VALARIS LTD, 10-Q filed on 8/6/2026
Quarterly Report
v3.26.1
Cover Page - shares
 6 Months Ended
Jun. 30, 2026
Jul. 30, 2026
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2026  
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 Richmond House, 12 Par-la-Ville Road  
Entity Address, City or Town Hamilton  
Entity Address, State or Province BM  
Entity Address, Postal Zip Code HM 08  
City Area Code (0) 20  
Local Phone Number 7659 4660  
Amendment Flag false  
Document Fiscal Year Focus 2026  
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   69,435,807
Country Region 44  
Common Class A [Member]    
Document Information [Line Items]    
Title of 12(b) Security Common Shares, $0.01 par value share  
Trading Symbol VAL  
Security Exchange Name NYSE  
Warrants    
Document Information [Line Items]    
Title of 12(b) Security Warrants to purchase Common Shares  
Trading Symbol VAL WS  
Security Exchange Name NYSE  
v3.26.1
Condensed Consolidated Statements Of Operations - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Income Statement [Abstract]        
Revenues (exclusive of reimbursable revenues) $ 502.3 $ 572.3 $ 932.4 $ 1,150.1
Reimbursable revenues 36.9 42.9 72.2 85.8
Total operating revenues 539.2 615.2 1,004.6 1,235.9
OPERATING EXPENSES        
Contract Drilling Expenses Exclusive of Depreciation and Reimbursable Expenses 380.4 355.2 720.8 729.2
Reimbursable expenses 35.1 40.5 68.1 81.5
Total contract drilling expenses (exclusive of depreciation) 415.5 395.7 788.9 810.7
Depreciation 44.6 35.5 87.3 68.6
General and administrative 27.2 18.8 52.5 43.2
Business Combination, Acquisition-Related Cost, Expense 11.4 0.0 25.0 0.0
Other operating (income) loss 0.0 0.0 (2.8) 7.8
Total operating expenses 498.7 450.0 950.9 930.3
Equity in earnings of ARO (10.6) 1.1 (17.4) (1.5)
OPERATING INCOME 51.1 164.1 71.1 307.1
OTHER INCOME (EXPENSE)        
Interest income 16.3 15.1 33.3 29.5
Interest expense, net (24.0) (24.8) (48.3) (49.1)
Other, net 37.2 (8.7) 34.9 12.5
Total other income (expense) 29.5 (18.4) 19.9 (7.1)
INCOME BEFORE INCOME TAXES 80.6 145.7 91.0 300.0
PROVISION FOR INCOME TAXES        
Current income tax expense 22.4 28.0 41.3 51.7
Deferred income tax expense 11.2 3.5 20.7 173.3
Total provision for income taxes 33.6 31.5 62.0 225.0
Net income 47.0 114.2 29.0 75.0
NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS 3.4 0.9 5.0 2.2
NET INCOME ATTRIBUTABLE TO VALARIS $ 50.4 $ 115.1 $ 34.0 $ 77.2
EARNINGS PER SHARE        
Basic (in dollars per share) $ 0.73 $ 1.62 $ 0.49 $ 1.09
Diluted (in dollars per share) $ 0.72 $ 1.61 $ 0.48 $ 1.08
WEIGHTED-AVERAGE SHARES OUTSTANDING        
Basic (in shares) 69.3 71.1 69.2 71.1
Diluted (in shares) 70.4 71.3 70.3 71.3
v3.26.1
Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Statement of Comprehensive Income [Abstract]        
NET INCOME $ 47.0 $ 114.2 $ 29.0 $ 75.0
OTHER COMPREHENSIVE INCOME, NET        
Net reclassification adjustment for amounts recognized in net income as a component of net periodic pension benefit (0.2) (0.2) (0.4) (0.4)
Foreign currency translation adjustments 0.2 1.8 3.4 3.1
NET OTHER COMPREHENSIVE INCOME 0.0 1.6 3.0 2.7
COMPREHENSIVE INCOME 47.0 115.8 32.0 77.7
COMPREHENSIVE LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS 3.4 0.9 5.0 2.2
COMPREHENSIVE INCOME ATTRIBUTABLE TO VALARIS $ 50.4 $ 116.7 $ 37.0 $ 79.9
v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Millions
Jun. 30, 2026
Dec. 31, 2025
CURRENT ASSETS    
    Cash and cash equivalents $ 541.2 $ 599.4
    Accounts receivable, net 458.1 474.8
Assets held for sale 2.0 6.4
    Other current assets 197.4 144.7
Total current assets 1,198.7 1,225.3
PROPERTY AND EQUIPMENT, AT COST 2,826.8 2,598.3
    Less accumulated depreciation 593.0 509.5
       Property and equipment, net 2,233.8 2,088.8
LONG-TERM NOTES RECEIVABLE FROM ARO 357.2 345.0
INVESTMENT IN ARO 139.2 121.8
DEFERRED TAX ASSETS 1,345.3 1,364.2
OTHER ASSETS 174.2 159.7
Assets, Total 5,448.4 5,304.8
CURRENT LIABILITIES    
Accounts payable - trade 416.0 348.2
Accrued liabilities and other 358.8 343.4
Total current liabilities 774.8 691.6
LONG-TERM DEBT 1,087.6 1,086.0
DEFERRED TAX LIABILITIES 31.5 29.7
OTHER LIABILITIES 336.7 325.8
Liabilities, Total 2,230.6 2,133.1
COMMITMENTS AND CONTINGENCIES (Note 11)
VALARIS SHAREHOLDERS' EQUITY    
Common Shares, $0.01 par value, 700.0 shares authorized, 76500000 and 76400000 shares issued, 69300000 and 69200000 shares outstanding as of June 30, 2026 and December 31, 2025, respectively 0.8 0.8
Preference shares, $0.01 par value, 150.0 shares authorized, no shares issued as of June 30, 2026 and December 31, 2025 0.0 0.0
Stock warrants 16.4 16.4
Additional paid-in capital 1,149.0 1,134.9
Retained earnings 2,415.7 2,381.7
Accumulated other comprehensive income 63.9 60.9
Treasury shares, at cost, 7.2 shares as of June 30, 2026 and December 31, 2025 (425.1) (425.1)
Total Valaris shareholders' equity 3,220.7 3,169.6
NONCONTROLLING INTERESTS (2.9) 2.1
Total shareholders' equity 3,217.8 3,171.7
Total liabilities and shareholders' equity $ 5,448.4 $ 5,304.8
v3.26.1
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
Jun. 30, 2026
Dec. 31, 2025
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 shares, shares issued (in shares) 76,500,000 76,400,000
Common Stock, Shares, Outstanding 69,300,000 69,200,000
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 7,200,000 7,200,000
v3.26.1
Condensed Consolidated Statements Of Cash Flows - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
OPERATING ACTIVITIES    
Net income $ 29.0 $ 75.0
Adjustments to reconcile net income to net cash provided by operating activities:    
    Depreciation expense 87.3 68.6
Deferred income tax expense 20.7 173.3
Equity in earnings of ARO (17.4) (1.5)
    Share-based compensation expense 15.6 11.6
Accretion of discount on Notes Receivable from ARO (12.2) (12.3)
Accounts Receivable, Allowance for Credit Loss, Recovery 11.4 0.1
Other operating (income) loss (2.8) 7.8
Changes in deferred costs (30.2) 4.3
Changes in contract assets (7.5) (0.3)
Changes in contract liabilities 6.9 (33.4)
Other 1.9 4.5
Changes in operating assets and liabilities 51.7 14.6
Contributions to pension plans and other post-retirement benefits (7.4) (8.3)
Net cash provided by operating activities 88.1 275.9
INVESTING ACTIVITIES    
Additions to property and equipment (206.4) (167.4)
Proceeds from disposition of assets 60.3 27.6
Net cash used in investing activities (146.1) (139.8)
FINANCING ACTIVITIES    
Other (1.5) (0.4)
Net cash used in financing activities (1.5) (0.4)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH (59.5) 135.7
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD 617.5 380.5
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD 558.0 516.2
Gain (Loss) on Disposition of Property Plant Equipment $ (36.1) $ (27.9)
v3.26.1
Revenue from Contracts with Customers
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Revenue from Contract with Customer [Text Block] Revenue from Contracts with Customers
 
Under our drilling contracts with customers, we provide a drilling rig and drilling services, including rig crews, on a day rate contract basis. 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, 2026 was between approximately 1 month and 4 years.
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, 2026December 31, 2025
Current contract assets$9.5 $4.3 
Noncurrent contract assets$15.1 $12.8 
Current contract liabilities (deferred revenues)$117.5 $87.7 
Noncurrent contract liabilities (deferred revenues)$74.0 $63.2 

Changes in contract assets and liabilities during the period are as follows (in millions):
Contract AssetsContract Liabilities
Balance as of December 31, 2025$17.1 $150.9 
Revenue recognized in advance of right to bill customer10.6 — 
Increase due to revenue deferred during the period— 101.6 
Decrease due to amortization of deferred revenue that was included in the beginning contract liability balance— (47.2)
Decrease due to amortization of deferred revenue added during the period— (13.8)
Decrease due to transfer to receivables and payables during the period(3.1)— 
Balance as of June 30, 2026$24.6 $191.5 

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 are included in Other current assets and Other assets on our Condensed Consolidated Balance Sheets and totaled $68.0 million and $36.6 million as of June 30, 2026 and December 31, 2025, respectively. During the three and six months ended June 30, 2026, amortization of such costs totaled $18.9 million and $32.5 million, respectively. During the three and six months ended June 30, 2025, amortization of such costs totaled $8.8 million and $21.6 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, 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 $6.4 million and $7.6 million as of June 30, 2026 and December 31, 2025, respectively. During the three and six months ended June 30, 2026, amortization of such costs totaled $1.8 million and $3.7 million, respectively. During the three and six months ended June 30, 2025, amortization of such costs totaled $2.2 million and $4.4 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, 2026. 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 2026202720282029 and Thereafter Total
Amortization of contract liabilities$61.7 $76.1 $17.1 $36.6 $191.5 
Amortization of deferred costs$34.4 $32.3 $7.3 $0.4 $74.4 
v3.26.1
Equity Method Investment In ARO Equity Method Investment In ARO
 6 Months Ended
Jun. 30, 2026
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 jackup drilling rigs in Saudi Arabia. As of June 30, 2026, ARO owned nine jackup rigs, had ordered two newbuild jackup rigs and leased seven rigs from us through bareboat charter arrangements (the "Lease Agreements") whereby substantially all operating costs are incurred by ARO.

The shareholder agreement governing the joint venture (the "Shareholder Agreement") specifies that ARO shall purchase 20 newbuild jackup rigs. Under this program, two newbuild jackups have been built and are in service and two additional newbuild jackups, Kingdom 3 and Kingdom 4, were ordered in October 2024 and November 2025, respectively. In connection with these plans, we have a potential obligation to fund ARO for newbuild jackup rigs. See "Note 11 - Contingencies" for additional information.

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, which is included 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 bankruptcy in 2021. 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") at that date. 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 date.
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,
2026202520262025
50% interest in ARO net income (loss) (1)
$7.4 $(4.3)$11.1 $(4.8)
Amortization of basis differences3.2 3.2 6.3 6.3 
Equity in earnings (losses) of ARO$10.6 $(1.1)$17.4 $1.5 
(1) The 50% interest in ARO net income for the three and six months ended June 30, 2026 includes the recognition of $14.3 million in additional income, which represents our proportionate share of adjustments recorded by ARO during the completion of its 2025 financial statements subsequent to the issuance of our Annual Report.

Related-Party Transactions

Revenues recognized by us related to the Lease Agreements are included within Revenues (exclusive of reimbursable revenues) and revenues related to certain reimbursable expenses in accordance with the Lease Agreements are recognized within Reimbursable revenues in our Condensed Consolidated Statements of Operations and were as follows (in millions):

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Revenues (exclusive of reimbursable revenues) from Lease Agreements
$14.8 $16.9 $33.3 $30.4 
Reimbursable revenues from Lease Agreements
3.1 — 10.2 — 
Total operating revenues from Lease Agreements
$17.9 $16.9 $43.5 $30.4 

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

June 30, 2026December 31, 2025
Accounts receivable
$34.1 $47.8 
Contract assets (1)
$0.6 $2.0 
Contract liabilities (1)
$26.2 $16.3 
Accounts payable (1)
$64.1 $61.8 

(1)The per day bareboat charter amount in the Lease Agreements is subject to adjustment based on actual performance of the respective rig and therefore, the corresponding contract assets and contract liabilities are subject to adjustment during the lease term. Upon completion of the lease term, such amounts become a payable to or a receivable from ARO. In addition, the accounts payable balance includes amounts owed to ARO for certain reimbursable costs.
During 2017 and 2018, the Company contributed assets to ARO in exchange for a 10-year shareholder notes receivable due from ARO (the "Notes Receivable from ARO"), which bear interest based on a one-year term Secured Overnight Financing Rate ("SOFR"), set as of the end of the year prior to the applicable year, plus 2.10%. The Notes Receivable from ARO were adjusted to their estimated fair value in fresh start accounting in 2021 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, 2026December 31, 2025
Principal amount$400.7 $400.7 
Discount(43.5)(55.7)
Carrying value$357.2 $345.0 
Interest receivable (1) (2)
$11.1 $— 

(1)Our interest receivable from ARO is included in Accounts receivable, net in our Condensed Consolidated Balance Sheets.
(2)The 2025 interest on the Notes Receivable from ARO of approximately $24.1 million was paid in kind in December 2025 by increasing the principal balance of the Notes Receivable from ARO.

