XML 41 R31.htm IDEA: XBRL DOCUMENT
v3.23.3

Segment Information (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2023
Segment Reporting Information, Revenue for Reportable Segment [Abstract] |
Schedule Of Segment Reporting Information | Segment information for the three and nine months ended September 30, 2023 and 2022, respectively, are presented below (in millions): Three Months Ended September 30, 2023
| Floaters |  | Jackups |  | ARO |  | Other |  | Reconciling Items |  |  | Consolidated Total
Revenues | $ | 243.3 |  |  | $ | 165.9 |  |  | $ | 121.5 |  |  | $ | 45.9 |  |  | $ | (121.5) |  |  |  | $ | 455.1 |
Operating expenses |  |  |  |  |  |  |  |  |  |  |  |
Contract drilling (exclusive of depreciation) | 215.2 |  |  | 121.7 |  |  | 92.0 |  |  | 18.8 |  |  | (56.8) |  |  |  | 390.9 |
Depreciation | 14.2 |  |  | 10.2 |  |  | 15.8 |  |  | 1.3 |  |  | (15.7) |  |  |  | 25.8 |
General and administrative | — |  |  | — |  |  | 5.6 |  |  | — |  |  | 18.6 |  |  |  | 24.2 |
Equity in earnings of ARO | — |  |  | — |  |  | — |  |  | — |  |  | 2.4 |  |  |  | 2.4 |
Operating income | $ | 13.9 |  |  | $ | 34.0 |  |  | $ | 8.1 |  |  | $ | 25.8 |  |  | $ | (65.2) |  |  |  | $ | 16.6 |
Property and equipment, net | $ | 609.1 |  |  | $ | 443.0 |  |  | $ | 873.4 |  |  | $ | 53.3 |  |  | $ | (818.9) |  |  |  | $ | 1,159.9 |
Three Months Ended September 30, 2022
| Floaters |  | Jackups |  | ARO |  | Other |  | Reconciling Items |  |  | Consolidated Total
Revenues | $ | 201.7 |  |  | $ | 195.9 |  |  | $ | 111.4 |  |  | $ | 39.6 |  |  | $ | (111.4) |  |  |  | $ | 437.2 |
Operating expenses |  |  |  |  |  |  |  |  |  |  |  |
Contract drilling (exclusive of depreciation) | 160.5 |  |  | 128.0 |  |  | 90.0 |  |  | 17.8 |  |  | (59.6) |  |  |  | 336.7 |
Depreciation | 12.6 |  |  | 8.7 |  |  | 15.4 |  |  | 1.2 |  |  | (15.3) |  |  |  | 22.6 |
General and administrative | — |  |  | — |  |  | 4.7 |  |  | — |  |  | 14.5 |  |  |  | 19.2 |
Equity in earnings of ARO | — |  |  | — |  |  | — |  |  | — |  |  | 2.9 |  |  |  | 2.9 |
Operating income | $ | 28.6 |  |  | $ | 59.2 |  |  | $ | 1.3 |  |  | $ | 20.6 |  |  | $ | (48.1) |  |  |  | $ | 61.6 |
Property and equipment, net | $ | 473.4 |  |  | $ | 386.7 |  |  | $ | 757.7 |  |  | $ | 57.7 |  |  | $ | (721.9) |  |  |  | $ | 953.6 |
Nine Months Ended September 30, 2023
| Floaters |  | Jackups |  | ARO |  | Other |  | Reconciling Items |  |  | Consolidated Total
Revenues | $ | 685.5 |  |  | $ | 480.3 |  |  | $ | 362.9 |  |  | $ | 134.6 |  |  | $ | (362.9) |  |  |  | $ | 1,300.4 |
Operating expenses |  |  |  |  |  |  |  |  |  |  |  |
Contract drilling (exclusive of depreciation) | 586.0 |  |  | 394.1 |  |  | 277.9 |  |  | 57.2 |  |  | (173.6) |  |  |  | 1,141.6 |
Depreciation | 40.8 |  |  | 28.8 |  |  | 46.4 |  |  | 3.8 |  |  | (46.2) |  |  |  | 73.6 |
General and administrative | — |  |  | — |  |  | 15.9 |  |  | — |  |  | 59.1 |  |  |  | 75.0 |
Equity in earnings of ARO | — |  |  | — |  |  | — |  |  | — |  |  | 5.0 |  |  |  | 5.0 |
Operating income | $ | 58.7 |  |  | $ | 57.4 |  |  | $ | 22.7 |  |  | $ | 73.6 |  |  | $ | (197.2) |  |  |  | $ | 15.2 |
Property and equipment, net | $ | 609.1 |  |  | $ | 443.0 |  |  | $ | 873.4 |  |  | $ | 53.3 |  |  | $ | (818.9) |  |  |  | $ | 1,159.9 |
Nine Months Ended September 30, 2022
| Floaters |  | Jackups |  | ARO |  | Other |  | Reconciling Items |  |  | Consolidated Total
Revenues | $ | 489.5 |  |  | $ | 562.4 |  |  | $ | 339.1 |  |  | $ | 117.0 |  |  | $ | (339.1) |  |  |  | $ | 1,168.9 |
Operating expenses |  |  |  |  |  |  |  |  |  |  |  |
Contract drilling (exclusive of depreciation) | 473.4 |  |  | 409.4 |  |  | 256.3 |  |  | 58.0 |  |  | (167.3) |  |  |  | 1,029.8 |
Loss on impairment | 34.5 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  | 34.5 |
Depreciation | 37.1 |  |  | 26.5 |  |  | 47.3 |  |  | 3.4 |  |  | (46.9) |  |  |  | 67.4 |
General and administrative | — |  |  | — |  |  | 13.1 |  |  | — |  |  | 43.9 |  |  |  | 57.0 |
Equity in earnings of ARO | — |  |  | — |  |  | — |  |  | — |  |  | 15.9 |  |  |  | 15.9 |
Operating income (loss) | $ | (55.5) |  |  | $ | 126.5 |  |  | $ | 22.4 |  |  | $ | 55.6 |  |  | $ | (152.9) |  |  |  | $ | (3.9) |
Property and equipment, net | $ | 473.4 |  |  | $ | 386.7 |  |  | $ | 757.7 |  |  | $ | 57.7 |  |  | $ | (721.9) |  |  |  | $ | 953.6 |
Schedule Of Geographic Distribution Of Rigs By Segment | As of September 30, 2023, the geographic distribution of our and ARO's drilling rigs was as follows:
| Floaters |  | Jackups |  | Other |  | Total Valaris |  | ARO
Middle East & Africa | 3 |  |  | 5 |  |  | 8 |  |  | 16 |  |  | 7 |
Europe & the Mediterranean | 3 |  |  | 12 |  |  | — |  |  | 15 |  |  | — |
North & South America | 8 |  |  | 7 |  |  | — |  |  | 15 |  |  | — |
Asia & Pacific Rim | 2 |  |  | 3 |  |  | — |  |  | 5 |  |  | — |
Total | 16 |  |  | 27 |  |  | 8 |  |  | 51 |  |  | 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 -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-25 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingInformationRevenueAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule of segment reporting information by geographical segment [Table Text Block]. + References No definition available. + Details
Name: | val_ScheduleOfSegmentReportingInformationByGeographicalSegmentTableTextBlock
Namespace Prefix: | val_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration