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Segment Information
 12 Months Ended
Dec. 31, 2023
Segment Reporting Information, Revenue for Reportable Segment [Abstract]  
Segment Information SEGMENT INFORMATION
Our business consists of four operating segments: (1) Floaters, which includes our drillships and semisubmersible rigs, (2) Jackups, (3) ARO and (4) Other, which consists of management services on rigs owned by third parties and the activities associated with our arrangements with ARO under the Lease Agreements. Floaters, Jackups and ARO are also reportable segments.

Our onshore support costs included within Contract drilling expenses are not allocated to our operating segments for purposes of measuring segment operating income (loss) and as such, those costs are included in “Reconciling Items.” Further, General and administrative expense and Depreciation expense incurred by our corporate office are not allocated to our operating segments for purposes of measuring segment operating income (loss) and are included in "Reconciling Items". We measure segment assets as Property and equipment, net.

The full operating results included below for ARO are not included within our consolidated results and thus deducted under "Reconciling Items" and replaced with our equity in earnings of ARO. See "Note 5 - Equity Method Investment in ARO" for additional information on ARO and related arrangements.

Segment information for the years ended December 31, 2023 and 2022, eight months ended December 31, 2021 (Successor), and four months ended April 30, 2021 (Predecessor) are presented below (in millions).

Year Ended December 31, 2023 (Successor)
FloatersJackupsAROOtherReconciling ItemsConsolidated Total
Revenues$948.7 $659.6 $496.6 $175.9 $(496.6)$1,784.2 
Operating expenses
Contract drilling (exclusive of depreciation)812.0 517.4 365.9 75.2 (226.9)1,543.6 
Depreciation55.8 40.0 65.9 5.0 (65.6)101.1 
General and administrative— — 22.2 — 77.1 99.3 
Equity in earnings of ARO— — — — 13.3 13.3 
Operating income$80.9 $102.2 $42.6 $95.7 $(267.9)$53.5 
Property and equipment, net$1,035.5 $480.8 $1,036.6 $52.1 $(971.2)$1,633.8 
Capital expenditures$562.0 $132.3 $300.8 $— $(299.0)$696.1 

Year Ended December 31, 2022 (Successor)
FloatersJackupsAROOtherReconciling ItemsConsolidated Total
Revenues$700.5 $744.2 $459.5 $157.8 $(459.5)$1,602.5 
Operating expenses
Contract drilling (exclusive of depreciation)646.0 538.9 341.8 76.4 (219.9)1,383.2 
Loss on impairment 34.5 — — — — 34.5 
Depreciation50.0 36.1 63.4 4.6 (62.9)91.2 
General and administrative— — 18.7 — 62.2 80.9 
Equity in earnings of ARO— — — — 24.5 24.5 
Operating income (loss)$(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 $103.7 $— $(103.1)$207.0 
Eight Months Ended December 31, 2021 (Successor)
FloatersJackupsAROOtherReconciling ItemsConsolidated Total
Revenues$254.5 $487.1 $307.1 $93.4 $(307.1)$835.0 
Operating expenses
Contract drilling (exclusive of depreciation)250.7 365.2 246.2 38.9 (176.9)724.1 
Depreciation31.0 32.0 44.2 2.8 (43.9)66.1 
General and administrative— — 13.6 — 44.6 58.2 
Equity in earnings of ARO— — — — 6.1 6.1 
Operating income (loss)$(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)
FloatersJackupsAROOtherReconciling ItemsConsolidated Total
Revenues$115.7 $232.4 $163.5 $49.3 $(163.5)$397.4 
Operating expenses
Contract drilling (exclusive of depreciation)106.5 175.0 116.1 19.9 (73.7)343.8 
Loss on impairment 756.5 — — — — 756.5 
Depreciation72.1 69.7 21.0 14.8 (18.0)159.6 
General and administrative— — 4.2 — 26.5 30.7 
Equity in earnings of ARO— — — — 3.1 3.1 
Operating income (loss)$(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 
 
Information about Geographic Areas
 
As of December 31, 2023, our Floaters segment consisted of 13 drillships, four dynamically positioned semisubmersible rigs and one moored semisubmersible rig deployed in various locations. Our Jackups segment consisted of 27 jackup rigs which were deployed in various locations and our Other segment consisted of eight jackup rigs which are leased to our 50/50 unconsolidated joint venture with Saudi Aramco.

As of December 31, 2023, the geographic distribution of our and ARO's drilling rigs was as follows:
FloatersJackupsOtherTotal ValarisARO
Middle East & Africa358168
North & South America 97—16—
Europe
412—16—
Asia & Pacific Rim23—5—
Total18278538

We provide management services in the U.S. Gulf of Mexico on two rigs owned by a third party not included in the table above.
ARO has ordered one newbuild jackup which is under construction in the Middle East and expected to be delivered in first half of 2024. This rig is not included in the table above.

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, 2023December 31, 2022
Spain$438.9 $117.7 
Brazil374.5 102.0 
United Kingdom277.8 185.2 
United States206.5 166.3 
Other countries(1)
410.7 427.0 
Total$1,708.4 $998.2 

(1)Other countries includes countries where individually we had long-lived assets representing less than 10% of total long-lived assets.

For purposes of our geographic disclosures above, we attribute assets to the geographic location of the drilling rig or operating lease, in the case of our right-of-use assets, as of the end of the applicable year. Any rigs in transit as of the end of the year are included in the location to which they are mobilizing.