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Property and Equipment | 6 Months Ended
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Jun. 30, 2025
Property, Plant and Equipment [Abstract] |
Property and Equipment | Property and Equipment Property and equipment consisted of the following (in millions):
|  | June 30, 2025 |  | December 31, 2024
Drilling rigs and equipment |  | $ | 1,829.3 |  |  | $ | 1,660.9 |
Work-in-progress |  | 583.6 |  |  | 607.6 |
Other |  | 48.7 |  |  | 40.9 |
Total property and equipment, at cost |  | $ | 2,461.6 |  |  | $ | 2,309.4 |
From time to time we may opportunistically sell assets to enhance shareholder value. Additionally, we may consider retiring assets that no longer meet our standards for economic returns. Gains and losses recognized on sale of assets are recognized in Other, net on the Condensed Consolidated Statements of Operations. Pending Sale of VALARIS 247 In May 2025, we entered into an agreement to sell VALARIS 247, a rig within our Jackups segment, for approximately $108.0 million, subject to certain customary closing conditions and the completion of its current drilling contract. In accordance with the agreement, a $21.5 million deposit was made by the buyer into an escrow account held by a third party during the second quarter of 2025. We expect to collect the deposit and remaining proceeds and to recognize a pre-tax gain of approximately $87.0 million upon completion of the sale, which is expected to occur during the second half of 2025. Sale of Retired Semis In the first quarter of 2025, we approved a plan to retire three semisubmersible rigs within our Floaters segment, VALARIS DPS-3, VALARIS DPS-5, and VALARIS DPS-6 (collectively, the “Retired Semis”). In April 2025, the Retired Semis were sold for recycling and permanently removed from service for total cash proceeds of $10.0 million. In connection with the retirement of the Retired Semis, during the first quarter of 2025, we recognized a loss on impairment of $7.8 million, which represents the amount of carrying value that exceeded the disposal group's aggregate fair value less costs to sell. We estimated the fair value using a market approach based on the preliminary sale agreement for the Retired Semis, which is considered a Level 3 input due to the level of estimation involved since the sale had not yet been completed at the time of our analysis. Sale of VALARIS 75 In the first quarter of 2025, VALARIS 75, a rig within our Jackups segment which had an immaterial net book value, was sold resulting in a pre-tax gain on sale of approximately $23.0 million. Of the proceeds, $14.0 million was collected upon closing, with the remaining $10.0 million to be received in equal installments on the first and second anniversaries of the closing. Sale of Angola Office Building In the first quarter of 2025, we sold an office building in Angola for cash proceeds of $5.2 million, resulting in a pre-tax gain of approximately $4.0 million. Of the proceeds, approximately $2.5 million was collected during the fourth quarter of 2024 and $2.7 million was collected during the first quarter of 2025.

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 6 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 7 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-7 + Details
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