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Guarantee Of Registered Securities (Tables) | 6 Months Ended
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Jun. 30, 2019
Guarantees [Abstract] |
Condensed Consolidating Statements Of Operations |
VALARIS PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Three Months Ended June 30, 2019 (In millions) (Unaudited)
| Valaris plc |  | ENSCO International Incorporated |  | Pride International LLC |  | Other Non-Guarantor Subsidiaries of Valaris |  | Consolidating Adjustments |  | Total
OPERATING REVENUES | $ | 19.9 |  |  | $ | 36.1 |  |  | $ | — |  |  | $ | 607.9 |  |  | $ | (80.0 | ) |  | $ | 583.9 |
OPERATING EXPENSES |  |  |  |  |  |  |  |  |  |  |
Contract drilling (exclusive of depreciation) | 18.3 |  |  | 31.8 |  |  | — |  |  | 530.2 |  |  | (80.0 | ) |  | 500.3 |
Loss on impairment | — |  |  | — |  |  | — |  |  | 2.5 |  |  | — |  |  | 2.5 |
Depreciation | — |  |  | 4.0 |  |  | — |  |  | 153.9 |  |  | — |  |  | 157.9 |
General and administrative | 46.4 |  |  | .1 |  |  | — |  |  | 34.7 |  |  | — |  |  | 81.2 |
Total operating expenses | 64.7 |  |  | 35.9 |  |  | — |  |  | 721.3 |  |  | (80.0 | ) |  | 741.9 |
EQUITY IN EARNINGS OF ARO | — |  |  | — |  |  | — |  |  | .6 |  |  | — |  |  | .6 |
OPERATING INCOME (LOSS) | (44.8 | ) |  | .2 |  |  | — |  |  | (112.8 | ) |  | — |  |  | (157.4 | )
OTHER INCOME (EXPENSE), NET | 694.9 |  |  | (15.6 | ) |  | (20.3 | ) |  | (66.0 | ) |  | 4.3 |  |  | 597.3 |
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 650.1 |  |  | (15.4 | ) |  | (20.3 | ) |  | (178.8 | ) |  | 4.3 |  |  | 439.9 |
INCOME TAX PROVISION | — |  |  | 12.4 |  |  | — |  |  | 20.2 |  |  | — |  |  | 32.6 |
EQUITY EARNINGS (LOSSES) IN AFFILIATES, NET OF TAX | (244.6 | ) |  | 43.2 |  |  | 27.0 |  |  | — |  |  | 174.4 |  |  | — |
NET INCOME (LOSS) | 405.5 |  |  | 15.4 |  |  | 6.7 |  |  | (199.0 | ) |  | 178.7 |  |  | 407.3 |
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — |  |  | — |  |  | — |  |  | (1.8 | ) |  | — |  |  | (1.8 | )
NET INCOME (LOSS) ATTRIBUTABLE TO VALARIS | $ | 405.5 |  |  | $ | 15.4 |  |  | $ | 6.7 |  |  | $ | (200.8 | ) |  | $ | 178.7 |  |  | $ | 405.5 |
VALARIS PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Three Months Ended June 30, 2018 (In millions) (Unaudited)
| Valaris plc |  | ENSCO International Incorporated |  | Pride International LLC |  | Other Non-Guarantor Subsidiaries of Valaris |  | Consolidating Adjustments |  | Total
OPERATING REVENUES | $ | 12.3 |  |  | $ | 39.8 |  |  | $ | — |  |  | $ | 484.3 |  |  | $ | (77.9 | ) |  | $ | 458.5 |
OPERATING EXPENSES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contract drilling (exclusive of depreciation) | 13.0 |  |  | 36.2 |  |  | — |  |  | 373.0 |  |  | (77.9 | ) |  | 344.3 |
Depreciation | — |  |  | 3.5 |  |  | — |  |  | 117.2 |  |  | — |  |  | 120.7 |
General and administrative | 10.3 |  |  | .1 |  |  | — |  |  | 15.7 |  |  | — |  |  | 26.1 |
OPERATING LOSS | (11.0 | ) |  | — |  |  | — |  |  | (21.6 | ) |  | — |  |  | (32.6 | )
