1 unchanged sentence
Market Information
−Removed: On April 30, 2021, pursuant to the plan of reorganization, the Company issued an aggregate of approximately 75.0 million Common Shares and 5.6 million Warrants and has listed the Common Shares and the Warrants on the NYSE under the symbols “VAL” and “VAL WS”, respectively.
+Added: On April 30, 2021, the Company issued an aggregate of approximately 75.0 million Common Shares and Warrants are traded on the NYSE under the symbols “VAL” and “VAL WS”, respectively.
Many of our shareholders hold shares electronically, all of which are owned by a nominee of the Depository Trust Company.
3 unchanged sentences
We have been designated by the Bermuda Monetary Authority as a non-resident for Bermuda exchange control purposes.
−Removed: This designation allows us to engage in transactions in currencies other than the Bermudian dollar, and there are no restrictions on our ability to transfer funds (other than funds denominated in Bermudian dollars) in and out of Bermuda or to pay dividends to United States residents who are holders of our Common Shares.
−Removed: At the present time, there is no Bermuda income or profits tax, withholding tax, capital gains tax, capital transfer tax, estate duty or inheritance tax payable by us or by our shareholders in respect of our shares.
+Added: This designation allows us to engage in transactions in currencies other than the Bermudian dollar, and there are no restrictions on our ability to transfer funds (other than funds denominated in Bermudian dollars) in and out of Bermuda or to pay dividends to U.S.
+Added: residents who are holders of our Common Shares.
+Added: For years ended December 31, 2024 and prior, there is no Bermuda income or profits tax, withholding tax, capital gains tax, capital transfer tax, estate duty or inheritance tax payable by us or by our shareholders in respect of our shares.
+Added: Bermuda enacted the Corporate Income Tax Act 2023 on December 27, 2023 (the “CIT Act”) which stipulates a tax on 15% of the net income of certain Bermuda constituent entities (as determined in accordance with the CIT Act, including after adjusting for any relevant foreign tax credits applicable to the Bermuda constituent entities).
+Added: No tax is chargeable under the CIT Act until tax years starting on or after January 1, 2025.
Equity Compensation Plans
2 unchanged sentences
Issuer Repurchases of Equity Securities
−Removed: In 2022, our board of directors authorized a share repurchase program under which we may purchase up to $100.0 million of our outstanding Common Shares.
−Removed: In April 2023, the board of directors authorized an increase of this amount to $300.0 million and in February 2024, they authorized a further increase to $600.0 million.
−Removed: The share repurchase program does not have a fixed expiration, may be modified, suspended or discontinued at any time and is subject to compliance with applicable covenants and restrictions under our financing agreements.
−Removed: The following table provides a summary of our repurchases of our equity securities during the quarter ended December 31, 2023 (in millions, except average price per share):
+Added: Our board of directors has authorized a share repurchase program (the "Share Repurchase Program") under which we may purchase up to $600.0 million of our outstanding Common Shares.
+Added: The Share Repurchase Program does not have a fixed expiration, may be modified, suspended or discontinued at any time and any repurchases made pursuant to the Share Repurchase Program are subject to compliance with applicable covenants and restrictions under our financing agreements.
+Added: The following table provides a summary of our repurchases of our equity securities during the quarter ended December 31, 2024:
Issuer Purchases of Equity Securities
Total Number of Securities Purchased Average Price Paid per Security Total Number of Securities Purchased as Part of Publicly Announced Plans or Programs Approximate Dollar Value of Securities that May Yet Be Purchased Under Plans or Programs
+Added: (in millions)
October 1 - October 31
6 unchanged sentences
Cumulative Total Shareholder Return
−Removed: The chart below presents a comparison of the cumulative total shareholder return, assuming $100 invested on May 3, 2021 (first trading date after our emergence from the Chapter 11 Cases) for Valaris Limited, the Standard & Poor's MidCap 400 Index and Dow Jones US Select Oil Equipment & Services Index (the "Industry Index").
+Added: The chart below presents a comparison of the cumulative total shareholder return, assuming $100 invested on May 3, 2021 (first trading date after our emergence from bankruptcy) for Valaris Limited, the Standard & Poor's MidCap 400 Index and Dow Jones US Select Oil Equipment & Services Index (the "Industry Index").
COMPARISON OF CUMULATIVE TOTAL RETURN (1)
Among Valaris Limited, the S&P MidCap 400 Index and Industry Index
−Removed: May 3, 2021 Fiscal Year Ended December 31,
+Added: May 3, 2021 Fiscal Years Ended December 31,
2021 2022 2023 2024
4 unchanged sentences
(1) Total return assuming reinvestment of dividends.
−Removed: Assumes $100 invested on May 3, 2021, which represents the first trading date after our emergence from the Chapter 11 Cases.
+Added: Assumes $100 invested on May 3, 2021, which represents the first trading date after our emergence from bankruptcy.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.