VALARIS LTD, 10-Q filed on 8/2/2023
Quarterly Report
v3.23.2
Cover Page - shares
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2023
Jul. 27, 2023
Document Information [Line Items]      
Document Type   10-Q  
Document Quarterly Report   true  
Document Period End Date   Jun. 30, 2023  
Document Transition Report   false  
Entity File Number   1-8097  
Entity Registrant Name   Valaris Limited  
Entity Incorporation, State or Country Code   D0  
Entity Tax Identification Number   98-1589854  
Entity Address, Address Line One   Clarendon House, 2 Church Street  
Entity Address, City or Town   Hamilton  
Entity Address, State or Province   BM  
Entity Address, Postal Zip Code   HM 11  
City Area Code   44 (0) 20  
Local Phone Number   7659 4660  
Amendment Flag   false  
Document Fiscal Year Focus   2023  
Document Fiscal Period Focus   Q2  
Entity Central Index Key   0000314808  
Current Fiscal Year End Date   --12-31  
Entity Current Reporting Status   Yes  
Entity Interactive Data Current   Yes  
Entity Filer Category   Large Accelerated Filer  
Entity Small Business   false  
Entity Emerging Growth Company   false  
Entity Shell Company   false  
Entity Common Shares, Shares Outstanding     73,987,672
Entity Bankruptcy Proceedings, Reporting Current true    
Common Class A [Member]      
Document Information [Line Items]      
Title of 12(b) Security   Common Shares, $0.01 par value share  
Trading Symbol   VAL  
Security Exchange Name   NYSE  
Warrants      
Document Information [Line Items]      
Title of 12(b) Security   Warrants to purchase Common Shares  
Trading Symbol   VAL WS  
Security Exchange Name   NYSE  
v3.23.2
Condensed Consolidated Statements Of Operations - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Income Statement [Abstract]        
OPERATING REVENUES $ 415.2 $ 413.3 $ 845.3 $ 731.7
OPERATING EXPENSES        
Cost of Goods and Services Sold 373.5 361.8 750.7 693.1
Loss on impairment 0.0 34.5 0.0 34.5
Depreciation 24.5 22.3 47.8 44.8
General and administrative 26.4 19.0 50.8 37.8
Total operating expenses 424.4 437.6 849.3 810.2
Income (Loss) from Equity Method Investments 0.7 (8.7) (2.6) (13.0)
OPERATING LOSS (9.9) (15.6) (1.4) (65.5)
OTHER INCOME (EXPENSE)        
Interest income 24.6 11.2 47.6 22.1
Interest expense, net (16.7) (11.6) (27.8) (23.1)
Other, net (0.8) 149.0 (0.2) 159.0
OTHER INCOME (EXPENSE), NET 7.1 148.6 19.6 158.0
INCOME (LOSS) BEFORE INCOME TAXES (2.8) 133.0 18.2 92.5
Income Tax Expense (Benefit), Continuing Operations [Abstract]        
Current income tax expense (benefit) 22.0 12.9 (10.2) 12.8
Deferred income tax expense 2.5 7.3 7.1 6.7
Total provision for income taxes 24.5 20.2 (3.1) 19.5
Net income (27.3) 112.8 21.3 73.0
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS (2.1) (1.2) (4.0) 0.0
NET INCOME (LOSS) ATTRIBUTABLE TO VALARIS $ (29.4) $ 111.6 $ 17.3 $ 73.0
EARNINGS (LOSS) PER SHARE        
Basic (in dollars per share) $ (0.39) $ 1.49 $ 0.23 $ 0.97
Diluted (in dollars per share) $ (0.39) $ 1.48 $ 0.23 $ 0.97
WEIGHTED-AVERAGE SHARES OUTSTANDING        
Basic (in shares) 74.8 75.0 75.0 75.0
Diluted (in shares) 74.8 75.6 76.2 75.5
v3.23.2
Condensed Consolidated Statements of Comprehensive (Loss) Income - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Statement of Comprehensive Income [Abstract]        
NET INCOME (LOSS) $ (27.3) $ 112.8 $ 21.3 $ 73.0
OTHER COMPREHENSIVE INCOME (LOSS), NET        
Net changes in pension and other postretirement benefits (0.1) (0.1) (0.2) (0.1)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax (0.2) 0.3 (0.3) 0.0
NET OTHER COMPREHENSIVE INCOME (LOSS) (0.3) 0.2 (0.5) (0.1)
COMPREHENSIVE INCOME (LOSS) (27.6) 113.0 20.8 72.9
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS (2.1) (1.2) (4.0) 0.0
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO VALARIS $ (29.7) $ 111.8 $ 16.8 $ 72.9
v3.23.2
Condensed Consolidated Balance Sheets - USD ($)
$ in Millions
Jun. 30, 2023
Dec. 31, 2022
CURRENT ASSETS    
    Cash and cash equivalents $ 787.3 $ 724.1
Restricted Cash 18.0 24.4
    Accounts receivable, net 473.4 449.1
    Other current assets 168.7 148.6
Total current assets 1,447.4 1,346.2
PROPERTY AND EQUIPMENT, AT COST 1,276.1 1,134.5
    Less accumulated depreciation 202.4 157.3
Property, Plant and Equipment, Net, Total 1,073.7 977.2
LONG-TERM NOTES RECEIVABLE FROM ARO 268.0 254.0
INVESTMENT IN ARO 113.7 111.1
OTHER ASSETS 185.6 171.8
Total assets 3,088.4 2,860.3
CURRENT LIABILITIES    
Accounts payable - trade 364.2 256.5
Accrued liabilities and other 294.7 247.9
Total current liabilities 658.9 504.4
LONG-TERM DEBT 681.9 542.4
OTHER LIABILITIES 481.5 515.6
Total liabilities 1,822.3 1,562.4
Commitments and Contingencies
VALARIS SHAREHOLDERS' EQUITY    
Common Stock, Value, Outstanding 0.8 0.8
Preferred Stock, Value, Outstanding 0.0 0.0
Stock warrants 16.4 16.4
Additional paid-in capital 1,110.3 1,097.9
Retained earnings 177.4 160.1
Accumulated other comprehensive income 14.2 14.7
Treasury shares, at cost, 1.1 shares as of June 30, 2023 (65.0) 0.0
Total Valaris shareholders' equity 1,254.1 1,289.9
NONCONTROLLING INTERESTS 12.0 8.0
Total equity 1,266.1 1,297.9
Total liabilities and shareholders' equity $ 3,088.4 $ 2,860.3
v3.23.2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Millions
Jun. 30, 2023
Dec. 31, 2022
Statement of Financial Position [Abstract]    
Common stock, par value per share (in dollars per share or pounds sterling per share) $ 0.01 $ 0.01
Common shares, shares authorized (in shares) 700,000,000.0 700,000,000.0
Common Stock, Shares, Outstanding 74,100,000 75,200,000
Common shares, shares issued (in shares) 75,200,000 75,200,000
Preferred Stock, Par or Stated Value Per Share $ 0.01 $ 0.01
Preferred Stock, Shares Authorized 150,000,000.0 150,000,000.0
Preferred Stock, Value, Issued 0 0
Treasury Stock, Common, Shares 1,100,000  
Treasury Stock, Common, Value $ 65.0 $ 0.0
v3.23.2
Condensed Consolidated Statements Of Cash Flows - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
OPERATING ACTIVITIES        
Net income $ (27.3) $ 112.8 $ 21.3 $ 73.0
Adjustments to reconcile net income to net cash provided by (used in) operating activities:        
Depreciation expense 24.5 22.3 47.8 44.8
Amortization     0.0 4.0
Loss on extinguishment of debt 29.2 0.0 29.2 0.0
Gain on asset disposals     (27.9) (137.6)
Accretion of discount on the Notes Receivable from ARO     (14.0) (15.4)
Share-based compensation expense     12.7 6.9
Deferred income tax expense 2.5 7.3 7.1 6.7
Income (Loss) from Equity Method Investments 0.7 (8.7) (2.6) (13.0)
Net periodic pension and retiree medical income (0.1) (4.1) (0.2) (8.1)
Loss on impairment 0.0 34.5 0.0 34.5
Other     2.7 1.2
Changes in contract liabilities     (7.5) 20.9
Changes in deferred costs     6.9 49.5
Changes in other operating assets and liabilities     60.9 (82.4)
Net cash provided by (used in) operating activities     122.6 (114.0)
INVESTING ACTIVITIES        
Additions to property and equipment     (127.3) (99.6)
Net proceeds from disposition of assets     29.1 146.5
Net cash provided by (used in) investing activities     (98.2) 46.9
FINANCING ACTIVITIES        
Issuance of Second Lien Notes     700.0 0.0
Issuance of Second Lien Notes     (571.8) 0.0
Payments for share repurchases     (64.4) 0.0
Debt issuance costs     31.0 0.0
Other     (0.4) (0.2)
Net cash provided by (used in) financing activities     32.4 (0.2)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH     56.8 (67.3)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD     748.5 644.6
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD $ 805.3 $ 577.3 $ 805.3 $ 577.3
v3.23.2
Unaudited Condensed Consolidated Financial Statements
 6 Months Ended
Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Unaudited Condensed Consolidated Financial Statements Unaudited Condensed Consolidated Financial Statements
 
We prepared the accompanying condensed consolidated financial statements of Valaris Limited and its subsidiaries (the "Company," "Valaris," "our," "we" or "us") in accordance with accounting principles generally accepted in the United States of America ("GAAP"), pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC") included in the instructions to Form 10-Q and Article 10 of Regulation S-X. The financial information included in this report is unaudited but, in our opinion, includes all adjustments (consisting of normal recurring adjustments) that are necessary for a fair presentation of our financial position, results of operations and cash flows for the interim periods presented. The December 31, 2022 Condensed Consolidated Balance Sheet data was derived from our 2022 audited consolidated financial statements but does not include all disclosures required by GAAP. The preparation of our condensed consolidated financial statements requires us to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, the related revenues and expenses and disclosures of gain and loss contingencies as of the date of the financial statements. Actual results could differ from those estimates.

Results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of the results of operations that will be realized for the year ending December 31, 2023, or for any future period. We recommend these condensed consolidated financial statements be read in conjunction with our annual report on Form 10-K for the year ended December 31, 2022, filed with the SEC on February 21, 2023 (our "Annual Report").

Summary of Significant Accounting Policies

Please refer to "Note 1. Description of the Business and Summary of Significant Accounting Policies" of our Consolidated Financial Statements from our Annual Report for the discussion of our significant accounting policies. Certain previously reported amounts have been reclassified to conform to the current year presentation.

New Accounting Pronouncements

Recently adopted accounting pronouncements

Business Combinations - In October 2021, the FASB issued ASU No. 2021-08, “Accounting for Contract Assets and Contract Liabilities from Contracts with Customers” (“Update 2021-08”). ASU No. 2021-08 requires an entity (acquirer) to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606 and provides practical expedients for acquirers when recognizing and measuring acquired contract assets and contract liabilities from revenue contracts in a business combination. The amendments also apply to contract assets and contract liabilities from other contracts to which the provisions of Topic 606 apply, such as contract liabilities for the sale of nonfinancial assets within the scope of Subtopic 610-20, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets. The FASB issued the update to improve the accounting for acquired revenue contracts with customers in a business combination. Update 2021-08 is effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years, with early adoption permitted. We adopted Update 2021-08 effective January 1, 2023 with no material impact to our condensed consolidated financial statements upon adoption.
Accounting pronouncements to be adopted

Reference Rate Reform - In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("Update 2020-04"), which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in Update 2020-04 apply only to contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, for which an entity has elected certain optional expedients and that are retained through the end of the hedging relationship. The provisions in Update 2020-04 are effective upon issuance and can be applied prospectively through December 31, 2022. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, to extend the temporary accounting rules under Topic 848 from December 31, 2022, to December 31, 2024. Our long-term notes receivable from ARO, from which we generate interest income on a LIBOR-based rate (the "Notes Receivable from ARO"), are impacted by the application of this standard. As the Notes Receivable from ARO bear interest on the LIBOR rate determined at the end of the preceding year, the rate governing our interest income in 2023 has already been determined. We expect to be able to modify the terms of our Notes Receivable from ARO to a comparable interest rate before the applicable LIBOR rate is no longer available and as such, do not expect this standard to have a material impact to our condensed consolidated financial statements.
With the exception of the updated standards discussed above, there have been no accounting pronouncements issued and not yet effective that have significance, or potential significance, to our condensed consolidated financial statements.
v3.23.2
Revenue from Contracts with Customers
 6 Months Ended
Jun. 30, 2023
Revenue from Contract with Customer [Abstract]  
Revenue from Contract with Customer [Text Block] Revenue from Contracts with Customers
 
Our drilling contracts with customers provide a drilling rig and drilling services on a day rate contract basis. Under day rate contracts, we provide a drilling rig and rig crews for which we receive a daily rate that may vary between the full rate and zero rate throughout the duration of the contractual term, depending on the operations of the rig. We also may receive lump-sum fees or similar compensation generally for the mobilization, demobilization, and capital upgrades of our rigs. Our customers bear substantially all of the costs of constructing the well and supporting drilling operations, as well as the economic risk relative to the success of the well.

Our drilling service provided under each drilling contract is a single performance obligation satisfied over time and comprised of a series of distinct time increments, or service periods. Total revenue is determined for each individual drilling contract by estimating both fixed and variable consideration expected to be earned over the contract term. Fixed consideration generally relates to activities such as mobilization, demobilization and capital upgrades of our rigs that are not distinct performance obligations within the context of our contracts and is recognized on a straight-line basis over the contract term. Variable consideration generally relates to distinct service periods during the contract term and is recognized in the period when the services are performed.

The remaining duration of our drilling contracts based on those in place as of June 30, 2023 was between approximately 1 month and 5 years.

Contract Termination - VALARIS DS-11

In 2021, a contract was awarded to VALARIS DS-11 for a project in the U.S. Gulf of Mexico that was expected to commence in mid-2024. In June 2022, the customer terminated the contract. As a result of the contract termination, we received an early termination fee of $51.0 million which is included in revenues on our Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2022.
Contract Assets and Liabilities

Contract assets represent amounts recognized as revenue but for which the right to invoice the customer is dependent upon our future performance. Once the previously recognized revenue is invoiced, the corresponding contract asset, or a portion thereof, is transferred to accounts receivable.

Contract liabilities generally represent fees received for mobilization, capital upgrades or in the case of our 50/50 unconsolidated joint venture with Saudi Aramco, represent the difference between the amounts billed under the bareboat charter arrangements and lease revenues earned. See “Note 3 – Equity Method Investment in ARO" for additional details regarding our balances with ARO.

Contract assets and liabilities are presented net on our Condensed Consolidated Balance Sheets on a contract-by-contract basis. Current contract assets and liabilities are included in Other current assets and Accrued liabilities and other, respectively, and noncurrent contract assets and liabilities are included in Other assets and Other liabilities, respectively, on our Condensed Consolidated Balance Sheets.

