On January 24, 2020, Valaris plc announced that it has entered into a cooperation and support agreement with Luminus Management, LLC. The Company stated that pursuant to the agreement, the Company agreed that, Adam Weitzman, a representative of Luminus Management, will be appointed to the Board of Directors of the Company. The Company also agreed that the Board will nominate the Board appointee, Frederick Arnold and Georges Lambert for election as directors at the Company’s 2020 annual general meeting of shareholders. The Company stated that it would not nominate for election at the 2020 annual general meeting more than 11 director nominees, including each of Frederick Arnold and Georges Lambert. The Company added that in connection with Adam Weitzman’s appointment, the Company has entered into an agreement with Luminus Management under which Luminus Management has agreed, among other things, to maintain certain minimum ownership levels in order to retain its Board seat and to support the Company’s director slate at the 2020 annual general meeting of shareholders.