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Segment Information (Tables) | 9 Months Ended
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Sep. 30, 2025
Segment Reporting Information, Revenue for Reportable Segment [Abstract] |
Schedule Of Segment Reporting Information | Segment information for the three and nine months ended September 30, 2025 and 2024, respectively, are presented below (in millions): Three Months Ended September 30, 2025
| Floaters |  | Jackups |  | ARO |  | Other |  | Reconciling Items |  |  | Consolidated Total
Operating revenues: |  |  |  |  |  |  |  |  |  |  |  |
Revenues (exclusive of reimbursable revenues) | $ | 293.0 |  |  | $ | 216.7 |  |  | $ | 156.8 |  |  | $ | 45.9 |  |  | $ | (156.8) |  |  |  | $ | 555.6 |
Reimbursable revenues | 9.9 |  |  | 20.4 |  |  | — |  |  | 9.8 |  |  | — |  |  |  | 40.1 |
Total operating revenues | 302.9 |  |  | 237.1 |  |  | 156.8 |  |  | 55.7 |  |  | (156.8) |  |  |  | 595.7 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |
Contract drilling expenses (exclusive of depreciation and reimbursable expenses) | 187.7 |  |  | 124.8 |  |  | 91.6 |  |  | 16.3 |  |  | (52.8) |  |  |  | 367.6 |
Reimbursable expenses | 9.4 |  |  | 18.9 |  |  | — |  |  | 9.7 |  |  | — |  |  |  | 38.0 |
Total contract drilling expenses (exclusive of depreciation) | 197.1 |  |  | 143.7 |  |  | 91.6 |  |  | 26.0 |  |  | (52.8) |  |  |  | 405.6 |
Depreciation | 15.5 |  |  | 15.3 |  |  | 28.4 |  |  | 3.0 |  |  | (25.1) |  |  |  | 37.1 |
General and administrative | — |  |  | — |  |  | 5.5 |  |  | — |  |  | 21.4 |  |  |  | 26.9 |
Equity in earnings of ARO | — |  |  | — |  |  | — |  |  | — |  |  | 4.4 |  |  |  | 4.4 |
Operating income | $ | 90.3 |  |  | $ | 78.1 |  |  | $ | 31.3 |  |  | $ | 26.7 |  |  | $ | (95.9) |  |  |  | $ | 130.5 |
Property and equipment, net | $ | 1,201.3 |  |  | $ | 628.9 |  |  | $ | 1,199.7 |  |  | $ | 145.4 |  |  | $ | (1,140.9) |  |  |  | $ | 2,034.4 |
Capital expenditures | $ | 37.6 |  |  | $ | 28.9 |  |  | $ | 10.9 |  |  | $ | — |  |  | $ | (7.6) |  |  |  | $ | 69.8 |
Three Months Ended September 30, 2024
| Floaters |  | Jackups |  | ARO |  | Other |  | Reconciling Items |  | Consolidated Total
Operating revenues: |  |  |  |  |  |  |  |  |  |  |
Revenues (exclusive of reimbursable revenues) (1) | $ | 374.9 |  |  | $ | 192.6 |  |  | $ | 113.7 |  |  | $ | 32.4 |  |  | $ | (113.7) |  |  | $ | 599.9 |
Reimbursable revenues (1) | 14.1 |  |  | 21.1 |  |  | — |  |  | 8.0 |  |  | — |  |  | 43.2 |
Total operating revenues (1) | 389.0 |  |  | 213.7 |  |  | 113.7 |  |  | 40.4 |  |  | (113.7) |  |  | 643.1 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |
Contract drilling expenses (exclusive of depreciation and reimbursable expenses) (1) | 235.2 |  |  | 136.9 |  |  | 93.8 |  |  | 14.9 |  |  | (58.2) |  |  | 422.6 |
Reimbursable expenses (1) | 12.5 |  |  | 19.8 |  |  | — |  |  | 7.2 |  |  | — |  |  | 39.5 |
Total contract drilling expenses (exclusive of depreciation) (1) | 247.7 |  |  | 156.7 |  |  | 93.8 |  |  | 22.1 |  |  | (58.2) |  |  | 462.1 |
Loss on impairment | — |  |  | — |  |  | 28.4 |  |  | — |  |  | (28.4) |  |  | — |
Depreciation | 14.8 |  |  | 11.4 |  |  | 21.1 |  |  | 2.9 |  |  | (18.5) |  |  | 31.7 |
General and administrative | — |  |  | — |  |  | 4.9 |  |  | — |  |  | 25.7 |  |  | 30.6 |
Equity in losses of ARO | — |  |  | — |  |  | — |  |  | — |  |  | (23.8) |  |  | (23.8) |
Operating income (loss) | $ | 126.5 |  |  | $ | 45.6 |  |  | $ | (34.5) |  |  | $ | 15.4 |  |  | $ | (58.1) |  |  | $ | 94.9 |
Property and equipment, net | $ | 1,131.5 |  |  | $ | 500.6 |  |  | $ | 1,186.0 |  |  | $ | 135.2 |  |  | $ | (1,110.6) |  |  | $ | 1,842.7 |
Capital expenditures | $ | 40.2 |  |  | $ | 41.7 |  |  | $ | 17.7 |  |  | $ | — |  |  | $ | (17.7) |  |  | $ | 81.9 |
Nine Months Ended September 30, 2025
| Floaters |  | Jackups |  | ARO |  | Other |  | Reconciling Items |  | Consolidated Total
Operating revenues: |  |  |  |  |  |  |  |  |  |  |
Revenues (exclusive of reimbursable revenues) | $ | 968.7 |  |  | $ | 614.6 |  |  | $ | 431.4 |  |  | $ | 122.4 |  |  | $ | (431.4) |  |  | $ | 1,705.7 |
Reimbursable revenues | 26.0 |  |  | 74.1 |  |  | — |  |  | 25.8 |  |  | — |  |  | 125.9 |