OTHER EXPENSE, NET | (5.1 | ) |  | (40.5 | ) |  | (19.7 | ) |  | (23.5 | ) |  | 4.0 |  |  | (84.8 | )
LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (16.1 | ) |  | (40.5 | ) |  | (19.7 | ) |  | (45.1 | ) |  | 4.0 |  |  | (117.4 | )
INCOME TAX PROVISION | — |  |  | 18.6 |  |  | — |  |  | 6.1 |  |  | — |  |  | 24.7 |
DISCONTINUED OPERATIONS, NET | — |  |  | — |  |  | — |  |  | (8.0 | ) |  | — |  |  | (8.0 | )
EQUITY EARNINGS (LOSSES) IN AFFILIATES, NET OF TAX | (134.9 | ) |  | 28.7 |  |  | 22.6 |  |  | — |  |  | 83.6 |  |  | — |
NET INCOME (LOSS) | (151.0 | ) |  | (30.4 | ) |  | 2.9 |  |  | (59.2 | ) |  | 87.6 |  |  | (150.1 | )
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — |  |  | — |  |  | — |  |  | (.9 | ) |  | — |  |  | (.9 | )
NET INCOME (LOSS) ATTRIBUTABLE TO VALARIS | $ | (151.0 | ) |  | $ | (30.4 | ) |  | $ | 2.9 |  |  | $ | (60.1 | ) |  | $ | 87.6 |  |  | $ | (151.0 | )
VALARIS PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Six Months Ended June 30, 2019 (In millions) (Unaudited)
| Valaris plc |  | ENSCO International Incorporated |  | Pride International LLC |  | Other Non-Guarantor Subsidiaries of Valaris |  | Consolidating Adjustments |  | Total
OPERATING REVENUES | $ | 31.3 |  |  | $ | 75.6 |  |  | $ | — |  |  | $ | 1,038.3 |  |  | $ | (155.4 | ) |  | $ | 989.8 |
OPERATING EXPENSES |  |  |  |  |  |  |  |  |  |  |
Contract drilling (exclusive of depreciation) | 30.0 |  |  | 67.5 |  |  | — |  |  | 890.8 |  |  | (155.4 | ) |  | 832.9 |
Loss on impairment | — |  |  | — |  |  | — |  |  | 2.5 |  |  | — |  |  | 2.5 |
Depreciation | — |  |  | 7.7 |  |  | — |  |  | 275.2 |  |  | — |  |  | 282.9 |
General and administrative | 61.3 |  |  | .2 |  |  | — |  |  | 49.3 |  |  | — |  |  | 110.8 |
Total operating expenses | 91.3 |  |  | 75.4 |  |  | — |  |  | 1,217.8 |  |  | (155.4 | ) |  | 1,229.1 |
EQUITY IN EARNINGS OF ARO | — |  |  | — |  |  | — |  |  | .6 |  |  | — |  |  | .6 |
OPERATING INCOME (LOSS) | (60.0 | ) |  | 0.2 |  |  | — |  |  | (178.9 | ) |  | — |  |  | (238.7 | )
OTHER INCOME (EXPENSE), NET | 678.8 |  |  | (31.0 | ) |  | (40.8 | ) |  | (93.3 | ) |  | 8.4 |  |  | 522.1 |
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 618.8 |  |  | (30.8 | ) |  | (40.8 | ) |  | (272.2 | ) |  | 8.4 |  |  | 283.4 |
INCOME TAX PROVISION | — |  |  | 29.0 |  |  | — |  |  | 35.1 |  |  | — |  |  | 64.1 |
EQUITY EARNINGS (LOSSES) IN AFFILIATES, NET OF TAX | (403.7 | ) |  | 75.3 |  |  | 53.1 |  |  | — |  |  | 275.3 |  |  | — |
NET INCOME (LOSS) | 215.1 |  |  | 15.5 |  |  | 12.3 |  |  | (307.3 | ) |  | 283.7 |  |  | 219.3 |
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — |  |  | — |  |  | — |  |  | (4.2 | ) |  | — |  |  | (4.2 | )
NET INCOME (LOSS) ATTRIBUTABLE TO VALARIS | $ | 215.1 |  |  | $ | 15.5 |  |  | $ | 12.3 |  |  | $ | (311.5 | ) |  | $ | 283.7 |  |  | $ | 215.1 |
VALARIS PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Six Months Ended June 30, 2018 (In millions) (Unaudited)