The following table summarizes our contract assets and contract liabilities (in millions):
 June 30, 2023 December 31, 2022
Current contract assets$2.4 $4.6 
Noncurrent contract assets$2.3 $0.7 
Current contract liabilities (deferred revenue)$96.2 $78.0 
Noncurrent contract liabilities (deferred revenue)$41.7 $41.0 

Changes in contract assets and liabilities during the period are as follows (in millions):
 Contract AssetsContract Liabilities
Balance as of December 31, 2022$5.3 $119.0 
Revenue recognized in advance of right to bill customer3.9 — 
Increase due to revenue deferred during the period— 74.6 
Decrease due to amortization of deferred revenue that was included in the beginning contract liability balance— (37.4)
Decrease due to amortization of deferred revenue added during the period— (9.8)
Decrease due to transfer to receivables and payables during the period(4.5)(8.5)
Balance as of June 30, 2023$4.7 $137.9 

Deferred Contract Costs

Costs incurred for upfront rig mobilizations and certain contract preparations are attributable to our future performance obligation under each respective drilling contract. These costs are deferred and amortized on a straight-line basis over the contract term. Deferred contract costs were included in Other current assets and Other assets on our Condensed Consolidated Balance Sheets and totaled $63.7 million and $57.3 million as of June 30, 2023 and December 31, 2022, respectively. During the three and six months ended June 30, 2023, amortization of such costs totaled $17.7 million and $37.7 million, respectively. During the three and six months ended June 30, 2022, amortization of such costs totaled $10.5 million and $22.2 million, respectively.
Deferred Certification Costs

We must obtain certifications from various regulatory bodies in order to operate our drilling rigs and must maintain such certifications through periodic inspections and surveys. The costs incurred in connection with maintaining such certifications, including inspections, tests, surveys and drydock, as well as remedial structural work and other compliance costs, are deferred and amortized on a straight-line basis over the corresponding certification periods. Deferred regulatory certification and compliance costs were included in Other current assets and Other assets on our Condensed Consolidated Balance Sheets and totaled $16.8 million and $16.2 million as of June 30, 2023 and December 31, 2022, respectively. During the three and six months ended June 30, 2023, amortization of such costs totaled $3.5 million and $6.2 million, respectively. During the three and six months ended June 30, 2022, amortization of such costs totaled $0.8 million and $1.1 million, respectively.

Future Amortization of Contract Liabilities and Deferred Costs

The table below reflects the expected future amortization of our contract liabilities and deferred costs recorded as of June 30, 2023. In the case of our contract liabilities related to our bareboat charter arrangements with ARO, the contract liability is not amortized and as such, the amount is reflected in the table below at the end of the current lease term. See "Note 3 - Equity Method Investment in ARO" for additional information on ARO and related arrangements.
(In millions)
 Remaining 2023202420252026 and Thereafter Total
Amortization of contract liabilities$55.1 $72.5 $6.8 $3.5 $137.9 
Amortization of deferred costs$41.1 $33.7 $3.9 $1.8 $80.5 
v3.23.2
Equity Method Investment In ARO Equity Method Investment In ARO
 6 Months Ended
Jun. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]  
Equity Method Investment In ARO Equity Method Investment in ARO
Background
    
ARO is a 50/50 unconsolidated joint venture between the Company and Saudi Aramco that owns and operates offshore drilling rigs in Saudi Arabia. As of June 30, 2023, ARO owns seven jackup rigs, has ordered two newbuild jackup rigs, and leases eight rigs from us through bareboat charter arrangements (the "Lease Agreements") whereby substantially all operating costs are incurred by ARO.

ARO has plans to purchase 20 newbuild jackup rigs over an approximate 10-year period. In January 2020, ARO ordered the first two newbuild jackups, and the delivery of these rigs is expected in 2023. ARO is expected to place orders for two additional newbuild jackups in the near term. In connection with these plans, we have a potential obligation to fund ARO for newbuild jackup rigs. See "Note 11 - Contingencies" for additional information.

Summarized Financial Information

The operating revenues of ARO presented below reflect revenues earned under drilling contracts with Saudi Aramco for the ARO-owned jackup rigs as well as the rigs leased from us. Contract drilling expense is inclusive of the bareboat charter fees for the rigs leased from us. See additional discussion below regarding these related-party transactions.
Summarized financial information for ARO is as follows (in millions):
Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
Revenues$117.8 $116.4 $241.4 $227.7 
Operating expenses
Contract drilling (exclusive of depreciation)95.0 82.1 185.9 166.3 
Depreciation15.6 15.4 30.6 31.9 
General and administrative5.7 3.2 10.3 8.4 
Operating income1.5 15.7 14.6 21.1 
Other expense, net8.8 3.3 19.2 6.6 
Provision for income taxes— 2.5 1.9 3.2 
Net income (loss)$(7.3)$9.9 $(6.5)$11.3 

June 30, 2023December 31, 2022
Cash and cash equivalents$100.6 $176.2 
Other current assets188.3 140.6 
Non-current assets879.6 818.1 
Total assets$1,168.5 $1,134.9 
Current liabilities$122.6 $86.3 
Non-current liabilities887.5 884.6 
Total liabilities$1,010.1 $970.9 

Equity in Earnings (Losses) of ARO

We account for our interest in ARO using the equity method of accounting and only recognize our portion of ARO's net income, adjusted for basis differences as discussed below, in Equity in earnings (losses) of ARO in our Condensed Consolidated Statements of Operations.

Our equity method investment in ARO was recorded at its estimated fair value in fresh start accounting upon emergence from the chapter 11 cases on April 30, 2021 (the "Effective Date") and also on the date of our 2019 transaction where we acquired the subsidiary that held the joint venture interest. We computed the difference between the fair value of ARO's net assets and the carrying value of those net assets in ARO's U.S. GAAP financial statements ("basis differences") on each of these dates. These basis differences primarily related to ARO's long-lived assets and the recognition of intangible assets associated with certain of ARO's drilling contracts that were determined to have favorable terms relative to market terms as of the measurement dates.

Basis differences are amortized over the remaining life of the assets or liabilities to which they relate and are recognized as an adjustment to the Equity in earnings (losses) of ARO in our Condensed Consolidated Statements of Operations. The amortization of those basis differences is combined with our 50% interest in ARO's net income. A reconciliation of those components is presented below (in millions):
Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
50% interest in ARO net income (loss)$(3.7)$5.0 $(3.3)$5.7 
Amortization of basis differences3.0 3.7 5.9 7.3 
Equity in earnings (losses) of ARO$(0.7)$8.7 $2.6 $13.0 
Related-Party Transactions

During the three and six months ended June 30, 2023, revenues recognized by us related to the Lease Agreements were $16.8 million and $35.6 million, respectively. During the three and six months ended June 30, 2022, revenues recognized by us related to the Lease Agreements were $14.6 million and $28.8 million, respectively.

Our balances related to the ARO lease agreements were as follows (in millions):

June 30, 2023December 31, 2022
Amounts receivable (1)
$17.6 $12.0 
Contract liabilities(2)
11.9 16.7 
Accounts payable(2)
$53.4 $43.2 

(1)Amounts receivable from ARO is included in Accounts receivable, net in our Condensed Consolidated Balance Sheets.
(2)The per day bareboat charter amount in the Lease Agreements is subject to adjustment based on actual performance of the respective rig and as such contract liabilities related to the Lease Agreements are subject to adjustment during the lease term. Upon completion of the lease term, such amount becomes a payable to or a receivable from ARO.

During 2017 and 2018, the Company contributed cash to ARO in exchange for the 10-year Notes Receivable from ARO based on a one-year LIBOR rate, set as of the end of the year prior to the year applicable, plus two percent. The Notes Receivable from ARO were adjusted to the estimated fair value as of the Effective Date and the resulting discount to the principal amount is being amortized using the effective interest method to interest income over the remaining terms of the notes.

The principal amount and discount of the Notes Receivable from ARO were as follows (in millions):

June 30, 2023December 31, 2022
Principal amount$402.7 $402.7 
Discount(134.7)(148.7)
Carrying value$268.0 $254.0 
Interest receivable(1)(2)
$15.1 $— 

(1)Our interest receivable from ARO is included in Accounts receivable, net in our Condensed Consolidated Balance Sheets.
(2)We collected our 2022 interest on the Notes Receivable from ARO in cash prior to December 31, 2022, and as such, there was no interest receivable from ARO as of December 31, 2022.
Interest income earned on the Notes Receivable from ARO was as follows (in millions):

Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
Interest income$7.6 $3.0 $15.1 $5.8 
Non-cash amortization (1)
7.0 7.7 14.0 15.4 
Total interest income on the Notes Receivable from ARO$14.6 $10.7 $29.1 $21.2 
(1)Represents the amortization of the discount on the Notes Receivable from ARO using the effective interest method to interest income over the term of the notes.
v3.23.2
Fair Value Measurements
 6 Months Ended
Jun. 30, 2023
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The carrying values and estimated fair values of certain of our financial instruments were as follows (in millions):
June 30, 2023December 31, 2022
Carrying Value  Estimated Fair Value  Carrying ValueEstimated Fair Value  
Second Lien Notes (1)
$681.9 $701.3 $— $— 
First Lien Notes (1)
$— $— $542.4 $545.9 
Long-term debt$681.9 $701.3 $542.4 $545.9 
Long-term notes receivable from ARO (2)
$268.0 $353.4 $254.0 $336.7 

(1)The estimated fair value of the 8.375% Senior Secured Second Lien Notes due 2030 (the “Second Lien Notes”) and Senior Secured First Lien Notes due 2028 (the "First Lien Notes"), which were redeemed in full on April 3, 2023, were determined using quoted market prices, which are level 1 inputs.

(2)The estimated fair value of our Notes Receivable from ARO was estimated using an income approach to value the forecasted cash flows attributed to the Notes Receivable from ARO using a discount rate based on a comparable yield with a country-specific risk premium, which are considered to be level 2 inputs.

The estimated fair values of our cash and cash equivalents, restricted cash, accounts receivable and trade payables approximated their carrying values as of June 30, 2023 and December 31, 2022.
v3.23.2
Property and Equipment
 6 Months Ended
Jun. 30, 2023
Property, Plant and Equipment [Abstract]  
Property and Equipment Property and Equipment
Property and equipment consisted of the following (in millions):
June 30, 2023December 31, 2022
Drilling rigs and equipment$1,111.3 $1,036.5 
Work-in-progress125.6 59.8 
Other39.2 38.2 
$1,276.1 $1,134.5 

Assets held-for-use

In June 2022, the drilling contract previously awarded to VALARIS DS-11 was terminated. As of the date of termination, we had incurred costs to upgrade the rig pursuant to the requirements of the contract. Costs incurred related to these capital upgrades were included in work-in-progress and upon termination were determined to be impaired. We recorded a pre-tax, non-cash loss on impairment in the second quarter of 2022 of $34.5 million.

Assets sold

During the three and six months ended June 30, 2023, we recognized a pre-tax gain of $27.3 million for the sale of VALARIS 54.

During the three and six months ended June 30, 2022, we recognized an aggregate pre-tax gain of $128.5 million for the sales of VALARIS 113, VALARIS 114 and VALARIS 36. Additionally, we recognized a pre-tax gain of $7.0 million related to additional proceeds received for our 2020 sale of VALARIS 68, resulting from post-sale conditions of that sale agreement.

Gains recognized on sales of assets are included in Other, net on the Condensed Consolidated Statements of Operations.
v3.23.2
Pension and Other Postretirement Benefits
 6 Months Ended
Jun. 30, 2023
Retirement Benefits [Abstract]  
Retirement Benefits [Text Block] Pension and Other Post-retirement Benefits
We have defined-benefit pension plans and retiree medical plans that provide post-retirement health and life insurance benefits.

The components of net periodic pension and retiree medical income were as follows (in millions):
Three Months Ended June 30,Six Months Ended June 30,
 2023202220232022
Interest cost$7.8 $5.6 $15.5 $11.1 
Expected return on plan assets(7.8)(9.6)(15.5)(19.1)
Amortization of net gain(0.1)(0.1)(0.2)(0.1)
Net periodic pension and retiree medical income (1)
$(0.1)$(4.1)$(0.2)$(8.1)

(1)Included in Other, net, in our Condensed Consolidated Statements of Operations.
v3.23.2
Earnings (Loss) Per Share
 6 Months Ended
Jun. 30, 2023
Earnings Per Share [Abstract]  
Earnings (Loss) Per Share Earnings (Loss) Per Share
 
Basic earnings (loss) per share is computed by dividing net income (loss) available to common shareholders by the weighted-average number of common shares outstanding during the period. Weighted-average shares outstanding used in our computation of diluted EPS is calculated using the treasury stock method and includes the effect of all potentially dilutive stock equivalents, including warrants, restricted stock unit awards and performance stock unit awards.

The following table is a reconciliation of the weighted-average shares used in our basic and diluted EPS computations for the three and six months ended June 30, 2023 and 2022 (in millions):

Three Months Ended June 30,Six Months Ended June 30,
 2023202220232022
Income (loss) from continuing operations attributable to our shares $(29.4)$111.6 $17.3 $73.0 
Weighted average shares outstanding:
Basic74.8 75.0 75.0 75.0 
Effect of stock equivalents— 0.6 1.2 0.5 
Diluted74.8 75.6 76.2 75.5 

Anti-dilutive share awards totaling 1.2 million were excluded from the computation of diluted EPS for the three months ended June 30, 2023. Due to the net loss position, our potentially dilutive share awards were not included in the computation of diluted EPS as the effect these shares would have been anti-dilutive.

Anti-dilutive shares awards totaling 10,000 were excluded from the computation of diluted EPS for the six months ended June 30, 2023.

Anti-dilutive share awards totaling 13,000 and 6,000 were excluded from the computation of diluted EPS for the three and six months ended June 30, 2022, respectively.

We had 5,470,950 warrants outstanding (the "Warrants") as of June 30, 2023 to purchase common shares of Valaris Limited (the "Common Shares") which are exercisable for one Common Share per Warrant at an initial exercise price of $131.88 per Warrant and expire on April 29, 2028. The exercise of these Warrants into Common Shares would have a dilutive effect to the holdings of Valaris Limited's existing shareholders. These warrants are anti-dilutive for all periods presented.
v3.23.2
Debt
 6 Months Ended
Jun. 30, 2023
Debt Disclosure [Abstract]  
Debt Debt
First Lien Notes Indenture

On April 3, 2023, the Company issued a notice of conditional redemption to the holders of the First Lien Notes at a redemption price equal to 104.0% of the aggregate $550.0 million principal amount of the First Lien Notes plus accrued and unpaid interest to, but not including, the redemption date (the “Redemption Price”). On April 19, 2023, in connection with the issuance of our Second Lien Notes discussed below, the Company discharged its obligations under the indenture governing the First Lien Notes and deposited the Redemption Price with Wilmington Savings Fund Society, as trustee under such indenture. The First Lien Notes were redeemed on May 3, 2023 for an aggregate redemption price of $571.8 million (excluding accrued and unpaid interest). We accounted for the redemption as an extinguishment of debt and have reported a corresponding loss of $29.2 million in our Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2023.

