XML 52 R38.htm IDEA: XBRL DOCUMENT
v3.25.4

Segment Information (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2025
Segment Reporting Information, Revenue for Reportable Segment [Abstract] |
Schedule Of Segment Reporting Information | Segment information for the years ended December 31, 2025, 2024 and 2023 are presented below (in millions). Year Ended December 31, 2025
| Floaters |  | Jackups |  | ARO |  | Other |  | Reconciling Items |  | Consolidated Total
Operating revenues: |  |  |  |  |  |  |  |  |  |  |
Revenues (exclusive of reimbursable revenues) | $ | 1,224.1 |  |  | $ | 823.4 |  |  | $ | 571.0 |  |  | $ | 160.4 |  |  | $ | (571.0) |  |  | $ | 2,207.9 |
Reimbursable revenues | 36.5 |  |  | 89.4 |  |  | — |  |  | 35.2 |  |  | — |  |  | 161.1 |
Total operating revenues | 1,260.6 |  |  | 912.8 |  |  | 571.0 |  |  | 195.6 |  |  | (571.0) |  |  | 2,369.0 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |
Contract drilling expenses (exclusive of depreciation and reimbursable expenses) | 765.6 |  |  | 486.5 |  |  | 360.7 |  |  | 70.6 |  |  | (206.3) |  |  | 1,477.1 |
Reimbursable expenses | 34.3 |  |  | 83.5 |  |  | — |  |  | 34.8 |  |  | — |  |  | 152.6 |
Total contract drilling expenses (exclusive of depreciation) | 799.9 |  |  | 570.0 |  |  | 360.7 |  |  | 105.4 |  |  | (206.3) |  |  | 1,629.7 |
Loss on impairment | 23.6 |  |  | 3.7 |  |  | — |  |  | — |  |  | — |  |  | 27.3 |
Depreciation | 60.5 |  |  | 58.6 |  |  | 114.9 |  |  | 13.2 |  |  | (100.9) |  |  | 146.3 |
General and administrative | — |  |  | — |  |  | 28.8 |  |  | — |  |  | 68.3 |  |  | 97.1 |
Equity in earnings of ARO | — |  |  | — |  |  | — |  |  | — |  |  | 8.4 |  |  | 8.4 |
Operating income | $ | 376.6 |  |  | $ | 280.5 |  |  | $ | 66.6 |  |  | $ | 77.0 |  |  | $ | (323.7) |  |  | $ | 477.0 |
Property and equipment, net | $ | 1,225.0 |  |  | $ | 630.8 |  |  | $ | 1,236.7 |  |  | $ | 174.2 |  |  | $ | (1,177.9) |  |  | $ | 2,088.8 |
Capital expenditures | $ | 144.7 |  |  | $ | 192.0 |  |  | $ | 95.6 |  |  | $ | — |  |  | $ | (88.8) |  |  | $ | 343.5 |
Year Ended December 31, 2024
| Floaters |  | Jackups |  | ARO |  | Other |  | Reconciling Items |  | Consolidated Total
Operating revenues: |  |  |  |  |  |  |  |  |  |  |
Revenues (exclusive of reimbursable revenues) | $ | 1,382.8 |  |  | $ | 686.5 |  |  | $ | 512.5 |  |  | $ | 142.6 |  |  | $ | (512.5) |  |  | $ | 2,211.9 |
Reimbursable revenues | 57.9 |  |  | 68.4 |  |  | — |  |  | 24.4 |  |  | — |  |  | 150.7 |
Total operating revenues | 1,440.7 |  |  | 754.9 |  |  | 512.5 |  |  | 167.0 |  |  | (512.5) |  |  | 2,362.6 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |
Contract drilling expenses (exclusive of depreciation and reimbursable expenses) | 930.3 |  |  | 477.1 |  |  | 367.7 |  |  | 63.6 |  |  | (220.2) |  |  | 1,618.5 |
Reimbursable expenses | 54.9 |  |  | 64.3 |  |  | — |  |  | 23.2 |  |  | — |  |  | 142.4 |
Total contract drilling expenses (exclusive of depreciation) | 985.2 |  |  | 541.4 |  |  | 367.7 |  |  | 86.8 |  |  | (220.2) |  |  | 1,760.9 |
Loss on impairment | — |  |  | — |  |  | 28.4 |  |  | — |  |  | (28.4) |  |  | — |
Depreciation | 58.1 |  |  | 45.0 |  |  | 89.2 |  |  | 9.5 |  |  | (79.7) |  |  | 122.1 |
General and administrative | — |  |  | — |  |  | 23.7 |  |  | — |  |  | 92.6 |  |  | 116.3 |
Equity in losses of ARO | — |  |  | — |  |  | — |  |  | — |  |  | (11.0) |  |  | (11.0) |
Operating income | $ | 397.4 |  |  | $ | 168.5 |  |  | $ | 3.5 |  |  | $ | 70.7 |  |  | $ | (287.8) |  |  | $ | 352.3 |
