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Guarantee Of Registered Securities (Tables)

9 Months Ended

Sep. 30, 2019

Guarantees [Abstract]

Condensed Consolidating Statements Of Operations

			Valaris plc						ENSCO International Incorporated						Pride International LLC						Other Non-Guarantor Subsidiaries of Valaris						Consolidating Adjustments						Total
OPERATING REVENUES			$	15.7					$	53.0					$	—					$	588.8					$	(106.2)					$	551.3
OPERATING EXPENSES
Contract drilling (exclusive of depreciation)			19.3						45.3						—						538.1						(106.2)						496.5
Loss on impairment			—						—						—						88.2						—						88.2
Depreciation			—						7.7						—						155.3						—						163.0
General and administrative			9.7						.1						—						26.3						—						36.1
Total operating expenses			29.0						53.1						—						807.9						(106.2)						783.8
EQUITY IN EARNINGS OF ARO			—						—						—						(3.7)						—						(3.7)
OPERATING LOSS			(13.3)						(.1)						—						(222.8)						—						(236.2)
OTHER INCOME (EXPENSE), NET			94.7						(5.6)						(20.2)						(33.0)						4.3						40.2
INCOME (LOSS) BEFORE INCOME TAXES			81.4						(5.7)						(20.2)						(255.8)						4.3						(196.0)
INCOME TAX PROVISION			—						(18.4)						—						19.9						—						1.5
EQUITY LOSSES IN AFFILIATES, NET OF TAX			(278.5)						(40.2)						(68.0)						—						386.7						—
NET LOSS			(197.1)						(27.5)						(88.2)						(275.7)						391.0						(197.5)
NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS			—						—						—						.4						—						.4
NET LOSS ATTRIBUTABLE TO VALARIS			$	(197.1)					$	(27.5)					$	(88.2)					$	(275.3)					$	391.0					$	(197.1)

VALARIS PLC AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

Three Months Ended September 30, 2018

(In millions)

(Unaudited)

			Valaris plc						ENSCO International Incorporated						Pride International LLC						Other Non-Guarantor Subsidiaries of Valaris						Consolidating Adjustments						Total
OPERATING REVENUES			$	12.1					$	40.7					$	—					$	459.2					$	(81.1)					$	430.9
OPERATING EXPENSES
Contract drilling (exclusive of depreciation)			15.2						36.4						—						356.6						(81.1)						327.1
Depreciation			—						3.6						—						117.0						—						120.6
General and administrative			10.5						1.9						—						12.7						—						25.1
OPERATING LOSS			(13.6)						(1.2)						—						(27.1)						—						(41.9)
OTHER EXPENSE, NET			(.6)						(32.6)						(19.5)						(29.0)						4.0						(77.7)
LOSS BEFORE INCOME TAXES			(14.2)						(33.8)						(19.5)						(56.1)						4.0						(119.6)
INCOME TAX PROVISION			—						9.5						—						13.8						—						23.3
EQUITY EARNINGS (LOSSES) IN AFFILIATES, NET OF TAX			(130.8)						28.2						23.1						—						79.5						—
NET INCOME (LOSS)			(145.0)						(15.1)						3.6						(69.9)						83.5						(142.9)
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS			—						—						—						(2.1)						—						(2.1)
NET INCOME (LOSS) ATTRIBUTABLE TO VALARIS			$	(145.0)					$	(15.1)					$	3.6					$	(72.0)					$	83.5					$	(145.0)

VALARIS PLC AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

Nine Months Ended September 30, 2019

(In millions)

(Unaudited)

