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Segment Information
 12 Months Ended
Dec. 31, 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, net.
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 6 - Equity Method Investment in ARO" for additional information on ARO and related arrangements.

Segment information for the eight months ended December 31, 2021 (Successor), the four months ended April 30, 2021 (Predecessor), the years ended December 31, 2020 and 2019 (Predecessor), respectively are presented below (in millions).

Eight Months Ended December 31, 2021 (Successor)
FloatersJackupsAROOtherReconciling ItemsConsolidated Total
Revenues$254.5 $487.1 $307.1 $93.4 $(307.1)$835.0 
Operating expenses
Contract drilling (exclusive of depreciation)250.7 365.2 246.2 38.9 (172.3)728.7 
Depreciation31.0 32.0 44.2 2.8 (43.9)66.1 
General and administrative— — 13.6 — 44.6 58.2 
Equity in earnings of ARO— — — — 6.1 6.1 
Operating income (loss)$(27.2)$89.9 $3.1 $51.7 $(129.4)$(11.9)
Property and equipment, net$408.2 $401.9 $730.6 $46.0 $(695.8)$890.9 
Capital expenditures$26.0 $23.7 $41.8 $— $(41.3)$50.2 


Four Months Ended April 30, 2021 (Predecessor)
FloatersJackupsAROOtherReconciling ItemsConsolidated Total
Revenues$115.7 $232.4 $163.5 $49.3 $(163.5)$397.4 
Operating expenses
Contract drilling (exclusive of depreciation)106.5 175.0 116.1 19.9 (73.7)343.8 
Loss on impairment 756.5 — — — — 756.5 
Depreciation72.1 69.7 21.0 14.8 (18.0)159.6 
General and administrative— — 4.2 — 26.5 30.7 
Equity in earnings of ARO— — — — 3.1 3.1 
Operating income (loss)$(819.4)$(12.3)$22.2 $14.6 $(95.2)$(890.1)
Property and equipment, net$419.3 $401.4 $730.7 $50.5 $(692.8)$909.1 
Capital expenditures$3.3 $5.4 $14.9 $— $(14.9)$8.7 
Year Ended December 31, 2020 (Predecessor)
FloatersJackupsAROOtherReconciling ItemsConsolidated Total
Revenues$505.8 $765.3 $549.4 $156.1 $(549.4)$1,427.2 
Operating expenses
Contract drilling (exclusive of depreciation)566.1 659.5 388.2 82.8 (226.2)1,470.4 
Loss on impairment 3,386.2 254.3 — 5.7 — 3,646.2 
Depreciation262.8 217.2 54.8 44.8 (38.8)540.8 
General and administrative— — 24.2 — 190.4 214.6 
Other operating income118.1 — — — — 118.1 
Equity in losses of ARO— — — — (7.8)(7.8)
Operating income (loss)$(3,591.2)$(365.7)$82.2 $22.8 $(482.6)$(4,334.5)
Property and equipment, net$6,413.4 $3,912.6 $736.2 $577.9 $(679.6)$10,960.5 
Capital expenditures$25.1 $58.9 $136.1 $— $(126.3)$93.8 

Year Ended December 31, 2019 (Predecessor)
FloatersJackupsAROOtherReconciling ItemsConsolidated Total
Revenues$1,014.4 $834.6 $410.5 $204.2 $(410.5)$2,053.2 
Operating expenses
Contract drilling (exclusive of depreciation)785.0 711.3 280.2 111.0 (79.7)1,807.8 
Loss on impairment 88.2 10.2 — — 5.6 104.0 
Depreciation362.3 203.3 40.3 25.5 (21.7)609.7 
General and administrative— — 27.1 — 161.8 188.9 
Equity in losses of ARO— — — — (12.6)(12.6)
Operating income (loss)$(221.1)$(90.2)$62.9 $67.7 $(489.1)$(669.8)
Property and equipment, net$10,073.1 $4,322.7 $650.7 $620.9 $(570.5)$15,096.9 
Capital expenditures$31.4 $184.6 $27.5 $— $(16.5)$227.0 
 
Information about Geographic Areas
 
As of December 31, 2021 (Successor), our Floaters segment consisted of 11 drillships, four dynamically positioned semisubmersible rigs and one moored semisubmersible rig deployed in various locations. Our Jackups segment consisted of 33 jackup rigs which were deployed in various locations and our Other segment consisted of seven jackup rigs which are leased to our 50/50 joint venture with Saudi Aramco.

As of December 31, 2021 (Successor), the geographic distribution of our and ARO's drilling rigs was as follows:
FloatersJackupsOtherTotal ValarisARO
North & South America 66—12—
Europe & the Mediterranean612—18—
Middle East & Africa287177
Asia & Pacific Rim27—9—
Total16337567
We provide management services in the U.S. Gulf of Mexico on two rigs owned by a third party 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.

For purposes of our long-lived asset geographic disclosure, we attribute assets to the geographic location of the drilling rig or operating lease, in the case of our right-of-use assets, as of the end of the applicable year. For new construction projects, assets are attributed to the location of future operation if known or to the location of construction if the ultimate location of operation is undetermined.

Information by country for those countries that account for more than 10% of our long-lived assets, was as follows (in millions):
 Long-lived Assets
SuccessorPredecessor
December 31, 2021December 31, 2020December 31, 2019
United States$152.1 $1,811.9 $2,972.4 
Spain145.8 2,122.6 3,012.4 
United Kingdom142.4 2,584.0 1,210.5 
Saudi Arabia75.2 1,183.7 1,259.3 
Other countries(1)
395.9 3,294.1 6,700.4 
Total$911.4 $10,996.3 $15,155.0 
(1)Other countries includes countries where individually we had long-lived assets representing less than 10% of total long-lived assets