Property and equipment, net | $ | 1,174.2 |  |  | $ | 575.3 |  |  | $ | 1,253.1 |  |  | $ | 132.8 |  |  | $ | (1,202.5) |  |  | $ | 1,932.9 |
Capital expenditures | $ | 239.7 |  |  | $ | 213.1 |  |  | $ | 285.0 |  |  | $ | — |  |  | $ | (282.7) |  |  | $ | 455.1 |
Year Ended December 31, 2023
| Floaters |  | Jackups |  | ARO |  | Other |  | Reconciling Items |  | Consolidated Total
Operating revenues: |  |  |  |  |  |  |  |  |  |  |
Revenues (exclusive of reimbursable revenues) | $ | 902.8 |  |  | $ | 620.6 |  |  | $ | 496.6 |  |  | $ | 152.6 |  |  | $ | (496.6) |  |  | $ | 1,676.0 |
Reimbursable revenues | 45.9 |  |  | 39.0 |  |  | — |  |  | 23.3 |  |  | — |  |  | 108.2 |
Total operating revenues | 948.7 |  |  | 659.6 |  |  | 496.6 |  |  | 175.9 |  |  | (496.6) |  |  | 1,784.2 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |
Contract drilling expenses (exclusive of depreciation and reimbursable expenses) | 768.4 |  |  | 480.4 |  |  | 365.9 |  |  | 52.6 |  |  | (226.9) |  |  | 1,440.4 |
Reimbursable expenses | 43.6 |  |  | 37.0 |  |  | — |  |  | 22.6 |  |  | — |  |  | 103.2 |
Total contract drilling expenses (exclusive of depreciation) | 812.0 |  |  | 517.4 |  |  | 365.9 |  |  | 75.2 |  |  | (226.9) |  |  | 1,543.6 |
Depreciation | 55.8 |  |  | 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 |
Schedule Of Geographic Distribution Of Rigs By Segment | As of December 31, 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 |  | 3 |  | — |  | 8 |  | —
Asia & Pacific Rim | 1 |  | 3 |  | — |  | 4 |  | —
Held for sale (1) | 1 |  | — |  | — |  | 1 |  | —
Total | 15 |  | 24 |  | 7 |  | 46 |  | 9
(1)VALARIS DPS-1 was classified as held for sale and warm stacked in Asia Pacific as of December 31, 2025. See "Note 5 - Property and Equipment" for more information regarding VALARIS DPS-1.
Schedule Of Revenues And Long-Lived Assets By Geographical Segment | 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,
| 2025 |  | 2024
Spain (1) | $ | 627.4 |  |  | $ | 484.8 |
Brazil | 352.2 |  |  | 413.9 |
United States | 268.7 |  |  | 314.3 |
United Kingdom | 262.1 |  |  | 290.4 |
Angola | 234.6 |  |  | 132.6 |
Other countries (2) | 419.5 |  |  | 381.4 |
Total | $ | 2,164.5 |  |  | $ | 2,017.4 |
(1)Long-lived assets located in Spain primarily consist of rigs which were idle or preservation stacked. (2)Other countries includes countries where individually we had long-lived assets representing less than 10% of total long-lived assets.

X
- Definition Tabular disclosure of long-lived assets, excluding financial instruments, long-term customer relationships of a financial institution, mortgage rights, deferred policy acquisition costs, and deferred tax assets, by geographic areas located in the entity's country of domicile and foreign countries in which the entity holds assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + Details
Name: | us-gaap_LongLivedAssetsByGeographicAreasTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

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 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingInformationRevenueAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule of segment reporting information by geographical segment [Table Text Block]. + References No definition available. + Details
Name: | val_ScheduleOfSegmentReportingInformationByGeographicalSegmentTableTextBlock
Namespace Prefix: | val_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration