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Valaris Ltd. – ‘10-Q’ for 6/30/21 – ‘EX-10.8’

On:  Tuesday, 8/3/21, at 8:34am ET   ·   For:  6/30/21   ·   Accession #:  314808-21-78   ·   File #:  1-08097

Previous ‘10-Q’:  ‘10-Q’ on 4/28/21 for 3/31/21   ·   Next:  ‘10-Q’ on 11/2/21 for 9/30/21   ·   Latest:  ‘10-Q’ on 5/2/24 for 3/31/24   ·   5 References:   

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  As Of               Filer                 Filing    For·On·As Docs:Size

 8/03/21  Valaris Ltd.                      10-Q        6/30/21   92:14M

Quarterly Report   —   Form 10-Q

Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Quarterly Report                                    HTML   1.57M 
 2: EX-10.7     Material Contract                                   HTML     28K 
 3: EX-10.8     Material Contract                                   HTML     29K 
 4: EX-31.1     Certification -- §302 - SOA'02                      HTML     29K 
 5: EX-31.2     Certification -- §302 - SOA'02                      HTML     30K 
 6: EX-32.1     Certification -- §906 - SOA'02                      HTML     26K 
 7: EX-32.2     Certification -- §906 - SOA'02                      HTML     27K 
14: R1          Cover Page                                          HTML     82K 
15: R2          Condensed Consolidated Statements Of Operations     HTML    119K 
16: R3          Condensed Consolidated Statement Of Operations      HTML     27K 
                (Parenthetical)                                                  
17: R4          Condensed Consolidated Statements of Comprehensive  HTML     68K 
                (Loss) Income                                                    
18: R5          Condensed Consolidated Balance Sheets               HTML    147K 
19: R6          Condensed Consolidated Balance Sheets               HTML     40K 
                (Parenthetical)                                                  
20: R7          Condensed Consolidated Statements Of Cash Flows     HTML    112K 
21: R8          Unaudited Condensed Consolidated Financial          HTML     43K 
                Statements                                                       
22: R9          Chapter 11 Proceedings and Ability to Continue as   HTML    276K 
                a Going Concern                                                  
23: R10         Fresh Start Accounting                              HTML    276K 
24: R11         Revenue from Contracts with Customers               HTML     79K 
25: R12         Equity Method Investment In ARO Equity Method       HTML    119K 
                Investment In ARO                                                
26: R13         Fair Value Measurements                             HTML     92K 
27: R14         Property and Equipment                              HTML     46K 
28: R15         Pension and Other Postretirement Benefits           HTML     58K 
29: R16         Derivative Instruments                              HTML     56K 
30: R17         Earnings Per Share                                  HTML     32K 
31: R18         Debt                                                HTML     40K 
32: R19         Shareholders Equity (Notes)                         HTML    169K 
33: R20         Income Taxes                                        HTML     38K 
34: R21         Contingencies                                       HTML     32K 
35: R22         Segment Information                                 HTML    191K 
36: R23         Supplemental Financial Information                  HTML    160K 
37: R24         Unaudited Condensed Consolidated Financial          HTML     41K 
                Statements (Policies)                                            
38: R25         Chapter 11 Proceedings and Ability to Continue as   HTML     71K 
                a Going Concern (Tables)                                         
39: R26         Fresh Start Accounting (Tables)                     HTML    172K 
40: R27         Revenue from Contracts with Customers (Tables)      HTML     63K 
41: R28         Equity Method Investment In ARO (Tables)            HTML    108K 
42: R29         Fair Value Measurements (Tables)                    HTML     90K 
43: R30         Property and Equipment (Tables)                     HTML     35K 
44: R31         Pension and Other Postretirement Benefits (Tables)  HTML     53K 
45: R32         Derivative Instruments (Tables)                     HTML     52K 
46: R33         Shareholders Equity (Tables)                        HTML    165K 
47: R34         Segment Information (Tables)                        HTML    185K 
48: R35         Supplemental Financial Information (Tables)         HTML    173K 
49: R36         Chapter 11 Proceedings and Ability to Continue as   HTML    121K 
                a Going Concern - Narrative (Details)                            
50: R37         Chapter 11 Proceedings and Ability to Continue as   HTML     57K 
                a Going Concern - Schedule of Reorganization Items               
                (Details)                                                        
51: R38         Chapter 11 Proceedings and Ability to Continue as   HTML     85K 
                a Going Concern - Schedule of Liabilities Subject                
                to Compromise (Details)                                          
52: R39         Fresh Start Accounting - Narrative (Details)        HTML     36K 
53: R40         Fresh Start Accounting - Schedule of Enterprise     HTML     65K 
                Value (Details)                                                  
54: R41         Fresh Start Accounting - Condensed Balance Sheet    HTML    186K 
                (Details)                                                        
55: R42         Fresh Start Accounting - Schedule of Fresh Start    HTML    277K 
                Accounting Adjustments (Details)                                 
