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