Interest income earned on the Notes Receivable from ARO was as follows (in millions):

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Interest income$5.6 $4.0 $11.1 $8.0 
Non-cash amortization (1)
6.1 6.2 12.2 12.3 
Total interest income on the Notes Receivable from ARO$11.7 $10.2 $23.3 $20.3 

(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.
v3.26.1
Fair Value Measurements
 6 Months Ended
Jun. 30, 2026
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, 2026December 31, 2025
Carrying Value  Estimated Fair Value  Carrying ValueEstimated Fair Value  
2030 Second Lien Notes (1)
$1,087.6 $1,142.9 $1,086.0 $1,144.9 
Notes Receivable from ARO (2)
$357.2 $409.5 $345.0 $403.8 

(1)The estimated fair value of the 2030 Second Lien Notes (as defined in "Note 8 - Debt") was determined using quoted market prices, which are level 1 inputs.
(2)The estimated fair value of the 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, 2026 and December 31, 2025.
v3.26.1
Property and Equipment
 6 Months Ended
Jun. 30, 2026
Property, Plant, and Equipment [Abstract]  
Property and Equipment Property and Equipment
Property and equipment consisted of the following (in millions):

June 30, 2026December 31, 2025
Drilling rigs and equipment$2,082.0 $1,958.8 
Work-in-progress695.4 590.3 
Other49.4 49.2 
Total property and equipment, at cost
$2,826.8 $2,598.3 

While taking into account certain restrictions on the sales of assets under our Indenture dated as of April 19, 2023 and within the Business Combination Agreement, as part of our strategy, we may act opportunistically from time to time to sell assets to enhance shareholder value. Gains and losses recognized on sale of assets are recognized in Other, net on the Condensed Consolidated Statements of Operations. Additionally, we may consider retiring assets that no longer meet our standards for economic returns. Non-cash losses on impairment and any gains on remeasurement of assets held for sale are recognized within Other operating (income) loss on the Condensed Consolidated Statements of Operations.

Assets Held for Sale

In May 2026, we entered into an agreement to sell VALARIS 109, a rig within our Jackups segment, for cash proceeds of $34.0 million, subject to certain customary closing conditions. In accordance with this agreement, we received a cash deposit of $3.4 million in June 2026. In July 2026, we completed the sale of VALARIS 109, received the remaining cash proceeds and recognized a pre-tax gain of approximately $31.0 million during the third quarter of 2026.

In connection with the sale, we reclassified the $2.0 million carrying value of VALARIS 109 as of June 30, 2026 from Property and equipment, net to Assets held for sale on our Condensed Consolidated Balance Sheets during the second quarter of 2026.

Assets Sold

Sale of VALARIS 104

In April 2026, we entered into an agreement to sell VALARIS 104, a rig within our Jackups segment, for alternative use. The rig was sold for cash proceeds of $40.0 million, resulting in the recognition of a pre-tax gain of $36.6 million during the three months ended June 30, 2026.

Sale of VALARIS DPS-1

In the fourth quarter of 2025, we approved a plan to retire VALARIS DPS-1, a semisubmersible rig within our Floaters segment. VALARIS DPS-1 was reclassified from Property and equipment, net to Assets held for sale on our Consolidated Balance Sheets during the fourth quarter of 2025.

In connection with the held-for-sale classification of VALARIS DPS-1, we recognized a non-cash loss on impairment of $15.8 million during 2025, resulting in a $6.4 million carrying value as of December 31, 2025, which was determined using a probability-weighted market approach based on transactions involving comparable assets, non-binding independent broker quotes and management assumptions, all of which were considered Level 3 inputs due to the level of estimation involved.
Assets held for sale are remeasured at each reporting period for changes in estimated fair value less costs to sell, however, any related gains recognized cannot exceed the previous impairment losses taken for the specified disposal group. As such, we reassessed the fair value of VALARIS DPS-1 during the first quarter of 2026 utilizing a market approach based on a preliminary sale agreement, which was considered a Level 3 input due to the level of estimation involved since the sale had not yet been completed at the time of our analysis. In connection with this, we recognized a $2.8 million gain on remeasurement of our asset held for sale during the first quarter of 2026.

In the second quarter of 2026, VALARIS DPS-1 was sold for recycling and removed from service for total cash proceeds of $10.1 million. No additional gain or loss was recognized upon completion of this sale.

Sale of Other Retired Semis

In the first quarter of 2025, we approved a plan to retire three semisubmersible rigs within our Floaters segment, VALARIS DPS-3, VALARIS DPS-5, and VALARIS DPS-6 (collectively, the “Retired Semis”). In April 2025, the Retired Semis were sold for recycling and permanently removed from service for total cash proceeds of $10.0 million.

In connection with the retirement of the Retired Semis, during the first quarter of 2025, we recognized a non-cash loss on impairment of $7.8 million, which represented the amount of carrying value that exceeded the disposal group's aggregate fair value less costs to sell. We estimated the fair value using a market approach based on the preliminary sale agreement for the Retired Semis, which is considered a Level 3 input due to the level of estimation involved since the sale had not yet been completed at the time of our analysis.

Sale of VALARIS 75

In the first quarter of 2025, VALARIS 75, a rig within our Jackups segment which had an immaterial net book value, was sold resulting in a pre-tax gain on sale of $23.0 million. Of the proceeds, $14.0 million was collected upon closing, $5.0 million was collected in January 2026 and the remaining $5.0 million is expected to be received on the second anniversary of the closing.

Sale of Angola Office Building

In the first quarter of 2025, we sold an office building in Angola for cash proceeds of $5.2 million, resulting in a pre-tax gain on sale of $4.0 million. Of the proceeds, approximately $2.5 million was collected during the fourth quarter of 2024 and $2.7 million was collected during the first quarter of 2025.
v3.26.1
Pension and Other Postretirement Benefits
 6 Months Ended
Jun. 30, 2026
Retirement Benefits [Abstract]  
Retirement Benefits 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) loss were as follows (in millions):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Interest cost$7.4 $7.8 $14.8 $15.4 
Expected return on plan assets(8.1)(7.3)(16.2)(14.5)
Amortization of net gain(0.2)(0.2)(0.4)(0.4)
Net periodic pension and retiree medical (income) loss (1)
$(0.9)$0.3 $(1.8)$0.5 

(1)Included in Other, net in our Condensed Consolidated Statements of Operations.
v3.26.1
Earnings Per Share
 6 Months Ended
Jun. 30, 2026
Earnings Per Share [Abstract]  
Earnings Per Share Earnings 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, 2026 and 2025 (in millions), except per share amounts:

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Income attributable to our shares $50.4 $115.1 $34.0 $77.2 
Weighted average shares outstanding:
Basic69.3 71.1 69.2 71.1 
Effect of stock equivalents1.1 0.2 1.1 0.2 
Diluted70.4 71.3 70.3 71.3 
EARNINGS PER SHARE:
Basic$0.73 $1.62 $0.49 $1.09 
Diluted$0.72 $1.61 $0.48 $1.08 

Anti-dilutive share awards totaling 60,000 and 80,000 were excluded from the computation of diluted EPS for the three and six months ended June 30, 2026, respectively.

Anti-dilutive shares totaling 255,000 and 274,000 were excluded from the computation of diluted EPS for the three and six months ended June 30, 2025, respectively.

We had 5,470,758 warrants outstanding (the "Warrants") as of June 30, 2026 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.
v3.26.1
Debt
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Debt Debt
2030 Second Lien Notes

In April 2023, the Company and Valaris Finance Company LLC (“Valaris Finance”), a wholly-owned subsidiary, issued and sold, at par, $700.0 million aggregate principal amount of Second Lien Notes (the "Initial Second Lien Notes"). In August 2023, the Company and Valaris Finance issued, at 100.75% of par, an additional $400.0 million aggregate principal amount of Second Lien Notes (the "Additional Notes"). The Initial Second Lien Notes and the Additional Notes form a single series and are collectively referred to as the "2030 Second Lien Notes."

The 2030 Second Lien Notes were issued under the Indenture, dated as of April 19, 2023 (the "Indenture"), and will mature on April 30, 2030. The 2030 Second Lien Notes bear an interest rate of 8.375% per annum and interest is payable semi-annually in arrears on April 30 and October 30 of each year. The 2030 Second Lien Notes are fully and unconditionally guaranteed, jointly and severally, on a senior secured basis by certain subsidiaries of the Company.

As of June 30, 2026, we were in compliance in all material respects with our covenants under the Indenture.

2028 Credit Agreement

In April 2023, the Company entered into a senior secured revolving credit agreement (the “2028 Credit Agreement”) which provides for commitments permitting borrowings of up to $375.0 million. Permitted borrowings under the 2028 Credit Agreement may be increased, subject to the agreement of lenders to provide such additional commitments and the satisfaction of certain conditions, by an additional $200.0 million pursuant to the terms of the 2028 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 guarantee the Company's obligations under the 2028 Credit Agreement, and the lenders have a first priority lien on the assets securing the 2028 Credit Agreement. The 2028 Credit Agreement is scheduled to mature on April 3, 2028.

Amounts borrowed under the 2028 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 2028 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 0% 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.

Additionally, we are required to pay a quarterly commitment fee to the lenders under the 2028 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 2028 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.

As of June 30, 2026, we were in compliance in all material respects with our covenants under the 2028 Credit Agreement. We had no amounts outstanding under the 2028 Credit Agreement as of June 30, 2026.
v3.26.1
Shareholders Equity
 6 Months Ended
Jun. 30, 2026
Stockholders' Equity Note [Abstract]  
Shareholders' Equity and Share-based Payments Shareholders' Equity
Activity in our various shareholders' equity accounts for the three and six months ended June 30, 2026 and 2025 were as follows (in millions):
 Shares 
Issued		Par ValueAdditional
Paid-in
Capital		WarrantsRetained EarningsAOCI Treasury
Shares		Non-controlling
Interest
BALANCE, December 31, 202576.4 $0.8 $1,134.9 $16.4 $2,381.7 $60.9 $(425.1)$2.1 
Net loss— — — — (16.4)— — (1.6)
Share-based compensation cost— — 6.4 — — — — — 
Shares issued under share-based compensation plans, net
0.1 — — — — — — — 
Net changes in pension and other postretirement benefits
— — — — — (0.2)— — 
Shares withheld for taxes on vesting of share-based awards
— — (1.4)— — — — — 
Foreign currency translation adjustments
— — — — — 3.2 — — 
BALANCE, March 31, 202676.5 $0.8 $1,139.9 $16.4 $2,365.3 $63.9 $(425.1)$0.5 
Net income (loss)— — — — 50.4 — — (3.4)
Share-based compensation cost
— — 9.2 — — — — — 
Net changes in pension and other postretirement benefits
— — — — — (0.2)— — 
Shares withheld for taxes on vesting of share-based awards— — (0.1)— — — — — 
Foreign currency translation adjustments
— — — — — 0.2 — — 
BALANCE, June 30, 202676.5 $0.8 $1,149.0 $16.4 $2,415.7 $63.9 $(425.1)$(2.9)

Shares 
Issued		Par ValueAdditional
Paid-in
Capital		WarrantsRetained EarningsAOCITreasury
Shares		Non-controlling
Interest
BALANCE, December 31, 2024
76.2 $0.8 $1,113.3 $16.4 $1,398.9 $34.2 $(325.1)$5.8 
Net loss— — — — (37.9)— — (1.3)
Share-based compensation cost— — 5.6 — — — — — 
Shares issued under share-based compensation plans, net
0.1 — — — — — — — 
Net changes in pension and other postretirement benefits
— — — — — (0.2)— — 
Shares withheld for taxes on vesting of share-based awards
— — (0.3)— — — — — 
Foreign currency translation adjustments
— — — — — 1.3 — — 
BALANCE, March 31, 2025
76.3 $0.8 $1,118.6 $16.4 $1,361.0 $35.3 $(325.1)$4.5 
Net income (loss)— — — — 115.1 — — (0.9)
Share-based compensation cost— — 6.0 — — — — — 
Net changes in pension and other postretirement benefits— — — — — (0.2)— — 
Foreign currency translation adjustments
— — — — — 1.8 — — 
BALANCE, June 30, 2025
76.3 $0.8 $1,124.6 $16.4 $1,476.1 $36.9 $(325.1)$3.6 
Share Repurchase Program

Our board of directors has authorized a share repurchase program (the "Share Repurchase Program") under which we may purchase up to $600.0 million of our outstanding Common Shares. The Share Repurchase Program does not have a fixed expiration, may be modified, suspended or discontinued at any time and any repurchases made pursuant to the Share Repurchase Program are subject to compliance with applicable covenants and restrictions under our financing agreements and the Business Combination Agreement.

There were no share repurchases during each of the three and six months ended June 30, 2026 and 2025. As of June 30, 2026, we had approximately $175.0 million available for share repurchases pursuant to the Share Repurchase Program.
v3.26.1
Income Taxes
 6 Months Ended
Jun. 30, 2026
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract]  
Income Taxes Income Taxes
 
We calculate our tax provision by applying the estimated annual effective tax rate for the full fiscal year to pre-tax income or loss, excluding discrete items. The consolidated effective tax rate for the three and six months ended June 30, 2026, excluding the impact of discrete tax items, was 19.8% and 21.7%, respectively. The discrete tax benefit for these periods primarily related to the resolution of prior period matters.