			Valaris plc						ENSCO International Incorporated						Pride International LLC						Other Non-Guarantor Subsidiaries of Valaris						Consolidating Adjustments						Total
OPERATING REVENUES			$	47.0					$	128.6					$	—					$	1,627.1					$	(261.6)					$	1,541.1
OPERATING EXPENSES
Contract drilling (exclusive of depreciation)			49.3						112.8						—						1,428.9						(261.6)						1,329.4
Loss on impairment			—						—						—						90.7						—						90.7
Depreciation			—						15.4						—						430.5						—						445.9
General and administrative			71.0						.3						—						75.6						—						146.9
Total operating expenses			120.3						128.5						—						2,025.7						(261.6)						2,012.9
EQUITY IN EARNINGS OF ARO			—						—						—						(3.1)						—						(3.1)
OPERATING INCOME (LOSS)			(73.3)						0.1						—						(401.7)						—						(474.9)
OTHER INCOME (EXPENSE), NET			773.5						(36.6)						(61.0)						(126.3)						12.7						562.3
INCOME (LOSS) BEFORE INCOME TAXES			700.2						(36.5)						(61.0)						(528.0)						12.7						87.4
INCOME TAX PROVISION			—						10.6						—						55.0						—						65.6
EQUITY EARNINGS (LOSSES) IN AFFILIATES, NET OF TAX			(682.2)						35.1						(14.9)						—						662.0						—
NET INCOME (LOSS)			18.0						(12.0)						(75.9)						(583.0)						674.7						21.8
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS			—						—						—						(3.8)						—						(3.8)
NET INCOME (LOSS) ATTRIBUTABLE TO VALARIS			$	18.0					$	(12.0)					$	(75.9)					$	(586.8)					$	674.7					$	18.0

VALARIS PLC AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

Nine Months Ended September 30, 2018

(In millions)

(Unaudited)

			Valaris plc						ENSCO International Incorporated						Pride International LLC						Other Non-Guarantor Subsidiaries of Valaris						Consolidating Adjustments						Total
OPERATING REVENUES			$	36.7					$	120.8					$	—					$	1,387.0					$	(238.1)					$	1,306.4
OPERATING EXPENSES
Contract drilling (exclusive of depreciation)			41.6						109.2						—						1,083.9						(238.1)						996.6
Depreciation			—						10.6						—						345.9						—						356.5
General and administrative			31.0						2.2						—						45.9						—						79.1
OPERATING LOSS			(35.9)						(1.2)						—						(88.7)						—						(125.8)
OTHER INCOME (EXPENSE), NET			(0.1)						(101.1)						(69.5)						(85.9)						23.4						(233.2)
LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES			(36.0)						(102.3)						(69.5)						(174.6)						23.4						(359.0)
INCOME TAX PROVISION			—						32.4						—						34.0						—						66.4
DISCONTINUED OPERATIONS, NET			—						—						—						(8.1)						—						(8.1)
EQUITY EARNINGS (LOSSES) IN AFFILIATES, NET OF TAX			(400.1)						77.7						69.1						—						253.3						—
NET LOSS			(436.1)						(57.0)						(0.4)						(216.7)						276.7						(433.5)
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS			—						—						—						(2.6)						—						(2.6)
NET LOSS ATTRIBUTABLE TO VALARIS			$	(436.1)					$	(57.0)					$	(.4)					$	(219.3)					$	276.7					$	(436.1)

Condensed Consolidating Statements Of Comprehensive Income

VALARIS PLC AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE LOSS

Three Months Ended September 30, 2019

(In millions)

(Unaudited)

			Valaris plc						ENSCO International Incorporated						Pride International LLC						Other Non-Guarantor Subsidiaries of Valaris						Consolidating Adjustments						Total
NET LOSS			$	(197.1)					$	(27.5)					$	(88.2)					$	(275.7)					$	391.0					$	(197.5)
OTHER COMPREHENSIVE LOSS, NET
Net change in derivative fair value			—						(5.7)						—						—						—						(5.7)
Reclassification of net losses on derivative instruments from other comprehensive income into net income			—						4.9						—						—						—						4.9
Other			—						—						—						(.2)						—						(.2)
NET OTHER COMPREHENSIVE LOSS			—						(.8)						—						(.2)						—						(1.0)
COMPREHENSIVE LOSS			(197.1)						(28.3)						(88.2)						(275.9)						391.0						(198.5)
COMPREHENSIVE LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS			—						—						—						.4						—						.4
COMPREHENSIVE LOSS ATTRIBUTABLE TO VALARIS			$	(197.1)					$	(28.3)					$	(88.2)					$	(275.5)					$	391.0					$	(198.1)

VALARIS PLC AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

Three Months Ended September 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)			$	(145.0)					$	(15.1)					$	3.6					$	(69.9)					$	83.5					$	(142.9)
OTHER COMPREHENSIVE LOSS, NET
Net change in derivative fair value			—						(1.9)						—						—						—						(1.9)
Reclassification of net gains on derivative instruments from other comprehensive income into net loss			—						.7						—						—						—						.7
Other			—						—						—						(.1)						—						(.1)
NET OTHER COMPREHENSIVE LOSS			—						(1.2)						—						(.1)						—						(1.3)
COMPREHENSIVE INCOME (LOSS)			(145.0)						(16.3)						3.6						(70.0)						83.5						(144.2)
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS			—						—						—						(2.1)						—						(2.1)
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO VALARIS			$	(145.0)					$	(16.3)					$	3.6					$	(72.1)					$	83.5					$	(146.3)

