Oak Hill Advisors updates Valaris (VAL) stake to 5.91% in new 13D/A

Rhea-AI Filing Summary

Oak Hill Advisors, L.P. filed Amendment No. 3 to its Schedule 13D on Valaris Ltd, updating its ownership disclosure. The firm reports beneficial ownership of 4,095,067 Valaris common shares, representing 5.91% of the class, with shared voting and dispositive power over all of these shares and no sole power.

The ownership percentage is based on 69,251,780 shares outstanding as of May 13, 2026, as cited from Valaris’s preliminary proxy statement. An employee of Oak Hill Advisors also holds 5,358 unvested restricted stock units for the benefit of certain clients. Recent open-market transactions over the past 60 days are referenced in an attached schedule.

Key Figures

Beneficial ownership: 4,095,067 shares Ownership percentage: 5.91% Shares outstanding: 69,251,780 shares +3 more

6 metrics

Beneficial ownership 4,095,067 shares Valaris common shares beneficially owned by Oak Hill Advisors

Ownership percentage 5.91% Percent of Valaris common shares represented by Oak Hill Advisors’ stake

Shares outstanding 69,251,780 shares Valaris shares outstanding as of May 13, 2026, from preliminary proxy

Shared voting power 4,095,067 shares Shares over which Oak Hill Advisors has shared voting authority

Shared dispositive power 4,095,067 shares Shares over which Oak Hill Advisors has shared dispositive authority

Unvested RSUs 5,358 units Valaris restricted stock units held by an employee for OHA clients

Key Terms

beneficially owned, shared voting power, shared dispositive power, restricted stock units, +2 more

6 terms

beneficially owned financial

"for the aggregate number of Shares and percentages of the Shares beneficially owned by the Reporting Person."

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

shared voting power financial

"Shared Voting Power 4,095,067.00"

Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.

shared dispositive power financial

"Shared Dispositive Power 4,095,067.00"

restricted stock units financial

"holds 5,358 unvested restricted stock units for the benefit of certain clients of OHA."

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

Preliminary Proxy Statement regulatory

"as reported in the Issuer's Preliminary Proxy Statement on Schedule 14A, filed with the SEC on May 19, 2026."

A preliminary proxy statement is an advance draft of the information a company will send shareholders before a vote, outlining items like board elections, mergers, executive pay, and shareholder proposals. It matters to investors because it lays out what will be decided, management’s recommendations, and key facts that can affect a company’s direction and stock value — like receiving the agenda and background packet before a town-hall vote.

Schedule 13D regulatory

"The following constitutes Amendment No. 3 ("Amendment No. 3") to the filed with the Securities and Exchange Commission on June 25, 2021"

A Schedule 13D is a legal document that investors file with regulators when they buy a large enough stake in a company to potentially influence its management or decisions. It provides details about the investor’s intention, ownership stake, and plans, helping other investors understand who is gaining control and what their motives might be.

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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 3)

Valaris Ltd

(Name of Issuer)

Common Shares, $0.01 par value per share

(Title of Class of Securities)

G9460G101

(CUSIP Number)

William H. Bohnsack, Jr.
Oak Hill Advisors, L.P.,, One Vanderbilt Avenue - 16th Floor
New York, NY, 10017
(212) 884-0384

Adriana Schwartz
Seward & Kissel LLP, One Battery Park Plaza
New York, NY, 10004
212-574-1200

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

06/04/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): G9460G101

1

Name of reporting person

OAK HILL ADVISORS LP

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 4,095,067.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 4,095,067.00

11

Aggregate amount beneficially owned by each reporting person

4,095,067.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

5.91 %

14

Type of Reporting Person (See Instructions)

IA, PN

Comment for Type of Reporting Person:

As described in Item 6 of Amendment No. 2, Joseph Goldschmid, an employee of the Reporting Person, holds 5,358 unvested restricted stock units for the benefit of certain clients of OHA.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Shares, $0.01 par value per share
(b)	Name of Issuer: Valaris Ltd
(c)	Address of Issuer's Principal Executive Offices: CLARENDON HOUSE, 2 CHURCH STREET, HAMILTON, BERMUDA , HM 11.
Item 1 Comment: The following constitutes Amendment No. 3 ("Amendment No. 3") to the Schedule 13D filed with the Securities and Exchange Commission on June 25, 2021 (as amended, the "Schedule 13D"). This Amendment No. 3 amends and restates Items 5(a)-(c) of the Schedule 13D as set forth below. Capitalized terms used herein and not otherwise defined in this Amendment No. 3 have the meanings set forth in the Schedule 13D.
Item 5.	Interest in Securities of the Issuer
(a)	See rows (11) and (13) of the cover page to this Schedule 13D for the aggregate number of Shares and percentages of the Shares beneficially owned by the Reporting Person. The percentage used in this Schedule 13D is calculated based upon 69,251,780 Shares outstanding as of May 13, 2026, as reported in the Issuer's Preliminary Proxy Statement on Schedule 14A, filed with the SEC on May 19, 2026.
(b)	See rows (7) through (10) of the cover page to this Schedule 13D for the number of Shares as to which the Reporting Person has the sole or shared power to vote or direct the vote and sole or shared power to dispose or to direct the disposition.
(c)	The transactions in the Shares effected by the Reporting Person during the past sixty (60) days, which were all in the open market, are set forth on Schedule 1 attached hereto and incorporated by reference herein.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

OAK HILL ADVISORS LP

Signature:	/s/ William H. Bohnsack, Jr.
Name/Title:	William H. Bohnsack, Jr. Authorized Signatory
Date:	06/08/2026

FAQ

What percentage of Valaris (VAL) shares does Oak Hill Advisors report owning?

Oak Hill Advisors reports beneficial ownership of 5.91% of Valaris common shares. This is based on 4,095,067 shares compared with 69,251,780 shares outstanding as of May 13, 2026, according to Valaris’s preliminary proxy statement.

How many Valaris (VAL) shares does Oak Hill Advisors beneficially own in the latest Schedule 13D/A?

Oak Hill Advisors reports beneficial ownership of 4,095,067 Valaris common shares. All of these shares are subject to shared voting and shared dispositive power, with no sole authority reported over any shares in this amendment.

What is the share count Valaris (VAL) used to calculate Oak Hill Advisors’ 5.91% stake?

The 5.91% ownership figure is calculated using 69,251,780 Valaris shares outstanding as of May 13, 2026. This share count comes from Valaris’s preliminary proxy statement on Schedule 14A filed on May 19, 2026.

Does Oak Hill Advisors have sole or shared voting power over its Valaris (VAL) stake?

Oak Hill Advisors reports 0 shares with sole voting power and 4,095,067 shares with shared voting power. It similarly reports no sole dispositive power, but shared dispositive power over the same 4,095,067 Valaris common shares.

Are there any Valaris (VAL) restricted stock units associated with Oak Hill Advisors’ clients?

An Oak Hill Advisors employee, Joseph Goldschmid, holds 5,358 unvested restricted stock units in Valaris for the benefit of certain firm clients. This detail is noted alongside Oak Hill Advisors’ reported beneficial ownership in the Schedule 13D amendment.

What recent trading activity in Valaris (VAL) shares does Oak Hill Advisors disclose?

The amendment states that all transactions in Valaris shares over the past 60 days by Oak Hill Advisors were executed in the open market. Specific trade details are provided in an attached schedule referenced in the filing text.