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