| Valaris plc |  | ENSCO International Incorporated |  | Pride International LLC |  | Other Non-Guarantor Subsidiaries of Valaris |  | Consolidating Adjustments |  | Total
OPERATING REVENUES | $ | 24.6 |  |  | $ | 80.1 |  |  | $ | — |  |  | $ | 927.8 |  |  | $ | (157.0 | ) |  | $ | 875.5 |
OPERATING EXPENSES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contract drilling (exclusive of depreciation) | 26.4 |  |  | 72.8 |  |  | — |  |  | 727.3 |  |  | (157.0 | ) |  | 669.5 |
Depreciation | — |  |  | 7.0 |  |  | — |  |  | 228.9 |  |  | — |  |  | 235.9 |
General and administrative | 20.5 |  |  | .3 |  |  | — |  |  | 33.2 |  |  | — |  |  | 54.0 |
OPERATING LOSS | (22.3 | ) |  | — |  |  | — |  |  | (61.6 | ) |  | — |  |  | (83.9 | )
OTHER INCOME (EXPENSE), NET | 0.5 |  |  | (68.5 | ) |  | (50.0 | ) |  | (56.9 | ) |  | 19.4 |  |  | (155.5 | )
LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (21.8 | ) |  | (68.5 | ) |  | (50.0 | ) |  | (118.5 | ) |  | 19.4 |  |  | (239.4 | )
INCOME TAX PROVISION | — |  |  | 22.9 |  |  | — |  |  | 20.2 |  |  | — |  |  | 43.1 |
DISCONTINUED OPERATIONS, NET | — |  |  | — |  |  | — |  |  | (8.1 | ) |  | — |  |  | (8.1 | )
EQUITY EARNINGS (LOSSES) IN AFFILIATES, NET OF TAX | (269.3 | ) |  | 49.5 |  |  | 46.0 |  |  | — |  |  | 173.8 |  |  | — |
NET LOSS | (291.1 | ) |  | (41.9 | ) |  | (4.0 | ) |  | (146.8 | ) |  | 193.2 |  |  | (290.6 | )
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — |  |  | — |  |  | — |  |  | (.5 | ) |  | — |  |  | (.5 | )
NET LOSS ATTRIBUTABLE TO VALARIS | $ | (291.1 | ) |  | $ | (41.9 | ) |  | $ | (4.0 | ) |  | $ | (147.3 | ) |  | $ | 193.2 |  |  | $ | (291.1 | )
Condensed Consolidating Statements Of Comprehensive Income | VALARIS PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) Three Months Ended June 30, 2019 (In millions) (Unaudited)
| Valaris plc |  | ENSCO International Incorporated |  | Pride International LLC |  | Other Non-Guarantor Subsidiaries of Valaris |  | Consolidating Adjustments |  | Total
NET INCOME (LOSS) | $ | 405.5 |  |  | $ | 15.4 |  |  | $ | 6.7 |  |  | $ | (199.0 | ) |  | $ | 178.7 |  |  | $ | 407.3 |
OTHER COMPREHENSIVE INCOME, NET |  |  |  |  |  |  |  |  |  |  |
Net change in derivative fair value | — |  |  | (1.6 | ) |  | — |  |  | — |  |  | — |  |  | (1.6 | )
Reclassification of net losses on derivative instruments from other comprehensive income into net income | — |  |  | 1.8 |  |  | — |  |  | — |  |  | — |  |  | 1.8 |
NET OTHER COMPREHENSIVE INCOME | — |  |  | .2 |  |  | — |  |  | — |  |  | — |  |  | .2 |
COMPREHENSIVE INCOME (LOSS) | 405.5 |  |  | 15.6 |  |  | 6.7 |  |  | (199.0 | ) |  | 178.7 |  |  | 407.5 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — |  |  | — |  |  | — |  |  | (1.8 | ) |  | — |  |  | (1.8 | )
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO VALARIS | $ | 405.5 |  |  | $ | 15.6 |  |  | $ | 6.7 |  |  | $ | (200.8 | ) |  | $ | 178.7 |  |  | $ | 405.7 |
VALARIS PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) Three Months Ended June 30, 2018 (In millions) (Unaudited)