The consolidated effective tax rate for the three and six months ended June 30, 2025, excluding the impact of discrete tax items, was 15.2%. The discrete tax items for the six months ended June 30, 2025, primarily related to the establishment of the valuation allowance on deferred tax assets. During the first quarter of 2025, we recognized $168.8 million of deferred tax expense related to the establishment of this valuation allowance, which resulted from a change in estimated future taxable income in a certain operating jurisdiction in connection with the retirement of the Retired Semis. We intend to maintain this valuation allowance until there is sufficient evidence to support a reversal of the allowance. The timing and amount of future valuation allowance reductions are subject to future levels of contracting and profitability achieved or by the expiration of the related deferred tax assets. See "Note 5 - Property and Equipment" for further disclosure regarding the Retired Semis.

Malaysia Tax Assessment

In February 2024, one of our Malaysian subsidiaries received an unfavorable court decision regarding a tax assessment for the 2012-2017 tax years totaling approximately MYR117.0 million (approximately $29.0 million converted at current quarter-end exchange rates), including a late payment penalty. In July 2024, we received a payment demand from the Malaysian tax authority for the full assessment amount. In order to further contest the assessment, we made payments of approximately $8.0 million and $18.0 million in the first quarter of 2025 and in 2024, respectively, for aggregate total payments of $26.0 million. These payments are included within Other assets in the Condensed Consolidated Balance Sheets. We have not recorded a liability for uncertain tax positions as of June 30, 2026, related to this assessment based on a more-likely-than-not threshold. We believe our tax returns are materially correct as filed and will vigorously contest this assessment.

Australian Tax Assessment

In December 2024, we reached a settlement agreement with the Australian tax authorities regarding tax assessments which related to the examination of certain of our tax returns for the years 2011 through 2016. In connection with this agreement, during the first quarter of 2025, we received refunds (including interest) totaling A$42.0 million (approximately $26.0 million at then-current exchange rates).
v3.26.1
Contingencies
 6 Months Ended
Jun. 30, 2026
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. The Shareholder Agreement specifies that ARO shall purchase 20 newbuild jackup rigs. The joint venture partners intend for the newbuild jackup rigs to be financed out of available cash on hand and from ARO's operations and/or funds available from third-party financing. The first two newbuild jackups, Kingdom 1 and Kingdom 2, were delivered and commenced operations in 2023 and 2024, respectively. In October 2024 and November 2025, ARO ordered the third and fourth newbuild jackups, Kingdom 3 and Kingdom 4, respectively, for a purchase price of approximately $300.0 million each. ARO paid a 25% down payment from cash on hand for Kingdom 3 and Kingdom 4. The final payment for each rig will be due upon delivery.

In the event ARO has insufficient cash 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. Beginning with the delivery of the second newbuild, each partner's commitment is reduced by the lesser of the actual cost of each newbuild rig or $250.0 million, on a proportionate basis. Following the delivery of Kingdom 2, our commitment to fund the newbuild program has been reduced to $1.1 billion.

Letters of Credit and Surety Bonds

In the ordinary course of business with customers and others, we have entered into letters of credit and surety bonds 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 and surety bonds outstanding as of June 30, 2026 totaled $111.4 million and are issued under facilities provided by various banks and other financial institutions, but none were issued under the 2028 Credit Agreement. Obligations under these letters of credit and surety bonds are not normally called, as we typically comply with the underlying performance requirements. As of June 30, 2026, we had collateral deposits in the amount of $15.1 million with respect to these agreements.

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.
v3.26.1
Segment Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting, Revenue [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 chief operating decision maker ("CODM") assesses segment performance based on their review of the operating income (loss) of each segment, which measures profitability after deducting normal operating costs. Components within operating income (loss), such as revenues and contract drilling expenses, are used to monitor actual performance against budget and monthly forecasted results for each segment. Further, the CODM utilizes revenue to derive a segment’s asset utilization, average daily revenue and revenue efficiency. Using these metrics, the CODM can identify potentially underperforming segments and develop strategies to increase profits or reduce costs, make investment decisions and allocate resources as needed. The disaggregated segment information, as presented in the tables below, aligns with the segment level information that is regularly provided to the CODM.

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 expenses, Depreciation expense and Merger and integration expenses 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 are deducted under "Reconciling Items" and replaced with our equity in earnings of ARO. See "Note 3 - Equity Method Investment in ARO" for additional information on ARO and related arrangements. Similarly, the Property and equipment, net balances presented below for ARO are not included within our Condensed Consolidated Balance Sheets and thus are also deducted under "Reconciling Items."

Segment information for the three and six months ended June 30, 2026 and 2025 are presented below (in millions):
Three Months Ended June 30, 2026

FloatersJackupsAROOtherReconciling ItemsConsolidated Total
Operating revenues:
Revenues (exclusive of reimbursable revenues)
$279.0 $183.4 $126.9 $39.9 $(126.9)$502.3 
Reimbursable revenues11.0 13.8 — 12.1 — 36.9 
Total operating revenues290.0 197.2 126.9 52.0 (126.9)539.2 
Operating expenses:
Contract drilling expenses (exclusive of depreciation and reimbursable expenses)
167.9 143.9 71.6 27.4 (30.4)380.4 
Reimbursable expenses10.5 12.7 — 11.9 — 35.1 
Total contract drilling expenses (exclusive of depreciation)
178.4 156.6 71.6 39.3 (30.4)415.5 
Depreciation17.2 16.2 22.0 6.1 (16.9)44.6 
General and administrative— — 10.6 — 16.6 27.2 
Merger and integration expenses— — — — 11.4 11.4 
Total operating expenses
195.6 172.8 104.2 45.4 (19.3)498.7 
Equity in earnings of ARO— — — — 10.6 10.6 
Operating income$94.4 $24.4 $22.7 $6.6 $(97.0)$51.1 
Property and equipment, net$1,320.2 $636.3 $1,270.4 $224.1 $(1,217.2)$2,233.8 
Capital expenditures$58.4 $21.6 $39.3 $24.1 $(37.9)$105.5 
Three Months Ended June 30, 2025

FloatersJackupsAROOtherReconciling ItemsConsolidated Total
Operating revenues:
Revenues (exclusive of reimbursable revenues)
$319.7 $212.0 $139.9 $40.6 $(139.9)$572.3 
Reimbursable revenues
7.2 26.0 — 9.7 — 42.9 
Total operating revenues
326.9 238.0 139.9 50.3 (139.9)615.2 
Operating expenses:
Contract drilling expenses (exclusive of depreciation and reimbursable expenses)
176.3 124.3 96.4 17.4 (59.2)355.2 
Reimbursable expenses
6.7 24.3 — 9.5 — 40.5 
Total contract drilling expenses (exclusive of depreciation)
183.0 148.6 96.4 26.9 (59.2)395.7 
Depreciation14.6 14.6 28.7 2.8 (25.2)35.5 
General and administrative— — 6.6 — 12.2 18.8 
Total operating expenses197.6 163.2 131.7 29.7 (72.2)450.0 
Equity in losses of ARO— — — — (1.1)(1.1)
Operating income$129.3 $74.8 $8.2 $20.6 $(68.8)$164.1 
Property and equipment, net$1,183.3 $643.4 $1,214.9 $133.6 $(1,153.6)$2,021.6 
Capital expenditures
$25.2 $39.8 $14.1 $— $(11.9)$67.2 

Six Months Ended June 30, 2026

FloatersJackupsAROOtherReconciling ItemsConsolidated Total
Operating revenues:
Revenues (exclusive of reimbursable revenues)
$471.6 $379.2 $254.3 $81.6 $(254.3)$932.4 
Reimbursable revenues16.0 28.2 — 28.0 — 72.2 
Total operating revenues487.6 407.4 254.3 109.6 (254.3)1,004.6 
Operating expenses:
Contract drilling expenses (exclusive of depreciation and reimbursable expenses)
318.5 272.7 146.7 50.1 (67.2)720.8 
Reimbursable expenses15.4 25.9 — 26.8 — 68.1 
Total contract drilling expenses (exclusive of depreciation)
333.9 298.6 146.7 76.9 (67.2)788.9 
Depreciation32.9 32.7 46.9 12.3 (37.5)87.3 
General and administrative— — 17.7 — 34.8 52.5 
Merger and integration expenses— — — — 25.0 25.0 
Other operating income(2.8)— — — — (2.8)
Total operating expenses
364.0 331.3 211.3 89.2 (44.9)950.9 
Equity in earnings of ARO— — — — 17.4 17.4 
Operating income$123.6 $76.1 $43.0 $20.4 $(192.0)$71.1 
Property and equipment, net$1,320.2 $636.3 $1,270.4 $224.1 $(1,217.2)$2,233.8 
Capital expenditures$113.7 $44.6 $71.6 $46.6 $(70.1)$206.4 
Six Months Ended June 30, 2025

FloatersJackupsAROOtherReconciling ItemsConsolidated Total
Operating revenues:
Revenues (exclusive of reimbursable revenues)
$675.7 $397.9 $274.6 $76.5 $(274.6)$1,150.1 
Reimbursable revenues
16.1 53.7 — 16.0 — 85.8 
Total operating revenues
691.8 451.6 274.6 92.5 (274.6)1,235.9 
Operating expenses:
Contract drilling expenses (exclusive of depreciation and reimbursable expenses)
380.3 241.0 182.0 33.4 (107.5)729.2 
Reimbursable expenses
15.0 50.7 — 15.8 — 81.5 
Total contract drilling expenses (exclusive of depreciation)
395.3 291.7 182.0 49.2 (107.5)810.7 
Depreciation28.8 27.3 58.2 5.6 (51.3)68.6 
General and administrative— — 12.9 — 30.3 43.2 
Other operating loss
7.8 — — — — 7.8 
Total operating expenses431.9 319.0 253.1 54.8 (128.5)930.3 
Equity in earnings of ARO— — — — 1.5 1.5 
Operating income$259.9 $132.6 $21.5 $37.7 $(144.6)$307.1 
Property and equipment, net$1,183.3 $643.4 $1,214.9 $133.6 $(1,153.6)$2,021.6 
Capital expenditures
$52.2 $110.0 $22.1 $— $(16.9)$167.4 

Information about Geographic Areas

As of June 30, 2026, the geographic distribution of our and ARO's drilling rigs was as follows:
FloatersJackupsOtherTotal ValarisARO
Middle East & Africa4 5 7 16 9 
Europe
4 11 — 15 — 
North & South America
5 3 — 8 — 
Asia & Pacific Rim1 3 — 4 — 
Held for sale(1)
— 1 — 1 — 
Total14 23 7 44 9 

(1)VALARIS 109 was classified as held for sale and is preservation stacked in Africa as of June 30, 2026. See "Note 5 - Property and Equipment" for more information.

We provide management services in the Gulf of America on two rigs owned by a third party not included in the table above.
ARO ordered two newbuild jackups, Kingdom 3 and Kingdom 4, which are under construction in the Middle East and are not included in the table above.
v3.26.1
Supplemental Financial Information
 6 Months Ended
Jun. 30, 2026
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, 2026December 31, 2025
Trade$427.4 $424.1 
Income tax receivables(1)
6.4 49.8 
Other28.6 15.8 
462.4 489.7 
Allowance for doubtful accounts(2)
(4.3)(14.9)
$458.1 $474.8 

(1)We received U.S. income tax refunds totaling approximately $43.0 million during the six months ended June 30, 2026.
(2)During the second quarter of 2026, we recognized an $11.7 million reversal of previously recognized bad debt expense in connection with a favorable legal settlement resulting in the collection of outstanding customer invoices from 2020.


Other current assets consisted of the following (in millions):
June 30, 2026December 31, 2025
Prepaid taxes$75.2 $58.2 
Deferred costs54.5 37.7 
Prepaid expenses24.5 13.3 
Other43.2 35.5 
$197.4 $144.7 
        
Accrued liabilities and other consisted of the following (in millions):
June 30, 2026December 31, 2025
Current contract liabilities (deferred revenues)$117.5 $87.7 
Income and other taxes payable80.5 73.9 
Personnel costs67.5 81.6 
Lease liabilities30.7 35.6 
Accrued claims16.0 21.3 
Accrued interest15.4 15.4 
Other31.2 27.9 
$358.8 $343.4 
        
Other liabilities consisted of the following (in millions):
June 30, 2026December 31, 2025
Unrecognized tax benefits (inclusive of interest and penalties)$137.8 $136.2 
Noncurrent contract liabilities (deferred revenues)74.0 63.2 
Pension and other post-retirement benefits59.5 68.3 
Lease liabilities
47.2 37.3 
Other18.2 20.8 
$336.7 $325.8 

Condensed Consolidated Statements of Operations Information

Other, net consisted of the following (in millions):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Net gain on sale of property$37.7 $0.8 $36.1 $27.9 
Net foreign currency exchange losses(1.7)(9.1)(3.4)(14.3)
Net periodic pension and retiree medical income (loss)0.9 (0.3)1.8 (0.5)
Other income (expense)0.3 (0.1)0.4 (0.6)
$37.2 $(8.7)$34.9 $12.5 

Condensed Consolidated Statement of Cash Flows Information

The following table provides a reconciliation of the amount of cash and cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets that sum to the total of the same such amounts shown within the Condensed Consolidated Statements of Cash Flows (in millions):

June 30,
2026		December 31,
2025
Cash and cash equivalents
$541.2 $599.4 
Restricted cash—current (1)
6.1 7.0 
Restricted cash—non-current (1)
10.7 11.1 
$558.0 $617.5 
(1)Restricted cash consists primarily of collateral on letters of credit of $15.1 million and $16.3 million as of June 30, 2026 and December 31, 2025, respectively. Restricted cash—current is included in Other current assets and Restricted cash—non-current is included in Other assets in our Condensed Consolidated Balance Sheets. See "Note 11 - Contingencies" for more information regarding our letters of credit.