Second Lien Notes Indenture

On April 19, 2023, the Company and Valaris Finance Company LLC (“Valaris Finance”), a wholly-owned subsidiary, issued and sold $700.0 million aggregate principal amount of Second Lien Notes in a private placement conducted pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended. The Second Lien Notes bear an interest rate of 8.375% per annum, will mature on April 30, 2030 and were issued at par for net proceeds of $681.4 million, after deducting the initial purchasers’ discount and offering expenses. The Company used a portion of the net proceeds to fund the redemption of its outstanding First Lien Notes as described above.

Interest on the Second Lien Notes is payable semi-annually in arrears on April 30 and October 30 of each year, beginning on October 30, 2023. The Second Lien Notes are fully and unconditionally guaranteed, jointly and severally, on a senior secured basis by the Guarantors and by each of the Company’s future restricted subsidiaries (other than Valaris Finance) that guarantees any debt of the Issuers or any guarantor under certain future debt in an aggregate principal amount in excess of a certain amount. The Second Lien Notes and the related guarantees are secured on a second-priority basis by the Collateral (as defined below).

On or after April 30, 2026, the Issuers may, at their option, redeem all or any portion of the Second Lien Notes, at once or over time, at the redemption prices set forth below, plus accrued and unpaid interest, if any, to, but not including, the redemption date. The following prices are for Second Lien Notes redeemed during the 12-month period commencing on April 30 of the years set forth below, and are expressed as percentages of principal amount:

Redemption YearPrice
2026104.188%
2027102.094%
2028 and thereafter100.000%

At any time prior to April 30, 2026, the Issuers may, on any one or more occasions, redeem up to 40.0% of the aggregate principal amount of the Second Lien Notes issued under the Indenture, dated April 19, 2023 (the "Indenture") (including any additional Second Lien Notes, if any) with an amount equal to or less than the net cash proceeds of certain equity offerings, at a redemption price equal to 108.375% of the principal amount thereof, plus accrued and unpaid interest thereon, if any, to but not including, the redemption date. In addition, at any time prior to April 30, 2026, the Issuers may redeem up to 10.0% of the aggregate principal amount of the Second Lien Notes during any twelve-month period at a redemption price equal to 103.0% of the aggregate principal amount thereof, plus accrued and unpaid interest, if any, to, but not including, the redemption date.

At any time prior to April 30, 2026, the Issuers may redeem some or all of the Second Lien Notes at a price equal to 100.0% of the principal amount of the Second Lien Notes redeemed, plus accrued and unpaid interest, if any, to, but not including, the redemption date, plus a “make-whole” premium.
The Indenture contains covenants that, among other things, restrict the Company’s ability and the ability of certain of its subsidiaries to: (i) incur additional debt and issue certain preferred stock; (ii) incur or create liens; (iii) make certain distributions, investments and other restricted payments; (iv) sell or otherwise dispose of certain assets; (v) engage in certain transactions with affiliates; and (vi) merge, consolidate, amalgamate or sell, transfer, lease or otherwise dispose of all or substantially all of the Company’s assets. These covenants are subject to important exceptions and qualifications. In addition, many of these covenants will be suspended with respect to the Second Lien Notes during any time that the Second Lien Notes have investment grade ratings from at least two rating agencies and no default with respect to the Second Lien Notes has occurred and is continuing. As of June 30, 2023, we were in compliance with our covenants under the Indenture.

Upon the occurrence of certain Change of Control Triggering Event (as defined in the Indenture), the Issuers may be required to make an offer to repurchase all of the Second Lien Notes then outstanding at a price equal to 101.0% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but not including, the repurchase date.

Senior Secured Revolving Credit Facility

On April 3, 2023, the Company entered into a senior secured revolving credit agreement (the “Credit Agreement”). The Credit Agreement provides for commitments permitting borrowings of up to $375.0 million (which may be increased, subject to the satisfaction of certain conditions and the agreement of lenders to provide such additional commitments, by an additional $200.0 million pursuant to the terms of the Credit Agreement) and includes a $150.0 million sublimit for the issuance of letters of credit. Valaris Finance and certain other subsidiaries of the Company (together with Valaris Finance, the “Guarantors”) guarantee the Company’s obligations under the Credit Agreement, and the lenders have a first priority lien on the assets securing the Credit Agreement. The commitments under the Credit Agreement became available to be borrowed on April 19, 2023 (the "Availability Date").

The Credit Agreement and the related guarantees are secured on a first-priority basis, subject to permitted liens, by (a) first preferred ship mortgages over each vessel owned by us and the Guarantors as of the Availability Date, with certain exceptions (the “Collateral Vessels”); (b) first priority assignments of certain insurances and requisition compensation in respect of the Collateral Vessels; (c) first priority pledges of all equity interests in our subsidiaries that own Collateral Vessels and certain subsidiaries that hold equity interests in entities that own vessels (the “Collateral Rig Owners”); (d) first priority assignments of earnings of the Collateral Vessels from the Collateral Rig Owners; (e) any vessels and other assets of ours and the Guarantors that are pledged, at our option, to secure the Credit Agreement; and (f) all proceeds thereof (the "Collateral").

Amounts borrowed under the Credit Agreement are subject to an interest rate per annum equal to, at our option, either (a) a base rate determined as the greatest of (i) a prime rate, (ii) the federal funds rate plus 0.5% and (iii) Term SOFR (as defined in the Credit Agreement) for a one month interest period plus 1.1% (such base rate to be subject to a 1% floor) or (b) Term SOFR plus 0.10% (subject to a —% floor), plus, in each case of clauses (a) and (b) above, an applicable margin ranging from 1.50% to 3.00% and 2.50% to 4.00%, respectively, based on the credit ratings that are one notch higher than the corporate family ratings provided by Standard & Poor’s Financial Services LLC (“S&P”) and Moody’s Investors Service, Inc. (“Moody’s”) with respect to Valaris Limited.

In addition to paying interest on outstanding borrowings under the Credit Agreement, we are required to pay a quarterly commitment fee to the lenders under the Credit Agreement with respect to the average daily unutilized commitments thereunder at a rate ranging from 0.375% to 0.75% depending on the credit ratings that are one notch higher than the corporate family ratings provided by S&P and Moody’s with respect to Valaris Limited. With respect to each letter of credit issued pursuant to the Credit Agreement, we are required to pay a letter of credit fee equal to the applicable margin in effect for Term SOFR loans and a fronting fee in an amount to be mutually agreed between us and the issuer of such letter of credit. We are also required to pay customary agency fees in respect of the Credit Agreement.
The Credit Agreement contains various covenants that limit, among other things, our and our restricted subsidiaries’ ability to: incur indebtedness; grant liens; dispose of certain assets; make certain acquisitions and investments; redeem or prepay other debt or make other restricted payments such as distributions to shareholders; enter into transactions with affiliates; enter into sale-leaseback transactions; and enter into a merger, amalgamation, consolidation or sale of assets. Further, the Credit Agreement contains financial covenants that require us to maintain (i) a minimum book value of equity to total assets ratio, (ii) a minimum interest coverage ratio and (iii) a minimum amount of liquidity. As of June 30, 2023, we were in compliance in all material respects with our covenants under the Credit Agreement. We had no amounts outstanding under the Credit Agreement as of June 30, 2023.
v3.23.2
Shareholders Equity
 6 Months Ended
Jun. 30, 2023
Statement of Stockholders' Equity [Abstract]  
Shareholders' Equity and Share-based Payments [Text Block] Shareholders' Equity
Activity in our various shareholders' equity accounts for the three and six months ended June 30, 2023 and 2022 were as follows (in millions):

 Shares 
Issued		Par ValueAdditional
Paid-in
Capital		WarrantsRetained EarningsAOCI Treasury
Shares		Non-controlling
Interest
BALANCE, December 31, 202275.2 $0.8 $1,097.9 $16.4 $160.1 $14.7 $— $8.0 
Net income— — — — 46.7 — — 1.9 
Share-based compensation cost— — 5.7 — — — — — 
Net changes in pension and other postretirement benefits— — — — — (0.1)— — 
Net other comprehensive loss— — — — — (0.1)— — 
BALANCE, March 31, 202375.2 $0.8 $1,103.6 $16.4 $206.8 $14.5 $— $9.9 
Net income (loss)— — — — (29.4)— — 2.1 
Share-based compensation cost— — 7.0 — — — — — 
Repurchase of Common Shares— — — — — — (65.0)— 
Net changes in pension and other postretirement benefits— — — — — (0.1)— — 
Shares withheld for taxes on vesting of share-based awards— — (0.3)— — — — — 
Net other comprehensive loss— — — — — (0.2)— — 
BALANCE, June 30, 202375.2 $0.8 $1,110.3 $16.4 $177.4 $14.2 $(65.0)$12.0 
 Shares 
Issued		Par ValueAdditional
Paid-in
Capital		WarrantsRetained Earnings (Deficit)AOCI Non-controlling
Interest
BALANCE, December 31, 202175.0 $0.8 $1,083.0 $16.4 $(16.4)$(9.1)$2.7 
Net loss— — — — (38.6)— (1.2)
Share-based compensation cost— — 3.4 — — — — 
Net other comprehensive loss— — — — — (0.3)— 
BALANCE, March 31, 202275.0 $0.8 $1,086.4 $16.4 $(55.0)$(9.4)$1.5 
Net income— — — — 111.6 — 1.2 
Net changes in pension and other postretirement benefits— — — — — (0.1)— 
Share-based compensation cost— — 3.5 — — — — 
Shares withheld for taxes on vesting of share-based awards— — (0.2)— — — — 
Net other comprehensive income— — — — — 0.3 — 
BALANCE, June 30, 202275.0 $0.8 $1,089.7 $16.4 $56.6 $(9.2)$2.7 

Share Repurchase Program

In 2022, our board of directors authorized a share repurchase program under which we may purchase up to $100.0 million of our outstanding Common Shares. In April 2023, the board of directors authorized an increase of this amount to $300.0 million. The share repurchase program does not have a fixed expiration, may be modified, suspended or discontinued at any time and is subject to compliance with applicable covenants and restrictions under our financing agreements. During the three and six months ended June 30, 2023, we repurchased 1.1 million shares at an aggregate cost of $65.0 million at an average price of $58.82.
v3.23.2
Income Taxes
 6 Months Ended
Jun. 30, 2023
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract]  
Income Taxes Income Taxes
 
Historically, we calculated our provision for income taxes during interim reporting periods by applying the estimated annual effective tax rate for the full fiscal year to pre-tax income or loss, excluding discrete items, for the reporting period. We determined that since small changes in estimated pre-tax income or loss would result in significant changes in the estimated annual effective tax rate, the historical method would not provide a reliable estimate of income taxes for the three and six months ended June 30, 2023 and 2022, and therefore, we used a discrete effective tax rate method to calculate income taxes for each of these periods. We will continue to evaluate income tax estimates under the historical method in subsequent quarters and employ a discrete effective tax rate method if warranted.

Discrete income tax expense of $6.2 million for the three months ended June 30, 2023 and discrete income tax benefit of $37.5 million for the six months ended June 30, 2023 were primarily attributable to changes in liabilities for unrecognized tax benefits associated with tax positions taken in prior years. Excluding the aforementioned discrete tax items, income tax expense for the three and six months ended June 30, 2023 was $18.3 million and $34.4 million, respectively.

Discrete income tax expense for the three months ended June 30, 2022 was $6.2 million and was primarily attributable to income associated with a contract termination. Discrete income tax benefit for the six months ended June 30, 2022 was $8.3 million and was primarily attributable to changes in liabilities for unrecognized tax benefits associated with tax positions taken in prior years, partially offset by discrete tax expense attributable to income associated with a contract termination. Excluding the aforementioned discrete tax items, income tax expense for the three and six months ended June 30, 2022 was $14.0 million and $27.8 million, respectively.
v3.23.2
Contingencies
 6 Months Ended
Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]  
Contingencies Contingencies
ARO Newbuild Funding Obligations

In connection with our 50/50 unconsolidated joint venture, we have a potential obligation to fund ARO for newbuild jackup rigs. ARO has plans to purchase 20 newbuild jackup rigs over an approximate 10-year period. The joint venture partners intend for the newbuild jackup rigs to be financed out of available cash from ARO's operations and/or funds available from third-party debt financing. ARO paid a 25% down payment from cash on hand for each of the two newbuilds ordered in January 2020 and is actively exploring financing options for remaining payments due upon delivery. In the event ARO has insufficient cash from operations or is unable to obtain third-party financing, each partner may periodically be required to make additional capital contributions to ARO, up to a maximum aggregate contribution of $1.25 billion from each partner to fund the newbuild program. Each partner's commitment shall be reduced by the actual cost of each newbuild rig, as delivered, on a proportionate basis.

Letters of Credit

In the ordinary course of business with customers and others, we have entered into letters of credit to guarantee our performance as it relates to our drilling contracts, contract bidding, customs duties, tax appeals and other obligations in various jurisdictions. Letters of credit outstanding as of June 30, 2023 totaled $100.4 million and are issued under facilities provided by various banks and other financial institutions. Obligations under these letters of credit are not normally called, as we typically comply with the underlying performance requirements. As of June 30, 2023, we had collateral deposits in the amount of $16.2 million with respect to these agreements.

Patent Litigation

In December 2022, a subsidiary of Transocean Ltd. commenced an arbitration proceeding against us alleging breach of a license agreement related to certain dual-activity drilling patents. We are unable to estimate our potential exposure, if any, to the proceeding at this time but do not believe that our ultimate liability, if any, resulting from this proceeding will have a material effect on our consolidated financial condition, results of operations or cash flows. We do not believe that we have breached the license agreement and intend to defend ourselves vigorously against this claim.

Brazil Administrative Proceeding

In July 2023, we received notice of an administrative proceeding initiated against us in Brazil. Specifically, the Federal Court of Accounts ("TCU") is seeking from us, Samsung Heavy Industries (“SHI”) and others, on a joint and several basis, a total of approximately BRL 601 million (approximately $127.0 million) in damages that TCU asserts arose from the overbilling to Petrobras in 2015 in relation to the drilling services agreement with Petrobras for VALARIS DS-5 (the “DSA”). As fully disclosed in our prior periodic reports, the DSA was previously the subject of (1) investigations by the SEC and the U.S Department of Justice, each of which closed their investigation of us in 2018 without any enforcement action, (2) an arbitration proceeding against SHI in which we prevailed resulting in SHI making a $200.0 million cash payment to us in December 2019, and (3) a settlement with Petrobras normalizing our business relations in August 2018. We plan to vigorously defend ourselves against the allegations made by the TCU. Because these proceedings are in their initial stages, we are unable to estimate our potential exposure, if any, at this time.
Other Matters

In addition to the foregoing, we are named defendants or parties in certain other lawsuits, claims or proceedings incidental to our business and are involved from time to time as parties to governmental investigations or proceedings, including matters related to taxation, arising in the ordinary course of business. Although the outcome of such lawsuits or other proceedings cannot be predicted with certainty and the amount of any liability that could arise with respect to such lawsuits or other proceedings cannot be predicted accurately, we do not expect these matters to have a material adverse effect on our financial position, operating results and cash flows.
v3.23.2
Segment Information
 6 Months Ended
Jun. 30, 2023
Segment Reporting Information, Revenue for Reportable Segment [Abstract]  
Segment Information Segment Information
 
Our business consists of four operating segments: (1) Floaters, which includes our drillships and semisubmersible rigs, (2) Jackups, (3) ARO and (4) Other, which consists of management services on rigs owned by third parties and the activities associated with our arrangements with ARO under the Lease Agreements. Floaters, Jackups and ARO are also reportable segments.