| Valaris plc |  | ENSCO International Incorporated |  | Pride International LLC |  | Other Non-Guarantor Subsidiaries of Valaris |  | Consolidating Adjustments |  | Total
NET INCOME (LOSS) | $ | (151.0 | ) |  | $ | (30.4 | ) |  | $ | 2.9 |  |  | $ | (59.2 | ) |  | $ | 87.6 |  |  | $ | (150.1 | )
OTHER COMPREHENSIVE LOSS, NET |  |  |  |  |  |  |  |  |  |  |
Net change in derivative fair value | — |  |  | (7.6 | ) |  | — |  |  | — |  |  | — |  |  | (7.6 | )
Reclassification of net gains on derivative instruments from other comprehensive income into net loss | — |  |  | (.7 | ) |  | — |  |  | — |  |  | — |  |  | (.7 | )
Other | — |  |  | — |  |  | — |  |  | (.2 | ) |  | — |  |  | (.2 | )
NET OTHER COMPREHENSIVE LOSS | — |  |  | (8.3 | ) |  | — |  |  | (.2 | ) |  | — |  |  | (8.5 | )
COMPREHENSIVE INCOME (LOSS) | (151.0 | ) |  | (38.7 | ) |  | 2.9 |  |  | (59.4 | ) |  | 87.6 |  |  | (158.6 | )
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — |  |  | — |  |  | — |  |  | (.9 | ) |  | — |  |  | (.9 | )
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO VALARIS | $ | (151.0 | ) |  | $ | (38.7 | ) |  | $ | 2.9 |  |  | $ | (60.3 | ) |  | $ | 87.6 |  |  | $ | (159.5 | )
VALARIS PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) Six Months Ended June 30, 2019 (In millions) (Unaudited)
| Valaris plc |  | ENSCO International Incorporated |  | Pride International LLC |  | Other Non-Guarantor Subsidiaries of Valaris |  | Consolidating Adjustments |  | Total
NET INCOME (LOSS) | $ | 215.1 |  |  | $ | 15.5 |  |  | $ | 12.3 |  |  | $ | (307.3 | ) |  | $ | 283.7 |  |  | $ | 219.3 |
OTHER COMPREHENSIVE INCOME (LOSS), NET |  |  |  |  |  |  |  |  |  |  |
Net change in derivative fair value | — |  |  | (1.6 | ) |  | — |  |  | — |  |  | — |  |  | (1.6 | )
Reclassification of net gains on derivative instruments from other comprehensive loss to net loss | — |  |  | 3.4 |  |  | — |  |  | — |  |  | — |  |  | 3.4 |
Other | — |  |  | — |  |  | — |  |  | (.1 | ) |  | — |  |  | (.1 | )
NET OTHER COMPREHENSIVE INCOME (LOSS) | — |  |  | 1.8 |  |  | — |  |  | (.1 | ) |  | — |  |  | 1.7 |
COMPREHENSIVE INCOME (LOSS) | 215.1 |  |  | 17.3 |  |  | 12.3 |  |  | (307.4 | ) |  | 283.7 |  |  | 221.0 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — |  |  | — |  |  | — |  |  | (4.2 | ) |  | — |  |  | (4.2 | )
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO VALARIS | $ | 215.1 |  |  | $ | 17.3 |  |  | $ | 12.3 |  |  | $ | (311.6 | ) |  | $ | 283.7 |  |  | $ | 216.8 |
VALARIS PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE LOSS Six Months Ended June 30, 2018 (In millions) (Unaudited)
| Valaris plc |  | ENSCO International Incorporated |  | Pride International LLC |  | Other Non-Guarantor Subsidiaries of Valaris |  | Consolidating Adjustments |  | Total
NET LOSS | $ | (291.1 | ) |  | $ | (41.9 | ) |  | $ | (4.0 | ) |  | $ | (146.8 | ) |  | $ | 193.2 |  |  | $ | (290.6 | )
OTHER COMPREHENSIVE LOSS, NET |  |  |  |  |  |  |  |  |  |  |
Net change in derivative fair value | — |  |  | (5.7 | ) |  | — |  |  | — |  |  | — |  |  | (5.7 | )