Concentration of Risk

Credit Risk - We are exposed to credit risk relating to our cash and cash equivalents and receivables from customers. Our cash and cash equivalents are primarily held by various well-capitalized and credit-worthy financial institutions. We monitor the credit ratings of these institutions and limit the amount of exposure to any one institution and therefore, do not believe a significant credit risk exists for these balances. 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 in either of the three and six months ended June 30, 2026 and 2025 were as follows:

Three Months Ended
June 30, 2026June 30, 2025
FloatersJackupsOtherTotalFloatersJackupsOtherTotal
BP plc ("BP")5 %6 %7 %18 %3 %3 %5 %11 %
Petróleo Brasileiro S.A. ("Petrobras")16 %— %— %16 %13 %— %— %13 %
Azule Energy ("Azule")9 %4 %— %13 %7 %3 %— %10 %
Equinor ASA ("Equinor")10 %— %— %10 %6 %— %— %6 %
Other customers (1)
14 %26 %3 %43 %24 %33 %3 %60 %
54 %36 %10 %100 %53 %39 %8 %100 %

Six Months Ended
June 30, 2026June 30, 2025
FloatersJackupsOtherTotalFloatersJackupsOtherTotal
Petrobras16 %— %— %16 %13 %— %— %13 %
BP 3 %5 %6 %14 %4 %3 %5 %12 %
Azule9 %5 %— %14 %7 %2 %— %9 %
Equinor6 %— %— %6 %7 %— %— %7 %
Other customers (1)
15 %31 %4 %50 %25 %32 %2 %59 %
49 %41 %10 %100 %56 %37 %7 %100 %

(1)Other customers includes customers that individually contributed to less than 10% of our total revenues.
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, 2026June 30, 2025
FloatersJackupsOtherTotalFloatersJackupsOtherTotal
Brazil$138.3 $— $— $138.3 $154.2 $— $— $154.2 
Angola74.1 23.5 — 97.6 42.3 21.3 — 63.6 
United Kingdom— 93.6 — 93.6 — 97.8 — 97.8 
Gulf of America
40.6 1.0 33.2 74.8 65.7 — 32.8 98.5 
Australia
— 16.0 — 16.0 38.0 40.1 — 78.1 
Other countries (1)
37.0 63.1 18.8 118.9 26.7 78.8 17.5 123.0 
$290.0 $197.2 $52.0 $539.2 $326.9 $238.0 $50.3 $615.2 

Six Months Ended
June 30, 2026June 30, 2025
FloatersJackupsOtherTotalFloatersJackupsOtherTotal
Brazil$224.1 $— $— $224.1 $318.2 $— $— $318.2 
United Kingdom— 194.1 — 194.1 — 198.5 — 198.5 
Angola144.7 46.8 — 191.5 84.5 25.6 — 110.1 
Gulf of America
81.8 1.0 64.4 147.2 131.1 — 60.8 191.9 
Australia
— 32.2 — 32.2 77.6 85.6 — 163.2 
Other countries (1)
37.0 133.3 45.2 215.5 80.4 141.9 31.7 254.0 
$487.6 $407.4 $109.6 $1,004.6 $691.8 $451.6 $92.5 $1,235.9 
(1)Other countries includes locations that individually contributed to less than 10% of our total revenues.
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2026
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
v3.26.1
Unaudited Condensed Consolidated Financial Statements (Policies)
 6 Months Ended
Jun. 30, 2026
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, 2025 Condensed Consolidated Balance Sheet data was derived from our 2025 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, 2026 are not necessarily indicative of the results of operations that will be realized for the year ending December 31, 2026, 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, 2025, filed with the SEC on February 20, 2026 (our "Annual Report").

Pending Business Combination with Transocean

On February 9, 2026, we entered into a business combination agreement (the "Business Combination Agreement") with Transocean Ltd., a Swiss corporation ("Transocean"), under which Transocean will acquire all of the issued and outstanding common shares of Valaris in exchange for shares of Transocean at an exchange ratio of 15.235 Transocean shares for each common share of Valaris (the "Business Combination"). In addition, Warrants that are outstanding as of immediately prior to the transaction closing date will be assumed by Transocean and remain outstanding and be exercisable for the Fundamental Transaction Consideration (as defined in the Warrant Agreement, dated as of April 30, 2021, by and between Valaris and the warrant agent named therein) multiplied by the number of Valaris common shares for which each warrant is exercisable immediately prior to the transaction closing date. The Business Combination will be effected by way of a court-approved scheme of arrangement between Valaris and the holders of the Valaris common shares pursuant to section 99 of the Companies Act 1981 of Bermuda, as amended. Upon completion and on a fully diluted basis assuming conversion to shares of Transocean’s exchangeable bonds due 2029, Transocean shareholders would own approximately 53% of the combined company, with Valaris shareholders owning the remaining 47%.

Completion of the Business Combination is subject to customary closing conditions, including (i) the receipt of the requisite approvals of the Valaris shareholders and the Transocean shareholders, (ii) the granting of the sanction order on terms consistent with the Business Combination Agreement, (iii) the Transocean shares issued pursuant to the Business Combination Agreement having been approved for listing on the NYSE, subject to official notice of issuance, (iv) certain regulatory approvals having been obtained or any applicable waiting period having expired or been terminated, (v) no governmental authority within applicable jurisdictions having enacted or issued any law or order preventing or prohibiting the consummation of the Business Combination and (vi) the absence of a Transocean Material Adverse Effect or a Valaris Material Adverse Effect (each as defined within the Business Combination Agreement). Under certain specified circumstances in which the Business Combination Agreement is terminated, we would be required to pay to Transocean a termination fee equal to $173.0 million.
New Accounting Pronouncements
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

Accounting Pronouncements to be Adopted

Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures - In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses ("Update 2024-03"), which requires companies to disclose additional information for certain relevant expense categories in the Statements of Operations and within the notes to the financial statements. Update 2024-03 is effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted and can be applied either prospectively to financial statements issued for reporting periods after the effective date, or retrospectively to prior periods which are presented in the financial statements. We are currently assessing the impact of the requirements on our condensed consolidated financial statements and disclosures, but do not expect the adoption of Update 2024-03 to result in a change in recognition or measurement of expenses within our consolidated financial statements.
With the exception of the updated standard 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.
v3.26.1
Revenue from Contracts with Customers (Tables)
 6 Months Ended
Jun. 30, 2026
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, 2026December 31, 2025
Current contract assets$9.5 $4.3 
Noncurrent contract assets$15.1 $12.8 
Current contract liabilities (deferred revenues)$117.5 $87.7 
Noncurrent contract liabilities (deferred revenues)$74.0 $63.2 

Changes in contract assets and liabilities during the period are as follows (in millions):
Contract AssetsContract Liabilities
Balance as of December 31, 2025$17.1 $150.9 
Revenue recognized in advance of right to bill customer10.6 — 
Increase due to revenue deferred during the period— 101.6 
Decrease due to amortization of deferred revenue that was included in the beginning contract liability balance— (47.2)
Decrease due to amortization of deferred revenue added during the period— (13.8)
Decrease due to transfer to receivables and payables during the period(3.1)— 
Balance as of June 30, 2026$24.6 $191.5 
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, 2026. 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 2026202720282029 and Thereafter Total
Amortization of contract liabilities$61.7 $76.1 $17.1 $36.6 $191.5 
Amortization of deferred costs$34.4 $32.3 $7.3 $0.4 $74.4 
v3.26.1
Equity Method Investment In ARO (Tables)
 6 Months Ended
Jun. 30, 2026
Equity Method Investments and Joint Ventures [Abstract]  
Equity Method Investments A reconciliation of those components is presented below (in millions):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
50% interest in ARO net income (loss) (1)
$7.4 $(4.3)$11.1 $(4.8)
Amortization of basis differences3.2 3.2 6.3 6.3 
Equity in earnings (losses) of ARO$10.6 $(1.1)$17.4 $1.5 
(1) The 50% interest in ARO net income for the three and six months ended June 30, 2026 includes the recognition of $14.3 million in additional income, which represents our proportionate share of adjustments recorded by ARO during the completion of its 2025 financial statements subsequent to the issuance of our Annual Report.
Schedule of Related Party Transactions
Revenues recognized by us related to the Lease Agreements are included within Revenues (exclusive of reimbursable revenues) and revenues related to certain reimbursable expenses in accordance with the Lease Agreements are recognized within Reimbursable revenues in our Condensed Consolidated Statements of Operations and were as follows (in millions):

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Revenues (exclusive of reimbursable revenues) from Lease Agreements
$14.8 $16.9 $33.3 $30.4 
Reimbursable revenues from Lease Agreements
3.1 — 10.2 — 
Total operating revenues from Lease Agreements
$17.9 $16.9 $43.5 $30.4 

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

June 30, 2026December 31, 2025
Accounts receivable
$34.1 $47.8 
Contract assets (1)
$0.6 $2.0 
Contract liabilities (1)
$26.2 $16.3 
Accounts payable (1)
$64.1 $61.8 

(1)The per day bareboat charter amount in the Lease Agreements is subject to adjustment based on actual performance of the respective rig and therefore, the corresponding contract assets and contract liabilities are subject to adjustment during the lease term. Upon completion of the lease term, such amounts become a payable to or a receivable from ARO. In addition, the accounts payable balance includes amounts owed to ARO for certain reimbursable costs.
The principal amount and discount of the Notes Receivable from ARO were as follows (in millions):

June 30, 2026December 31, 2025
Principal amount$400.7 $400.7 
Discount(43.5)(55.7)
Carrying value$357.2 $345.0 
Interest receivable (1) (2)
$11.1 $— 

(1)Our interest receivable from ARO is included in Accounts receivable, net in our Condensed Consolidated Balance Sheets.
(2)The 2025 interest on the Notes Receivable from ARO of approximately $24.1 million was paid in kind in December 2025 by increasing the principal balance of the Notes Receivable from ARO.

Interest income earned on the Notes Receivable from ARO was as follows (in millions):

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Interest income$5.6 $4.0 $11.1 $8.0 
Non-cash amortization (1)
6.1 6.2 12.2 12.3 
Total interest income on the Notes Receivable from ARO$11.7 $10.2 $23.3 $20.3 

(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.
v3.26.1
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2026
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, 2026December 31, 2025
Carrying Value  Estimated Fair Value  Carrying ValueEstimated Fair Value  
2030 Second Lien Notes (1)
$1,087.6 $1,142.9 $1,086.0 $1,144.9 
Notes Receivable from ARO (2)
$357.2 $409.5 $345.0 $403.8 

(1)The estimated fair value of the 2030 Second Lien Notes (as defined in "Note 8 - Debt") was determined using quoted market prices, which are level 1 inputs.
(2)The estimated fair value of the 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.
v3.26.1
Property and Equipment (Tables)
 6 Months Ended
Jun. 30, 2026
Property, Plant, and Equipment [Abstract]  
Schedule of Property And Equipment
Property and equipment consisted of the following (in millions):

June 30, 2026December 31, 2025
Drilling rigs and equipment$2,082.0 $1,958.8 
Work-in-progress695.4 590.3 
Other49.4 49.2 
Total property and equipment, at cost
$2,826.8 $2,598.3 
v3.26.1
Pension and Other Postretirement Benefits (Tables)
 6 Months Ended
Jun. 30, 2026
Retirement Benefits [Abstract]  
Schedule of Net Benefit Costs
The components of net periodic pension and retiree medical (income) loss were as follows (in millions):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Interest cost$7.4 $7.8 $14.8 $15.4 
Expected return on plan assets(8.1)(7.3)(16.2)(14.5)
Amortization of net gain(0.2)(0.2)(0.4)(0.4)
Net periodic pension and retiree medical (income) loss (1)
$(0.9)$0.3 $(1.8)$0.5 

(1)Included in Other, net in our Condensed Consolidated Statements of Operations.
v3.26.1
Earnings Per Share (Tables)
 6 Months Ended
Jun. 30, 2026
Earnings Per Share [Abstract]  
Schedule of Weighted Average Number of 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, 2026 and 2025 (in millions), except per share amounts:

