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Segment Information (Tables)

9 Months Ended

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

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 280
-SubTopic 10
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 2: 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 3: 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

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