Valaris Limited (VAL) SC 13G/A Valaris / GOLDENTREE ASSET MANAGEMENT ownership change

Securities and Exchange Commission

Washington, D.C. 20549

Schedule 13G

(Rule 13d-102)

Information to be Included in Statements Filed Pursuant

to § 240.13d-1(b), (c) and (d) and Amendments Thereto Filed

Pursuant to § 240.13d-2

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)*

Valaris Limited

(Name of Issuer)

Common Shares

(Title of Class of Securities)

G9460G101

(CUSIP Number)

December 31, 2022

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

☐ Rule 13d-1(b)

☐ Rule 13d-1(c)

☒ Rule 13d-1(d)

* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

The information required in 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).

CUSIP No. G9460G101 Schedule 13G Page 1 of 8

1	Names of Reporting Persons   GoldenTree Asset Management LP
2	Check the Appropriate Box if a Member of a Group   (a)  ☐        (b)  ☐
3	SEC Use Only
4	Citizenship or Place of Organization   Delaware

Number of Shares  Beneficially  Owned by Each Reporting Person With	5	Sole Voting Power   0
	6	Shared Voting Power   2,117,025
	7	Sole Dispositive Power   0
	8	Shared Dispositive Power   2,117,025

9	Aggregate Amount Beneficially Owned by Each Reporting Person   2,117,025
10	Check if the Aggregate Amount in Row (9) Excludes Certain Shares   Not Applicable
11	Percent of Class Represented by Amount in Row 9   2.8%
12	Type of Reporting Person   PN

CUSIP No. G9460G101 Schedule 13G Page 2 of 8

1	Names of Reporting Persons   GoldenTree Asset Management LLC
2	Check the Appropriate Box if a Member of a Group   (a)  ☐        (b)  ☐
3	SEC Use Only
4	Citizenship or Place of Organization   Delaware

Number of Shares  Beneficially  Owned by Each Reporting Person With	5	Sole Voting Power   0
	6	Shared Voting Power   2,117,025
	7	Sole Dispositive Power   0
	8	Shared Dispositive Power   2,117,025

9	Aggregate Amount Beneficially Owned by Each Reporting Person   2,117,025
10	Check if the Aggregate Amount in Row (9) Excludes Certain Shares   Not Applicable
11	Percent of Class Represented by Amount in Row 9   2.8%
12	Type of Reporting Person   OO (Limited Liability company)

CUSIP No. G9460G101 Schedule 13G Page 3 of 8

1	Names of Reporting Persons   Steven A. Tananbaum
2	Check the Appropriate Box if a Member of a Group   (a)  ☐        (b)  ☐
3	SEC Use Only
4	Citizenship or Place of Organization   United States

Number of Shares  Beneficially  Owned by Each Reporting Person With	5	Sole Voting Power   50,000
	6	Shared Voting Power   2,117,025
	7	Sole Dispositive Power   50,000
	8	Shared Dispositive Power   2,117,025

9	Aggregate Amount Beneficially Owned by Each Reporting Person   2,167,025
10	Check if the Aggregate Amount in Row (9) Excludes Certain Shares   Not Applicable
11	Percent of Class Represented by Amount in Row 9   2.9%
12	Type of Reporting Person   IN

CUSIP No. G9460G101 Schedule 13G Page 4 of 8

ITEM 1. (a) Name of Issuer:

Valaris Limited (the “Issuer”).

(b) Address of Issuer’s Principal Executive Offices:

Clarendon House, 2 Church Street, Hamilton, Bermuda, HM 11

ITEM 2. (a) Name of Person Filing:

Each of the following is hereinafter individually referred to as a “Reporting Person” and collectively as the “Reporting Persons.” This statement is filed on behalf of:

GoldenTree Asset Management LP (the “Investment Manager”)

GoldenTree Asset Management LLC (“IMGP”)

Steven A. Tananbaum

(b) Address or Principal Business Office:

The principal business address of each of the Reporting Persons is 300 Park Avenue, 21st Floor, New York, NY 10022.

(c) Citizenship of each Reporting Person is:

Investment Manager and IMGP are organized under the laws of the State of Delaware. Mr. Tananbaum is a citizen of the United States.

(d) Title of Class of Securities:

Common Shares, $0.01 par value per share ( “Common Shares”).

(e) CUSIP Number:

G9460G101

ITEM 3.

Not applicable.

CUSIP No. G9460G101 Schedule 13G Page 5 of 8

ITEM 4. Ownership.

(a-c)

The ownership information presented below represents beneficial ownership of Common Shares of the Issuer as of the date hereof, based upon 75,178,676 Common Shares outstanding as of October 27, 2022, based on the Issuer’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 1, 2022.

Reporting Person	Amount beneficially owned		Percent of class:			Sole power to vote or to direct the vote:		Shared power to vote or to direct the vote:		Sole power to dispose or to direct the disposition of:		Shared power to dispose or to direct the disposition of:
GoldenTree Asset Management LP		2,117,025		2.8	%		0		2,117,025		0		2,117,025
GoldenTree Asset Management LLC		2,117,025		2.8	%		0		2,117,025		0		2,117,025
Steven A. Tananbaum		2,167,025		2.9	%		50,000		2,117,025		50,000		2,117,025

The securities reported in the table above include 2,117,025 Common Shares held of record by certain managed accounts (collectively, the “Accounts”) for which the Investment Manager serves as investment manager. In addition, Mr. Tananbaum is the holder of record of 50,000 Common Shares. Mr. Tananbaum is the managing member of IMGP, which is the general partner of the Investment Manager. As a result of these relationships, each of the Reporting Persons may be deemed to share beneficial ownership of the securities held of record by the Accounts.

ITEM 5. Ownership of Five Percent or Less of a Class.

If this statement is being filed to report the fact that as of the date hereof the Reporting Persons have ceased to be the beneficial owners of more than five percent of the class of securities, check the following: ☒

ITEM 6. Ownership of More than Five Percent on Behalf of Another Person.

Not applicable.

ITEM 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company.

Not applicable.

ITEM 8. Identification and Classification of Members of the Group.

Not applicable.

CUSIP No. G9460G101 Schedule 13G Page 6 of 8

ITEM 9. Notice of Dissolution of Group.

Not applicable.

ITEM 10. Certification.

Not applicable.

CUSIP No. G9460G101 Schedule 13G Page 7 of 8

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.

Date: February 13, 2023

GOLDENTREE ASSET MANAGEMENT LP
By: GoldenTree Asset Management LLC, its general partner
By:	/s/ Steven A. Tananbaum
Name:	Steven A. Tananbaum
Title:	Managing Member
GOLDENTREE ASSET MANAGEMENT LLC
By:	/s/ Steven A. Tananbaum
Name:	Steven A. Tananbaum
Title:	Managing Member
STEVEN A. TANANBAUM
/s/ Steven A. Tananbaum

CUSIP No. G9460G101 Schedule 13G Page8 of 8

LIST OF EXHIBITS

Exhibit No.	Description
99	Joint Filing Agreement (previously filed).