56: R43         Revenue from Contracts with Customers (Details)     HTML     42K 
57: R44         Revenue from Contracts with Customers Components    HTML     36K 
                of Contract Assets and Contract Liabilities                      
                (Details)                                                        
58: R45         Revenue from Contracts with Customers Schedule of   HTML     50K 
                Contract Assets and Liabilities (Details)                        
59: R46         Revenue from Contracts with Customers Future        HTML     49K 
                Amortization of Liabilities and Deferred Costs                   
                (Details)                                                        
60: R47         Equity Method Investment In ARO - Summarized        HTML    114K 
                Financial Data (Details)                                         
61: R48         Equity Method Investment in ARO - Schedule of       HTML     35K 
                Related Parties (Details)                                        
62: R49         Equity Method Investment In ARO Narrative           HTML     70K 
                (Details)                                                        
63: R50         Fair Value Measurements (Schedule Of Financial      HTML     37K 
                Assets And Liabilities Measured At Fair Value On A               
                Recurring Basis) (Details)                                       
64: R51         Fair Value Measurements (Schedule Of Carrying       HTML    148K 
                Values And Estimated Fair Values Of Debt                         
                Instruments) (Details)                                           
65: R52         Property and Equipment (Schedule of Property and    HTML     34K 
                Equipment) (Details)                                             
66: R53         Property and Equipment (Narratives) (Details)       HTML     50K 
67: R54         Pension and other Postretirement Benefits -         HTML     42K 
                Narrative (Schedule of Net Benefit Costs)                        
                (Details)                                                        
68: R55         Pension and Other Postretirement Benefits           HTML     33K 
                (Details)                                                        
69: R56         Derivative Instruments (Narrative) (Details)        HTML     29K 
70: R57         Derivative Instruments (Gains And Losses On         HTML     42K 
                Derivatives Designated As Cash Flow Hedges)                      
                (Details)                                                        
71: R58         Earnings Per Share (Narrative) (Details)            HTML     38K 
72: R59         Debt (Narrative) (Details)                          HTML     71K 
73: R60         Shareholders Equity Shareholders' Equity (Details)  HTML    114K 
74: R61         Shareholders Equity - Narrative (Details)           HTML     49K 
75: R62         Income Taxes (Narrative) (Details)                  HTML     51K 
76: R63         Contingencies (Narrative) (Details)                 HTML     39K 
77: R64         Segment Information (Narrative) (Details)           HTML     55K 
78: R65         Segment Information (Schedule Of Segment Reporting  HTML     90K 
                Information) (Details)                                           
79: R66         Segment Information (Schedule Of Geographic         HTML     64K 
                Distribution Of Rigs By Segment) (Details)                       
80: R67         Supplemental Financial Information (Accounts        HTML     41K 
                Receivable, Net) (Details)                                       
81: R68         Supplemental Financial Information (Other Current   HTML     39K 
                Assets) (Details)                                                
82: R69         Supplemental Financial Information (Other Assets,   HTML     38K 
                Net) (Details)                                                   
83: R70         Supplemental Financial Information (Accrued         HTML     38K 
                Liabilities) (Details)                                           
84: R71         Supplemental Financial Information (Other           HTML     38K 
                Liabilities) (Details)                                           
85: R72         Supplemental Financial Information (Accumulated     HTML     41K 
                Other Comprehensive Income) (Details)                            
86: R73         Supplemental Financial Information Schedule of      HTML     47K 
                Revenue by Major Customers, by Reporting Segments                
                (Details)                                                        
87: R74         Supplemental Financial Information Revenue from     HTML     71K 
                External Customers by Geographic Areas (Details)                 
88: R75         Supplemental Financial Information - Narrative      HTML     32K 
                (Details)                                                        
90: XML         IDEA XML File -- Filing Summary                      XML    169K 
13: XML         XBRL Instance -- val-20210630_htm                    XML   4.46M 
89: EXCEL       IDEA Workbook of Financial Reports                  XLSX    151K 
 9: EX-101.CAL  XBRL Calculations -- val-20210630_cal                XML    232K 
10: EX-101.DEF  XBRL Definitions -- val-20210630_def                 XML    972K 
11: EX-101.LAB  XBRL Labels -- val-20210630_lab                      XML   2.07M 
12: EX-101.PRE  XBRL Presentations -- val-20210630_pre               XML   1.29M 
 8: EX-101.SCH  XBRL Schema -- val-20210630                          XSD    263K 
91: JSON        XBRL Instance as JSON Data -- MetaLinks              475±   683K 
92: ZIP         XBRL Zipped Folder -- 0000314808-21-000078-xbrl      Zip    461K 


