XML 59 R47.htm IDEA: XBRL DOCUMENT
v3.19.2

Equity Method Investment In ARO Narrative (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended |  |
--- | --- | --- | --- | --- | ---
May 31, 2017 USD ($) | Jun. 30, 2019 USD ($) jackup rigs | Jun. 30, 2019 USD ($) jackup rigs | Dec. 31, 2018 USD ($) | Oct. 31, 2018 rigs
Schedule of Equity Method Investments [Line Items] |  |  |  |  |
Number of Rigs Sold | rigs |  |  |  |  | 2
Number of Rigs Owned by ARO | jackup |  | 7 | 7 |  |
Shareholder Notes Receivable, Terms |  |  | 10 years |  |
Due from Joint Ventures, Noncurrent |  | $ 453.1 | $ 453.1 | $ 0.0 |
Contracts Terms On Purchased Rigs |  |  | 15 years |  |
Contracts On Purchased Rigs, Terms For Renewal And Repricing |  |  | 3 years |  |
Number of jackups leased by ARO | jackup |  | 9 | 9 |  |
Number of Rigs Undergoing Shipyard Projects | rigs |  | 2 | 2 |  |
Number of Newbuild Jackup Rigs | jackup |  | 20 | 20 |  |
Years for Jackup Rig Orders |  |  | 10 years |  |
Maximum Contingent Contributions To Joint Venture |  | $ 1,250.0 | $ 1,250.0 |  |
Number of Contingent Newbuild Rigs | jackup |  | 10 | 10 |  |
Initial Contract Terms On Rigs Owned |  |  | 3 years |  |
Contract Terms For NewBuild Rigs |  |  | 8 years |  |
Minimum Renewal Contract Terms For NewBuild Rigs |  |  | 8 years |  |
Contract On New Build Rigs, Terms for Repricing |  |  | 3 years |  |
Number of Jackup Rigs Leased and Operated During Transaction Period | rigs |  | 7 | 7 |  |
Due from Joint Ventures |  | $ 14.3 | $ 14.3 |  |
Equity Method Investment Summarized Financial Information Accounts Receivable |  | 63.6 | 63.6 |  |
Equity Method Investment Summarized Financial Information Accounts Payable |  | 2.8 | 2.8 |  |
Equity Method Investment Summarized Financial Information Interest Income |  | 5.1 |  |  |
Equity Method Investment Summarized Financial Information Interest Receivable |  | $ 11.5 | $ 11.5 |  |
ARO |  |  |  |  |
Schedule of Equity Method Investments [Line Items] |  |  |  |  |
Payments to Acquire Interest in Joint Venture | $ 25.0 |  |  |  |
Equity Method Investment, Ownership Percentage |  | 50.00% | 50.00% |  |
LIBOR |  |  |  |  |
Schedule of Equity Method Investments [Line Items] |  |  |  |  |
Loans Receivable, Basis Spread on Variable Rate |  | 2.00% | 2.00% |  |
ARO |  |  |  |  |
Schedule of Equity Method Investments [Line Items] |  |  |  |  |
Equity Method Investment, Summarized Financial Information, Net Income (Loss) |  | $ 16.8 |  |  |

X
- Definition For an unclassified balance sheet, amounts due from an entity in which the reporting entity shares joint control with another party or group. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(k)(1)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 4 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39622-107864 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39599-107864 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03.3) -URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910 + Details
Name: | us-gaap_DueFromJointVentures
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | debit
Period Type: | instant

X
- Definition Amounts due from an entity in which the reporting entity shares joint control with another party or group, due after 1 year (or 1 business cycle). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(k)(1)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(11)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 4 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39622-107864 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39599-107864 + Details
Name: | us-gaap_DueFromJointVenturesNoncurrent
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | debit
Period Type: | instant

X
- Definition The percentage of ownership of common stock or equity participation in the investee accounted for under the equity method of accounting. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -Subparagraph (a)(1) -URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571 + Details
Name: | us-gaap_EquityMethodInvestmentOwnershipPercentage
Namespace Prefix: | us-gaap_
Data Type: | num:percentItemType
Balance Type: | na
Period Type: | instant

X
- Definition The amount of net income (loss) reported by an equity method investment of the entity. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(g)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 28 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14064-108612 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33912-111571 + Details
Name: | us-gaap_EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | credit
Period Type: | duration

X
- Definition The percentage points (also referred to as 'margin') added to the reference rate as stated in the loan agreement and used to compute the variable rate on the loans receivable. For instance, the loan agreement might state that the interest rate the borrower is obligated to pay is the London Interbank Offered Rate (LIBOR) plus three quarters (3/4) of a percentage point adjusted quarterly (each three months). LIBOR in this example is the index or reference rate, 3/4 percentage point is the margin, the reference rate plus the margin is the fully indexed rate. This element would be used to report separately the margin. + References No definition available. + Details
Name: | us-gaap_LoansReceivableBasisSpreadOnVariableRate
Namespace Prefix: | us-gaap_
Data Type: | num:percentItemType
Balance Type: | na
Period Type: | instant

X
- Definition The cash outflow associated with the investment in or advances to an entity in which the reporting entity shares control of the entity with another party or group. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 13 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=109223946&loc=d3e3213-108585 + Details
Name: | us-gaap_PaymentsToAcquireInterestInJointVenture
Namespace Prefix: | us-gaap_
Data Type: | xbrli:monetaryItemType
Balance Type: | credit
Period Type: | duration

X
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. + References No definition available. + Details
Name: | us-gaap_ScheduleOfEquityMethodInvestmentsLineItems
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Contract On New Build Rigs, Terms for Repricing + References No definition available. + Details
Name: | val_ContractOnNewBuildRigsTermsforRepricing
Namespace Prefix: | val_
Data Type: | xbrli:durationItemType
Balance Type: | na
Period Type: | duration

X
- Definition Contract Terms For NewBuild Rigs + References No definition available. + Details
Name: | val_ContractTermsForNewBuildRigs
Namespace Prefix: | val_
Data Type: | xbrli:durationItemType
Balance Type: | na
Period Type: | duration

X
- Definition Contracts On Purchased Rigs, Terms For Renewal And Repricing + References No definition available. + Details
Name: | val_ContractsOnPurchasedRigsTermsForRenewalAndRepricing
Namespace Prefix: | val_
Data Type: | xbrli:durationItemType
Balance Type: | na
Period Type: | duration

X
- Definition Contracts Terms On Purchased Rigs + References No definition available. + Details
Name: | val_ContractsTermsOnPurchasedRigs
Namespace Prefix: | val_
Data Type: | xbrli:durationItemType
Balance Type: | na
Period Type: | duration

X
- Definition Equity Method Investment Summarized Financial Information Accounts Payable + References No definition available. + Details
Name: | val_EquityMethodInvestmentSummarizedFinancialInformationAccountsPayable
Namespace Prefix: | val_
Data Type: | xbrli:monetaryItemType
Balance Type: | credit
Period Type: | instant

X
- Definition Equity Method Investment Summarized Financial Information Accounts Receivable + References No definition available. + Details
Name: | val_EquityMethodInvestmentSummarizedFinancialInformationAccountsReceivable
Namespace Prefix: | val_
Data Type: | xbrli:monetaryItemType
Balance Type: | debit
Period Type: | instant

X
- Definition Equity Method Investment Summarized Financial Information Interest Income + References No definition available. + Details
Name: | val_EquityMethodInvestmentSummarizedFinancialInformationInterestIncome
Namespace Prefix: | val_
Data Type: | xbrli:monetaryItemType
Balance Type: | credit
Period Type: | duration

X
- Definition Equity Method Investment Summarized Financial Information Interest Receivable + References No definition available. + Details
Name: | val_EquityMethodInvestmentSummarizedFinancialInformationInterestReceivable
Namespace Prefix: | val_
Data Type: | xbrli:monetaryItemType
Balance Type: | debit
Period Type: | instant

X
- Definition Initial Contract Terms On Rigs Owned + References No definition available. + Details
Name: | val_InitialContractTermsOnRigsOwned
Namespace Prefix: | val_
Data Type: | xbrli:durationItemType
Balance Type: | na
Period Type: | duration

X
- Definition Maximum Contingent Contributions To Joint Venture + References No definition available. + Details
Name: | val_MaximumContingentContributionsToJointVenture
Namespace Prefix: | val_
Data Type: | xbrli:monetaryItemType
Balance Type: | credit
Period Type: | instant

X
- Definition Minimum Renewal Contract Terms For NewBuild Rigs + References No definition available. + Details
Name: | val_MinimumRenewalContractTermsForNewBuildRigs
Namespace Prefix: | val_
Data Type: | xbrli:durationItemType
Balance Type: | na
Period Type: | duration

X
- Definition Number of Contingent Newbuild Rigs + References No definition available. + Details
Name: | val_NumberofContingentNewbuildRigs
Namespace Prefix: | val_
Data Type: | xbrli:integerItemType
Balance Type: | na
Period Type: | instant

X
- Definition Number of Jackup Rigs Leased and Operated During Transaction Period + References No definition available. + Details
Name: | val_NumberofJackupRigsLeasedandOperatedDuringTransactionPeriod
Namespace Prefix: | val_
Data Type: | xbrli:integerItemType
Balance Type: | na
Period Type: | instant

X
- Definition Number of Newbuild Jackup Rigs + References No definition available. + Details
Name: | val_NumberofNewbuildJackupRigs
Namespace Prefix: | val_
Data Type: | xbrli:integerItemType
Balance Type: | na
Period Type: | instant

X
- Definition Number of Rigs Owned by ARO + References No definition available. + Details
Name: | val_NumberofRigsOwnedbyARO
Namespace Prefix: | val_
Data Type: | xbrli:integerItemType
Balance Type: | na
Period Type: | instant

X
- Definition Number of Rigs Sold + References No definition available. + Details
Name: | val_NumberofRigsSold
Namespace Prefix: | val_
Data Type: | xbrli:integerItemType
Balance Type: | na
Period Type: | instant

X
- Definition Number of Rigs Undergoing Shipyard Projects + References No definition available. + Details
Name: | val_NumberofRigsUndergoingShipyardProjects
Namespace Prefix: | val_
Data Type: | xbrli:integerItemType
Balance Type: | na
Period Type: | instant

X
- Definition Number of jackups leased by ARO + References No definition available. + Details
Name: | val_NumberofjackupsleasedbyARO
Namespace Prefix: | val_
Data Type: | xbrli:integerItemType
Balance Type: | na
Period Type: | instant

X
- Definition Shareholder Notes Receivable, Terms + References No definition available. + Details
Name: | val_ShareholderNotesReceivableTerms
Namespace Prefix: | val_
Data Type: | xbrli:durationItemType
Balance Type: | na
Period Type: | duration

X
- Definition Years for Jackup Rig Orders + References No definition available. + Details
Name: | val_YearsforJackupRigOrders
Namespace Prefix: | val_
Data Type: | xbrli:durationItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=val_AROMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_VariableRateAxis=us-gaap_LondonInterbankOfferedRateLIBORMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | dei_LegalEntityAxis=val_AROMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |