Valaris Ltd. (NYSE:VAL) Q2 2022 Earnings Conference Call August 2, 2022 10:00 AM ET Company Participants Tim Richardson - Director of Investor Relations Anton Dibowitz - President & Chief Executive Officer Darin Gibbins - Vice President of Investor Relations & Treasurer Christopher Weber - Senior Vice President & Chief Financial Officer Conference Call Participants Greg Lewis - BTIG Fredrik Stene - Clarksons Platou Securities David Smith - Pickering Energy Partners Operator Good day and welcome to the Valar ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to__________ Commission File Number 1-8097 Valaris Limited (Exact name of registrant as specified in its charter) (State or other jurisdiction of in ...

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q1 2022 was negative $31 million compared to positive $3 million in the prior quarter, while adjusted EBITDAR was $31 million compared to $40 million in the prior quarter [41] - Revenues for Q1 2022 were $318 million, up from $306 million in the prior quarter, with revenues excluding reimbursable items increasing to $291 million from $283 million [41] - Contract drilling expense for Q1 2022 was $331 million compared to $286 million in the prior quarter, with reactivation costs increasing to $62 million from $37 million [42][43] Business Line Data and Key Metrics Changes - In the jackup segment, new contracts commenced for Valaris 249, 117, and 114, contributing to higher utilization [41] - The Other segment saw revenue increases primarily due to higher day rates for managed rigs, Mad Dog and Thunder Horse, which received contract extensions [41] - The floater segment experienced revenue declines mainly due to Valaris DPS 5 being out of service for a survey [42] Market Data and Key Metrics Changes - Demand for hydrocarbons is expected to exceed 2019 levels by early 2023, with offshore upstream CapEx projected to see double-digit growth over the next few years [12][14] - Active utilization for benign environment jack-ups has increased to approximately 85%, with pricing improving [19] - The company anticipates Brazil to be a significant driver of offshore demand, with Petrobras seeking to double production by 2030 [17][18] Company Strategy and Development Direction - The company aims to actively manage its fleet and contracting activities, having increased its contract backlog to over $2.4 billion from just over $1 billion at the beginning of 2021 [21] - The strategy includes reactivating high-quality stacked rigs for long-term contracts at attractive economics, while maintaining a disciplined approach to future reactivations [22][32] - The company plans to assess its fleet for retirement and divestiture candidates, acting opportunistically to divest assets if economically sensible [32][60] Management's Comments on Operating Environment and Future Outlook - Management noted that financial results are expected to improve significantly as reactivation projects are completed and rigs commence long-term contracts [32][56] - The company retains significant operational leverage to the improving market through its high-quality stacked fleet [32] - Management expressed confidence in capitalizing on opportunities during the industry upcycle, focusing on maximizing earnings and free cash flow [33][59] Other Important Information - The company reported a strong balance sheet with cash and cash equivalents of $578 million and only $550 million in senior secured notes due in 2028 [58] - ARO Drilling, a joint venture with Saudi Aramco, is expected to contribute significantly to the company's future earnings, with a backlog of approximately $1 billion [29][57] Q&A Session Summary Question: Regarding debt retirement and asset monetization - Management indicated that while there are reinvestment rights associated with the recent asset sale, there is a non-call period for the debt that ends in April next year, and they are focused on maintaining liquidity while exploring investment opportunities [64] Question: Interest from international oil companies (IOCs) in Brazil - Management noted strong interest from IOCs in Brazil, with Petrobras aiming to double production by 2030, which is expected to drive incremental demand for rigs [66]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to__________ Commission File Number 1-8097 Valaris Limited (Exact name of registrant as specified in its charter) Indicate by check mark whether th ...

Valaris Limited (NYSE:VAL) Q4 2021 Earnings Conference Call February 22, 2022 10:00 AM ET Company Participants Tim Richardson - Director, Investor Relations Anton Dibowitz - President and Chief Executive Officer Darin Gibbins - Interim Chief Financial Officer and Vice President, Investor Relations and Treasurer Conference Call Participants Greg Lewis - BTIG Fredrik Stene - Clarksons Operator Good day, everyone and welcome to Valaris’ Fourth Quarter 2021 Results Conference Call. As a reminder, this call is b ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 1-8097 Valaris Limited (Exact name of registrant as specified in its charter) Bermuda 98-1589854 (State or other jurisdiction of incorpor ...

