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Segment Information
 6 Months Ended
Jun. 30, 2024
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 are deducted under "Reconciling Items" and replaced with our equity in earnings of ARO. See "Note 3 - Equity Method Investment in ARO" for additional information on ARO and related arrangements. Similarly, the Property and equipment, net balances presented below for ARO are not included within our Condensed Consolidated Balance Sheets and thus are also deducted under "Reconciling Items."
Segment information for the three and six months ended June 30, 2024 and 2023, respectively, are presented below (in millions):

Three Months Ended June 30, 2024
FloatersJackupsAROOtherReconciling ItemsConsolidated Total
Revenues$383.9 $185.8 $124.2 $40.4 $(124.2)$610.1 
Operating expenses
Contract drilling (exclusive of depreciation)257.4 123.2 94.1 19.6 (55.6)438.7 
Depreciation14.1 10.9 19.7 2.5 (17.5)29.7 
General and administrative— — 5.5 — 27.0 32.5 
Equity in losses of ARO— — — — (0.3)(0.3)
Operating income$112.4 $51.7 $4.9 $18.3 $(78.4)$108.9 
Property and equipment, net$1,117.3 $478.4 $1,188.2 $135.4 $(1,109.9)$1,809.4 


Three Months Ended June 30, 2023
FloatersJackupsAROOtherReconciling ItemsConsolidated Total
Revenues$227.4 $144.6 $117.8 $43.2 $(117.8)$415.2 
Operating expenses
Contract drilling (exclusive of depreciation)196.2 123.5 95.0 18.2 (59.4)373.5 
Depreciation13.6 9.6 15.6 1.2 (15.5)24.5 
General and administrative— — 5.7 — 20.7 26.4 
Equity in losses of ARO— — — — (0.7)(0.7)
Operating income (loss)$17.6 $11.5 $1.5 $23.8 $(64.3)$(9.9)
Property and equipment, net$552.3 $418.4 $838.8 $54.5 $(790.3)$1,073.7 

Six Months Ended June 30, 2024
FloatersJackupsAROOtherReconciling ItemsConsolidated Total
Revenues$708.3 $338.1 $262.5 $88.7 $(262.5)$1,135.1 
Operating expenses
Contract drilling (exclusive of depreciation)510.8 257.1 192.4 41.8 (118.6)883.5 
Depreciation27.3 21.3 38.7 3.8 (34.6)56.5 
General and administrative— — 11.3 — 47.7 59.0 
Equity in earnings of ARO— — — — 2.1 2.1 
Operating income$170.2 $59.7 $20.1 $43.1 $(154.9)$138.2 
Property and equipment, net$1,117.3 $478.4 $1,188.2 $135.4 $(1,109.9)$1,809.4 
Six Months Ended June 30, 2023

FloatersJackupsAROOtherReconciling ItemsConsolidated Total
Revenues$442.2 $314.4 $241.4 $88.7 $(241.4)$845.3 
Operating expenses
Contract drilling (exclusive of depreciation)370.8 272.4 185.9 38.4 (116.8)750.7 
Depreciation26.6 18.6 30.6 2.5 (30.5)47.8 
General and administrative— — 10.3 — 40.5 50.8 
Equity in earnings of ARO— — — — 2.6 2.6 
Operating income (loss)$44.8 $23.4 $14.6 $47.8 $(132.0)$(1.4)
Property and equipment, net$552.3 $418.4 $838.8 $54.5 $(790.3)$1,073.7 

Information about Geographic Areas

As of June 30, 2024, the geographic distribution of our and ARO's drilling rigs was as follows:
FloatersJackupsOtherTotal ValarisARO
Middle East & Africa4 4 9 17 9 
North & South America
9 7 — 16 — 
Europe
3 11 — 14 — 
Asia & Pacific Rim2 4 — 6 — 
Total18 26 9 53 9 

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.

For purposes of our geographic disclosures above, any rigs in transit as of end of the quarter are included in the location to which they are mobilizing.