Our onshore support costs included within Contract drilling expenses are not allocated to our operating segments for purposes of measuring segment operating income (loss) and as such, those costs are included in “Reconciling Items.” Further, General and administrative expense and Depreciation expense incurred by our corporate office are not allocated to our operating segments for purposes of measuring segment operating income (loss) and are included in "Reconciling Items". We measure segment assets as Property and equipment, net.

The full operating results included below for ARO are not included within our consolidated results and thus deducted under "Reconciling Items" and replaced with our equity in earnings (losses) of ARO. See "Note 3 - Equity Method Investment in ARO" for additional information on ARO and related arrangements.

Segment information for the three and six months ended June 30, 2023 and 2022, respectively, are presented below (in millions):

Three Months Ended June 30, 2023
FloatersJackupsAROOtherReconciling ItemsConsolidated Total
Revenues$227.4 $144.6 $117.8 $43.2 $(117.8)$415.2 
Operating expenses
Contract drilling (exclusive of depreciation)196.2 123.5 95.0 18.2 (59.4)373.5 
Depreciation13.6 9.6 15.6 1.2 (15.5)24.5 
General and administrative— — 5.7 — 20.7 26.4 
Equity in losses of ARO— — — — (0.7)(0.7)
Operating income (loss)$17.6 $11.5 $1.5 $23.8 $(64.3)$(9.9)
Property and equipment, net$552.3 $418.4 $838.8 $54.5 $(790.3)$1,073.7 
Three Months Ended June 30, 2022
FloatersJackupsAROOtherReconciling ItemsConsolidated Total
Revenues$188.1 $185.8 $116.4 $39.4 $(116.4)$413.3 
Operating expenses
Contract drilling (exclusive of depreciation)165.3 142.2 82.1 24.7 (52.5)361.8 
Loss on impairment34.5 — — — — 34.5 
Depreciation12.3 8.7 15.4 1.3 (15.4)22.3 
General and administrative— — 3.2 — 15.8 19.0 
Equity in earnings of ARO— — — — 8.7 8.7 
Operating income (loss)$(24.0)$34.9 $15.7 $13.4 $(55.6)$(15.6)
Property and equipment, net$462.9 $384.8 $733.4 $50.4 $(699.8)$931.7 

Six Months Ended June 30, 2023
FloatersJackupsAROOtherReconciling ItemsConsolidated Total
Revenues$442.2 $314.4 $241.4 $88.7 $(241.4)$845.3 
Operating expenses
Contract drilling (exclusive of depreciation)370.8 272.4 185.9 38.4 (116.8)750.7 
Depreciation26.6 18.6 30.6 2.5 (30.5)47.8 
General and administrative— — 10.3 — 40.5 50.8 
Equity in earnings of ARO— — — — 2.6 2.6 
Operating income (loss)$44.8 $23.4 $14.6 $47.8 $(132.0)$(1.4)
Property and equipment, net$552.3 $418.4 $838.8 $54.5 $(790.3)$1,073.7 

Six Months Ended June 30, 2022
FloatersJackupsAROOtherReconciling ItemsConsolidated Total
Revenues$287.8 $366.5 $227.7 $77.4 $(227.7)$731.7 
Operating expenses
Contract drilling (exclusive of depreciation)312.9 281.4 166.3 40.2 (107.7)693.1 
Loss on impairment34.5 — — — — 34.5 
Depreciation24.5 17.8 31.9 2.2 (31.6)44.8 
General and administrative— — 8.4 — 29.4 37.8 
Equity in earnings of ARO— — — — 13.0 13.0 
Operating income (loss)$(84.1)$67.3 $21.1 $35.0 $(104.8)$(65.5)
Property and equipment, net$462.9 $384.8 $733.4 $50.4 $(699.8)$931.7 
Information about Geographic Areas

As of June 30, 2023, the geographic distribution of our and ARO's drilling rigs was as follows:
FloatersJackupsOtherTotal ValarisARO
Middle East & Africa358167
Europe & the Mediterranean312—15—
North & South America 87—15—
Asia & Pacific Rim23—5—
Total16278517

We provide management services in the U.S. Gulf of Mexico on two rigs owned by a third party not included in the table above.

We are a party to contracts whereby we have the option to take delivery of two recently constructed drillships that are not included in the table above.

ARO has ordered two newbuild jackups which are under construction in the Middle East that are not included in the table above.
v3.23.2
Supplemental Financial Information
 6 Months Ended
Jun. 30, 2023
Supplemental Financial Information [Abstract]  
Supplemental Financial Information Supplemental Financial Information
Condensed Consolidated Balance Sheet Information

Accounts receivable, net, consisted of the following (in millions):
June 30, 2023December 31, 2022
Trade$419.5 $345.7 
Income tax receivables50.2 93.6 
Other18.8 24.6 
 488.5 463.9 
Allowance for doubtful accounts(15.1)(14.8)
 $473.4 $449.1 

Other current assets consisted of the following (in millions):
June 30, 2023December 31, 2022
Deferred costs$65.8 $59.1 
Prepaid taxes50.0 44.6 
Prepaid expenses22.3 17.5 
Other30.6 27.4 
 $168.7 $148.6 
        
Accrued liabilities and other consisted of the following (in millions):
June 30, 2023December 31, 2022
Current contract liabilities (deferred revenues)$96.2 $78.0 
Personnel costs58.0 55.8 
Income and other taxes payable53.4 41.4 
Accrued claims24.7 27.2 
Accrued interest11.7 7.6 
Lease liabilities11.3 9.4 
Other39.4 28.5 
 $294.7 $247.9 
        
Other liabilities consisted of the following (in millions):
June 30, 2023December 31, 2022
Unrecognized tax benefits (inclusive of interest and penalties)$234.2 $275.0 
Pension and other post-retirement benefits157.2 159.8 
Noncurrent contract liabilities (deferred revenues)41.7 41.0 
Other48.4 39.8 
 $481.5 $515.6 

Condensed Consolidated Statements of Operations Information

Other, net consisted of the following (in millions):

Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
Loss on debt extinguishment$(29.2)$— $(29.2)$— 
Net gain on sale of property27.8 135.1 27.9 137.6 
Net foreign currency exchange gains (losses)(0.7)10.7 (0.2)15.4 
Net periodic pension income0.1 4.1 0.2 8.1 
Other income (expense)1.2 (0.9)1.1 (2.1)
$(0.8)$149.0 $(0.2)$159.0 

Condensed Consolidated Statement of Cash Flows Information

Our restricted cash consists primarily of $16.2 million and $20.7 million of collateral on letters of credit at June 30, 2023 and December 31, 2022, respectively. See "Note 11 - Contingencies" for more information regarding our letters of credit.

We received an income tax refund of $45.9 million during the first quarter of 2023 related to the U.S. Coronavirus Aid, Relief, and Economic Security Act.
Concentration of Risk

Credit Risk - We are exposed to credit risk relating to our receivables from customers and our cash and cash equivalents. We mitigate our credit risk relating to receivables from customers, which consist primarily of major international, government-owned and independent oil and gas companies, by performing ongoing credit evaluations. We also maintain reserves for potential credit losses, which generally have been within our expectations.

Customer Concentration - Consolidated revenues with customers that individually contributed 10% or more of revenue were as follows:

Three Months Ended June 30, 2023Three Months Ended June 30, 2022
FloatersJackupsOtherTotalFloatersJackupsOtherTotal
Eni S.p.A ("Eni")7 %7 %— %14 %— %4 %— %4 %
BP plc ("BP")— %5 %7 %12 %5 %2 %6 %13 %
Equinor ASA ("Equinor")— %— %— %— %12 %5 %— %17 %
Other customers48 %23 %3 %74 %28 %34 %4 %66 %
55 %35 %10 %100 %45 %45 %10 %100 %

Six Months Ended June 30, 2023Six Months Ended June 30, 2022
FloatersJackupsOtherTotalFloatersJackupsOtherTotal
Eni7 %7 %— %14 %2 %5 %— %7 %
BP1 %5 %6 %12 %5 %2 %7 %14 %
Equinor— %— %— %— %7 %5 %— %12 %
Other customers44 %25 %5 %74 %26 %37 %4 %67 %
52 %37 %11 %100 %40 %49 %11 %100 %

Geographic Concentration - For purposes of our geographic disclosure, we attribute revenues to the geographic location where such revenues are earned. Consolidated revenues for locations that individually had 10% or more of revenue were as follows (in millions):

Three Months Ended June 30, 2023Three Months Ended June 30, 2022
FloatersJackupsOtherTotalFloatersJackupsOtherTotal
U.S. Gulf of Mexico$45.3 $5.8 $26.2 $77.3 $95.9 $5.6 $24.3 $125.8 
United Kingdom— 68.1 — 68.1 — 63.1 — 63.1 
Angola58.2 — — 58.2 6.9 — — 6.9 
Australia40.1 10.6 — 50.7 20.5 6.5 — 27.0 
Saudi Arabia— 9.4 17.0 26.4 — 20.0 15.1 35.1 
Other countries83.8 50.7 — 134.5 64.8 90.6 — 155.4 
$227.4 $144.6 $43.2 $415.2 $188.1 $185.8 $39.4 $413.3 
Six Months Ended June 30, 2023Six Months Ended June 30, 2022
FloatersJackupsOtherTotalFloatersJackupsOtherTotal
U.S. Gulf of Mexico$87.0 $14.0 $52.3 $153.3 $116.5 $12.3 $47.6 $176.4 
United Kingdom— 121.6 — 121.6 — 128.7 — 128.7 
Australia77.8 23.5 — 101.3 32.5 6.6 — 39.1 
Angola97.3 — — 97.3 29.1 — — 29.1 
Saudi Arabia— 29.3 36.4 65.7 — 43.4 29.8 73.2 
Other countries180.1 126.0 — 306.1 109.7 175.5 — 285.2 
$442.2 $314.4 $88.7 $845.3 $287.8 $366.5 $77.4 $731.7 
v3.23.2
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Pay vs Performance Disclosure        
Net Income (Loss) Attributable to Parent $ (29.4) $ 111.6 $ 17.3 $ 73.0
v3.23.2
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2023
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.23.2
Unaudited Condensed Consolidated Financial Statements (Policies)
 6 Months Ended
Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Accounting, Policy Unaudited Condensed Consolidated Financial Statements
 
We prepared the accompanying condensed consolidated financial statements of Valaris Limited and its subsidiaries (the "Company," "Valaris," "our," "we" or "us") in accordance with accounting principles generally accepted in the United States of America ("GAAP"), pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC") included in the instructions to Form 10-Q and Article 10 of Regulation S-X. The financial information included in this report is unaudited but, in our opinion, includes all adjustments (consisting of normal recurring adjustments) that are necessary for a fair presentation of our financial position, results of operations and cash flows for the interim periods presented. The December 31, 2022 Condensed Consolidated Balance Sheet data was derived from our 2022 audited consolidated financial statements but does not include all disclosures required by GAAP. The preparation of our condensed consolidated financial statements requires us to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, the related revenues and expenses and disclosures of gain and loss contingencies as of the date of the financial statements. Actual results could differ from those estimates.

Results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of the results of operations that will be realized for the year ending December 31, 2023, or for any future period. We recommend these condensed consolidated financial statements be read in conjunction with our annual report on Form 10-K for the year ended December 31, 2022, filed with the SEC on February 21, 2023 (our "Annual Report").
New Accounting Pronouncements
New Accounting Pronouncements

Recently adopted accounting pronouncements

Business Combinations - In October 2021, the FASB issued ASU No. 2021-08, “Accounting for Contract Assets and Contract Liabilities from Contracts with Customers” (“Update 2021-08”). ASU No. 2021-08 requires an entity (acquirer) to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606 and provides practical expedients for acquirers when recognizing and measuring acquired contract assets and contract liabilities from revenue contracts in a business combination. The amendments also apply to contract assets and contract liabilities from other contracts to which the provisions of Topic 606 apply, such as contract liabilities for the sale of nonfinancial assets within the scope of Subtopic 610-20, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets. The FASB issued the update to improve the accounting for acquired revenue contracts with customers in a business combination. Update 2021-08 is effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years, with early adoption permitted. We adopted Update 2021-08 effective January 1, 2023 with no material impact to our condensed consolidated financial statements upon adoption.
Accounting pronouncements to be adopted

Reference Rate Reform - In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("Update 2020-04"), which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in Update 2020-04 apply only to contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, for which an entity has elected certain optional expedients and that are retained through the end of the hedging relationship. The provisions in Update 2020-04 are effective upon issuance and can be applied prospectively through December 31, 2022. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, to extend the temporary accounting rules under Topic 848 from December 31, 2022, to December 31, 2024. Our long-term notes receivable from ARO, from which we generate interest income on a LIBOR-based rate (the "Notes Receivable from ARO"), are impacted by the application of this standard. As the Notes Receivable from ARO bear interest on the LIBOR rate determined at the end of the preceding year, the rate governing our interest income in 2023 has already been determined. We expect to be able to modify the terms of our Notes Receivable from ARO to a comparable interest rate before the applicable LIBOR rate is no longer available and as such, do not expect this standard to have a material impact to our condensed consolidated financial statements.
With the exception of the updated standards discussed above, there have been no accounting pronouncements issued and not yet effective that have significance, or potential significance, to our condensed consolidated financial statements.
v3.23.2
Revenue from Contracts with Customers (Tables)
 6 Months Ended
Jun. 30, 2023
Revenue from Contract with Customer [Abstract]  
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block]
The following table summarizes our contract assets and contract liabilities (in millions):
 June 30, 2023 December 31, 2022
Current contract assets$2.4 $4.6 
Noncurrent contract assets$2.3 $0.7 
Current contract liabilities (deferred revenue)$96.2 $78.0 
Noncurrent contract liabilities (deferred revenue)$41.7 $41.0 