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Income attributable to our shares $50.4 $115.1 $34.0 $77.2 
Weighted average shares outstanding:
Basic69.3 71.1 69.2 71.1 
Effect of stock equivalents1.1 0.2 1.1 0.2 
Diluted70.4 71.3 70.3 71.3 
EARNINGS PER SHARE:
Basic$0.73 $1.62 $0.49 $1.09 
Diluted$0.72 $1.61 $0.48 $1.08 
v3.26.1
Shareholders Equity (Tables)
 6 Months Ended
Jun. 30, 2026
Stockholders' Equity Note [Abstract]  
Schedule Of Activity In Our Various Shareholders Equity
Activity in our various shareholders' equity accounts for the three and six months ended June 30, 2026 and 2025 were as follows (in millions):
 Shares 
Issued		Par ValueAdditional
Paid-in
Capital		WarrantsRetained EarningsAOCI Treasury
Shares		Non-controlling
Interest
BALANCE, December 31, 202576.4 $0.8 $1,134.9 $16.4 $2,381.7 $60.9 $(425.1)$2.1 
Net loss— — — — (16.4)— — (1.6)
Share-based compensation cost— — 6.4 — — — — — 
Shares issued under share-based compensation plans, net
0.1 — — — — — — — 
Net changes in pension and other postretirement benefits
— — — — — (0.2)— — 
Shares withheld for taxes on vesting of share-based awards
— — (1.4)— — — — — 
Foreign currency translation adjustments
— — — — — 3.2 — — 
BALANCE, March 31, 202676.5 $0.8 $1,139.9 $16.4 $2,365.3 $63.9 $(425.1)$0.5 
Net income (loss)— — — — 50.4 — — (3.4)
Share-based compensation cost
— — 9.2 — — — — — 
Net changes in pension and other postretirement benefits
— — — — — (0.2)— — 
Shares withheld for taxes on vesting of share-based awards— — (0.1)— — — — — 
Foreign currency translation adjustments
— — — — — 0.2 — — 
BALANCE, June 30, 202676.5 $0.8 $1,149.0 $16.4 $2,415.7 $63.9 $(425.1)$(2.9)

Shares 
Issued		Par ValueAdditional
Paid-in
Capital		WarrantsRetained EarningsAOCITreasury
Shares		Non-controlling
Interest
BALANCE, December 31, 2024
76.2 $0.8 $1,113.3 $16.4 $1,398.9 $34.2 $(325.1)$5.8 
Net loss— — — — (37.9)— — (1.3)
Share-based compensation cost— — 5.6 — — — — — 
Shares issued under share-based compensation plans, net
0.1 — — — — — — — 
Net changes in pension and other postretirement benefits
— — — — — (0.2)— — 
Shares withheld for taxes on vesting of share-based awards
— — (0.3)— — — — — 
Foreign currency translation adjustments
— — — — — 1.3 — — 
BALANCE, March 31, 2025
76.3 $0.8 $1,118.6 $16.4 $1,361.0 $35.3 $(325.1)$4.5 
Net income (loss)— — — — 115.1 — — (0.9)
Share-based compensation cost— — 6.0 — — — — — 
Net changes in pension and other postretirement benefits— — — — — (0.2)— — 
Foreign currency translation adjustments
— — — — — 1.8 — — 
BALANCE, June 30, 2025
76.3 $0.8 $1,124.6 $16.4 $1,476.1 $36.9 $(325.1)$3.6 
v3.26.1
Segment Information (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting, Revenue [Abstract]  
Schedule Of Segment Reporting Information
Segment information for the three and six months ended June 30, 2026 and 2025 are presented below (in millions):
Three Months Ended June 30, 2026

FloatersJackupsAROOtherReconciling ItemsConsolidated Total
Operating revenues:
Revenues (exclusive of reimbursable revenues)
$279.0 $183.4 $126.9 $39.9 $(126.9)$502.3 
Reimbursable revenues11.0 13.8 — 12.1 — 36.9 
Total operating revenues290.0 197.2 126.9 52.0 (126.9)539.2 
Operating expenses:
Contract drilling expenses (exclusive of depreciation and reimbursable expenses)
167.9 143.9 71.6 27.4 (30.4)380.4 
Reimbursable expenses10.5 12.7 — 11.9 — 35.1 
Total contract drilling expenses (exclusive of depreciation)
178.4 156.6 71.6 39.3 (30.4)415.5 
Depreciation17.2 16.2 22.0 6.1 (16.9)44.6 
General and administrative— — 10.6 — 16.6 27.2 
Merger and integration expenses— — — — 11.4 11.4 
Total operating expenses
195.6 172.8 104.2 45.4 (19.3)498.7 
Equity in earnings of ARO— — — — 10.6 10.6 
Operating income$94.4 $24.4 $22.7 $6.6 $(97.0)$51.1 
Property and equipment, net$1,320.2 $636.3 $1,270.4 $224.1 $(1,217.2)$2,233.8 
Capital expenditures$58.4 $21.6 $39.3 $24.1 $(37.9)$105.5 
Three Months Ended June 30, 2025

FloatersJackupsAROOtherReconciling ItemsConsolidated Total
Operating revenues:
Revenues (exclusive of reimbursable revenues)
$319.7 $212.0 $139.9 $40.6 $(139.9)$572.3 
Reimbursable revenues
7.2 26.0 — 9.7 — 42.9 
Total operating revenues
326.9 238.0 139.9 50.3 (139.9)615.2 
Operating expenses:
Contract drilling expenses (exclusive of depreciation and reimbursable expenses)
176.3 124.3 96.4 17.4 (59.2)355.2 
Reimbursable expenses
6.7 24.3 — 9.5 — 40.5 
Total contract drilling expenses (exclusive of depreciation)
183.0 148.6 96.4 26.9 (59.2)395.7 
Depreciation14.6 14.6 28.7 2.8 (25.2)35.5 
General and administrative— — 6.6 — 12.2 18.8 
Total operating expenses197.6 163.2 131.7 29.7 (72.2)450.0 
Equity in losses of ARO— — — — (1.1)(1.1)
Operating income$129.3 $74.8 $8.2 $20.6 $(68.8)$164.1 
Property and equipment, net$1,183.3 $643.4 $1,214.9 $133.6 $(1,153.6)$2,021.6 
Capital expenditures
$25.2 $39.8 $14.1 $— $(11.9)$67.2 

Six Months Ended June 30, 2026

FloatersJackupsAROOtherReconciling ItemsConsolidated Total
Operating revenues:
Revenues (exclusive of reimbursable revenues)
$471.6 $379.2 $254.3 $81.6 $(254.3)$932.4 
Reimbursable revenues16.0 28.2 — 28.0 — 72.2 
Total operating revenues487.6 407.4 254.3 109.6 (254.3)1,004.6 
Operating expenses:
Contract drilling expenses (exclusive of depreciation and reimbursable expenses)
318.5 272.7 146.7 50.1 (67.2)720.8 
Reimbursable expenses15.4 25.9 — 26.8 — 68.1 
Total contract drilling expenses (exclusive of depreciation)
333.9 298.6 146.7 76.9 (67.2)788.9 
Depreciation32.9 32.7 46.9 12.3 (37.5)87.3 
General and administrative— — 17.7 — 34.8 52.5 
Merger and integration expenses— — — — 25.0 25.0 
Other operating income(2.8)— — — — (2.8)
Total operating expenses
364.0 331.3 211.3 89.2 (44.9)950.9 
Equity in earnings of ARO— — — — 17.4 17.4 
Operating income$123.6 $76.1 $43.0 $20.4 $(192.0)$71.1 
Property and equipment, net$1,320.2 $636.3 $1,270.4 $224.1 $(1,217.2)$2,233.8 
Capital expenditures$113.7 $44.6 $71.6 $46.6 $(70.1)$206.4 
Six Months Ended June 30, 2025

FloatersJackupsAROOtherReconciling ItemsConsolidated Total
Operating revenues:
Revenues (exclusive of reimbursable revenues)
$675.7 $397.9 $274.6 $76.5 $(274.6)$1,150.1 
Reimbursable revenues
16.1 53.7 — 16.0 — 85.8 
Total operating revenues
691.8 451.6 274.6 92.5 (274.6)1,235.9 
Operating expenses:
Contract drilling expenses (exclusive of depreciation and reimbursable expenses)
380.3 241.0 182.0 33.4 (107.5)729.2 
Reimbursable expenses
15.0 50.7 — 15.8 — 81.5 
Total contract drilling expenses (exclusive of depreciation)
395.3 291.7 182.0 49.2 (107.5)810.7 
Depreciation28.8 27.3 58.2 5.6 (51.3)68.6 
General and administrative— — 12.9 — 30.3 43.2 
Other operating loss
7.8 — — — — 7.8 
Total operating expenses431.9 319.0 253.1 54.8 (128.5)930.3 
Equity in earnings of ARO— — — — 1.5 1.5 
Operating income$259.9 $132.6 $21.5 $37.7 $(144.6)$307.1 
Property and equipment, net$1,183.3 $643.4 $1,214.9 $133.6 $(1,153.6)$2,021.6 
Capital expenditures
$52.2 $110.0 $22.1 $— $(16.9)$167.4 
Schedule Of Geographic Distribution Of Rigs By Segment
As of June 30, 2026, the geographic distribution of our and ARO's drilling rigs was as follows:
FloatersJackupsOtherTotal ValarisARO
Middle East & Africa4 5 7 16 9 
Europe
4 11 — 15 — 
North & South America
5 3 — 8 — 
Asia & Pacific Rim1 3 — 4 — 
Held for sale(1)
— 1 — 1 — 
Total14 23 7 44 9 
(1)VALARIS 109 was classified as held for sale and is preservation stacked in Africa as of June 30, 2026. See "Note 5 - Property and Equipment" for more information.
v3.26.1
Supplemental Financial Information (Tables)
 6 Months Ended
Jun. 30, 2026
Supplemental Financial Information [Abstract]  
Accounts Receivable, Net
Accounts receivable, net, consisted of the following (in millions):
June 30, 2026December 31, 2025
Trade$427.4 $424.1 
Income tax receivables(1)
6.4 49.8 
Other28.6 15.8 
462.4 489.7 
Allowance for doubtful accounts(2)
(4.3)(14.9)
$458.1 $474.8 

(1)We received U.S. income tax refunds totaling approximately $43.0 million during the six months ended June 30, 2026.
(2)During the second quarter of 2026, we recognized an $11.7 million reversal of previously recognized bad debt expense in connection with a favorable legal settlement resulting in the collection of outstanding customer invoices from 2020.
Other Current Assets
Other current assets consisted of the following (in millions):
June 30, 2026December 31, 2025
Prepaid taxes$75.2 $58.2 
Deferred costs54.5 37.7 
Prepaid expenses24.5 13.3 
Other43.2 35.5 
$197.4 $144.7 
Schedule of Accrued Liabilities
Accrued liabilities and other consisted of the following (in millions):
June 30, 2026December 31, 2025
Current contract liabilities (deferred revenues)$117.5 $87.7 
Income and other taxes payable80.5 73.9 
Personnel costs67.5 81.6 
Lease liabilities30.7 35.6 
Accrued claims16.0 21.3 
Accrued interest15.4 15.4 
Other31.2 27.9 
$358.8 $343.4 
Other Liabilities
Other liabilities consisted of the following (in millions):
June 30, 2026December 31, 2025
Unrecognized tax benefits (inclusive of interest and penalties)$137.8 $136.2 
Noncurrent contract liabilities (deferred revenues)74.0 63.2 
Pension and other post-retirement benefits59.5 68.3 
Lease liabilities
47.2 37.3 
Other18.2 20.8 
$336.7 $325.8 
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,
2026202520262025
Net gain on sale of property$37.7 $0.8 $36.1 $27.9 
Net foreign currency exchange losses(1.7)(9.1)(3.4)(14.3)
Net periodic pension and retiree medical income (loss)0.9 (0.3)1.8 (0.5)
Other income (expense)0.3 (0.1)0.4 (0.6)
$37.2 $(8.7)$34.9 $12.5 
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance Consolidated revenues with customers that individually contributed 10% or more of revenue in either of the three and six months ended June 30, 2026 and 2025 were as follows:
Three Months Ended
June 30, 2026June 30, 2025
FloatersJackupsOtherTotalFloatersJackupsOtherTotal
BP plc ("BP")5 %6 %7 %18 %3 %3 %5 %11 %
Petróleo Brasileiro S.A. ("Petrobras")16 %— %— %16 %13 %— %— %13 %
Azule Energy ("Azule")9 %4 %— %13 %7 %3 %— %10 %
Equinor ASA ("Equinor")10 %— %— %10 %6 %— %— %6 %
Other customers (1)
14 %26 %3 %43 %24 %33 %3 %60 %
54 %36 %10 %100 %53 %39 %8 %100 %

Six Months Ended
June 30, 2026June 30, 2025
FloatersJackupsOtherTotalFloatersJackupsOtherTotal
Petrobras16 %— %— %16 %13 %— %— %13 %
BP 3 %5 %6 %14 %4 %3 %5 %12 %
Azule9 %5 %— %14 %7 %2 %— %9 %
Equinor6 %— %— %6 %7 %— %— %7 %
Other customers (1)
15 %31 %4 %50 %25 %32 %2 %59 %
49 %41 %10 %100 %56 %37 %7 %100 %
(1)Other customers includes customers that individually contributed to less than 10% of our total revenues.
Schedule of Cash Flow, Supplemental Disclosures
The following table provides a reconciliation of the amount of cash and cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets that sum to the total of the same such amounts shown within the Condensed Consolidated Statements of Cash Flows (in millions):