Reclassification of net gains on derivative instruments from other comprehensive income into net loss | — |  |  | (2.9 | ) |  | — |  |  | — |  |  | — |  |  | (2.9 | )
Other | — |  |  | — |  |  | — |  |  | (.3 | ) |  | — |  |  | (.3 | )
NET OTHER COMPREHENSIVE LOSS | — |  |  | (8.6 | ) |  | — |  |  | (.3 | ) |  | — |  |  | (8.9 | )
COMPREHENSIVE LOSS | (291.1 | ) |  | (50.5 | ) |  | (4.0 | ) |  | (147.1 | ) |  | 193.2 |  |  | (299.5 | )
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — |  |  | — |  |  | — |  |  | (.5 | ) |  | — |  |  | (.5 | )
COMPREHENSIVE LOSS ATTRIBUTABLE TO VALARIS | $ | (291.1 | ) |  | $ | (50.5 | ) |  | $ | (4.0 | ) |  | $ | (147.6 | ) |  | $ | 193.2 |  |  | $ | (300.0 | )
Condensed Consolidating Balance Sheets |
VALARIS PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS June 30, 2019 (In millions) (Unaudited)
| Valaris plc |  | ENSCO International Incorporated |  | Pride International LLC |  | Other Non-Guarantor Subsidiaries of Valaris |  | Consolidating Adjustments |  | Total
ASSETS |  |  |  |  |  |  |  |  |  |  |
CURRENT ASSETS |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 481.7 |  |  | $ | — |  |  | $ | 2.7 |  |  | $ | 474.7 |  |  | $ | — |  |  | $ | 959.1 |
Short-term investments | 135.0 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 135.0 |
Accounts receivable, net | 4.4 |  |  | 23.4 |  |  | — |  |  | 600.9 |  |  | — |  |  | 628.7 |
Accounts receivable from affiliates | 2,008.3 |  |  | 110.0 |  |  | 1.4 |  |  | 76.5 |  |  | (2,196.2 | ) |  | — |
Other | — |  |  | 11.5 |  |  | — |  |  | 488.2 |  |  | — |  |  | 499.7 |
Total current assets | 2,629.4 |  |  | 144.9 |  |  | 4.1 |  |  | 1,640.3 |  |  | (2,196.2 | ) |  | 2,222.5 |
PROPERTY AND EQUIPMENT, AT COST | 1.8 |  |  | 104.7 |  |  | — |  |  | 18,366.3 |  |  | — |  |  | 18,472.8 |
Less accumulated depreciation | 1.8 |  |  | 75.1 |  |  | — |  |  | 2,940.2 |  |  | — |  |  | 3,017.1 |
Property and equipment, net | — |  |  | 29.6 |  |  | — |  |  | 15,426.1 |  |  | — |  |  | 15,455.7 |
LONG-TERM NOTES RECEIVABLE FROM ARO | — |  |  | — |  |  | — |  |  | 453.1 |  |  | — |  |  | 453.1 |
INVESTMENT IN ARO | — |  |  | — |  |  | — |  |  | 139.4 |  |  | — |  |  | 139.4 |
DUE FROM AFFILIATES | 2,416.3 |  |  | — |  |  | 61.1 |  |  | 2,865.3 |  |  | (5,342.7 | ) |  | — |
INVESTMENTS IN AFFILIATES | 10,259.5 |  |  | 3,789.0 |  |  | 1,253.0 |  |  | — |  |  | (15,301.5 | ) |  | — |
OTHER ASSETS | 10.3 |  |  | — |  |  | — |  |  | 159.1 |  |  | — |  |  | 169.4 |
| $ | 15,315.5 |  |  | $ | 3,963.5 |  |  | $ | 1,318.2 |  |  | $ | 20,683.3 |  |  | $ | (22,840.4 | ) |  | $ | 18,440.1 |
LIABILITIES AND SHAREHOLDERS' EQUITY |  |  |  |  |  |  |  |
CURRENT LIABILITIES |  |  |  |  |  |  |  |  |  |  |
Accounts payable and accrued liabilities | $ | 105.6 |  |  | $ | 14.9 |  |  | $ | 12.7 |  |  | $ | 640.3 |  |  | $ | — |  |  | $ | 773.5 |
Accounts payable to affiliates | 34.5 |  |  | 71.6 |  |  | 27.6 |  |  | 2,062.5 |  |  | (2,196.2 | ) |  | — |
Current maturities of long-term debt | $ | 691.9 |  |  | $ | 37.7 |  |  | $ | — |  |  | $ | 395.7 |  |  | $ | — |  |  | $ | 1,125.3 |
