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Segment Information
 9 Months Ended
Sep. 30, 2021
Segment Reporting Information, Revenue for Reportable Segment [Abstract]  
Segment Information Segment Information
 
Our business consists of four operating segments: (1) Floaters, which includes our drillships and semisubmersible rigs, (2) Jackups, (3) ARO and (4) Other, which consists of management services on rigs owned by third-parties and the activities associated with our arrangements with ARO under the Lease Agreements, the Secondment Agreement and the Transition Services Agreement. Floaters, Jackups and ARO are also reportable segments.

Upon emergence, we ceased allocation of our onshore support costs included within contract drilling expenses to our operating segments for purposes of measuring segment operating income (loss) and as such, those costs are included in “Reconciling Items”. We have adjusted the historical periods to conform with current period presentation. Further, general and administrative expense and depreciation expense incurred by our corporate office are not allocated to our operating segments for purposes of measuring segment operating income (loss) and are included in "Reconciling Items." Substantially all of the expenses incurred associated with our Transition Services Agreement are included in general and administrative under "Reconciling Items" in the table set forth below. We measure segment assets as property and equipment.

The full operating results included below for ARO are not included within our consolidated results and thus deducted under "Reconciling Items" and replaced with our equity in earnings of ARO. See "Note 5 - Equity Method Investment in ARO" for additional information on ARO and related arrangements.

Three Months Ended September 30, 2021 (Successor)
FloatersJackupsAROOtherReconciling ItemsConsolidated Total
Revenues$104.3 $186.3 $117.7 $36.1 $(117.7)$326.7 
Operating expenses
Contract drilling (exclusive of depreciation)90.9 140.9 94.4 14.1 (66.0)274.3 
Depreciation11.4 12.1 16.8 .9 (16.8)24.4 
General and administrative— — 5.4 — 21.8 27.2 
Equity in earnings of ARO— — — — 2.6 2.6 
Operating income (loss)$2.0 $33.3 $1.1 $21.1 $(54.1)$3.4 
Property and equipment, net$416.2 $394.2 $728.3 $47.3 $(693.7)$892.3 
Five Months Ended September 30, 2021 (Successor)
FloatersJackupsAROOtherReconciling ItemsConsolidated Total
Revenues$154.0 $314.8 $201.7 $60.7 $(201.7)$529.5 
Operating expenses
Contract drilling (exclusive of depreciation)136.1 236.4 157.3 23.3 (110.1)443.0 
Depreciation19.3 19.9 26.5 1.7 (26.4)41.0 
General and administrative— — 8.5 — 31.4 39.9 
Equity in earnings of ARO— — — — 7.4 7.4 
Operating income (loss)$(1.4)$58.5 $9.4 $35.7 $(89.2)$13.0 
Property and equipment, net$416.2 $394.2 $728.3 $47.3 $(693.7)$892.3 

Four Months Ended April 30, 2021 (Predecessor)
FloatersJackupsAROOtherReconciling ItemsConsolidated Total
Revenues$115.7 $232.4 $163.5 $49.3 $(163.5)$397.4 
Operating expenses
Contract drilling (exclusive of depreciation)106.0 169.3 116.1 19.8 (73.4)337.8 
Loss on impairment756.5 — — — — 756.5 
Depreciation72.1 69.7 21.0 14.8 (18.0)159.6 
General and administrative— — 4.2 — 26.5 30.7 
Equity in earnings of ARO— — — — 3.1 3.1 
Operating income (loss)$(818.9)$(6.6)$22.2 $14.7 $(95.5)$(884.1)
Property and equipment, net$419.3 $401.4 $730.7 $50.5 $(692.8)$909.1 

Three Months Ended September 30, 2020 (Predecessor)
FloatersJackupsAROOtherReconciling ItemsConsolidated Total
Revenues$57.1 $186.8 $145.6 $41.4 $(145.6)$285.3 
Operating expenses
Contract drilling (exclusive of depreciation)112.1 140.7 99.0 16.4 (61.0)307.2 
Depreciation55.8 52.9 14.8 11.3 (12.4)122.4 
General and administrative— — 5.8 — 66.3 72.1 
Other operating income118.1 — — — — 118.1 
Equity in earnings of ARO— — — — 3.9 3.9 
Operating income (loss)$7.3 $(6.8)$26.0 $13.7 $(134.6)$(94.4)
Property and equipment, net$6,465.9 $3,961.0 $736.3 $589.1 $(669.9)$11,082.4 
Nine Months Ended September 30, 2020 (Predecessor)
FloatersJackupsAROOtherReconciling ItemsConsolidated Total
Revenues$400.3 $585.9 $431.9 $144.5 $(431.9)$1,130.7 
Operating expenses
Contract drilling (exclusive of depreciation)451.4 510.8 319.8 65.8 (193.9)1,153.9 
Loss on impairment3,386.2 254.3 — 5.7 — 3,646.2 
Depreciation207.2 164.2 41.1 33.6 (27.7)418.4 
General and administrative— — 21.2 — 166.9 188.1 
Other operating income118.1 — — — — 118.1 
Equity in losses of ARO— — — — (7.6)(7.6)
Operating income (loss)$(3,526.4)$(343.4)$49.8 $39.4 $(384.8)$(4,165.4)
Property and equipment, net$6,465.9 $3,961.0 $736.3 $589.1 $(669.9)$11,082.4 

Information about Geographic Areas

    As of September 30, 2021, the geographic distribution of our and ARO's drilling rigs was as follows:
FloatersJackupsOtherTotal ValarisARO
North & South America 56—11—
Europe & the Mediterranean713—20—
Middle East & Africa288187
Asia & Pacific Rim26—8—
Held-for-sale—112—
Total16349597

We provide management services on two rigs owned by third-parties not included in the table above.

We are a party to contracts whereby we have the option to take delivery of two drillships, VALARIS DS-13 and VALARIS DS-14, that are not included in the table above.

ARO has ordered two newbuild jackups which are under construction in the Middle East that are not included in the table above.