June 30,
2026		December 31,
2025
Cash and cash equivalents
$541.2 $599.4 
Restricted cash—current (1)
6.1 7.0 
Restricted cash—non-current (1)
10.7 11.1 
$558.0 $617.5 
(1)Restricted cash consists primarily of collateral on letters of credit of $15.1 million and $16.3 million as of June 30, 2026 and December 31, 2025, respectively. Restricted cash—current is included in Other current assets and Restricted cash—non-current is included in Other assets in our Condensed Consolidated Balance Sheets. See "Note 11 - Contingencies" for more information regarding our letters of credit.
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue Consolidated revenues for locations that individually had 10% or more of revenue were as follows (in millions):
Three Months Ended
June 30, 2026June 30, 2025
FloatersJackupsOtherTotalFloatersJackupsOtherTotal
Brazil$138.3 $— $— $138.3 $154.2 $— $— $154.2 
Angola74.1 23.5 — 97.6 42.3 21.3 — 63.6 
United Kingdom— 93.6 — 93.6 — 97.8 — 97.8 
Gulf of America
40.6 1.0 33.2 74.8 65.7 — 32.8 98.5 
Australia
— 16.0 — 16.0 38.0 40.1 — 78.1 
Other countries (1)
37.0 63.1 18.8 118.9 26.7 78.8 17.5 123.0 
$290.0 $197.2 $52.0 $539.2 $326.9 $238.0 $50.3 $615.2 