Total operating revenues | 994.7 |  |  | 688.7 |  |  | 431.4 |  |  | 148.2 |  |  | (431.4) |  |  | 1,831.6 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |
Contract drilling expenses (exclusive of depreciation and reimbursable expenses) | 568.0 |  |  | 365.8 |  |  | 273.6 |  |  | 49.7 |  |  | (160.3) |  |  | 1,096.8 |
Reimbursable expenses | 24.4 |  |  | 69.6 |  |  | — |  |  | 25.5 |  |  | — |  |  | 119.5 |
Total contract drilling expenses (exclusive of depreciation) | 592.4 |  |  | 435.4 |  |  | 273.6 |  |  | 75.2 |  |  | (160.3) |  |  | 1,216.3 |
Loss on impairment | 7.8 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 7.8 |
Depreciation | 44.3 |  |  | 42.6 |  |  | 86.6 |  |  | 8.6 |  |  | (76.4) |  |  | 105.7 |
General and administrative | — |  |  | — |  |  | 18.4 |  |  | — |  |  | 51.7 |  |  | 70.1 |
Equity in earnings of ARO | — |  |  | — |  |  | — |  |  | — |  |  | 5.9 |  |  | 5.9 |
Operating income | $ | 350.2 |  |  | $ | 210.7 |  |  | $ | 52.8 |  |  | $ | 64.4 |  |  | $ | (240.5) |  |  | $ | 437.6 |
Property and equipment, net | $ | 1,201.3 |  |  | $ | 628.9 |  |  | $ | 1,199.7 |  |  | $ | 145.4 |  |  | $ | (1,140.9) |  |  | $ | 2,034.4 |
Capital expenditures | $ | 89.8 |  |  | $ | 138.9 |  |  | $ | 33.0 |  |  | $ | — |  |  | $ | (24.5) |  |  | $ | 237.2 |
Nine Months Ended September 30, 2024
| Floaters |  | Jackups |  | ARO |  | Other |  | Reconciling Items |  | Consolidated Total
Operating revenues: |  |  |  |  |  |  |  |  |  |  |
Revenues (exclusive of reimbursable revenues) (1) | $ | 1,055.1 |  |  | $ | 498.7 |  |  | $ | 376.2 |  |  | $ | 110.1 |  |  | $ | (376.2) |  |  | $ | 1,663.9 |
Reimbursable revenues (1) | 42.2 |  |  | 53.1 |  |  | — |  |  | 19.0 |  |  | — |  |  | 114.3 |
Total operating revenues (1) | 1,097.3 |  |  | 551.8 |  |  | 376.2 |  |  | 129.1 |  |  | (376.2) |  |  | 1,778.2 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |
Contract drilling expenses (exclusive of depreciation and reimbursable expenses) (1) | 719.5 |  |  | 363.2 |  |  | 286.2 |  |  | 45.9 |  |  | (176.8) |  |  | 1,238.0 |
Reimbursable expenses (1) | 39.0 |  |  | 50.6 |  |  | — |  |  | 18.0 |  |  | — |  |  | 107.6 |
Total contract drilling expenses (exclusive of depreciation) (1) | 758.5 |  |  | 413.8 |  |  | 286.2 |  |  | 63.9 |  |  | (176.8) |  |  | 1,345.6 |
Loss on impairment | — |  |  | — |  |  | 28.4 |  |  | — |  |  | (28.4) |  |  | — |
Depreciation | 42.1 |  |  | 32.7 |  |  | 59.8 |  |  | 6.7 |  |  | (53.1) |  |  | 88.2 |
General and administrative | — |  |  | — |  |  | 16.2 |  |  | — |  |  | 73.4 |  |  | 89.6 |
Equity in losses of ARO | — |  |  | — |  |  | — |  |  | — |  |  | (21.7) |  |  | (21.7) |
Operating income (loss) | $ | 296.7 |  |  | $ | 105.3 |  |  | $ | (14.4) |  |  | $ | 58.5 |  |  | $ | (213.0) |  |  | $ | 233.1 |
Property and equipment, net | $ | 1,131.5 |  |  | $ | 500.6 |  |  | $ | 1,186.0 |  |  | $ | 135.2 |  |  | $ | (1,110.6) |  |  | $ | 1,842.7 |
Capital expenditures | $ | 185.5 |  |  | $ | 157.1 |  |  | $ | 202.9 |  |  | $ | — |  |  | $ | (202.1) |  |  | $ | 343.4 |
(1)We have adopted ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures beginning with the 2024 Annual Report. In connection with this, we updated our segment disclosure presentation for the three and nine months ended September 30, 2024, to break out Reimbursable revenues and Reimbursable expenses from Revenues and Contract drilling expense, respectively. The disaggregation of these line items is presentational only and there were no impacts to the overall Total operating revenues or Total contract drilling expense (exclusive of depreciation) line items.
Schedule Of Geographic Distribution Of Rigs By Segment | As of September 30, 2025, the geographic distribution of our and ARO's drilling rigs was as follows:
| Floaters |  | Jackups |  | Other |  | Total Valaris |  | ARO
Europe | 6 |  |  | 11 |  |  | — |  |  | 17 |  |  | — |
Middle East & Africa | 2 |  |  | 7 |  |  | 7 |  |  | 16 |  |  | 9 |
North & South America | 5 |  |  | 5 |  |  | — |  |  | 10 |  |  | — |
Asia & Pacific Rim | 2 |  |  | 3 |  |  | — |  |  | 5 |  |  | — |
Total | 15 |  |  | 26 |  |  | 7 |  |  | 48 |  |  | 9 |

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