Total current liabilities | 832.0 |  |  | 124.2 |  |  | 40.3 |  |  | 3,098.5 |  |  | (2,196.2 | ) |  | 1,898.8 |
DUE TO AFFILIATES | 1,781.6 |  |  | 1,036.3 |  |  | 1,357.7 |  |  | 1,167.1 |  |  | (5,342.7 | ) |  | — |
LONG-TERM DEBT | 2,988.2 |  |  | 111.6 |  |  | 500.3 |  |  | 2,420.0 |  |  | — |  |  | 6,020.1 |
OTHER LIABILITIES | (8.4 | ) |  | 79.0 |  |  | — |  |  | 728.4 |  |  | — |  |  | 799.0 |
VALARIS SHAREHOLDERS' EQUITY (DEFICIT) | 9,722.1 |  |  | 2,612.4 |  |  | (580.1 | ) |  | 13,267.7 |  |  | (15,301.5 | ) |  | 9,720.6 |
NONCONTROLLING INTERESTS | — |  |  | — |  |  | — |  |  | 1.6 |  |  | — |  |  | 1.6 |
Total equity (deficit) | 9,722.1 |  |  | 2,612.4 |  |  | (580.1 | ) |  | 13,269.3 |  |  | (15,301.5 | ) |  | 9,722.2 |
| $ | 15,315.5 |  |  | $ | 3,963.5 |  |  | $ | 1,318.2 |  |  | $ | 20,683.3 |  |  | $ | (22,840.4 | ) |  | $ | 18,440.1 |
VALARIS PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS December 31, 2018 (In millions)
| Valaris plc |  | ENSCO International Incorporated |  | Pride International LLC |  | Other Non-Guarantor Subsidiaries of Valaris |  | Consolidating Adjustments |  | Total
ASSETS |  |  |  |  |  |  |  |  |  |  |
CURRENT ASSETS |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 199.8 |  |  | $ | — |  |  | $ | 2.7 |  |  | $ | 72.6 |  |  | $ | — |  |  | $ | 275.1 |
Short-term investments | 329.0 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | $ | 329.0 |
Accounts receivable, net | 7.3 |  |  | 25.4 |  |  | — |  |  | 312.0 |  |  | — |  |  | 344.7 |
Accounts receivable from affiliates | 1,861.2 |  |  | 171.4 |  |  | — |  |  | 131.7 |  |  | (2,164.3 | ) |  | — |
Other | .6 |  |  | 6.0 |  |  | — |  |  | 354.3 |  |  | — |  |  | 360.9 |
Total current assets | 2,397.9 |  |  | 202.8 |  |  | 2.7 |  |  | 870.6 |  |  | (2,164.3 | ) |  | 1,309.7 |
PROPERTY AND EQUIPMENT, AT COST | 1.8 |  |  | 125.2 |  |  | — |  |  | 15,390.0 |  |  | — |  |  | 15,517.0 |
Less accumulated depreciation | 1.8 |  |  | 91.3 |  |  | — |  |  | 2,807.7 |  |  | — |  |  | 2,900.8 |
Property and equipment, net | — |  |  | 33.9 |  |  | — |  |  | 12,582.3 |  |  | — |  |  | 12,616.2 |
DUE FROM AFFILIATES | 2,413.8 |  |  | 234.5 |  |  | 125.0 |  |  | 2,715.1 |  |  | (5,488.4 | ) |  | — |
INVESTMENTS IN AFFILIATES | 8,522.6 |  |  | 3,713.7 |  |  | 1,199.9 |  |  | — |  |  | (13,436.2 | ) |  | — |
OTHER ASSETS | 8.1 |  |  | — |  |  | — |  |  | 89.7 |  |  | — |  |  | 97.8 |
| $ | 13,342.4 |  |  | $ | 4,184.9 |  |  | $ | 1,327.6 |  |  | $ | 16,257.7 |  |  | $ | (21,088.9 | ) |  | $ | 14,023.7 |
LIABILITIES AND SHAREHOLDERS' EQUITY |  |  |  |  |  |  |  |
CURRENT LIABILITIES |  |  |  |  |  |  |  |  |  |  |
Accounts payable and accrued liabilities | $ | 85.3 |  |  | $ | 32.0 |  |  | $ | 12.7 |  |  | $ | 398.5 |  |  | $ | — |  |  | $ | 528.5 |
Accounts payable to affiliates | 59.7 |  |  | 139.5 |  |  | 38.2 |  |  | 1,926.9 |  |  | (2,164.3 | ) |  | — |
Total current liabilities | 145.0 |  |  | 171.5 |  |  | 50.9 |  |  | 2,325.4 |  |  | (2,164.3 | ) |  | 528.5 |
