Chapter 11 Proceedings and Ability to Continue as a Going Concern (Tables)

12 Months Ended

Dec. 31, 2021

Liabilities subject to compromise at December 31, 2020 (Predecessor) consisted of the following (in millions):


6.875% Senior notes due 2020	$	122.9
4.70% Senior notes due 2021	100.7
4.875% Senior notes due 2022	620.8
3.00% Exchangeable senior notes due 2024	849.5
4.50% Senior notes due 2024	303.4
4.75% Senior notes due 2024	318.6
8.00% Senior notes due 2024	292.3
5.20% Senior notes due 2025	333.7
7.375% Senior notes due 2025	360.8
7.75% Senior notes due 2026	1,000.0
7.20% Debentures due 2027	112.1
7.875% Senior notes due 2040	300.0
5.40% Senior notes due 2042	400.0
5.75% Senior notes due 2044	1,000.5
5.85% Senior notes due 2044	400.0
Amounts drawn under the Revolving Credit Facility	581.0
Accrued Interest on Senior Notes and Revolving Credit Facility	203.5
Rig holding costs(1)	13.9
Total liabilities subject to compromise	$	7,313.7

(1) Represents the holding costs incurred to maintain VALARIS DS-13 and VALARIS DS-14 in the shipyard.


	Successor		Predecessor
	Eight Months Ended December 31, 2021		Four Months Ended April 30, 2021		Year Ended December 31, 2020

DIP facility fees	$	—	$	—	$	20.0
Professional fees	17.2		93.4		66.8
Contract items	(1.7)		3.9		4.4

Reorganization items (fees)	15.5		97.3		91.2

Write-off of unamortized debt discounts, premiums and issuance costs	—		—		447.9
Contract items	—		0.5		(11.5)
Backstop premium	—		30.0		—
Gain on settlement of liabilities subject to compromise	—		(6,139.0)		—
Issuance of Common Shares for backstop premium	—		29.1		—
Issuance of Common Shares to the Shipyard	—		5.4		—
Write-off of unrecognized share-based compensation expense	—		16.0		—
Impact of newbuild contract amendments	—		350.7		—
Loss on fresh start adjustments	—		9,194.6		—
Reorganization items (non-cash)	—		3,487.3		436.4

Total reorganization items, net	$	15.5	$	3,584.6	$	527.6

Reorganization items (fees) unpaid	$	0.8	$	38.3	$	61.2
Reorganization items (fees) paid	$	14.7	$	59.0	$	30.0