Changes in contract assets and liabilities during the period are as follows (in millions):
 Contract AssetsContract Liabilities
Balance as of December 31, 2022$5.3 $119.0 
Revenue recognized in advance of right to bill customer3.9 — 
Increase due to revenue deferred during the period— 74.6 
Decrease due to amortization of deferred revenue that was included in the beginning contract liability balance— (37.4)
Decrease due to amortization of deferred revenue added during the period— (9.8)
Decrease due to transfer to receivables and payables during the period(4.5)(8.5)
Balance as of June 30, 2023$4.7 $137.9 
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block]
The table below reflects the expected future amortization of our contract liabilities and deferred costs recorded as of June 30, 2023. In the case of our contract liabilities related to our bareboat charter arrangements with ARO, the contract liability is not amortized and as such, the amount is reflected in the table below at the end of the current lease term. See "Note 3 - Equity Method Investment in ARO" for additional information on ARO and related arrangements.
(In millions)
 Remaining 2023202420252026 and Thereafter Total
Amortization of contract liabilities$55.1 $72.5 $6.8 $3.5 $137.9 
Amortization of deferred costs$41.1 $33.7 $3.9 $1.8 $80.5 
v3.23.2
Equity Method Investment In ARO (Tables)
 6 Months Ended
Jun. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]  
Equity Method Investments
Summarized financial information for ARO is as follows (in millions):
Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
Revenues$117.8 $116.4 $241.4 $227.7 
Operating expenses
Contract drilling (exclusive of depreciation)95.0 82.1 185.9 166.3 
Depreciation15.6 15.4 30.6 31.9 
General and administrative5.7 3.2 10.3 8.4 
Operating income1.5 15.7 14.6 21.1 
Other expense, net8.8 3.3 19.2 6.6 
Provision for income taxes— 2.5 1.9 3.2 
Net income (loss)$(7.3)$9.9 $(6.5)$11.3 

June 30, 2023December 31, 2022
Cash and cash equivalents$100.6 $176.2 
Other current assets188.3 140.6 
Non-current assets879.6 818.1 
Total assets$1,168.5 $1,134.9 
Current liabilities$122.6 $86.3 
Non-current liabilities887.5 884.6 
Total liabilities$1,010.1 $970.9 
A reconciliation of those components is presented below (in millions):
Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
50% interest in ARO net income (loss)$(3.7)$5.0 $(3.3)$5.7 
Amortization of basis differences3.0 3.7 5.9 7.3 
Equity in earnings (losses) of ARO$(0.7)$8.7 $2.6 $13.0 
Schedule of Related Party Transactions
Our balances related to the ARO lease agreements were as follows (in millions):

June 30, 2023December 31, 2022
Amounts receivable (1)
$17.6 $12.0 
Contract liabilities(2)
11.9 16.7 
Accounts payable(2)
$53.4 $43.2 

(1)Amounts receivable from ARO is included in Accounts receivable, net in our Condensed Consolidated Balance Sheets.
(2)The per day bareboat charter amount in the Lease Agreements is subject to adjustment based on actual performance of the respective rig and as such contract liabilities related to the Lease Agreements are subject to adjustment during the lease term. Upon completion of the lease term, such amount becomes a payable to or a receivable from ARO.
The principal amount and discount of the Notes Receivable from ARO were as follows (in millions):

June 30, 2023December 31, 2022
Principal amount$402.7 $402.7 
Discount(134.7)(148.7)
Carrying value$268.0 $254.0 
Interest receivable(1)(2)
$15.1 $— 

(1)Our interest receivable from ARO is included in Accounts receivable, net in our Condensed Consolidated Balance Sheets.
(2)We collected our 2022 interest on the Notes Receivable from ARO in cash prior to December 31, 2022, and as such, there was no interest receivable from ARO as of December 31, 2022.
Interest income earned on the Notes Receivable from ARO was as follows (in millions):

Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
Interest income$7.6 $3.0 $15.1 $5.8 
Non-cash amortization (1)
7.0 7.7 14.0 15.4 
Total interest income on the Notes Receivable from ARO$14.6 $10.7 $29.1 $21.2 
(1)Represents the amortization of the discount on the Notes Receivable from ARO using the effective interest method to interest income over the term of the notes.
v3.23.2
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2023
Fair Value Disclosures [Abstract]  
Schedule Of Carrying Values And Estimated Fair Values Of Debt Instruments
The carrying values and estimated fair values of certain of our financial instruments were as follows (in millions):
June 30, 2023December 31, 2022
Carrying Value  Estimated Fair Value  Carrying ValueEstimated Fair Value  
Second Lien Notes (1)
$681.9 $701.3 $— $— 
First Lien Notes (1)
$— $— $542.4 $545.9 
Long-term debt$681.9 $701.3 $542.4 $545.9 
Long-term notes receivable from ARO (2)
$268.0 $353.4 $254.0 $336.7 

(1)The estimated fair value of the 8.375% Senior Secured Second Lien Notes due 2030 (the “Second Lien Notes”) and Senior Secured First Lien Notes due 2028 (the "First Lien Notes"), which were redeemed in full on April 3, 2023, were determined using quoted market prices, which are level 1 inputs.

(2)The estimated fair value of our Notes Receivable from ARO was estimated using an income approach to value the forecasted cash flows attributed to the Notes Receivable from ARO using a discount rate based on a comparable yield with a country-specific risk premium, which are considered to be level 2 inputs.
v3.23.2
Property and Equipment (Tables)
 6 Months Ended
Jun. 30, 2023
Property, Plant and Equipment [Abstract]  
Schedule of Property And Equipment
Property and equipment consisted of the following (in millions):
June 30, 2023December 31, 2022
Drilling rigs and equipment$1,111.3 $1,036.5 
Work-in-progress125.6 59.8 
Other39.2 38.2 
$1,276.1 $1,134.5 
v3.23.2
Pension and Other Postretirement Benefits (Tables)
 6 Months Ended
Jun. 30, 2023
Retirement Benefits [Abstract]  
Schedule of Net Benefit Costs [Table Text Block] The components of net periodic pension and retiree medical income were as follows (in millions):
Three Months Ended June 30,Six Months Ended June 30,
 2023202220232022
Interest cost$7.8 $5.6 $15.5 $11.1 
Expected return on plan assets(7.8)(9.6)(15.5)(19.1)
Amortization of net gain(0.1)(0.1)(0.2)(0.1)
Net periodic pension and retiree medical income (1)
$(0.1)$(4.1)$(0.2)$(8.1)

(1)Included in Other, net, in our Condensed Consolidated Statements of Operations.
v3.23.2
Earnings (Loss) Per Share (Tables)
 6 Months Ended
Jun. 30, 2023
Earnings Per Share [Abstract]  
Earnings Per Share - Reconciliation of Weighted Average Shares
The following table is a reconciliation of the weighted-average shares used in our basic and diluted EPS computations for the three and six months ended June 30, 2023 and 2022 (in millions):

Three Months Ended June 30,Six Months Ended June 30,
 2023202220232022
Income (loss) from continuing operations attributable to our shares $(29.4)$111.6 $17.3 $73.0 
Weighted average shares outstanding:
Basic74.8 75.0 75.0 75.0 
Effect of stock equivalents— 0.6 1.2 0.5 
Diluted74.8 75.6 76.2 75.5 
v3.23.2
Debt (Tables)
 6 Months Ended
Jun. 30, 2023
Debt Disclosure [Abstract]  
Debt Instrument Redemption The following prices are for Second Lien Notes redeemed during the 12-month period commencing on April 30 of the years set forth below, and are expressed as percentages of principal amount:
Redemption YearPrice
2026104.188%
2027102.094%
2028 and thereafter100.000%
v3.23.2
Shareholders Equity (Tables)
 6 Months Ended
Jun. 30, 2023
Statement of Stockholders' Equity [Abstract]  
Schedule Of Activity In Our Various Shareholders Equity [Table Text Block]
Activity in our various shareholders' equity accounts for the three and six months ended June 30, 2023 and 2022 were as follows (in millions):

 Shares 
Issued		Par ValueAdditional
Paid-in
Capital		WarrantsRetained EarningsAOCI Treasury
Shares		Non-controlling
Interest
BALANCE, December 31, 202275.2 $0.8 $1,097.9 $16.4 $160.1 $14.7 $— $8.0 
Net income— — — — 46.7 — — 1.9 
Share-based compensation cost— — 5.7 — — — — — 
Net changes in pension and other postretirement benefits— — — — — (0.1)— — 
Net other comprehensive loss— — — — — (0.1)— — 
BALANCE, March 31, 202375.2 $0.8 $1,103.6 $16.4 $206.8 $14.5 $— $9.9 
Net income (loss)— — — — (29.4)— — 2.1 
Share-based compensation cost— — 7.0 — — — — — 
Repurchase of Common Shares— — — — — — (65.0)— 
Net changes in pension and other postretirement benefits— — — — — (0.1)— — 
Shares withheld for taxes on vesting of share-based awards— — (0.3)— — — — — 
Net other comprehensive loss— — — — — (0.2)— — 
BALANCE, June 30, 202375.2 $0.8 $1,110.3 $16.4 $177.4 $14.2 $(65.0)$12.0 
 Shares 
Issued		Par ValueAdditional
Paid-in
Capital		WarrantsRetained Earnings (Deficit)AOCI Non-controlling
Interest
BALANCE, December 31, 202175.0 $0.8 $1,083.0 $16.4 $(16.4)$(9.1)$2.7 
Net loss— — — — (38.6)— (1.2)
Share-based compensation cost— — 3.4 — — — — 
Net other comprehensive loss— — — — — (0.3)— 
BALANCE, March 31, 202275.0 $0.8 $1,086.4 $16.4 $(55.0)$(9.4)$1.5 
Net income— — — — 111.6 — 1.2 
Net changes in pension and other postretirement benefits— — — — — (0.1)— 
Share-based compensation cost— — 3.5 — — — — 
Shares withheld for taxes on vesting of share-based awards— — (0.2)— — — — 
Net other comprehensive income— — — — — 0.3 — 
BALANCE, June 30, 202275.0 $0.8 $1,089.7 $16.4 $56.6 $(9.2)$2.7 
v3.23.2
Segment Information (Tables)
 6 Months Ended
Jun. 30, 2023
Segment Reporting Information, Revenue for Reportable Segment [Abstract]  
Schedule Of Segment Reporting Information
Segment information for the three and six months ended June 30, 2023 and 2022, respectively, are presented below (in millions):

Three Months Ended June 30, 2023
FloatersJackupsAROOtherReconciling ItemsConsolidated Total
Revenues$227.4 $144.6 $117.8 $43.2 $(117.8)$415.2 
Operating expenses
Contract drilling (exclusive of depreciation)196.2 123.5 95.0 18.2 (59.4)373.5 
Depreciation13.6 9.6 15.6 1.2 (15.5)24.5 
General and administrative— — 5.7 — 20.7 26.4 
Equity in losses of ARO— — — — (0.7)(0.7)
Operating income (loss)$17.6 $11.5 $1.5 $23.8 $(64.3)$(9.9)
Property and equipment, net$552.3 $418.4 $838.8 $54.5 $(790.3)$1,073.7 
Three Months Ended June 30, 2022
FloatersJackupsAROOtherReconciling ItemsConsolidated Total
Revenues$188.1 $185.8 $116.4 $39.4 $(116.4)$413.3 
Operating expenses
Contract drilling (exclusive of depreciation)165.3 142.2 82.1 24.7 (52.5)361.8 
Loss on impairment34.5 — — — — 34.5 
Depreciation12.3 8.7 15.4 1.3 (15.4)22.3 
General and administrative— — 3.2 — 15.8 19.0 
Equity in earnings of ARO— — — — 8.7 8.7 
Operating income (loss)$(24.0)$34.9 $15.7 $13.4 $(55.6)$(15.6)
Property and equipment, net$462.9 $384.8 $733.4 $50.4 $(699.8)$931.7 

Six Months Ended June 30, 2023
FloatersJackupsAROOtherReconciling ItemsConsolidated Total
Revenues$442.2 $314.4 $241.4 $88.7 $(241.4)$845.3 
Operating expenses
Contract drilling (exclusive of depreciation)370.8 272.4 185.9 38.4 (116.8)750.7 
Depreciation26.6 18.6 30.6 2.5 (30.5)47.8 
General and administrative— — 10.3 — 40.5 50.8 
Equity in earnings of ARO— — — — 2.6 2.6 
Operating income (loss)$44.8 $23.4 $14.6 $47.8 $(132.0)$(1.4)
Property and equipment, net$552.3 $418.4 $838.8 $54.5 $(790.3)$1,073.7 

Six Months Ended June 30, 2022
FloatersJackupsAROOtherReconciling ItemsConsolidated Total
Revenues$287.8 $366.5 $227.7 $77.4 $(227.7)$731.7 
Operating expenses
Contract drilling (exclusive of depreciation)312.9 281.4 166.3 40.2 (107.7)693.1 
Loss on impairment34.5 — — — — 34.5 
Depreciation24.5 17.8 31.9 2.2 (31.6)44.8 
General and administrative— — 8.4 — 29.4 37.8 
Equity in earnings of ARO— — — — 13.0 13.0 
Operating income (loss)$(84.1)$67.3 $21.1 $35.0 $(104.8)$(65.5)
Property and equipment, net$462.9 $384.8 $733.4 $50.4 $(699.8)$931.7 
Schedule Of Geographic Distribution Of Rigs By Segment
As of June 30, 2023, the geographic distribution of our and ARO's drilling rigs was as follows:
FloatersJackupsOtherTotal ValarisARO
Middle East & Africa358167
Europe & the Mediterranean312—15—
North & South America 87—15—
Asia & Pacific Rim23—5—
Total16278517
v3.23.2
Supplemental Financial Information (Tables)
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2023
Supplemental Financial Information [Abstract]    
Accounts Receivable, Net  
Accounts receivable, net, consisted of the following (in millions):
June 30, 2023December 31, 2022
Trade$419.5 $345.7 
Income tax receivables50.2 93.6 
Other18.8 24.6 
 488.5 463.9 
Allowance for doubtful accounts(15.1)(14.8)
 $473.4 $449.1 
Other Current Assets  
Other current assets consisted of the following (in millions):
June 30, 2023December 31, 2022
Deferred costs$65.8 $59.1 
Prepaid taxes50.0 44.6 
Prepaid expenses22.3 17.5 
Other30.6 27.4 
 $168.7 $148.6 
Schedule of Accrued Liabilities  
Accrued liabilities and other consisted of the following (in millions):
June 30, 2023December 31, 2022
Current contract liabilities (deferred revenues)$96.2 $78.0 
Personnel costs58.0 55.8 
Income and other taxes payable53.4 41.4 
Accrued claims24.7 27.2 
Accrued interest11.7 7.6 
Lease liabilities11.3 9.4 
Other39.4 28.5 
 $294.7 $247.9 
Other Liabilities  
Other liabilities consisted of the following (in millions):
June 30, 2023December 31, 2022
Unrecognized tax benefits (inclusive of interest and penalties)$234.2 $275.0 
Pension and other post-retirement benefits157.2 159.8 
Noncurrent contract liabilities (deferred revenues)41.7 41.0 
Other48.4 39.8 
 $481.5 $515.6 
Schedule of Other Nonoperating Income, by Component
Other, net consisted of the following (in millions):

Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
Loss on debt extinguishment$(29.2)$— $(29.2)$— 
Net gain on sale of property27.8 135.1 27.9 137.6 
Net foreign currency exchange gains (losses)(0.7)10.7 (0.2)15.4 
Net periodic pension income0.1 4.1 0.2 8.1 
Other income (expense)1.2 (0.9)1.1 (2.1)
$(0.8)$149.0 $(0.2)$159.0 
  