DUE TO AFFILIATES | 1,432.0 |  |  | 1,226.9 |  |  | 1,366.5 |  |  | 1,463.0 |  |  | (5,488.4 | ) |  | — |
LONG-TERM DEBT | 3,676.5 |  |  | 149.3 |  |  | 502.6 |  |  | 682.0 |  |  | — |  |  | 5,010.4 |
OTHER LIABILITIES | 0.1 |  |  | 64.3 |  |  | — |  |  | 331.6 |  |  | — |  |  | 396.0 |
VALARIS SHAREHOLDERS' EQUITY (DEFICIT) | 8,088.8 |  |  | 2,572.9 |  |  | (592.4 | ) |  | 11,458.3 |  |  | (13,436.2 | ) |  | 8,091.4 |
NONCONTROLLING INTERESTS | — |  |  | — |  |  | — |  |  | (2.6 | ) |  | — |  |  | (2.6 | )
Total equity (deficit) | 8,088.8 |  |  | 2,572.9 |  |  | (592.4 | ) |  | 11,455.7 |  |  | (13,436.2 | ) |  | 8,088.8 |
| $ | 13,342.4 |  |  | $ | 4,184.9 |  |  | $ | 1,327.6 |  |  | $ | 16,257.7 |  |  | $ | (21,088.9 | ) |  | $ | 14,023.7 |
Condensed Consolidating Statements Of Cash Flows |
VALARIS PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Six Months Ended June 30, 2019 (In millions) (Unaudited)
| Valaris plc |  | ENSCO International Incorporated |  | Pride International LLC |  | Other Non-guarantor Subsidiaries of Valaris |  | Consolidating Adjustments |  | Total
OPERATING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net cash used in operating activities of continuing operations | $ | (79.9 | ) |  | $ | (117.5 | ) |  | $ | (68.6 | ) |  | $ | (27.4 | ) |  | $ | — |  |  | $ | (293.4 | )
INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |
Rowan cash acquired | — |  |  | — |  |  | — |  |  | 931.9 |  |  | — |  |  | 931.9 |
Maturities of short-term investments | 339.0 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 339.0 |
Purchases of short-term investments | (145.0 | ) |  | — |  |  | — |  |  |  |  |  | — |  |  | (145.0 | )
Additions to property and equipment | — |  |  | — |  |  | — |  |  | (134.8 | ) |  | — |  |  | (134.8 | )
Other | 2.5 |  |  | — |  |  | — |  |  | 2.0 |  |  | — |  |  | 4.5 |
Net cash provided by investing activities of continuing operations | 196.5 |  |  | — |  |  | — |  |  | 799.1 |  |  | — |  |  | 995.6 |
FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Repurchase of common shares | (4.2 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (4.2 | )
Cash dividends paid | (4.5 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (4.5 | )
Debt solicitation fees | — |  |  | — |  |  | — |  |  | (8.7 | ) |  | — |  |  | (8.7 | )
Other | (0.5 | ) |  | — |  |  | — |  |  |  |  |  | — |  |  | (0.5 | )
Advances from (to) affiliates | 174.5 |  |  | 117.5 |  |  | 68.6 |  |  | (360.6 | ) |  | — |  |  | — |
Net cash provided by (used in) financing activities | 165.3 |  |  | 117.5 |  |  | 68.6 |  |  | (369.3 | ) |  | — |  |  | (17.9 | )
Net cash provided by discontinued operations | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Effect of exchange rate changes on cash and cash equivalents | — |  |  | — |  |  | — |  |  | (.3 | ) |  |  |  |  | (.3 | )