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q3 2021 was $30 million, up from $17 million in the combined prior quarter, while adjusted EBITDAR increased to $49 million from $41 million [63] - Revenues for Q3 2021 reached $327 million compared to $293 million in the combined prior quarter, with revenues excluding reimbursable items increasing to $293 million from $261 million [63][64] - Contract drilling expense for Q3 2021 was $274 million, up from $254 million in the combined prior quarter [65] Business Line Data and Key Metrics Changes - The average day rate within the floater backlog increased by 25% year-to-date to $235,000 per day, with approximately 75% of the backlog added year-to-date coming from major and large international oil companies [28] - Valaris secured long-term contracts for four of its seven preservation stacked drillships, enhancing earnings visibility with 8 of 11 drillships currently or future contracted [23][27] Market Data and Key Metrics Changes - Spot Brent crude prices have recovered strongly in 2021, with two-year forward Brent crude prices currently around $70 per barrel, which is viewed as constructive for offshore project demand [13][14] - Demand for floaters is expected to increase at a compound annual growth rate of approximately 6% between 2021 and 2025, driven by exploration and development drilling [14] Company Strategy and Development Direction - The company focuses on maximizing earnings and driving meaningful free cash flow as the market recovers, with a disciplined approach to fleet management and contracting [48][49] - Valaris views ARO Drilling as an important strategic asset, with plans to build 20 jackups over the next decade, backed by long-term contracts with Saudi Aramco [36][39] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery in the offshore drilling market, citing increased contract awards and backlog, particularly for the floater fleet [51] - The company anticipates total revenues for Q4 2021 to be in the range of $310 million to $320 million, with a sequential decline primarily driven by the jackup fleet [74] Other Important Information - The company has a strong balance sheet with cash and cash equivalents of $621 million as of September 30, 2021, and only one tranche of debt due in 2028 [94][95] - Valaris has retired 18 rigs since the beginning of last year, representing more than 50% of its fleet since the downturn began [25] Q&A Session Summary Question: Recent reactivations and rate levels - Management highlighted that reactivation costs need to be justified and reimbursed by customers, with the average stacked period for their rigs being less than two years, making reactivations easier [104][105] Question: Future of ARO fleet - Management indicated that ARO is in discussions for lease extensions and expects the fleet to grow as Saudi Aramco increases its rig requirements [112][114] Question: Upgrades needed for idle rigs - It was noted that rigs entering Saudi Arabia typically require significant CapEx upgrades to meet Saudi Aramco's high operational standards [118]

FORM 10-Q Valaris Limited UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to__________ Commission File Number 1-8097 (Exact name of registrant as specified in its charter) (State or other jurisdiction ...

Valaris Ltd (NYSE:VAL) Q2 2021 Earnings Conference Call August 3, 2021 10:00 AM ET Company Participants Darin Gibbins - VP, IR & Treasurer Thomas Burke - President, CEO & Director Jonathan Baksht - EVP & CFO Tim Richardson - Director, IR Conference Call Participants Connor Lynagh - Morgan Stanley Gregory Lewis - BTIG Fredrik Stene - Clarksons Platou Operator Good day, everyone, and welcome to Valaris' Second Quarter 2021 Financial Results Conference Call. [Operator Instructions]. Please note, this event is ...

PART I FINANCIAL INFORMATION [Financial Statements](index=7&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS) Valaris Limited's unaudited condensed consolidated financial statements reflect fresh start accounting post-Chapter 11 emergence on April 30, 2021, presenting non-comparable Predecessor and Successor data [Condensed Consolidated Statements of Operations](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) The statements report a net loss of **$6.2 million** for the Successor period and significant Predecessor losses, including **$3.56 billion** primarily due to reorganization items Condensed Consolidated Statements of Operations (In millions) | | Successor | Predecessor | Predecessor | | :--- | :--- | :--- | :--- | | | **Two Months Ended June 30, 2021** | **One Month Ended April 30, 2021** | **Three Months Ended June 30, 2020** | | **OPERATING REVENUES** | $202.8 | $90.3 | $388.8 | | **OPERATING INCOME (LOSS)** | $9.6 | $(38.0) | $(1,019.2) | | Reorganization items, net | $(4.1) | $(3,532.4) | — | | **NET LOSS** | $(4.1) | $(3,556.2) | $(1,108.8) | | **NET