Valaris seeks approval of key employee incentive, retention plans

By Sarah Lizee

Olympia, Wash., Oct. 21 – Valaris plc is seeking court approval to implement a key employee incentive plan and a key employee retention plan, according to a motion filed Tuesday with the U.S. Bankruptcy Court Southern District of Texas.

The KEIP includes 12 members of the debtors’ senior management team, and the KERP includes about 490 key non-insider employees.

The maximum total award opportunities under the KEIP amount to $10.98 million.

The total amount of the KERP will not exceed $24.2 million.

A hearing is scheduled for Nov. 17.

Valaris is a London-based offshore drilling company. The company filed bankruptcy on Aug. 19 under Chapter 11 case number 20-34114.

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