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Segment Information (Tables)

9 Months Ended

Sep. 30, 2021

Segment Reporting Information, Revenue for Reportable Segment [Abstract]

Schedule Of Segment Reporting Information

Three Months Ended September 30, 2021 (Successor)

			Floaters						Jackups						ARO						Other						Reconciling Items						Consolidated 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
Depreciation			11.4						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)

			Floaters						Jackups						ARO						Other						Reconciling Items						Consolidated 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
Depreciation			19.3						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)

			Floaters						Jackups						ARO						Other						Reconciling Items						Consolidated 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 impairment			756.5						—						—						—						—						756.5
Depreciation			72.1						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)

			Floaters						Jackups						ARO						Other						Reconciling Items						Consolidated 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
Depreciation			55.8						52.9						14.8						11.3						(12.4)						122.4
General and administrative			—						—						5.8						—						66.3						72.1
Other operating income			118.1						—						—						—						—						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)

			Floaters						Jackups						ARO						Other						Reconciling Items						Consolidated 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 impairment			3,386.2						254.3						—						5.7						—						3,646.2
Depreciation			207.2						164.2						41.1						33.6						(27.7)						418.4
General and administrative			—						—						21.2						—						166.9						188.1
Other operating income			118.1						—						—						—						—						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

Schedule Of Geographic Distribution Of Rigs By Segment

As of September 30, 2021, the geographic distribution of our and ARO's drilling rigs was as follows:

			Floaters						Jackups						Other						Total Valaris						ARO
North & South America			5						6						—						11						—
Europe & the Mediterranean			7						13						—						20						—
Middle East & Africa			2						8						8						18						7
Asia & Pacific Rim			2						6						—						8						—
Held-for-sale			—						1						1						2						—
Total			16						34						9						59						7

X

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8813-108599

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

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