LOSS ATTRIBUTABLE TO VALARIS** | $(6.2) | $(3,557.0) | $(1,107.4) | | **LOSS PER SHARE - BASIC AND DILUTED** | $(0.08) | $(17.81) | $(5.58) | [Condensed Consolidated Balance Sheet](index=12&type=section&id=Condensed%20Consolidated%20Balance%20Sheet) The Successor balance sheet as of June 30, 2021, reflects total assets of **$2.6 billion**, significantly reduced from the Predecessor's **$12.9 billion** due to fresh start accounting and a new capital structure Condensed Consolidated Balance Sheets (In millions) | | Successor (June 30, 2021) | Predecessor (December 31, 2020) | | :--- | :--- | :--- | | **Total current assets** | $1,217.7 | $1,172.9 | | **Property and equipment, net** | $897.8 | $10,960.5 | | **Total assets** | **$2,601.7** | **$12,873.2** | | **Total current liabilities** | $396.6 | $426.8 | | **Long-term debt** | $544.8 | — | | **Liabilities subject to compromise** | — | $7,313.7 | | **Total liabilities** | $1,511.2 | $8,502.9 | | **Total equity** | $1,090.5 | $4,370.3 | [Condensed Consolidated Statements of Cash Flows](index=13&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) The statements show net cash used in operating activities for both Successor (**$25.9 million**) and Predecessor (**$39.8 million**) periods, with the Predecessor period also reflecting a **$388.7 million** financing cash inflow Condensed Consolidated Statements of Cash Flows (In millions) | | **Successor**<br>Two Months Ended<br>June 30, 2021 | **Predecessor**<br>Four Months Ended<br>April 30, 2021 | **Predecessor**<br>Six Months Ended<br>June 30, 2020 | | :--- | :--- | :--- | :--- | | **Net cash used in operating activities** | $(25.9) | $(39.8) | $(381.1) | | **Net cash provided by (used in) investing activities** | $(7.9) | $21.4 | $(53.3) | | **Net cash provided by financing activities** | — | $388.7 | $539.4 | [Note 2 - Chapter 11 Proceedings](index=16&type=section&id=Note%202%20-%20Chapter%2011%20Proceedings) Valaris emerged from Chapter 11 on April 30, 2021, eliminating **$7.1 billion** in debt, injecting **$520 million** in new capital, and recording a **$3.58 billion** net reorganization expense - Emerged from Chapter 11 on April 30, 2021, eliminating **$7.1 billion** in debt and securing a **$520 million** capital injection through new First Lien Notes[45](index=45&type=chunk) - Legacy Valaris Class A ordinary shares were cancelled, and former holders received warrants to purchase new Common Shares[45](index=45&type=chunk)[47](index=47&type=chunk) Reorganization Items, Net (Four Months Ended April 30, 2021 - Predecessor, in millions) | Item | Amount | | :--- | :--- | | Professional fees | $93.4 | | Gain on settlement of liabilities subject to compromise | $(6,139.0) | | Loss on fresh start adjustments | $9,194.6 | | **Total reorganization items, net** | **$3,584.6** | [Note 3 - Fresh Start Accounting](index=19&type=section&id=Note%203%20-%20Fresh%20Start%20Accounting) Valaris adopted fresh start accounting upon emergence, revaluing assets and liabilities at fair value, resulting in a significant write-down of Property and Equipment and making financial statements non-comparable - The company adopted fresh start accounting upon emergence, as existing shareholders received less than **50%** of the new shares and the reorganization value was less than post-petition liabilities and claims[52](index=52&type=chunk) Reorganization & Enterprise Value (April 30, 2021, in millions) | Metric | Value | | :--- | :--- | | Enterprise Value | $1,860.0 | | Plus: Cash and cash equivalents | $607.6 | | Reorganization value of Successor assets | $2,595.6 | - Fresh start adjustments included a significant write-down of Property and Equipment by approximately **$8.7 billion** to reflect its fair value[68](index=68&type=chunk)[90](index=90&type=chunk) [Note 5 - Equity Method Investment in ARO](index=33&type=section&id=Note%205%20-%20Equity%20Method%20Investment%20in%20ARO) Valaris holds a **50%** equity method investment in ARO, a joint venture with Saudi Aramco, with a maximum exposure to loss of **$302.1 million** and potential capital contributions up to **$1.25 billion** for newbuild rigs - Valaris is a **50%** partner in the ARO joint venture with Saudi Aramco, which owns **7** jackup rigs and leases **9** rigs from Valaris[126](index=126&type=chunk) - ARO plans to purchase **20** newbuild jackup rigs over **10** years; if ARO cannot self-finance, Valaris may be required to contribute up to an aggregate of **$1.25 billion**[128](index=128&type=chunk)[206](index=206&type=chunk) Valaris's Maximum Exposure to Loss from ARO (in millions) | | June 30, 2021 (Successor) | December 31, 2020 (Predecessor) | | :--- | :--- | :--- | | Total assets related to ARO | $340.7 | $585.2 | | Less: total liabilities related to ARO | $38.6 | $30.9 | | **Maximum exposure to loss** | **$302.1** | **$554.3** | [Note 7 - Property and