Six Months Ended
June 30, 2026June 30, 2025
FloatersJackupsOtherTotalFloatersJackupsOtherTotal
Brazil$224.1 $— $— $224.1 $318.2 $— $— $318.2 
United Kingdom— 194.1 — 194.1 — 198.5 — 198.5 
Angola144.7 46.8 — 191.5 84.5 25.6 — 110.1 
Gulf of America
81.8 1.0 64.4 147.2 131.1 — 60.8 191.9 
Australia
— 32.2 — 32.2 77.6 85.6 — 163.2 
Other countries (1)
37.0 133.3 45.2 215.5 80.4 141.9 31.7 254.0 
$487.6 $407.4 $109.6 $1,004.6 $691.8 $451.6 $92.5 $1,235.9 
(1)Other countries includes locations that individually contributed to less than 10% of our total revenues.
v3.26.1
Unaudited Condensed Consolidated Financial Statements (Details) - Transocean Ltd.
$ in Millions
Feb. 09, 2026
USD ($)
shares
Business Combination [Line Items]  
Business Combination, Consideration Transferred, Equity Interest Issued And Issuable | shares 15.235
Business Combination, Voting Equity Interest Acquired, Percentage 47.00%
Business Combination, Termination Fees | $ $ 173.0
Transocean Ltd.  
Business Combination [Line Items]  
Business Combination, Voting Equity Interest Acquired, Percentage 53.00%
v3.26.1
Revenue from Contracts with Customers (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
Capitalized Contract Cost [Line Items]          
Capitalized Contract Cost, Net $ 74.4   $ 74.4    
Upfront Rig Mobilizations And Certain Contract Preparation [Member]          
Capitalized Contract Cost [Line Items]          
Capitalized Contract Cost, Net 68.0   68.0   $ 36.6
Capitalized Contract Cost, Amortization 18.9 $ 8.8 32.5 $ 21.6  
Deferred Certification Costs          
Capitalized Contract Cost [Line Items]          
Capitalized Contract Cost, Net 6.4   6.4   $ 7.6
Capitalized Contract Cost, Amortization $ 1.8 $ 2.2 $ 3.7 $ 4.4  
Minimum          
Capitalized Contract Cost [Line Items]          
Remaining duration of drilling contracts 1 month   1 month    
Maximum          
Capitalized Contract Cost [Line Items]          
Remaining duration of drilling contracts 4 years   4 years    
v3.26.1
Revenue from Contracts with Customers Components of Contract Assets and Contract Liabilities (Details) - USD ($)
$ in Millions
Jun. 30, 2026
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]    
Current contract assets $ 9.5 $ 4.3
Noncurrent contract assets 15.1 12.8
Current contract liabilities (deferred revenues) 117.5 87.7
Noncurrent contract liabilities (deferred revenues) $ 74.0 $ 63.2
v3.26.1
Revenue from Contracts with Customers Schedule of Contract Assets and Liabilities (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Dec. 31, 2025
Contract Assets    
Contract with Customer, Asset, after Allowance for Credit Loss $ 24.6 $ 17.1
Revenue from Contract with Customer, Excluding Assessed Tax 10.6  
Contract with Customer, Asset, Reclassified to Receivable (3.1)  
Contract Liabilities    
Contract with Customer, Liability 191.5 $ 150.9
Contract with Customer, Liability, Increase from Cash Receipts 101.6  
Contract with Customer, Liability, Revenue Recognized, Included In Beginning Balance (47.2)  
Contract with Customer, Liability, Revenue Recognized, Added During Period (13.8)  
Contract with Customer, Liability, Reclassified to Payable $ 0.0  
v3.26.1
Revenue from Contracts with Customers Future Amortization of Liabilities and Deferred Costs (Details)
$ in Millions
Jun. 30, 2026
USD ($)
Capitalized Contract Cost [Line Items]  
Revenue, Remaining Performance Obligation, Amount $ 191.5
Capitalized Contract Cost, Net $ 74.4
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-07-01  
Capitalized Contract Cost [Line Items]  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 6 months
Revenue, Remaining Performance Obligation, Amount $ 61.7
Capitalized Contract Cost, Amortization Expense, Remainder Of Fiscal Year $ 34.4
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01  
Capitalized Contract Cost [Line Items]  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1 year
Revenue, Remaining Performance Obligation, Amount $ 76.1
Capitalized Contract Cost, Amortization Expense, Year Two $ 32.3
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01  
Capitalized Contract Cost [Line Items]  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1 year
Revenue, Remaining Performance Obligation, Amount $ 17.1
Capitalized Contract Cost, Amortization Expense, Year Three $ 7.3
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01  
Capitalized Contract Cost [Line Items]  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1 year
Revenue, Remaining Performance Obligation, Amount $ 36.6
Capitalized Contract Cost, Amortization Expense, Year Four and Thereafter $ 0.4
v3.26.1
Equity Method Investment In ARO Narrative (Details)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
USD ($)
jackup
rigs
Jun. 30, 2026
USD ($)
jackup
rigs
Jan. 31, 2020
jackup
Schedule of Equity Method Investments [Line Items]      
Total Number Of Contract Drilling Rigs | rigs 44 44  
Number of Newbuild Jackup Rigs 20 20  
Number of ARO newbuild rigs ordered     2
Shareholder Notes Payable, Term   10 years  
Debt Instrument, Basis Spread on Variable Rate   2.10%  
Number of ARO Rigs ordered 2 2  
ARO      
Schedule of Equity Method Investments [Line Items]      
Total Number Of Contract Drilling Rigs | rigs 9 9  
Total Number Of Contract Drilling Rigs, Leased | rigs 7 7  
Number of ARO Rigs ordered 2 2  
ARO      
Schedule of Equity Method Investments [Line Items]      
Equity Method Investment, Ownership Percentage 50.00% 50.00%  
EquityMethodInvestmentAdjustmentRecognizedInIncome | $ $ 14.3 $ 14.3  
v3.26.1
Equity Method Investment In ARO - Summarized Financial Data (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Investment Owned, Balance [Abstract]        
Equity in earnings (losses) of ARO $ 10.6 $ (1.1) $ 17.4 $ 1.5
ARO        
Investment Owned, Balance [Abstract]        
Income (Loss) From Equity Method Investments, Ownership Interest 7.4 (4.3) 11.1 (4.8)
Amortization of basis differences 3.2 3.2 6.3 6.3
Equity in earnings (losses) of ARO 10.6 $ (1.1) 17.4 $ 1.5
EquityMethodInvestmentAdjustmentRecognizedInIncome $ 14.3   $ 14.3  
v3.26.1
Equity Method Investment in ARO - Schedule of Related Parties (Details) - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended 6 Months Ended
Dec. 31, 2025
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Schedule of Equity Method Investments [Line Items]          
    Accounts receivable, net $ 474.8 $ 458.1   $ 458.1  
Contract with Customer, Asset, after Allowance for Credit Loss 17.1 24.6   24.6  
Contract with Customer, Liability 150.9 191.5   191.5  
Accounts payable - trade 348.2 416.0   416.0  
Carrying value 345.0 357.2   357.2  
Paid-in-Kind Interest 24.1        
ARO          
Schedule of Equity Method Investments [Line Items]          
    Accounts receivable, net 47.8 34.1   34.1  
Contract with Customer, Asset, after Allowance for Credit Loss 2.0 0.6   0.6  
Contract with Customer, Liability 16.3 26.2   26.2  
Accounts payable - trade 61.8 64.1   64.1  
Principal amount 400.7 400.7   400.7  
Discount (55.7) (43.5)   (43.5)  
Carrying value 345.0 357.2   357.2  
Interest receivable $ 0.0 11.1   11.1  
Interest income   5.6 $ 4.0 11.1 $ 8.0
Accretion of Discount on the Notes Receivable   6.1 6.2 12.2 12.3
Total interest income on the Notes Receivable from ARO   11.7 10.2 23.3 20.3
Lease Revenue From Related Party excluding reimbursable revenues   14.8 16.9 33.3 30.4
Reimbursable Lease Revenue From Related Party   3.1 0.0 10.2 0.0
Lease Revenue From Related Party   $ 17.9 $ 16.9 $ 43.5 $ 30.4
v3.26.1
Fair Value Measurements (Schedule Of Carrying Values And Estimated Fair Values Of Debt Instruments) (Details) - USD ($)
$ in Millions
Jun. 30, 2026
Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
LONG-TERM NOTES RECEIVABLE FROM ARO $ 357.2 $ 345.0
ARO    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
LONG-TERM NOTES RECEIVABLE FROM ARO 357.2 345.0
Reported Value Measurement [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
LONG-TERM NOTES RECEIVABLE FROM ARO 357.2 345.0
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 1,087.6 1,086.0
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 409.5 403.8
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 $ 1,142.9 $ 1,144.9
v3.26.1
Property and Equipment (Schedule of Property and Equipment) (Details) - USD ($)
$ in Millions
Jun. 30, 2026
Dec. 31, 2025
Property, Plant, and Equipment [Line Items]    
PROPERTY AND EQUIPMENT, AT COST $ 2,826.8 $ 2,598.3
Equipment    
Property, Plant, and Equipment [Line Items]    
PROPERTY AND EQUIPMENT, AT COST 2,082.0 1,958.8
Work-in-progress    
Property, Plant, and Equipment [Line Items]    
PROPERTY AND EQUIPMENT, AT COST 695.4 590.3
Other    
Property, Plant, and Equipment [Line Items]    
PROPERTY AND EQUIPMENT, AT COST $ 49.4 $ 49.2
v3.26.1
Property, Plant, and Equipment Narrative (Details)
$ in Millions
 1 Months Ended 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2026
USD ($)
Apr. 30, 2026
USD ($)
Jan. 31, 2026
USD ($)
Apr. 30, 2025
USD ($)
Sep. 30, 2026
USD ($)
Jun. 30, 2026
USD ($)
Mar. 31, 2026
USD ($)
Jun. 30, 2025
USD ($)
drillship
Mar. 31, 2025
USD ($)
Jun. 30, 2026
USD ($)
Jun. 30, 2025
USD ($)
drillship
Mar. 31, 2025
USD ($)
Dec. 31, 2027
USD ($)
Dec. 31, 2025
USD ($)
Property, Plant, and Equipment [Line Items]                            
Proceeds from disposition of assets                   $ 60.3 $ 27.6      
Semisubmersible Rigs, Retired | drillship               3     3      
Other operating (income) loss           $ 0.0 $ 2.8 $ 0.0   2.8 $ (7.8)      
Assets held for sale $ 2.0         2.0       2.0       $ 6.4
Gain (Loss) on Disposition of Property Plant Equipment           37.7   0.8   $ 36.1 $ 27.9      
Angola office                            
Property, Plant, and Equipment [Line Items]                            
Proceeds from disposition of assets               2.7 $ 2.5     $ 5.2    
Gain (Loss) on Disposition of Property Plant Equipment               4.0            
V75 | Jackups Member                            
Property, Plant, and Equipment [Line Items]                            
Proceeds from disposition of assets     $ 5.0         14.0            
Gain (Loss) on Disposition of Property Plant Equipment               23.0            
V75 | Jackups Member | Subsequent Event                            
Property, Plant, and Equipment [Line Items]                            
Proceeds from disposition of assets                         $ 5.0  
DPS-3, DPS-5 & DPS-6 | Floaters                            
Property, Plant, and Equipment [Line Items]                            
Proceeds from disposition of assets       $ 10.0                    
Asset, Impairment Loss               $ 7.8            
DPS-1                            
Property, Plant, and Equipment [Line Items]                            
Proceeds from disposition of assets           10.1                
DPS-1 | Floaters                            
Property, Plant, and Equipment [Line Items]                            
Asset, Impairment Loss                           15.8
Assets held for sale                           $ 6.4
V109 | Jackups Member                            
Property, Plant, and Equipment [Line Items]                            
Proceeds from disposition of assets $ 3.4                          
V109 | Jackups Member | Subsequent Event                            
Property, Plant, and Equipment [Line Items]                            
Proceeds from disposition of assets         $ 34.0                  
Gain (Loss) on Disposition of Property Plant Equipment         $ 31.0                  
V104 | Jackups Member                            
Property, Plant, and Equipment [Line Items]                            
Proceeds from disposition of assets   $ 40.0                        
Gain (Loss) on Disposition of Property Plant Equipment           $ 36.6                
v3.26.1
Pension and other Postretirement Benefits - Narrative (Schedule of Net Benefit Costs) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Retirement Benefits [Abstract]        
Defined Benefit Plan, Interest Cost $ 7.4 $ 7.8 $ 14.8 $ 15.4
Defined Benefit Plan, Expected Return (Loss) on Plan Assets (8.1) (7.3) (16.2) (14.5)
Defined Benefit Plan, Amortization of Gain (Loss) 0.2 0.2 0.4 0.4
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) $ (0.9) $ 0.3 $ (1.8) $ 0.5
v3.26.1
Earnings Per Share - Reconciliation of Weighted-Average Shares (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Earnings Per Share [Abstract]        
Net Income (Loss) Attributable to Parent $ 50.4 $ 115.1 $ 34.0 $ 77.2
Basic (in shares) 69.3 71.1 69.2 71.1
Incremental Common Shares Attributable to Dilutive Effect of Share-Based Payment Arrangements 1.1 0.2 1.1 0.2
Diluted (in shares) 70.4 71.3 70.3 71.3
Basic (in dollars per share) $ 0.73 $ 1.62 $ 0.49 $ 1.09
Diluted (in dollars per share) $ 0.72 $ 1.61 $ 0.48 $ 1.08
v3.26.1
Earnings Per Share (Narrative) (Details) - $ / shares
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Earnings Per Share [Abstract]        
Antidilutive share options excluded from computation of diluted earnings per share (in shares) 60,000 255,000 80,000 274,000
Class of Warrant or Right (in shares) 5,470,758   5,470,758  
Class of Warrant or Right, Exercise Price of Warrants or Rights $ 131.88   $ 131.88  
v3.26.1
Debt (Narrative) (Details) - USD ($)
 6 Months Ended
Apr. 03, 2023
Jun. 30, 2026
Aug. 21, 2023
Apr. 19, 2023
Debt Instrument [Line Items]        
Debt Instrument, Basis Spread on Variable Rate   2.10%    
Revolving Credit Facility        
Debt Instrument [Line Items]        
Line of Credit Facility, Maximum Borrowing Capacity $ 375,000,000.0      
Line of Credit Facility, Additional Borrowing Capacity $ 200,000,000.0      
Long-Term Line of Credit   $ 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 | Federal Fund Rate Plus One Half Member | Federal Funds Rate        
Debt Instrument [Line Items]        
Debt Instrument, Basis Spread on Variable Rate 0.50%      
Revolving Credit Facility | Term SOFR Plus One Tenth Member | Maximum | Standards & Poor's Financial Services LLC        
Debt Instrument [Line Items]        
Debt Instrument, Basis Spread on Variable Rate 3.00%      
Revolving Credit Facility | Term SOFR Plus One Tenth Member | Maximum | Moody's Investors Service, Inc.        
Debt Instrument [Line Items]        
Debt Instrument, Basis Spread on Variable Rate 4.00%      
Revolving Credit Facility | Term SOFR Plus One Tenth Member | Minimum | Standards & Poor's Financial Services LLC        
Debt Instrument [Line Items]        
Debt Instrument, Basis Spread on Variable Rate 1.50%      
Revolving Credit Facility | Term SOFR Plus One Tenth Member | Minimum | Moody's Investors Service, Inc.        
Debt Instrument [Line Items]        
Debt Instrument, Basis Spread on Variable Rate 2.50%      
Revolving Credit Facility | Term SOFR Plus One Tenth Member | Secured Overnight Financing Rate (SOFR) | Maximum        
Debt Instrument [Line Items]        
Debt Instrument, Basis Spread on Variable Rate 0.10%      
Revolving Credit Facility | Term SOFR Plus One Tenth Member | 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 $ 150,000,000.0      
Senior Notes | Second Lien Notes        
Debt Instrument [Line Items]        
Debt Instrument, Face Amount       $ 700,000,000.0
Senior Notes | Additional Second Lien Notes        
Debt Instrument [Line Items]        
Debt Instrument, Face Amount     $ 400,000,000.0  
Debt Instrument, Issued, Percentage of Par     100.75%  
Senior Notes | Second Lien Notes        
Debt Instrument [Line Items]        
Debt Instrument, Interest Rate, Stated Percentage       8.375%
v3.26.1
Shareholders Equity Shareholders' Equity (Details) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Mar. 31, 2026
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2026
Jun. 30, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Beginning balance   $ 3,171.7     $ 3,171.7  
Net income $ 47.0   $ 114.2   29.0 $ 75.0
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (0.1)          
Net other comprehensive income (loss) 0.0   1.6   3.0 2.7
Ending balance 3,217.8       3,217.8  
Net Income (Loss) Attributable to Noncontrolling Interest (3.4)   (0.9)   (5.0) (2.2)
Net Income (Loss) Attributable to Parent 50.4   $ 115.1   34.0 $ 77.2
Share Repurchase Program, Remaining Authorized, Amount $ 175.0       $ 175.0  
Common Stock            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Beginning balance (in shares) 76.5 76.4 76.3 76.2 76.4 76.2
Beginning balance $ 0.8 $ 0.8 $ 0.8 $ 0.8 $ 0.8 $ 0.8
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period   0.1   0.1    
Ending balance (in shares) 76.5 76.5 76.3 76.3 76.5 76.3
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 1,139.9 1,134.9 1,118.6 1,113.3 1,134.9 1,113.3
APIC, Share-Based Payment Arrangement, Increase for Cost Recognition 9.2 6.4 6.0 5.6    
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation   (1.4)   (0.3)    
Ending balance 1,149.0 1,139.9 1,124.6 1,118.6 1,149.0 1,124.6
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 2,365.3 2,381.7 1,361.0 1,398.9 2,381.7 1,398.9
Ending balance 2,415.7 2,365.3 1,476.1 1,361.0 2,415.7 1,476.1
Net Income (Loss) Attributable to Parent 50.4 (16.4) 115.1 (37.9)    
AOCI             
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Beginning balance 63.9 60.9 35.3 34.2 60.9 34.2
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, after Tax (0.2) (0.2) (0.2) (0.2)    
Net other comprehensive income (loss) 0.2 3.2 1.8 1.3    
Ending balance 63.9 63.9 36.9 35.3 63.9 36.9
Treasury Stock, Common            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Beginning balance (425.1) (425.1) (325.1) (325.1) (425.1) (325.1)
Ending balance (425.1) (425.1) (325.1) (325.1) (425.1) (325.1)
Non-controlling Interest            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Beginning balance 0.5 2.1 4.5 5.8 2.1 5.8
Ending balance (2.9) 0.5 3.6 4.5 $ (2.9) $ 3.6
Net Income (Loss) Attributable to Noncontrolling Interest $ (3.4) $ (1.6) $ (0.9) $ (1.3)    
v3.26.1
Shareholders' Equity (Details) - shares
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Stockholders' Equity Note [Abstract]        
