual 0:30 142.50 return of Atwood Offshore Drilling Limited.

15/09/2020 Michael Ringer 795.00 Progressing HK legal opinion with Ariad Porat. 0:24 318.00

16/09/2020 Kenny Lai 285.00 Progressing and further updating HK deliverables checklist email to Kirkland & Ellis 0:36 171.00 with Ariad Porat.

16/09/2020 Kenny Lai 285.00 Tidying up table of HK deliverables (filling in status/cross-references to DIP credit 0:30 142.50 agreement) for Ariad Porat.

17/09/2020 Kenny Lai 285.00 Considering Akin Gump's comments and reply from Kirkland & Ellis in relation to 0:30 142.50 resolutions and director's certificate. Flagging minor issues to Ariad Porat (e.g. inaccurate name of register). Marking up minor comments to Akin Gump.

21/09/2020 Ariad Porat 795.00 Checking shareholder resolution requirements. 0:30 397.50 Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 120 of 121

22/09/2020 Ariad Porat 795.00 Revising shareholder resolutions. 1:12 954.00

23/09/2020 Kenny Lai 285.00 Locating latest versions of various documents (e.g. resolutions and director's 0:42 199.50 certificates) for execution. Preparing signing instruction email for Ariad Porat.

23/09/2020 Kenny Lai 285.00 Compiling and revising director's certificates and preparing final signing instruction 1:30 427.50 emails.

23/09/2020 Kenny Lai 285.00 Progressing with Ariad Porat in relation to signing instruction/logistics. 0:24 114.00

23/09/2020 Kenny Lai 285.00 Revising draft signing instruction email and signature pages. 0:42 199.50

24/09/2020 Kenny Lai 285.00 Inserting signature pages into resolutions and director's certificates. Final checking 0:42 199.50 of compiled versions.

24/09/2020 Kenny Lai 285.00 Communicating with Minnie Lee and checking winding-up search results. 0:18 85.50

24/09/2020 Kenny Lai 285.00 Further compiling and dating of director's certificates and resolutions. 0:12 57.00

25/09/2020 Kenny Lai 285.00 Dating director's certificate (for agent) after confirming with Kirkland & Ellis. 0:12 57.00

28/09/2020 Adrienne Yeung 795.00 Reviewing shareholder and board resolutions to check whether they cover 0:54 715.50 execution of the guaranty supplement and assumption agreement.

29/09/2020 Kenny Lai 285.00 Asking Annie Hui to refresh searches for Slaughter and May legal opinion. Revising 0:24 114.00 director's certificate to reflect joinder to guaranty agreement and assumption agreement. Internal correspondence.

29/09/2020 Kenny Lai 285.00 Preparing an undated version of the director's certificate, asking for authorisation to 0:12 57.00 re-date and append signed page.

29:18 17,053.50 Case 20-34114 Document 692 Filed in TXSB on 11/19/20 Page 121 of 121

Task code: ZE10 – Real Estate: Date Worked Fee-earner name Hourly Narrative Time Worked Agreed Rate Value - Billing Rate Band 1 (£) (£) 03/09/2020 Kenny Lai 285.00 Researching on whether a floating charge (which may cover property interest in 0:30 142.50 Hong Kong) can be registered at the Hong Kong Land Registry.

08/09/2020 Kenny Lai 285.00 Correspondence with Ariad Porat in relation to research result about registration of 0:12 57.00 floating charge at Hong Kong Land Registry.

15/09/2020 Sandra Wong 795.00 Considering query from Ariad Porat regarding adding a new assumption (no 0:42 556.50 property) in the draft opinion, considering opinion, drafting assumption and correspondence with Ariad Porat.

23/09/2020 Kenny Lai 285.00 Checking previous email from Kirkland & Ellis as to whether Atwood Offshore 0:24 114.00 Drilling Limited has property in Hong Kong.

1:48 870.00

Grand Totals (Slaughter and May Hong Kong Office) Time Worked Agreed Rate Value - Band 1 (£)

160:42 120,245.50

Grand Totals

Time Worked Agreed Rate Value - Band 1 (£)

1454.2 957,086.50