Equipment](index=39&type=section&id=Note%207%20-%20Property%20and%20Equipment) Property and equipment, net, significantly decreased to **$897.8 million** for the Successor due to fresh start accounting, following Predecessor impairment losses of **$756.5 million** in 2021 and **$3.6 billion** in 2020 - The Predecessor recorded a pre-tax, non-cash impairment loss of **$756.5 million** for certain floaters during the four months ended April 30, 2021[152](index=152&type=chunk)[155](index=155&type=chunk) - In 2020, the Predecessor recorded impairment losses totaling **$3.6 billion** for the six months ended June 30, 2020, due to the decline in oil prices and the COVID-19 pandemic's impact on demand[153](index=153&type=chunk)[158](index=158&type=chunk)[159](index=159&type=chunk) [Note 11 - Debt](index=44&type=section&id=Note%2011%20-%20Debt) Valaris's capital structure was overhauled post-bankruptcy, cancelling all Predecessor debt and issuing **$550 million** in new First Lien Notes due 2028 with flexible interest payment options - On April 30, 2021, the company issued **$550 million** in aggregate principal of new First Lien Notes due 2028[179](index=179&type=chunk) - The First Lien Notes offer optionality for interest payments: **8.25%** in cash, **10.25%** as **50/50** cash/PIK, or **12%** entirely PIK[182](index=182&type=chunk) - All of the Predecessor's senior notes and its Revolving Credit Facility were cancelled as part of the reorganization plan[188](index=188&type=chunk) [Note 15 - Segment Information](index=51&type=section&id=Note%2015%20-%20Segment%20Information) The company operates through Floaters, Jackups, ARO, and Other segments, with Jackups contributing **$25.2 million** in operating income and Floaters reporting a **$3.4 million** operating loss for the Successor period Segment Operating Income (Loss) - Two Months Ended June 30, 2021 (Successor, in millions) | Segment | Revenues | Operating Income (Loss) | | :--- | :--- | :--- | | Floaters | $49.7 | $(3.4) | | Jackups | $128.5 | $25.2 | | ARO (Full Results) | $84.0 | $8.3 | | Other | $24.6 | $14.6 | | **Consolidated Operating Income** | **$202.8** | **$9.6** | - The company's operating segments are Floaters (drillships and semisubmersibles), Jackups, ARO (**50/50** joint venture), and Other (management services and ARO arrangements)[209](index=209&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=59&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This MD&A details the company's post-Chapter 11 emergence, fresh start accounting impact, improving offshore drilling market, increased contract backlog to **$2.2 billion**, and combined financial results reflecting decreased revenues and expenses [Executive Summary and Business Environment](index=59&type=section&id=Executive%20Summary%20and%20Business%20Environment) Valaris emerged from Chapter 11 on April 30, 2021, eliminating **$7.1 billion** in debt, with the offshore drilling market showing improvement and contract backlog increasing to **$2.2 billion** - Emerged from Chapter 11 on April 30, 2021, eliminating **$7.1 billion** of debt and obtaining a **$520.0 million** capital injection[232](index=232&type=chunk) - Contract backlog increased to **$2.2 billion** as of August 2, 2021, up from **$1.0 billion** at December 31, 2020; ARO backlog increased to **$953.2 million** from **$347.5 million** over the same period[243](index=243&type=chunk)[244](index=244&type=chunk) - The constructive oil price environment in 2021 has led to an improvement in contracting and tendering activity compared to 2020, particularly for drillships[240](index=240&type=chunk) [Results of Operations](index=63&type=section&id=Results%20of%20Operations) Combined results for Q2 2021 show revenues of **$293.1 million**, a **25%** decrease year-over-year, and contract drilling expense down **31%** to **$254.3 million**, alongside a **$3.5 billion** reorganization expense Combined Results of Operations (Non-GAAP, in millions) | | Three Months Ended June 30, 2021 (Combined) | Three Months Ended June 30, 2020 (Predecessor) | | :--- | :--- | :--- | | Revenues | $293.1 | $388.8 | | Contract drilling expense | $254.3 | $370.7 | | Loss on impairment | — | $838.0 | | Operating income (loss) | $(28.4) | $(1,019.2) | | Other income (expense), net | $(3,532.3) | $(105.4) | | **Net loss attributable to Valaris** | **$(3,563.2)** | **$(1,107.4)** | - Combined revenues for Q2 2021 decreased by **25%** year-over-year, primarily due to fewer days under contract, prior-year termination fees, and asset sales[260](index=260&type=chunk) - Combined contract drilling expense for Q2 2021 decreased by **31%** year-over-year, driven by lower costs on idle rigs and rigs sold[262](index=262&type=chunk) [Liquidity and Capital Resources](index=75&type=section&id=Liquidity%20and%20Capital%20Resources) Valaris's post-emergence liquidity is **$608.8 