‘EX-10.8’   —   Material Contract


This Exhibit is an HTML Document rendered as filed.  [ Alternative Formats ]



 <!   C:   C: 
  Document  
        
AMENDMENT NO. 7 TO THE
ENSCO 2005 SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN
(As Amended and Restated Effective January 1, 2005)

    THIS AMENDMENT No. 7 is executed this 30th day of June 2021, and effective as 1 July 2021, by ENSCO International Incorporated, having its principal office in Houston, Texas (hereinafter referred to as the “Company”).
WITNESSETH:
WHEREAS, the Company sponsors the ENSCO 2005 Supplemental Executive Retirement Plan, as amended and restated effective January 1, 2005, and as further amended by Amendments No. 1 through 6 thereto (the “SERP”);
WHEREAS, the Compensation Committee of the Board of Directors of the Company’s parent, Valaris Limited, a Bermuda exempted company, approved this further amendment to the SERP on 10 June 2021; and
WHEREAS, the Company desires to adopt this Amendment No. 7 to the SERP in order to apply a quarterly interest credit to the frozen notional accounts under the SERP in an amount tied to the 10-year U.S. treasury rate.
NOW, THEREFORE, in consideration of the premises and the covenants herein contained, and in accordance with Section 10.1 of the SERP, the Company hereby adopts the following Amendment No. 6 to the SERP, effective as of 1 July 2021:

1.A new Section 4.8 is hereby added to the SERP to read as follows:

Effective for the period from 28 April 2021 through 1 July 2021, no amounts, including earnings or losses, shall be credited to any Participant’s Accounts. Commencing effective as of 1 July 2021, with the first such interest credit applied on September 30, 2021, each Participant’s Accounts shall be credited with the quarterly interest credits described in this Section 4.8. As of the last day of each quarter in each calendar year, and as of each distribution date with respect to a Participant in a calendar quarter, each Participant’s Accounts shall be credited with an interest equivalent based upon the rate of interest paid on ten-year United States treasury notes (as reflected in the United States Federal Reserve’s Statistical Release H.15, or any successor publication) in November of the immediately preceding calendar year and the balances in each Account as of the first day of such quarter.



[Signature page follows.]


        
IN WITNESS WHEREOF, the Company, acting by and through its duly authorized officers, has caused this Amendment No. 7 to the amendment and restatement of the ENSCO 2005 Supplemental Executive Retirement Plan to be executed on the date first above written.
 
ENSCO INTERNATIONAL INCORPORATED
By: Colleen Grable
Its: Vice President and Secretary




Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘10-Q’ Filing    Date    Other Filings
9/30/2110-Q
Filed on:8/3/218-K
For Period end:6/30/21
1/1/058-K
 List all Filings 


3 Subsequent Filings that Reference this Filing

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 2/22/24  Valaris Ltd.                      10-K       12/31/23  120:18M
 2/21/23  Valaris Ltd.                      10-K       12/31/22  125:22M
 2/22/22  Valaris Ltd.                      10-K       12/31/21  144:25M


2 Previous Filings that this Filing References

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 7/07/21  Valaris Ltd.                      S-1/A                 13:19M                                    Toppan Merrill/FA
 4/30/21  Valaris Ltd.                      8-K:1,2,3,5 4/30/21   20:4.4M                                   Toppan Merrill/FA
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Filing Submission 0000314808-21-000078   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

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