Schedule of Revenue by Major Customers by Reporting Segments   Consolidated revenues with customers that individually contributed 10% or more of revenue were as follows:
Three Months Ended June 30, 2023Three Months Ended June 30, 2022
FloatersJackupsOtherTotalFloatersJackupsOtherTotal
Eni S.p.A ("Eni")7 %7 %— %14 %— %4 %— %4 %
BP plc ("BP")— %5 %7 %12 %5 %2 %6 %13 %
Equinor ASA ("Equinor")— %— %— %— %12 %5 %— %17 %
Other customers48 %23 %3 %74 %28 %34 %4 %66 %
55 %35 %10 %100 %45 %45 %10 %100 %

Six Months Ended June 30, 2023Six Months Ended June 30, 2022
FloatersJackupsOtherTotalFloatersJackupsOtherTotal
Eni7 %7 %— %14 %2 %5 %— %7 %
BP1 %5 %6 %12 %5 %2 %7 %14 %
Equinor— %— %— %— %7 %5 %— %12 %
Other customers44 %25 %5 %74 %26 %37 %4 %67 %
52 %37 %11 %100 %40 %49 %11 %100 %
Revenue from External Customers by Geographic Areas   Consolidated revenues for locations that individually had 10% or more of revenue were as follows (in millions):
Three Months Ended June 30, 2023Three Months Ended June 30, 2022
FloatersJackupsOtherTotalFloatersJackupsOtherTotal
U.S. Gulf of Mexico$45.3 $5.8 $26.2 $77.3 $95.9 $5.6 $24.3 $125.8 
United Kingdom— 68.1 — 68.1 — 63.1 — 63.1 
Angola58.2 — — 58.2 6.9 — — 6.9 
Australia40.1 10.6 — 50.7 20.5 6.5 — 27.0 
Saudi Arabia— 9.4 17.0 26.4 — 20.0 15.1 35.1 
Other countries83.8 50.7 — 134.5 64.8 90.6 — 155.4 
$227.4 $144.6 $43.2 $415.2 $188.1 $185.8 $39.4 $413.3 
Six Months Ended June 30, 2023Six Months Ended June 30, 2022
FloatersJackupsOtherTotalFloatersJackupsOtherTotal
U.S. Gulf of Mexico$87.0 $14.0 $52.3 $153.3 $116.5 $12.3 $47.6 $176.4 
United Kingdom— 121.6 — 121.6 — 128.7 — 128.7 
Australia77.8 23.5 — 101.3 32.5 6.6 — 39.1 
Angola97.3 — — 97.3 29.1 — — 29.1 
Saudi Arabia— 29.3 36.4 65.7 — 43.4 29.8 73.2 
Other countries180.1 126.0 — 306.1 109.7 175.5 — 285.2 
$442.2 $314.4 $88.7 $845.3 $287.8 $366.5 $77.4 $731.7 
v3.23.2
Revenue from Contracts with Customers (Details) - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Dec. 31, 2022
Capitalized Contract Cost [Line Items]            
EarlyTerminationFeeReceived $ 51.0          
Capitalized Contract Cost, Net   $ 80.5   $ 80.5    
Upfront Rig Mobilizations And Certain Contract Preparation [Member]            
Capitalized Contract Cost [Line Items]            
Capitalized Contract Cost, Net   63.7   63.7   $ 57.3
Capitalized Contract Cost, Amortization   17.7 $ 10.5 37.7 $ 22.2  
Deferred Certification Costs            
Capitalized Contract Cost [Line Items]            
Capitalized Contract Cost, Net   16.8   16.8   $ 16.2
Capitalized Contract Cost, Amortization   $ 3.5 $ 0.8 $ 6.2 $ 1.1  
Minimum            
Capitalized Contract Cost [Line Items]            
Remaining duration of drilling contracts       1 month    
Maximum            
Capitalized Contract Cost [Line Items]            
Remaining duration of drilling contracts       5 years    
v3.23.2
Revenue from Contracts with Customers Components of Contract Assets and Contract Liabilities (Details) - USD ($)
$ in Millions
Jun. 30, 2023
Dec. 31, 2022
Revenue from Contract with Customer [Abstract]    
Current contract assets $ 2.4 $ 4.6
Noncurrent contract assets 2.3 0.7
Current contract liabilities (deferred revenue) 96.2 78.0
Noncurrent contract liabilities (deferred revenue) $ 41.7 $ 41.0
v3.23.2
Revenue from Contracts with Customers Schedule of Contract Assets and Liabilities (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2023
Dec. 31, 2022
Contract Assets    
Contract with Customer, Asset, after Allowance for Credit Loss $ 4.7 $ 5.3
Revenue recognized in advance of right to bill customer 3.9  
Decrease due to transfer to receivables during the period (4.5)  
Contract Liabilities    
Contract with Customer, Liability 137.9 $ 119.0
Contract with Customer, Liability, Increase from Cash Receipts 74.6  
Decrease due to amortization of deferred revenue that was included in the beginning contract liability balance (37.4)  
Contract with Customer, Liability, Revenue Recognized, Added During Period 9.8  
Decrease due to transfer to receivables and payables during the period $ (8.5)  
v3.23.2
Revenue from Contracts with Customers Future Amortization of Liabilities and Deferred Costs (Details)
$ in Millions
Jun. 30, 2023
USD ($)
Capitalized Contract Cost [Line Items]  
Revenue, Remaining Performance Obligation, Amount $ 137.9
Capitalized Contract Cost, Net $ 80.5
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01  
Capitalized Contract Cost [Line Items]  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 9 months
Revenue, Remaining Performance Obligation, Amount $ 55.1
Capitalized Contract Cost, Amortization Expense, Remainder Of Fiscal Year $ 41.1
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01  
Capitalized Contract Cost [Line Items]  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1 year
Revenue, Remaining Performance Obligation, Amount $ 72.5
Capitalized Contract Cost, Amortization Expense, Year Two $ 33.7
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01  
Capitalized Contract Cost [Line Items]  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1 year
Revenue, Remaining Performance Obligation, Amount $ 6.8
Capitalized Contract Cost, Amortization Expense, Year Three $ 3.9
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01  
Capitalized Contract Cost [Line Items]  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1 year
Revenue, Remaining Performance Obligation, Amount $ 3.5
Capitalized Contract Cost, Amortization Expense, Year Four and Thereafter $ 1.8
v3.23.2
Equity Method Investment In ARO Narrative (Details)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
USD ($)
jackup
drillship
Jun. 30, 2022
USD ($)
Jun. 30, 2023
USD ($)
jackup
drillship
Jun. 30, 2022
USD ($)
Jan. 31, 2020
drillship
Schedule of Equity Method Investments [Line Items]          
Number of Rigs Owned by ARO | jackup 7   7    
Total Number Of Contract Drilling Rigs 51   51    
Number of Newbuild Jackup Rigs | jackup 20   20    
Order Period     10 years    
ARO Rigs Under Construction | drillship 2   2   2
Shareholder Notes Payable, Term     10 years    
Other          
Schedule of Equity Method Investments [Line Items]          
Total Number Of Contract Drilling Rigs 8   8    
ARO          
Schedule of Equity Method Investments [Line Items]          
Total Number Of Contract Drilling Rigs 7   7    
ARO          
Schedule of Equity Method Investments [Line Items]          
Lease Revenue From Related Party | $ $ 16.8 $ 14.6 $ 35.6 $ 28.8  
London Interbank Offered Rate (LIBOR)          
Schedule of Equity Method Investments [Line Items]          
Debt Instrument, Basis Spread on Variable Rate     2.00%    
Middle East & Africa          
Schedule of Equity Method Investments [Line Items]          
Total Number Of Contract Drilling Rigs 16   16    
Middle East & Africa | Other          
Schedule of Equity Method Investments [Line Items]          
Total Number Of Contract Drilling Rigs 8   8    
Middle East & Africa | ARO          
Schedule of Equity Method Investments [Line Items]          
Total Number Of Contract Drilling Rigs 7   7    
Middle East & Africa | Work-in-progress | ARO          
Schedule of Equity Method Investments [Line Items]          
Total Number Of Contract Drilling Rigs | drillship 2   2    
ARO          
Schedule of Equity Method Investments [Line Items]          
Equity Method Investment, Ownership Percentage 50.00%   50.00%    
v3.23.2
Equity Method Investment In ARO - Summarized Financial Data (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Dec. 31, 2022
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract]          
OPERATING REVENUES $ 415.2 $ 413.3 $ 845.3 $ 731.7  
Depreciation expense 24.5 22.3 47.8 44.8  
General and administrative 26.4 19.0 50.8 37.8  
Operating Income (Loss) (9.9) (15.6) (1.4) (65.5)  
OTHER INCOME (EXPENSE), NET 7.1 148.6 19.6 158.0  
INCOME TAX PROVISION 24.5 20.2 (3.1) 19.5  
NET INCOME (LOSS) ATTRIBUTABLE TO VALARIS (29.4) 111.6 17.3 73.0  
Equity Method Investment, Summarized Financial Information [Abstract]          
    Cash and cash equivalents 787.3   787.3   $ 724.1
    Other current assets 168.7   168.7   148.6
Total assets 3,088.4   3,088.4   2,860.3
Liabilities, Current 658.9   658.9   504.4
Total liabilities 1,822.3   1,822.3   1,562.4
Investment Owned, Balance [Abstract]          
Equity in earnings (losses) of ARO (0.7) 8.7 2.6 13.0  
ARO          
Investment Owned, Balance [Abstract]          
50% interest in ARO net income (loss) (3.7) 5.0 (3.3) 5.7  
Amortization of basis differences 3.0 3.7 5.9 7.3  
Equity in earnings (losses) of ARO (0.7) 8.7 2.6 13.0  
ARO          
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract]          
OPERATING REVENUES 117.8 116.4 241.4 227.7  
Contract drilling (exclusive of depreciation) 95.0 82.1 185.9 166.3  
Depreciation expense 15.6 15.4 30.6 31.9  
General and administrative 5.7 3.2 10.3 8.4  
Operating Income (Loss) 1.5 15.7 14.6 21.1  
OTHER INCOME (EXPENSE), NET 8.8 3.3 19.2 6.6  
INCOME TAX PROVISION 0.0 2.5 1.9 3.2  
NET INCOME (LOSS) ATTRIBUTABLE TO VALARIS (7.3) $ 9.9 (6.5) $ 11.3  
Equity Method Investment, Summarized Financial Information [Abstract]          
    Cash and cash equivalents 100.6   100.6   176.2
    Other current assets 188.3   188.3   140.6
Non-current assets 879.6   879.6   818.1
Total assets 1,168.5   1,168.5   1,134.9
Liabilities, Current 122.6   122.6   86.3
Liabilities, Noncurrent 887.5   887.5   884.6
Total liabilities $ 1,010.1   $ 1,010.1   $ 970.9
v3.23.2
Equity Method Investment in ARO - Schedule of Related Parties (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]          
Amounts receivable (1) $ 17.6   $ 17.6   $ 12.0
Contract liabilities(2) 11.9   11.9   16.7
Accounts payable(2) 53.4   53.4   43.2
Carrying value 268.0   268.0   254.0
Non-cash amortization (1)     14.0 $ 15.4  
ARO          
Schedule of Equity Method Investments [Line Items]          
Principal amount 402.7   402.7   402.7
Discount (134.7)   (134.7)   (148.7)
Carrying value 268.0   268.0   254.0
Interest receivable 15.1   15.1   $ 0.0
Interest income 7.6 $ 3.0 15.1 5.8  
Non-cash amortization (1) 7.0 7.7 14.0 15.4  
Total interest income on the Notes Receivable from ARO $ 14.6 $ 10.7 $ 29.1 $ 21.2  
v3.23.2
Fair Value Measurements (Schedule Of Carrying Values And Estimated Fair Values Of Debt Instruments) (Details) - USD ($)
$ in Millions
Jun. 30, 2023
Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
LONG-TERM NOTES RECEIVABLE FROM ARO $ 268.0 $ 254.0
Eight Point Three Seven Five Percent Senior Second Lien Notes | Senior Notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt Instrument, Interest Rate, Stated Percentage 8.375%  
Reported Value Measurement [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
LONG-TERM NOTES RECEIVABLE FROM ARO $ 268.0 254.0
Reported Value Measurement [Member] | Senior Notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Long-Term Debt 681.9 542.4
Reported Value Measurement [Member] | Eight Point Two Five Percent Senior Lien Notes Due Two Thousand Twenty Eight Member | Senior Notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Long-Term Debt 0.0 542.4
Reported Value Measurement [Member] | Eight Point Three Seven Five Percent Senior Second Lien Notes | Senior Notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Long-Term Debt 681.9 0.0
Estimate of Fair Value Measurement [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
LONG-TERM NOTES RECEIVABLE FROM ARO 353.4 336.7
Estimate of Fair Value Measurement [Member] | Senior Notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Long-Term Debt 701.3 545.9
Estimate of Fair Value Measurement [Member] | Eight Point Two Five Percent Senior Lien Notes Due Two Thousand Twenty Eight Member | Senior Notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Long-Term Debt 0.0 545.9
Estimate of Fair Value Measurement [Member] | Eight Point Three Seven Five Percent Senior Second Lien Notes | Senior Notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Long-Term Debt $ 701.3 $ 0.0
v3.23.2
Property and Equipment (Schedule of Property and Equipment) (Details) - USD ($)
$ in Millions
Jun. 30, 2023
Dec. 31, 2022
Property, Plant and Equipment [Line Items]    
PROPERTY AND EQUIPMENT, AT COST $ 1,276.1 $ 1,134.5
Drilling rigs and equipment    
Property, Plant and Equipment [Line Items]    
PROPERTY AND EQUIPMENT, AT COST 1,111.3 1,036.5
Work-in-progress    
Property, Plant and Equipment [Line Items]    
PROPERTY AND EQUIPMENT, AT COST 125.6 59.8
Other    
Property, Plant and Equipment [Line Items]    
PROPERTY AND EQUIPMENT, AT COST $ 39.2 $ 38.2
v3.23.2
Property and Equipment (Narratives) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Property, Plant and Equipment [Line Items]        
Loss on impairment $ 0.0 $ 34.5 $ 0.0 $ 34.5
Net proceeds from disposition of assets     29.1 146.5
Operating Segments [Member] | Jackups        
Property, Plant and Equipment [Line Items]        
Loss on impairment   $ 0.0   0.0
V54 | Operating Segments [Member] | Jackups        
Property, Plant and Equipment [Line Items]        
Gain (Loss) on Disposition of Other Assets     $ 27.3  
V113, V114 & V36 | Operating Segments [Member] | Jackups        
Property, Plant and Equipment [Line Items]        
Gain (Loss) on Disposition of Other Assets       128.5
V68 | Operating Segments [Member] | Jackups        
Property, Plant and Equipment [Line Items]        
Net proceeds from disposition of assets       $ 7.0
v3.23.2
Pension and other Postretirement Benefits - Narrative (Schedule of Net Benefit Costs) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Retirement Benefits [Abstract]        
Defined Benefit Plan, Interest Cost $ 7.8 $ 5.6 $ 15.5 $ 11.1
Defined Benefit Plan, Expected Return (Loss) on Plan Assets (7.8) (9.6) (15.5) (19.1)
Defined Benefit Plan, Amortization of Gain (Loss) 0.1 0.1 0.2 0.1
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) $ (0.1) $ (4.1) $ (0.2) $ (8.1)
v3.23.2