million** in cash and cash equivalents, with **$550 million** in First Lien Notes, and potential capital commitments including up to **$1.25 billion** for ARO's newbuild program Liquidity Position (in millions) | | June 30, 2021 (Successor) | December 31, 2020 (Predecessor) | | :--- | :--- | :--- | | Cash and cash equivalents | $608.8 | $325.8 | | Available DIP Facility | — | $500.0 | | **Total liquidity** | **$608.8** | **$825.8** | - The company has an option to take delivery of two newbuild drillships, VALARIS DS-13 and DS-14, on or before December 31, 2023, with no further obligation if it elects not to purchase them[330](index=330&type=chunk) - Valaris has a potential obligation to make capital contributions to the ARO joint venture to fund its **20-rig** newbuild program, up to a maximum aggregate of **$1.25 billion**[341](index=341&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=83&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) This section is marked as not applicable for the current reporting period - The company has indicated that this section is not applicable for this reporting period[359](index=359&type=chunk) [Controls and Procedures](index=83&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) Management concluded that disclosure controls and procedures were effective as of June 30, 2021, with new controls established for fresh start accounting post-Chapter 11 emergence - Management concluded that disclosure controls and procedures were effective as of June 30, 2021[362](index=362&type=chunk) - New controls were established during the quarter to oversee the application of fresh start accounting following the emergence from bankruptcy[363](index=363&type=chunk) PART II OTHER INFORMATION [Legal Proceedings](index=85&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) This section details the dismissal of the UMB Bank lawsuit and a shareholder class action, while noting a **$0.5 million** accrued liability for environmental spills in Brazil - The UMB Bank lawsuit concerning fraudulent transfer allegations was dismissed with prejudice after the company's Chapter 11 plan was consummated[366](index=366&type=chunk) - A shareholder class action lawsuit was voluntarily dismissed with prejudice by the lead plaintiff in July 2021[367](index=367&type=chunk) - The company is subject to notices of assessment for environmental spills in Brazil and has a **$0.5 million** liability accrued for these matters as of June 30, 2021[368](index=368&type=chunk) [Risk Factors](index=86&type=section&id=ITEM%201A.%20RISK%20FACTORS) Key risks post-bankruptcy emergence include adverse effects on business relationships, non-comparability of financial data, potential share dilution, ability to service new debt, and challenges of enforcing judgments against a Bermuda-based company - Risk that the recent emergence from bankruptcy may adversely affect relationships with vendors, suppliers, and customers[372](index=372&type=chunk) - Historical financial information is not indicative of future performance due to the significant impact of fresh start accounting[374](index=374&type=chunk) - Shareholders face potential dilution from **5.6 million** outstanding warrants and up to **9.0 million** shares reserved for the new Management Incentive Plan[375](index=375&type=chunk) - The company's contract backlog of **$2.2 billion** is not guaranteed and may not be fully realized due to risks of early termination, rig downtime, or contract renegotiations[384](index=384&type=chunk)[385](index=385&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=90&type=section&id=ITEM%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS) During Q2 2021, the company repurchased a small number of equity securities from employees to settle tax withholding obligations related to vested share awards, prior to legacy share cancellation Issuer Repurchases of Equity Securities | Period | Total Number of Securities Repurchased | Average Price Paid per Security | | :--- | :--- | :--- | | April 1 - April 30 | 1,057 | $0.07 | | May 1 - May 31 | — | $— | | June 1 - June 30 | — | $— | | **Total** | **1,057** | **$0.07** | - Repurchases in April 2021 were from employees to cover tax withholding on vesting share awards, prior to the cancellation of all legacy shares[390](index=390&type=chunk) [Exhibits](index=90&type=section&id=ITEM%206.%20EXHIBITS) This section lists exhibits filed with the Form 10-Q, including foundational documents for the reorganized company, such as new Bye-laws, First Lien Notes Indenture, Warrant Agreement, and the 2021 Management Incentive Plan - Filed exhibits include foundational documents for the reorganized company, such as the new Bye-laws (**3.2**), First Lien Notes Indenture (**4.1**), Warrant Agreement (**10.1**), and the **2021** Management Incentive Plan (**10.4**)[390](index=390&type=chunk)[391](index=391&type=chunk)