VALARIS PLC AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

Nine Months Ended September 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)			$	18.0					$	(12.0)					$	(75.9)					$	(583.0)					$	674.7					$	21.8
OTHER COMPREHENSIVE INCOME (LOSS), NET
Net change in derivative fair value			—						(7.3)						—						—						—						(7.3)
Reclassification of net gains on derivative instruments from other comprehensive income (loss) to net income (loss)			—						8.3						—						—						—						8.3
Other			—						—						—						(.3)						—						(.3)
NET OTHER COMPREHENSIVE INCOME (LOSS)			—						1.0						—						(.3)						—						.7
COMPREHENSIVE INCOME (LOSS)			18.0						(11.0)						(75.9)						(583.3)						674.7						22.5
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS			—						—						—						(3.8)						—						(3.8)
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO VALARIS			$	18.0					$	(11.0)					$	(75.9)					$	(587.1)					$	674.7					$	18.7

VALARIS PLC AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE LOSS

Nine Months Ended September 30, 2018

(In millions)

(Unaudited)

			Valaris plc						ENSCO International Incorporated						Pride International LLC						Other Non-Guarantor Subsidiaries of Valaris						Consolidating Adjustments						Total
NET LOSS			$	(436.1)					$	(57.0)					$	(.4)					$	(216.7)					$	276.7					$	(433.5)
OTHER COMPREHENSIVE LOSS, NET
Net change in derivative fair value			—						(7.6)						—						—						—						(7.6)
Reclassification of net gains on derivative instruments from other comprehensive loss into net loss			—						(2.2)						—						—						—						(2.2)
Other			—						—						—						(.4)						—						(.4)
NET OTHER COMPREHENSIVE LOSS			—						(9.8)						—						(.4)						—						(10.2)
COMPREHENSIVE LOSS			(436.1)						(66.8)						(.4)						(217.1)						276.7						(443.7)
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS			—						—						—						(2.6)						—						(2.6)
COMPREHENSIVE LOSS ATTRIBUTABLE TO VALARIS			$	(436.1)					$	(66.8)					$	(.4)					$	(219.7)					$	276.7					$	(446.3)

Condensed Consolidating Balance Sheets

			Valaris plc						ENSCO International Incorporated						Pride International LLC						Other Non-Guarantor Subsidiaries of Valaris						Consolidating Adjustments						Total
ASSETS
CURRENT ASSETS
Cash and cash equivalents			$	72.5					$	—					$	—					$	57.0					$	—					$	129.5
Short-term investments			—						—						—						—						—						—
Accounts receivable, net			2.0						25.4						—						539.6						—						567.0
Accounts receivable from affiliates			3,282.0						372.2						2.0						280.5						(3,936.7)						—
Other			—						8.9						—						478.6						—						487.5
Total current assets			3,356.5						406.5						2.0						1,355.7						(3,936.7)						1,184.0
PROPERTY AND EQUIPMENT, AT COST			1.8						123.2						—						18,267.9						—						18,392.9
Less accumulated depreciation			1.8						82.8						—						3,057.6						—						3,142.2
Property and equipment, net			—						40.4						—						15,210.3						—						15,250.7
LONG-TERM NOTES RECEIVABLE FROM ARO			—						—						—						452.9						—						452.9
INVESTMENT IN ARO			—						—						—						138.2						—						138.2
DUE FROM AFFILIATES			1,100.0						—						38.9						2,590.3						(3,729.2)						—
INVESTMENTS IN AFFILIATES			9,934.2						776.1						1,184.9						—						(11,895.2)						—
OTHER ASSETS			1.5						—						—						203.3						—						204.8
			$	14,392.2					$	1,223.0					$	1,225.8					$	19,950.7					$	(19,561.1)					$	17,230.6
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable and accrued liabilities			$	81.6					$	22.1					$	4.7					$	625.7					$	—					$	734.1
Accounts payable to affiliates			213.7						112.9						796.8						2,813.3						(3,936.7)						—
Current maturities of long-term debt			—						—						125.5						—						—						125.5
Total current liabilities			295.3						135.0						927.0						3,439.0						(3,936.7)						859.6
DUE TO AFFILIATES			1,454.3						542.4						593.6						1,138.9						(3,729.2)						—
LONG-TERM DEBT			3,122.7						111.7						373.6						2,434.3						—						6,042.3
OTHER LIABILITIES			(10.6)						56.0						—						752.8						—						798.2
VALARIS SHAREHOLDERS' EQUITY (DEFICIT)			9,530.5						377.9						(668.4)						12,186.6						(11,895.2)						9,531.4
NONCONTROLLING INTERESTS			—						—						—						(.9)						—						(.9)
Total equity (deficit)			9,530.5						377.9						(668.4)						12,185.7						(11,895.2)						9,530.5
			$	14,392.2					$	1,223.0					$	1,225.8					$	19,950.7					$	(19,561.1)					$	17,230.6