Earnings (Loss) Per Share - Reconciliation of Weighted-Average Shares (Details) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]        
Net Income (Loss) Attributable to Parent $ (29.4) $ 111.6 $ 17.3 $ 73.0
Basic (in shares) 74.8 75.0 75.0 75.0
Unvested restricted stock units 0.0 0.6 1.2 0.5
Diluted (in shares) 74.8 75.6 76.2 75.5
v3.23.2
Earnings (Loss) Per Share (Narrative) (Details) - $ / shares
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Earnings Per Share [Abstract]        
Antidilutive share options excluded from computation of diluted earnings per share (in shares) 1,200,000 13,000 10,000 6,000
Class of Warrant or Right, Outstanding 5,470,950   5,470,950  
Class of Warrant or Right, Exercise Price of Warrants or Rights $ 131.88   $ 131.88  
v3.23.2
Debt (Narrative) (Details) - USD ($)
 1 Months Ended 3 Months Ended 6 Months Ended
May 03, 2023
Apr. 19, 2023
Apr. 03, 2023
Apr. 30, 2023
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Apr. 30, 2021
Debt Instrument [Line Items]                  
Issuance of Second Lien Notes             $ 571,800,000 $ 0  
Loss on extinguishment of debt         $ 29,200,000 $ 0 29,200,000 $ 0  
Revolving Credit Facility                  
Debt Instrument [Line Items]                  
Line of Credit Facility, Maximum Borrowing Capacity     $ 375,000,000            
Line of Credit Facility, Additional Borrowing Capacity     $ 200,000,000            
Line of Credit Facility, Fair Value of Amount Outstanding         $ 0   $ 0    
Revolving Credit Facility | Maximum                  
Debt Instrument [Line Items]                  
Line of Credit Facility, Commitment Fee Percentage     0.75%            
Revolving Credit Facility | Minimum                  
Debt Instrument [Line Items]                  
Line of Credit Facility, Commitment Fee Percentage     0.375%            
Revolving Credit Facility | 40% | Federal Funds Rate                  
Debt Instrument [Line Items]                  
Debt Instrument, Basis Spread on Variable Rate     0.50%            
Revolving Credit Facility | 10% | Maximum | Standards & Poor's Financial Services LLC                  
Debt Instrument [Line Items]                  
Debt Instrument, Basis Spread on Variable Rate     3.00%            
Revolving Credit Facility | 10% | Maximum | Moody's Investors Service, Inc.                  
Debt Instrument [Line Items]                  
Debt Instrument, Basis Spread on Variable Rate     4.00%            
Revolving Credit Facility | 10% | Minimum | Standards & Poor's Financial Services LLC                  
Debt Instrument [Line Items]                  
Debt Instrument, Basis Spread on Variable Rate     1.50%            
Revolving Credit Facility | 10% | Minimum | Moody's Investors Service, Inc.                  
Debt Instrument [Line Items]                  
Debt Instrument, Basis Spread on Variable Rate     2.50%            
Revolving Credit Facility | 10% | Secured Overnight Financing Rate (SOFR) | Maximum                  
Debt Instrument [Line Items]                  
Debt Instrument, Basis Spread on Variable Rate     0.10%            
Revolving Credit Facility | 10% | Secured Overnight Financing Rate (SOFR) | Minimum                  
Debt Instrument [Line Items]                  
Debt Instrument, Basis Spread on Variable Rate     0.00%            
Revolving Credit Facility | Term SOFR Plus One and One Tenth Member | Secured Overnight Financing Rate (SOFR) | Maximum                  
Debt Instrument [Line Items]                  
Debt Instrument, Basis Spread on Variable Rate     1.10%            
Revolving Credit Facility | Floor for Term SOFR and One and One Tenth Member | Secured Overnight Financing Rate (SOFR) | Minimum                  
Debt Instrument [Line Items]                  
Debt Instrument, Basis Spread on Variable Rate     1.00%            
Revolving Credit Facility | Letter of Credit                  
Debt Instrument [Line Items]                  
Line of Credit Facility, Additional Borrowing Capacity     $ 150,000,000            
Senior Notes | First Lien Notes                  
Debt Instrument [Line Items]                  
Debt Instrument, Face Amount                 $ 550,000,000
Issuance of Second Lien Notes $ 571,800,000                
Loss on extinguishment of debt $ 29,200,000                
Senior Notes | First Lien Notes | 2026                  
Debt Instrument [Line Items]                  
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed       104.00%          
Senior Notes | Second Lien Notes                  
Debt Instrument [Line Items]                  
Debt Instrument, Face Amount   $ 700,000,000              
Proceeds from Issuance of Debt   $ 681,400,000              
Debt Instrument, Triggering Event, Redemption Price Percentage     101.00%            
Senior Notes | Second Lien Notes | 40%                  
Debt Instrument [Line Items]                  
Debt Instrument, Redemption Price, Percentage   108.375%              
Principle redemption   40.00%              
Senior Notes | Second Lien Notes | 10%                  
Debt Instrument [Line Items]                  
Debt Instrument, Redemption Price, Percentage   103.00%              
Principle redemption   10.00%              
Senior Notes | Second Lien Notes | Any Percentages                  
Debt Instrument [Line Items]                  
Debt Instrument, Redemption Price, Percentage   100.00%              
Senior Notes | Second Lien Notes | Debt Instrument Interest Rate Payout Option One Member                  
Debt Instrument [Line Items]                  
Debt Instrument, Interest Rate, Stated Percentage   8.375%              
Senior Notes | Second Lien Notes | 2026                  
Debt Instrument [Line Items]                  
Debt Instrument, Redemption Price, Percentage   104.188%              
Senior Notes | Second Lien Notes | 2027                  
Debt Instrument [Line Items]                  
Debt Instrument, Redemption Price, Percentage   102.094%              
Senior Notes | Second Lien Notes | 2028 Thereafter                  
Debt Instrument [Line Items]                  
Debt Instrument, Redemption Price, Percentage   100.00%              
v3.23.2
Shareholders Equity Shareholders' Equity (Details) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Mar. 31, 2023
Jun. 30, 2022
Mar. 31, 2022
Jun. 30, 2023
Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Beginning balance   $ 1,297.9     $ 1,297.9  
Net income $ (27.3)   $ 112.8   21.3 $ 73.0
Payments for Repurchase of Common Stock 65.0       65.0  
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation 0.3          
Net other comprehensive income (loss) (0.3)   $ 0.2   (0.5) $ (0.1)
Ending balance $ 1,266.1       $ 1,266.1  
Common Stock            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Beginning balance (in shares) 75.2 75.2 75.0 75.0 75.2 75.0
Beginning balance $ 0.8 $ 0.8 $ 0.8 $ 0.8 $ 0.8 $ 0.8
Ending balance (in shares) 75.2 75.2 75.0 75.0 75.2 75.0
Ending balance $ 0.8 $ 0.8 $ 0.8 $ 0.8 $ 0.8 $ 0.8
Additional Paid-in Capital            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Beginning balance 1,103.6 1,097.9 1,086.4 1,083.0 1,097.9 1,083.0
Share-based compensation cost 7.0 5.7 3.5 3.4    
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation     (0.2)      
Ending balance 1,110.3 1,103.6 1,089.7 1,086.4 1,110.3 1,089.7
Warrants            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Beginning balance 16.4 16.4 16.4 16.4 16.4 16.4
Ending balance 16.4 16.4 16.4 16.4 16.4 16.4
Retained Earnings            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Beginning balance 206.8 160.1 (55.0) (16.4) 160.1 (16.4)
Net income (29.4) 46.7 111.6 (38.6)    
Ending balance 177.4 206.8 56.6 (55.0) 177.4 56.6
AOCI             
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Beginning balance 14.5 14.7 (9.4) (9.1) 14.7 (9.1)
Net reclassification adjustment for amounts recognized in net loss as a component of net periodic benefit   (0.1) (0.1)      
Net other comprehensive income (loss) (0.2) (0.1) 0.3 (0.3)    
Ending balance 14.2 14.5 (9.2) (9.4) 14.2 (9.2)
Treasury Stock, Common            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Beginning balance 0.0 0.0     0.0  
Payments for Repurchase of Common Stock (65.0)          
Ending balance (65.0) 0.0     (65.0)  
Non-controlling Interest            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Beginning balance 9.9 8.0 1.5 2.7 8.0 2.7
Net income 2.1 1.9 1.2 (1.2)    
Ending balance $ 12.0 $ 9.9 $ 2.7 $ 1.5 $ 12.0 $ 2.7
v3.23.2
Shareholders Equity Narrative (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2023
Apr. 27, 2023
Sep. 08, 2022
Statement of Stockholders' Equity [Abstract]        
Stock Repurchase Program, Authorized Amount     $ 300.0 $ 100.0
Treasury Stock, Common, Shares 1,100 1,100    
Shares Acquired, Average Cost Per Share   $ 58.82    
Payments for Repurchase of Common Stock $ 65.0 $ 65.0    
v3.23.2
Income Taxes (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract]        
Discrete Income Tax Expense (Benefit) $ (6.2) $ (6.2) $ 37.5 $ 8.3
Income Tax Expense (Benefit) Excluding Discrete Items $ 18.3 $ 14.0 $ 34.4 $ 27.8
v3.23.2
Contingencies (Narrative) (Details)
R$ in Millions, $ in Millions
 1 Months Ended 6 Months Ended
Jul. 31, 2023
USD ($)
Jul. 31, 2023
BRL (R$)
Dec. 31, 2019
USD ($)
Jun. 30, 2023
USD ($)
jackup
drillship
Dec. 31, 2022
USD ($)
Jan. 31, 2020
drillship
Loss Contingencies [Line Items]            
Number of Newbuild Jackup Rigs | jackup       20    
Order Period       10 years    
Percentage of Down Payment Paid for ARO Newbuilds       25.00%    
ARO Rigs Under Construction | drillship       2   2
Maximum Contingent Contributions To Joint Venture       $ 1,250.0    
Letters of credit outstanding, amount       100.4    
Deposit Liabilities, Collateral Issued, Financial Instruments       $ 16.2 $ 20.7  
Litigation Settlement, Amount Awarded from Other Party     $ 200.0      
Subsequent Event            
Loss Contingencies [Line Items]            
Loss Contingency, Damages Sought, Value $ 127.0 R$ 601.0        
v3.23.2
Segment Information (Narrative) (Details)
 6 Months Ended
Jun. 30, 2023
drillship
Reportable_segment
Segment Reporting Information [Line Items]  
Number of operating segments (in segments) | Reportable_segment 4
Number of Drilling Management Contracts 2
Total Number Of Contract Drilling Rigs 51
Number Of Contracts With Options To Take Delivery 2
Middle East & Africa  
Segment Reporting Information [Line Items]  
Total Number Of Contract Drilling Rigs 16
v3.23.2
Segment Information (Schedule Of Segment Reporting Information) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Dec. 31, 2022
Segment Reporting Information [Line Items]          
Revenues $ 415.2 $ 413.3 $ 845.3 $ 731.7  
Operating expenses          
Cost of Goods and Services Sold 373.5 361.8 750.7 693.1  
Loss on impairment 0.0 34.5 0.0 34.5  
Depreciation expense 24.5 22.3 47.8 44.8  
General and administrative 26.4 19.0 50.8 37.8  
Income (Loss) from Equity Method Investments 0.7 (8.7) (2.6) (13.0)  
Operating Income (Loss) (9.9) (15.6) (1.4) (65.5)  
Property, Plant and Equipment, Net (1,073.7) (931.7) (1,073.7) (931.7) $ (977.2)
Operating Segments [Member] | Floaters          
Segment Reporting Information [Line Items]          
Revenues 227.4 188.1 442.2 287.8  
Operating expenses          
Cost of Goods and Services Sold 196.2 165.3 370.8 312.9  
Loss on impairment   34.5   34.5  
Depreciation expense 13.6 12.3 26.6 24.5  
General and administrative 0.0 0.0 0.0 0.0  
Income (Loss) from Equity Method Investments 0.0 0.0 0.0 0.0  
Operating Income (Loss) 17.6 (24.0) 44.8 (84.1)  
Property, Plant and Equipment, Net (552.3) (462.9) (552.3) (462.9)  
Operating Segments [Member] | Jackups          
Segment Reporting Information [Line Items]          
Revenues 144.6 185.8 314.4 366.5  
Operating expenses          
Cost of Goods and Services Sold 123.5 142.2 272.4 281.4  
Loss on impairment   0.0   0.0  
Depreciation expense 9.6 8.7 18.6 17.8  
General and administrative 0.0 0.0 0.0 0.0  
Income (Loss) from Equity Method Investments 0.0 0.0 0.0 0.0  
Operating Income (Loss) 11.5 34.9 23.4 67.3  
Property, Plant and Equipment, Net (418.4) (384.8) (418.4) (384.8)  
Operating Segments [Member] | ARO          
Segment Reporting Information [Line Items]          
Revenues 117.8 116.4 241.4 227.7  
Operating expenses          
Cost of Goods and Services Sold 95.0 82.1 185.9 166.3  
Loss on impairment   0.0   0.0  
Depreciation expense 15.6 15.4 30.6 31.9  
General and administrative 5.7 3.2 10.3 8.4  
Income (Loss) from Equity Method Investments 0.0 0.0 0.0 0.0  
Operating Income (Loss) 1.5 15.7 14.6 21.1  
Property, Plant and Equipment, Net (838.8) (733.4) (838.8) (733.4)  
Operating Segments [Member] | Other          
Segment Reporting Information [Line Items]          
Revenues 43.2 39.4 88.7 77.4  
Operating expenses          
Cost of Goods and Services Sold 18.2 24.7 38.4 40.2  
Loss on impairment   0.0   0.0  
Depreciation expense 1.2 1.3 2.5 2.2  
General and administrative 0.0 0.0 0.0 0.0  
Income (Loss) from Equity Method Investments 0.0 0.0 0.0 0.0  
Operating Income (Loss) 23.8 13.4 47.8 35.0  
Property, Plant and Equipment, Net (54.5) (50.4) (54.5) (50.4)  
Corporate, Non-Segment [Member] | Reconciling Items          
Segment Reporting Information [Line Items]          
Revenues (117.8) (116.4) (241.4) (227.7)  
Operating expenses          
Cost of Goods and Services Sold (59.4) (52.5) (116.8) (107.7)  
Loss on impairment   0.0   0.0  
Depreciation expense (15.5) (15.4) (30.5) (31.6)  
General and administrative 20.7 15.8 40.5 29.4  
Income (Loss) from Equity Method Investments 0.7 (8.7) (2.6) (13.0)  
Operating Income (Loss) (64.3) (55.6) (132.0) (104.8)  
Property, Plant and Equipment, Net $ 790.3 $ 699.8 $ 790.3 $ 699.8  
v3.23.2
Segment Information (Schedule Of Geographic Distribution Of Rigs By Segment) (Details)
Jun. 30, 2023
Segment Reporting Information [Line Items]  
Total Number Of Contract Drilling Rigs 51