NET INCREASE IN CASH AND CASH EQUIVALENTS | 281.9 |  |  | — |  |  | — |  |  | 402.1 |  |  | — |  |  | 684.0 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 199.8 |  |  | — |  |  | 2.7 |  |  | 72.6 |  |  | — |  |  | 275.1 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 481.7 |  |  | $ | — |  |  | $ | 2.7 |  |  | $ | 474.7 |  |  | $ | — |  |  | $ | 959.1 |
VALARIS PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Six Months Ended June 30, 2018 (In millions) (Unaudited)
| Valaris plc |  | ENSCO International Incorporated |  | Pride International LLC |  | Other Non-guarantor Subsidiaries of Valaris |  | Consolidating Adjustments |  | Total
OPERATING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net cash provided by (used in) operating activities of continuing operations | $ | 28.3 |  |  | $ | (87.8 | ) |  | $ | (56.6 | ) |  | $ | 98.1 |  |  | $ | — |  |  | $ | (18.0 | )
INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Maturities of short-term investments | 599.0 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 599.0 |
Purchases of short-term investments | (414.0 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (414.0 | )
Additions to property and equipment | — |  |  | — |  |  | — |  |  | (331.9 | ) |  | — |  |  | (331.9 | )
Sale of affiliate debt | 479.0 |  |  | — |  |  | — |  |  | — |  |  | (479.0 | ) |  | — |
Purchase of affiliate debt | (552.5 | ) |  | — |  |  | — |  |  | — |  |  | 552.5 |  |  | — |
Other | — |  |  | — |  |  | — |  |  | 2.9 |  |  | — |  |  | 2.9 |
Net cash provided by (used in) investing activities of continuing operations | 111.5 |  |  | — |  |  | — |  |  | (329.0 | ) |  | 73.5 |  |  | (144.0 | )
FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from issuance of senior notes | 1,000.0 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,000.0 |
Reduction of long-term borrowings | (159.9 | ) |  | — |  |  | (537.8 | ) |  | — |  |  | (73.5 | ) |  | (771.2 | )
Cash dividends paid | (9.0 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (9.0 | )
Debt issuance costs | (17.0 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (17.0 | )
Repurchase of common shares | (2.0 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (2.0 | )
Advances from affiliates | (831.5 | ) |  | 87.8 |  |  | 584.9 |  |  | 158.8 |  |  | — |  |  | — |
Other | — |  |  | — |  |  | — |  |  | (0.5 | ) |  | — |  |  | (0.5 | )
Net cash provided by (used in) financing activities | (19.4 | ) |  | 87.8 |  |  | 47.1 |  |  | 158.3 |  |  | (73.5 | ) |  | 200.3 |
Net cash provided by discontinued operations | — |  |  | — |  |  | — |  |  | 2.5 |  |  | — |  |  | 2.5 |
Effect of exchange rate changes on cash and cash equivalents | — |  |  | — |  |  | — |  |  | (.7 | ) |  | — |  |  | (.7 | )
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 120.4 |  |  | — |  |  | (9.5 | ) |  | (70.8 | ) |  | — |  |  | 40.1 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 185.2 |  |  | — |  |  | 25.6 |  |  | 234.6 |  |  | — |  |  | 445.4 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 305.6 |  |  | $ | — |  |  | $ | 16.1 |  |  | $ | 163.8 |  |  | $ | — |  |  | $ | 485.5 |

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