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v3.22.4

Segment Information (Tables) | 12 Months Ended
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Dec. 31, 2022
Segment Reporting Information, Revenue for Reportable Segment [Abstract] |
Schedule Of Segment Reporting Information |
| Floaters |  | Jackups |  | ARO |  | Other |  | Reconciling Items |  | Consolidated Total
Revenues | $ | 700.5 |  |  | $ | 744.2 |  |  | $ | 459.5 |  |  | $ | 157.8 |  |  | $ | (459.5) |  |  | $ | 1,602.5 |
Operating expenses |  |  |  |  |  |  |  |  |  |  |
Contract drilling (exclusive of depreciation) | 646.0 |  |  | 538.9 |  |  | 341.8 |  |  | 76.4 |  |  | (219.9) |  |  | 1,383.2 |
Loss on impairment | 34.5 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 34.5 |
Depreciation | 50.0 |  |  | 36.1 |  |  | 63.4 |  |  | 4.6 |  |  | (62.9) |  |  | 91.2 |
General and administrative | — |  |  | — |  |  | 18.7 |  |  | — |  |  | 62.2 |  |  | 80.9 |
Equity in earnings of ARO | — |  |  | — |  |  | — |  |  | — |  |  | 24.5 |  |  | 24.5 |
Operating income (loss) | $ | (30.0) |  |  | $ | 169.2 |  |  | $ | 35.6 |  |  | $ | 76.8 |  |  | $ | (214.4) |  |  | $ | 37.2 |
Property and equipment, net | $ | 487.5 |  |  | $ | 391.7 |  |  | $ | 775.6 |  |  | $ | 56.8 |  |  | $ | (734.4) |  |  | $ | 977.2 |
Capital expenditures | $ | 152.9 |  |  | $ | 53.5 |  |  | $ | 24.6 |  |  | $ | — |  |  | $ | (24.0) |  |  | $ | 207.0 |
Eight Months Ended December 31, 2021 (Successor)
| Floaters |  | Jackups |  | ARO |  | Other |  | Reconciling Items |  | Consolidated 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 |  |  | (176.9) |  |  | 724.1 |
Depreciation | 31.0 |  |  | 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 |  |  | $ | (124.8) |  |  | $ | (7.3) |
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)
| 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) | 106.5 |  |  | 175.0 |  |  | 116.1 |  |  | 19.9 |  |  | (73.7) |  |  | 343.8 |
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) | $ | (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)
| Floaters |  | Jackups |  | ARO |  | Other |  | Reconciling Items |  | Consolidated 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 |
Depreciation | 262.8 |  |  | 217.2 |  |  | 54.8 |  |  | 44.8 |  |  | (38.8) |  |  | 540.8 |
General and administrative | — |  |  | — |  |  | 24.2 |  |  | — |  |  | 190.4 |  |  | 214.6 |
Other operating income | 118.1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 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 |
Schedule Of Geographic Distribution Of Rigs By Segment | As of December 31, 2022 (Successor), the geographic distribution of our and ARO's drilling rigs was as follows:
| Floaters |  | Jackups |  | Other |  | Total Valaris |  | ARO
North & South America | 7 |  | 6 |  | — |  | 13 |  | —
Europe & the Mediterranean | 4 |  | 12 |  | — |  | 16 |  | —
Middle East & Africa | 3 |  | 6 |  | 8 |  | 17 |  | 7
Asia & Pacific Rim | 2 |  | 4 |  | — |  | 6 |  | —
Total | 16 |  | 28 |  | 8 |  | 52 |  | 7
Schedule Of Revenues And Long-Lived Assets By Geographical Segment | 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
| December 31, 2022 |  | December 31, 2021
United Kingdom | $ | 185.2 |  |  | $ | 142.4 |
United States | 166.3 |  |  | 152.1 |
Spain | 117.7 |  |  | 145.8 |
Brazil | 102.0 |  |  | 57.6 |
Other countries(1) | 427.0 |  |  | 413.5 |
Total | $ | 998.2 |  |  | $ | 911.4 |
(1)Other countries includes countries where individually we had long-lived assets representing less than 10% of total long-lived assets

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