Floaters  
Segment Reporting Information [Line Items]  
Total Number Of Contract Drilling Rigs 16
Jackups  
Segment Reporting Information [Line Items]  
Total Number Of Contract Drilling Rigs 27
Other  
Segment Reporting Information [Line Items]  
Total Number Of Contract Drilling Rigs 8
ARO  
Segment Reporting Information [Line Items]  
Total Number Of Contract Drilling Rigs 7
Middle East & Africa  
Segment Reporting Information [Line Items]  
Total Number Of Contract Drilling Rigs 16
Middle East & Africa | Floaters  
Segment Reporting Information [Line Items]  
Total Number Of Contract Drilling Rigs 3
Middle East & Africa | Jackups  
Segment Reporting Information [Line Items]  
Total Number Of Contract Drilling Rigs 5
Middle East & Africa | Other  
Segment Reporting Information [Line Items]  
Total Number Of Contract Drilling Rigs 8
Middle East & Africa | ARO  
Segment Reporting Information [Line Items]  
Total Number Of Contract Drilling Rigs 7
Europe & the Mediterranean  
Segment Reporting Information [Line Items]  
Total Number Of Contract Drilling Rigs 15
Europe & the Mediterranean | Floaters  
Segment Reporting Information [Line Items]  
Total Number Of Contract Drilling Rigs 3
Europe & the Mediterranean | Jackups  
Segment Reporting Information [Line Items]  
Total Number Of Contract Drilling Rigs 12
Europe & the Mediterranean | Other  
Segment Reporting Information [Line Items]  
Total Number Of Contract Drilling Rigs 0
Europe & the Mediterranean | ARO  
Segment Reporting Information [Line Items]  
Total Number Of Contract Drilling Rigs 0
North & South America  
Segment Reporting Information [Line Items]  
Total Number Of Contract Drilling Rigs 15
North & South America | Floaters  
Segment Reporting Information [Line Items]  
Total Number Of Contract Drilling Rigs 8
North & South America | Jackups  
Segment Reporting Information [Line Items]  
Total Number Of Contract Drilling Rigs 7
North & South America | Other  
Segment Reporting Information [Line Items]  
Total Number Of Contract Drilling Rigs 0
North & South America | ARO  
Segment Reporting Information [Line Items]  
Total Number Of Contract Drilling Rigs 0
Asia & Pacific Rim  
Segment Reporting Information [Line Items]  
Total Number Of Contract Drilling Rigs 5
Asia & Pacific Rim | Floaters  
Segment Reporting Information [Line Items]  
Total Number Of Contract Drilling Rigs 2
Asia & Pacific Rim | Jackups  
Segment Reporting Information [Line Items]  
Total Number Of Contract Drilling Rigs 3
Asia & Pacific Rim | Other  
Segment Reporting Information [Line Items]  
Total Number Of Contract Drilling Rigs 0
Asia & Pacific Rim | ARO  
Segment Reporting Information [Line Items]  
Total Number Of Contract Drilling Rigs 0
v3.23.2
Supplemental Financial Information (Accounts Receivable, Net) (Details) - USD ($)
$ in Millions
Jun. 30, 2023
Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Trade receivables $ 488.5 $ 463.9
Income Taxes Receivable 50.2 93.6
Allowance for doubtful accounts (15.1) (14.8)
Accounts receivable, net 473.4 449.1
Trade    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Trade receivables 419.5 345.7
Other Accounts Receivable    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Trade receivables $ 18.8 $ 24.6
v3.23.2
Supplemental Financial Information (Other Current Assets) (Details) - USD ($)
$ in Millions
Jun. 30, 2023
Dec. 31, 2022
Supplemental Financial Information [Abstract]    
Deferred costs $ 65.8 $ 59.1
Prepaid taxes 50.0 44.6
Prepaid expenses 22.3 17.5
Other 30.6 27.4
Other current assets $ 168.7 $ 148.6
v3.23.2
Supplemental Financial Information (Accrued Liabilities) (Details) - USD ($)
$ in Millions
Jun. 30, 2023
Dec. 31, 2022
Supplemental Financial Information [Abstract]    
Current contract liabilities (deferred revenues) $ 96.2 $ 78.0
Personnel costs 58.0 55.8
Income and other taxes payable 53.4 41.4
Accrued claims 24.7 27.2
Accrued interest 11.7 7.6
Lease liabilities 11.3 9.4
Other 39.4 28.5
 Accrued liabilities and other $ 294.7 $ 247.9
v3.23.2
Supplemental Financial Information (Other Liabilities) (Details) - USD ($)
$ in Millions
Jun. 30, 2023
Dec. 31, 2022
Supplemental Financial Information [Abstract]    
Unrecognized tax benefits (inclusive of interest and penalties) $ 234.2 $ 275.0
Pension and other post-retirement benefits 157.2 159.8
Deferred revenue 41.7 41.0
Other 48.4 39.8
Other liabilities $ 481.5 $ 515.6
v3.23.2
Supplemental Financial Information (Other Income) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Supplemental Financial Information [Abstract]        
Gain (Loss) on Extinguishment of Debt $ (29.2) $ 0.0 $ (29.2) $ 0.0
Net gain on sale of property 27.8 135.1 27.9 137.6
Net foreign currency exchange gains (losses) (0.7) 10.7 (0.2) 15.4
Net periodic pension income 0.1 4.1 0.2 8.1
Other income (expense) 1.2 (0.9) 1.1 (2.1)
Other, net $ (0.8) $ 149.0 $ (0.2) $ 159.0
v3.23.2
Supplemental Financial Information Schedule of Revenue by Major Customers, by Reporting Segments (Details) - Revenue Benchmark [Member] - Customer Concentration Risk
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]        
Concentration risk, percentage 100.00% 100.00% 100.00% 100.00%
Eni S.p.A        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Concentration risk, percentage 14.00% 4.00% 14.00% 7.00%
British Petroleum        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Concentration risk, percentage 12.00% 13.00% 12.00% 14.00%
Equinor A S A        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Concentration risk, percentage 0.00% 17.00% 0.00% 12.00%
Other Customers        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Concentration risk, percentage 74.00% 66.00% 74.00% 67.00%
Floaters        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Concentration risk, percentage 55.00% 45.00% 52.00% 40.00%
Floaters | Eni S.p.A        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Concentration risk, percentage 7.00% 0.00% 7.00% 2.00%
Floaters | British Petroleum        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Concentration risk, percentage 0.00% 5.00% 1.00% 5.00%
Floaters | Equinor A S A        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Concentration risk, percentage 0.00% 12.00% 0.00% 7.00%
Floaters | Other Customers        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Concentration risk, percentage 48.00% 28.00% 44.00% 26.00%
Jackups        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Concentration risk, percentage 35.00% 45.00% 37.00% 49.00%
Jackups | Eni S.p.A        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Concentration risk, percentage 7.00% 4.00% 7.00% 5.00%
Jackups | British Petroleum        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Concentration risk, percentage 5.00% 2.00% 5.00% 2.00%
Jackups | Equinor A S A        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Concentration risk, percentage 0.00% 5.00% 0.00% 5.00%
Jackups | Other Customers        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Concentration risk, percentage 23.00% 34.00% 25.00% 37.00%
Managed Rigs        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Concentration risk, percentage 10.00% 10.00% 11.00% 11.00%
Managed Rigs | Eni S.p.A        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Concentration risk, percentage 0.00% 0.00% 0.00% 0.00%
Managed Rigs | British Petroleum        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Concentration risk, percentage 7.00% 6.00% 6.00% 7.00%
Managed Rigs | Equinor A S A        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Concentration risk, percentage 0.00% 0.00% 0.00% 0.00%
Managed Rigs | Other Customers        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Concentration risk, percentage 3.00% 4.00% 5.00% 4.00%
v3.23.2
Supplemental Financial Information Revenue from External Customers by Geographic Areas (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]        
OPERATING REVENUES $ 415.2 $ 413.3 $ 845.3 $ 731.7
Revenue Benchmark [Member] | Geographic Concentration Risk        
Revenues from External Customers and Long-Lived Assets [Line Items]        
OPERATING REVENUES 415.2 413.3 845.3 731.7
US Gulf Of Mexico | Revenue Benchmark [Member] | Geographic Concentration Risk        
Revenues from External Customers and Long-Lived Assets [Line Items]        
OPERATING REVENUES 77.3 125.8 153.3 176.4
UNITED KINGDOM | Revenue Benchmark [Member] | Geographic Concentration Risk        
Revenues from External Customers and Long-Lived Assets [Line Items]        
OPERATING REVENUES 68.1 63.1 121.6 128.7
AUSTRALIA | Revenue Benchmark [Member] | Geographic Concentration Risk        
Revenues from External Customers and Long-Lived Assets [Line Items]        
OPERATING REVENUES 50.7 27.0 101.3 39.1
ANGOLA | Revenue Benchmark [Member] | Geographic Concentration Risk        
Revenues from External Customers and Long-Lived Assets [Line Items]        
OPERATING REVENUES 58.2 6.9 97.3 29.1
SAUDI ARABIA | Revenue Benchmark [Member] | Geographic Concentration Risk        
Revenues from External Customers and Long-Lived Assets [Line Items]        
OPERATING REVENUES 26.4 35.1 65.7 73.2
Other Geographic Areas | Revenue Benchmark [Member] | Geographic Concentration Risk        
Revenues from External Customers and Long-Lived Assets [Line Items]        
OPERATING REVENUES 134.5 155.4 306.1 285.2
Floaters | Revenue Benchmark [Member] | Geographic Concentration Risk        
Revenues from External Customers and Long-Lived Assets [Line Items]        
OPERATING REVENUES 227.4 188.1 442.2 287.8
Floaters | US Gulf Of Mexico | Revenue Benchmark [Member] | Geographic Concentration Risk        
Revenues from External Customers and Long-Lived Assets [Line Items]        
OPERATING REVENUES 45.3 95.9 87.0 116.5
Floaters | UNITED KINGDOM | Revenue Benchmark [Member] | Geographic Concentration Risk        
Revenues from External Customers and Long-Lived Assets [Line Items]        
OPERATING REVENUES 0.0 0.0 0.0 0.0
Floaters | AUSTRALIA | Revenue Benchmark [Member] | Geographic Concentration Risk        
Revenues from External Customers and Long-Lived Assets [Line Items]        
OPERATING REVENUES 40.1 20.5 77.8 32.5
Floaters | ANGOLA | Revenue Benchmark [Member] | Geographic Concentration Risk        
Revenues from External Customers and Long-Lived Assets [Line Items]        
OPERATING REVENUES 58.2 6.9 97.3 29.1
Floaters | SAUDI ARABIA | Revenue Benchmark [Member] | Geographic Concentration Risk        
Revenues from External Customers and Long-Lived Assets [Line Items]        
OPERATING REVENUES 0.0 20.0 0.0 43.4
Floaters | Other Geographic Areas | Revenue Benchmark [Member] | Geographic Concentration Risk        
Revenues from External Customers and Long-Lived Assets [Line Items]        
OPERATING REVENUES 83.8 90.6 180.1 175.5
Jackups | Revenue Benchmark [Member] | Geographic Concentration Risk        
Revenues from External Customers and Long-Lived Assets [Line Items]        
OPERATING REVENUES 144.6 185.8 314.4 366.5
Jackups | US Gulf Of Mexico | Revenue Benchmark [Member] | Geographic Concentration Risk        
Revenues from External Customers and Long-Lived Assets [Line Items]        
OPERATING REVENUES 5.8 5.6 14.0 12.3
Jackups | UNITED KINGDOM | Revenue Benchmark [Member] | Geographic Concentration Risk        
Revenues from External Customers and Long-Lived Assets [Line Items]        
OPERATING REVENUES 68.1 63.1 121.6 128.7
Jackups | AUSTRALIA | Revenue Benchmark [Member] | Geographic Concentration Risk        
Revenues from External Customers and Long-Lived Assets [Line Items]        
OPERATING REVENUES 10.6 6.5 23.5 6.6
Jackups | ANGOLA | Revenue Benchmark [Member] | Geographic Concentration Risk        
Revenues from External Customers and Long-Lived Assets [Line Items]        
OPERATING REVENUES 0.0 0.0 0.0 0.0
Jackups | SAUDI ARABIA | Revenue Benchmark [Member] | Geographic Concentration Risk        
Revenues from External Customers and Long-Lived Assets [Line Items]        
OPERATING REVENUES 9.4 0.0 29.3 0.0
Jackups | Other Geographic Areas | Revenue Benchmark [Member] | Geographic Concentration Risk        
Revenues from External Customers and Long-Lived Assets [Line Items]        
OPERATING REVENUES 50.7 64.8 126.0 109.7
Managed Rigs | Revenue Benchmark [Member] | Geographic Concentration Risk        
Revenues from External Customers and Long-Lived Assets [Line Items]        
OPERATING REVENUES 43.2 39.4 88.7 77.4
Managed Rigs | US Gulf Of Mexico | Revenue Benchmark [Member] | Geographic Concentration Risk        
Revenues from External Customers and Long-Lived Assets [Line Items]        
OPERATING REVENUES 26.2 24.3 52.3 47.6
Managed Rigs | UNITED KINGDOM | Revenue Benchmark [Member] | Geographic Concentration Risk        
Revenues from External Customers and Long-Lived Assets [Line Items]        
OPERATING REVENUES 0.0 0.0 0.0 0.0
Managed Rigs | AUSTRALIA | Revenue Benchmark [Member] | Geographic Concentration Risk        
Revenues from External Customers and Long-Lived Assets [Line Items]        
OPERATING REVENUES 0.0 0.0 0.0 0.0
Managed Rigs | ANGOLA | Revenue Benchmark [Member] | Geographic Concentration Risk        
Revenues from External Customers and Long-Lived Assets [Line Items]        
OPERATING REVENUES 0.0 0.0 0.0 0.0
Managed Rigs | SAUDI ARABIA | Revenue Benchmark [Member] | Geographic Concentration Risk        
Revenues from External Customers and Long-Lived Assets [Line Items]        
OPERATING REVENUES 17.0 15.1 36.4 29.8
Managed Rigs | Other Geographic Areas | Revenue Benchmark [Member] | Geographic Concentration Risk        
Revenues from External Customers and Long-Lived Assets [Line Items]        
OPERATING REVENUES $ 0.0 $ 0.0 $ 0.0 $ 0.0
v3.23.2
Supplemental Financial Information - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Jun. 30, 2023
Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]      
Deposit Liabilities, Collateral Issued, Financial Instruments   $ 16.2 $ 20.7
Proceeds from Income Tax Refunds $ 45.9