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 Nine Months Ended September 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			$	(125.2)					$	(82.3)					$	(98.0)					$	(122.0)					$	—					$	(427.5)
INVESTING ACTIVITIES
Rowan cash acquired			—						—						—						931.9						—						931.9
Maturities of short-term investments			474.0						—						—						—						—						474.0
Purchases of short-term investments			(145.0)						—						—						—						—						(145.0)
Additions to property and equipment			—						—						—						(174.2)						—						(174.2)
Other			—						—						—						4.9						—						4.9
Net cash provided by investing activities of continuing operations			329.0						—						—						762.6						—						1,091.6
FINANCING ACTIVITIES
Reduction of long-term borrowings			(536.6)						(30.4)						—						(361.1)						—						(928.1)
Cash dividends paid			(4.5)						—						—						—						—						(4.5)
Borrowings on credit facility			175.0						—						—						—						—						175.0
Repayments of credit facility borrowings			(34.4)						—						—						—						—						(34.4)
Debt solicitation fee			—						—						—						(9.4)						—						(9.4)
Other			(5.3)						—						—						(2.4)						—						(7.7)
Advances from (to) affiliates			74.7						112.7						95.3						(282.7)						—						—
Net cash provided by (used in) financing activities			(331.1)						82.3						95.3						(655.6)						—						(809.1)
Net cash provided by discontinued operations			—						—						—						—						—						—
Effect of exchange rate changes on cash and cash equivalents			—						—						—						(.6)												(.6)
NET DECREASE IN CASH AND CASH EQUIVALENTS			(127.3)						—						(2.7)						(15.6)						—						(145.6)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD			199.8						—						2.7						72.6						—						275.1
CASH AND CASH EQUIVALENTS, END OF PERIOD			$	72.5					$	—					$	—					$	57.0					$	—					$	129.5

VALARIS PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Nine Months Ended September 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			$	19.7					$	(257.2)					$	(85.1)					$	240.4					$	—					$	(82.2)
INVESTING ACTIVITIES
Maturities of short-term investments			675.0						—						—						—						—						675.0
Purchases of short-term investments			(669.0)						—						—						—						—						(669.0)
Additions to property and equipment			—						—						—						(378.7)						—						(378.7)
Sale of affiliate debt			479.0						—						—						—						(479.0)						—
Purchase of affiliate debt			(552.5)						—						—						—						552.5						—
Other			—						—						—						10.0						—						10.0
Net cash used in investing activities of continuing operations			(67.5)						—						—						(368.7)						73.5						(362.7)
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			(13.4)						—						—						—						—						(13.4)
Debt issuance costs			(17.0)						—						—						—						—						(17.0)
Advances from affiliates			(798.5)						257.2						603.2						(61.9)						—						—
Other			(1.9)						—						—						(2.8)						—						(4.7)
Net cash provided by (used in) financing activities			9.3						257.2						65.4						(64.7)						(73.5)						193.7
Net cash provided by discontinued operations			—						—						—						2.5						—						2.5
Effect of exchange rate changes on cash and cash equivalents			—						—						—						(.7)						—						(.7)
NET DECREASE IN CASH AND CASH EQUIVALENTS			(38.5)						—						(19.7)						(191.2)						—						(249.4)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD			185.2						—						25.6						234.6						—						445.4
CASH AND CASH EQUIVALENTS, END OF PERIOD			$	146.7					$	—					$	5.9					$	43.4					$	—					$	196.0

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