XML 14 R2.htm IDEA: XBRL DOCUMENT v3.22.2.2
Condensed Consolidated Statements Of Operations - USD ($)
shares in Millions, $ in Millions
3 Months Ended 4 Months Ended 5 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Apr. 30, 2021
Sep. 30, 2021
Sep. 30, 2022
Income Statement [Abstract]          
OPERATING REVENUES $ 437.2 $ 326.7 $ 397.4 $ 529.5 $ 1,168.9
OPERATING EXPENSES          
Contract drilling (exclusive of depreciation) 336.7 274.6 343.8 443.2 1,029.8
Loss on impairment     756.5 0.0 34.5
Depreciation expense 22.6 24.4 159.6 41.0 67.4
General and administrative 19.2 27.2 30.7 39.9 57.0
Total operating expenses 378.5 326.2 1,290.6 524.1 1,188.7
Equity in earnings of ARO (2.9) (2.6) (3.1) (7.4) (15.9)
OPERATING INCOME 61.6 3.1 (890.1) 12.8 (3.9)
OTHER INCOME (EXPENSE)          
Interest income 27.9 9.7 3.6 17.5 50.0
Interest expense, net (11.7) (11.3) (2.4) (19.3) (34.8)
Reorganization items, net (0.4) (6.5) (3,584.6) (10.6) (2.1)
Other, net 14.1 5.5 25.9 11.1 174.8
OTHER INCOME (EXPENSE), NET 29.9 (2.6) (3,557.5) (1.3) 187.9
INCOME BEFORE INCOME TAXES 91.5 0.5 (4,447.6) 11.5 184.0
Income Tax Expense (Benefit), Continuing Operations [Abstract]          
Current income tax expense 13.4 53.2 34.4 67.2 26.2
Deferred income tax expense 0.4 0.1 (18.2) 1.2 7.1
Total provision for income taxes 13.8 53.3 16.2 68.4 33.3
Net income (loss) 77.7 (52.8) (4,463.8) (56.9) 150.7
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS (3.4) (1.7) (3.2) (3.8) (3.4)
NET INCOME (LOSS) ATTRIBUTABLE TO VALARIS $ 74.3 $ (54.5) $ (4,467.0) $ (60.7) $ 147.3
EARNINGS (LOSS) PER SHARE          
Basic (in dollars per share) $ 0.99 $ (0.73) $ (22.38) $ (0.81) $ 1.96
Diluted (in dollars per share) $ 0.98 $ (0.73) $ (22.38) $ (0.81) $ 1.95
WEIGHTED-AVERAGE SHARES OUTSTANDING          
Basic (in shares) 75.1   199.6 75.0 75.0
Diluted (in shares) 75.6 75.0 199.6 75.0 75.5