Treasury Stock, Shares, Acquired 0 0 0 0
v3.26.1
Shareholders Equity Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Feb. 01, 2024
Stockholders' Equity Note [Abstract]          
Stock Repurchase Program, Authorized Amount         $ 600.0
Treasury Stock, Shares, Acquired 0 0 0 0  
Share Repurchase Program, Remaining Authorized, Amount $ 175.0   $ 175.0    
v3.26.1
Income Taxes (Narrative) (Details)
RM in Millions, $ in Millions, $ in Millions
 1 Months Ended 3 Months Ended 6 Months Ended 24 Months Ended
Feb. 29, 2024
USD ($)
Feb. 29, 2024
MYR (RM)
Jun. 30, 2026
USD ($)
Mar. 31, 2026
USD ($)
Jun. 30, 2025
USD ($)
Jun. 30, 2025
AUD ($)
Mar. 31, 2025
USD ($)
Jun. 30, 2026
USD ($)
Jun. 30, 2025
USD ($)
Dec. 31, 2025
USD ($)
Effective Income Tax Rate Reconciliation [Line Items]                    
Income tax benefit     $ 33.6   $ 31.5     $ 62.0 $ 225.0  
Deferred Foreign Income Tax Expense (Benefit)             $ 168.8      
Effective Income Tax Rate, Continuing Operations, Excluding Discrete Items     19.80%   15.20% 15.20%   21.70% 15.20%  
Effective Income Tax Rate, Continuing Operations, Excluding Discrete Items     19.80%   15.20% 15.20%   21.70% 15.20%  
MALAYSIA                    
Effective Income Tax Rate Reconciliation [Line Items]                    
Payments for Other Taxes       $ 8.0     18.0     $ 26.0
Loss Contingency, Damages Sought, Value | RM   RM 117.0                
Income Tax Examination, Penalties and Interest Expense $ 29.0                  
Payments for Other Taxes       $ 8.0     $ 18.0     $ 26.0
Income Tax Examination, Penalties and Interest Expense $ 29.0                  
Australian Taxation Office                    
Effective Income Tax Rate Reconciliation [Line Items]                    
Proceeds from Income Tax Refund, Foreign         $ 26.0 $ 42.0        
Proceeds from Income Tax Refund, Foreign         $ 26.0 $ 42.0        
v3.26.1
Contingencies (Narrative) (Details)
$ in Millions
 1 Months Ended 24 Months Ended
Nov. 30, 2025
USD ($)
Oct. 31, 2024
USD ($)
Dec. 31, 2024
jackup
Jun. 30, 2026
USD ($)
jackup
May 31, 2026
Dec. 31, 2025
USD ($)
Apr. 03, 2023
USD ($)
Jan. 31, 2020
jackup
Loss Contingencies [Line Items]                
Number of Newbuild Jackup Rigs | jackup       20        
Maximum Contingent Contributions To Joint Venture       $ 1,250.0        
Max. amount by which VAL commitment to ARO will be reduced with each rig delivery       250.0        
Letters of credit outstanding, amount       111.4        
Deposit Liabilities, Collateral Issued, Financial Instruments       15.1   $ 16.3    
Reduced Contingent Contributions To Joint Venture       $ 1,100.0        
Number of ARO newbuild rigs ordered | jackup               2
Number Of Newbuild Jackup Rigs Delivered | jackup     2          
Kingdom3                
Loss Contingencies [Line Items]                
Long-Term Purchase Commitment, Amount   $ 300.0            
Kingdom4                
Loss Contingencies [Line Items]                
Long-Term Purchase Commitment, Amount $ 300.0              
Kingdom3 & 4                
Loss Contingencies [Line Items]                
Percentage of Down Payment Paid for ARO Newbuilds         25.00%      
Revolving Credit Facility                
Loss Contingencies [Line Items]                
Line of Credit Facility, Maximum Borrowing Capacity             $ 375.0  
v3.26.1
Segment Information (Narrative) (Details)
 6 Months Ended
Jun. 30, 2026
Reportable_segment
drillship
Segment Reporting [Line Items]  
Number of operating segments (in segments) 4
Number of reportable segments 4
Number of Drilling Management Contracts | drillship 2
v3.26.1
Segment Information (Schedule Of Segment Reporting Information) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Mar. 31, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
Segment Reporting [Line Items]            
Revenues (exclusive of reimbursable revenues) $ 502.3   $ 572.3 $ 932.4 $ 1,150.1  
Reimbursable revenues 36.9   42.9 72.2 85.8  
Total operating revenues 539.2   615.2 1,004.6 1,235.9  
Operating expenses:            
Contract Drilling Expenses Exclusive of Depreciation and Reimbursable Expenses 380.4   355.2 720.8 729.2  
Reimbursable expenses 35.1   40.5 68.1 81.5  
Total contract drilling expenses (exclusive of depreciation) 415.5   395.7 788.9 810.7  
Depreciation 44.6   35.5 87.3 68.6  
General and administrative 27.2   18.8 52.5 43.2  
Business Combination, Acquisition-Related Cost, Expense 11.4   0.0 25.0 0.0  
Other operating (income) loss 0.0 $ (2.8) 0.0 (2.8) 7.8  
Costs and Expenses 498.7   450.0 950.9 930.3  
Equity in earnings of ARO (10.6)   1.1 (17.4) (1.5)  
OPERATING INCOME 51.1   164.1 71.1 307.1  
Property and equipment, net (2,233.8)   (2,021.6) (2,233.8) (2,021.6) $ (2,088.8)
Capital expenditures 105.5   67.2 206.4 167.4  
Operating Segments | Floaters            
Segment Reporting [Line Items]            
Revenues (exclusive of reimbursable revenues) 279.0   319.7 471.6 675.7  
Reimbursable revenues 11.0   7.2 16.0 16.1  
Total operating revenues 290.0   326.9 487.6 691.8  
Operating expenses:            
Contract Drilling Expenses Exclusive of Depreciation and Reimbursable Expenses 167.9   176.3 318.5 380.3  
Reimbursable expenses 10.5   6.7 15.4 15.0  
Total contract drilling expenses (exclusive of depreciation) 178.4   183.0 333.9 395.3  
Depreciation 17.2   14.6 32.9 28.8  
General and administrative 0.0   0.0 0.0 0.0  
Business Combination, Acquisition-Related Cost, Expense 0.0     0.0    
Other operating (income) loss       (2.8) 7.8  
Costs and Expenses 195.6   197.6 364.0 431.9  
Equity in earnings of ARO 0.0   0.0 0.0 0.0  
OPERATING INCOME 94.4   129.3 123.6 259.9  
Property and equipment, net (1,320.2)   (1,183.3) (1,320.2) (1,183.3)  
Capital expenditures 58.4   25.2 113.7 52.2  
Operating Segments | Jackups            
Segment Reporting [Line Items]            
Revenues (exclusive of reimbursable revenues) 183.4   212.0 379.2 397.9  
Reimbursable revenues 13.8   26.0 28.2 53.7  
Total operating revenues 197.2   238.0 407.4 451.6  
Operating expenses:            
Contract Drilling Expenses Exclusive of Depreciation and Reimbursable Expenses 143.9   124.3 272.7 241.0  
Reimbursable expenses 12.7   24.3 25.9 50.7  
Total contract drilling expenses (exclusive of depreciation) 156.6   148.6 298.6 291.7  
Depreciation 16.2   14.6 32.7 27.3  
General and administrative 0.0   0.0 0.0 0.0  
Business Combination, Acquisition-Related Cost, Expense 0.0     0.0    
Other operating (income) loss       0.0 0.0  
Costs and Expenses 172.8   163.2 331.3 319.0  
Equity in earnings of ARO 0.0   0.0 0.0 0.0  
OPERATING INCOME 24.4   74.8 76.1 132.6  
Property and equipment, net (636.3)   (643.4) (636.3) (643.4)  
Capital expenditures 21.6   39.8 44.6 110.0  
Operating Segments | ARO            
Segment Reporting [Line Items]            
Revenues (exclusive of reimbursable revenues) 126.9   139.9 254.3 274.6  
Reimbursable revenues 0.0   0.0 0.0 0.0  
Total operating revenues 126.9   139.9 254.3 274.6  
Operating expenses:            
Contract Drilling Expenses Exclusive of Depreciation and Reimbursable Expenses 71.6   96.4 146.7 182.0  
Reimbursable expenses 0.0   0.0 0.0 0.0  
Total contract drilling expenses (exclusive of depreciation) 71.6   96.4 146.7 182.0  
Depreciation 22.0   28.7 46.9 58.2  
General and administrative 10.6   6.6 17.7 12.9  
Business Combination, Acquisition-Related Cost, Expense 0.0     0.0    
Other operating (income) loss       0.0 0.0  
Costs and Expenses 104.2   131.7 211.3 253.1  
Equity in earnings of ARO 0.0   0.0 0.0 0.0  
OPERATING INCOME 22.7   8.2 43.0 21.5  
Property and equipment, net (1,270.4)   (1,214.9) (1,270.4) (1,214.9)  
Capital expenditures 39.3   14.1 71.6 22.1  
Operating Segments | Other            
Segment Reporting [Line Items]            
Revenues (exclusive of reimbursable revenues) 39.9   40.6 81.6 76.5  
Reimbursable revenues 12.1   9.7 28.0 16.0  
Total operating revenues 52.0   50.3 109.6 92.5  
Operating expenses:            
Contract Drilling Expenses Exclusive of Depreciation and Reimbursable Expenses 27.4   17.4 50.1 33.4  
Reimbursable expenses 11.9   9.5 26.8 15.8  
Total contract drilling expenses (exclusive of depreciation) 39.3   26.9 76.9 49.2  
Depreciation 6.1   2.8 12.3 5.6  
General and administrative 0.0   0.0 0.0 0.0  
Business Combination, Acquisition-Related Cost, Expense 0.0     0.0    
Other operating (income) loss       0.0 0.0  
Costs and Expenses 45.4   29.7 89.2 54.8  
Equity in earnings of ARO 0.0   0.0 0.0 0.0  
OPERATING INCOME 6.6   20.6 20.4 37.7  
Property and equipment, net (224.1)   (133.6) (224.1) (133.6)  
Capital expenditures 24.1   0.0 46.6 0.0  
Corporate, Non-Segment | Reconciling Items            
Segment Reporting [Line Items]            
Revenues (exclusive of reimbursable revenues) (126.9)   (139.9) (254.3) (274.6)  
Reimbursable revenues 0.0   0.0 0.0 0.0  
Total operating revenues (126.9)   (139.9) (254.3) (274.6)  
Operating expenses:            
Contract Drilling Expenses Exclusive of Depreciation and Reimbursable Expenses (30.4)   (59.2) (67.2) (107.5)  
Reimbursable expenses 0.0   0.0 0.0 0.0  
Total contract drilling expenses (exclusive of depreciation) (30.4)   (59.2) (67.2) (107.5)  
Depreciation (16.9)   (25.2) (37.5) (51.3)  
General and administrative 16.6   12.2 34.8 30.3  
Business Combination, Acquisition-Related Cost, Expense 11.4     25.0    
Other operating (income) loss       0.0 0.0  
Costs and Expenses (19.3)   (72.2) (44.9) (128.5)  
Equity in earnings of ARO (10.6)   1.1 (17.4) (1.5)  
OPERATING INCOME (97.0)   (68.8) (192.0) (144.6)  
Property and equipment, net 1,217.2   1,153.6 1,217.2 1,153.6  
Capital expenditures $ (37.9)   $ (11.9) $ (70.1) $ (16.9)  
v3.26.1
Segment Information (Schedule Of Geographic Distribution Of Rigs By Segment) (Details)
Jun. 30, 2026
rigs
jackup
Segment Reporting [Line Items]  
Total Number Of Contract Drilling Rigs 44
Number of ARO Rigs ordered | jackup 2
Held for sale(1)  
Segment Reporting [Line Items]  
Total Number Of Contract Drilling Rigs 1
Floaters  
Segment Reporting [Line Items]  
Total Number Of Contract Drilling Rigs 14
Floaters | Held for sale(1)  
Segment Reporting [Line Items]  
Total Number Of Contract Drilling Rigs 0
Jackups  
Segment Reporting [Line Items]  
Total Number Of Contract Drilling Rigs 23
Jackups | Held for sale(1)  
Segment Reporting [Line Items]  
Total Number Of Contract Drilling Rigs 1
Other | Held for sale(1)  
Segment Reporting [Line Items]  
Total Number Of Contract Drilling Rigs 0
ARO | Held for sale(1)  
Segment Reporting [Line Items]  
Total Number Of Contract Drilling Rigs 0
Europe [Member]  
Segment Reporting [Line Items]  
Total Number Of Contract Drilling Rigs 15
Europe [Member] | Floaters  
Segment Reporting [Line Items]  
Total Number Of Contract Drilling Rigs 4
Europe [Member] | Jackups  
Segment Reporting [Line Items]  
Total Number Of Contract Drilling Rigs 11
Europe [Member] | Other  
Segment Reporting [Line Items]  
Total Number Of Contract Drilling Rigs 0
Europe [Member] | ARO  
Segment Reporting [Line Items]  
Total Number Of Contract Drilling Rigs 0
Middle East & Africa  
Segment Reporting [Line Items]  
Total Number Of Contract Drilling Rigs 16
Middle East & Africa | Floaters  
Segment Reporting [Line Items]  
Total Number Of Contract Drilling Rigs 4
Middle East & Africa | Jackups  
Segment Reporting [Line Items]  
Total Number Of Contract Drilling Rigs 5
Middle East & Africa | Other  
Segment Reporting [Line Items]  
Total Number Of Contract Drilling Rigs 7
Middle East & Africa | ARO  
Segment Reporting [Line Items]  
Total Number Of Contract Drilling Rigs 9
North & South America  
Segment Reporting [Line Items]  
Total Number Of Contract Drilling Rigs 8
North & South America | Floaters  
Segment Reporting [Line Items]  
Total Number Of Contract Drilling Rigs 5
North & South America | Jackups  
Segment Reporting [Line Items]  
Total Number Of Contract Drilling Rigs 3
North & South America | Other  
Segment Reporting [Line Items]  
Total Number Of Contract Drilling Rigs 0
North & South America | ARO  
Segment Reporting [Line Items]  
Total Number Of Contract Drilling Rigs 0
Asia & Pacific Rim  
Segment Reporting [Line Items]  
Total Number Of Contract Drilling Rigs 4
Asia & Pacific Rim | Floaters  
Segment Reporting [Line Items]  
Total Number Of Contract Drilling Rigs 1
Asia & Pacific Rim | Jackups  
Segment Reporting [Line Items]  
Total Number Of Contract Drilling Rigs 3
Asia & Pacific Rim | Other  
Segment Reporting [Line Items]  
Total Number Of Contract Drilling Rigs 0
Asia & Pacific Rim | ARO  
Segment Reporting [Line Items]  
Total Number Of Contract Drilling Rigs 0
v3.26.1
Supplemental Financial Information (Accounts Receivable, Net) (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Trade receivables $ 462.4   $ 489.7
Income Taxes Receivable 6.4   49.8
Accounts Receivable, Allowance for Credit Loss, Current (4.3)   (14.9)
Accounts receivable, net 458.1   474.8
Accounts Receivable, Allowance for Credit Loss, Recovery 11.4 $ 0.1  
Gulf of America      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Accounts Receivable, Allowance for Credit Loss, Recovery 11.7    
Trade      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Trade receivables 427.4   424.1
Other Accounts Receivable      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Trade receivables $ 28.6   $ 15.8
v3.26.1
Supplemental Financial Information (Other Current Assets) (Details) - USD ($)
$ in Millions
Jun. 30, 2026
Dec. 31, 2025
Supplemental Financial Information [Abstract]    
Prepaid taxes $ 75.2 $ 58.2
Deferred costs 54.5 37.7
Prepaid expenses 24.5 13.3
Other 43.2 35.5
Other current assets $ 197.4 $ 144.7
v3.26.1
Supplemental Financial Information (Accrued Liabilities) (Details) - USD ($)
$ in Millions
Jun. 30, 2026
Dec. 31, 2025
Supplemental Financial Information [Abstract]    
Deferred Revenue, Current $ 117.5 $ 87.7
Income and other taxes payable 80.5 73.9
Personnel costs 67.5 81.6
Lease liabilities 30.7 35.6
Accrued Claims 16.0 21.3
Accrued interest 15.4 15.4
Other 31.2 27.9
 Accrued liabilities and other $ 358.8 $ 343.4
v3.26.1
Supplemental Financial Information (Other Liabilities) (Details) - USD ($)
$ in Millions
Jun. 30, 2026
Dec. 31, 2025
Supplemental Financial Information [Abstract]    
Unrecognized tax benefits (inclusive of interest and penalties) $ 137.8 $ 136.2
Noncurrent contract liabilities (deferred revenues) 74.0 63.2
Pension and other post-retirement benefits 59.5 68.3
Operating Lease, Liability, Noncurrent 47.2 37.3
Other 18.2 20.8
Other liabilities $ 336.7 $ 325.8
v3.26.1
Supplemental Financial Information (Other Income) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Supplemental Financial Information [Abstract]        
Gain (Loss) on Disposition of Property Plant Equipment $ 37.7 $ 0.8 $ 36.1 $ 27.9
Gain (Loss), Foreign Currency Transaction, before Tax (1.7) (9.1) (3.4) (14.3)
Net periodic pension and retiree medical income (loss) 0.9 (0.3) 1.8 (0.5)
Other income (expense) 0.3 0.1 0.4 0.6
Other, net $ 37.2 $ (8.7) $ 34.9 $ 12.5
v3.26.1
Supplemental Financial Information (Cash Flows Information) (Details) - USD ($)
$ in Millions
Jun. 30, 2026
Dec. 31, 2025
Jun. 30, 2025
Dec. 31, 2024
Supplemental Financial Information [Abstract]        
    Cash and cash equivalents $ 541.2 $ 599.4    
Restricted Cash, Current 6.1 7.0    
Restricted Cash, Noncurrent 10.7 11.1    
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents $ 558.0 $ 617.5 $ 516.2 $ 380.5
v3.26.1
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, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Revenues from External Customers and Long-Lived Assets [Line Items]        
Concentration risk, percentage 100.00% 100.00% 100.00% 100.00%
British Petroleum        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Concentration risk, percentage 18.00% 11.00% 14.00% 12.00%
Petrobras S.A        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Concentration risk, percentage 16.00% 13.00% 16.00% 13.00%
Azule Energy        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Concentration risk, percentage 13.00% 10.00% 14.00% 9.00%
Other Customers        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Concentration risk, percentage 43.00% 60.00% 50.00% 59.00%
Equinor ASA        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Concentration risk, percentage 10.00% 6.00% 6.00% 7.00%
Floaters        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Concentration risk, percentage 54.00% 53.00% 49.00% 56.00%
Floaters | British Petroleum        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Concentration risk, percentage 5.00% 3.00% 3.00% 4.00%
Floaters | Petrobras S.A        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Concentration risk, percentage 16.00% 13.00% 16.00% 13.00%
Floaters | Azule Energy        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Concentration risk, percentage 9.00% 7.00% 9.00% 7.00%
Floaters | Other Customers        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Concentration risk, percentage 14.00% 24.00% 15.00% 25.00%
Floaters | Equinor ASA        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Concentration risk, percentage 10.00% 6.00% 6.00% 7.00%
Jackups        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Concentration risk, percentage 36.00% 39.00% 41.00% 37.00%
Jackups | British Petroleum        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Concentration risk, percentage 6.00% 3.00% 5.00% 3.00%
Jackups | Petrobras S.A        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Concentration risk, percentage 0.00% 0.00% 0.00% 0.00%
Jackups | Azule Energy        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Concentration risk, percentage 4.00% 3.00% 5.00% 2.00%
Jackups | Other Customers        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Concentration risk, percentage 26.00% 33.00% 31.00% 32.00%
Jackups | Equinor ASA        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Concentration risk, percentage 0.00% 0.00% 0.00% 0.00%
Other        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Concentration risk, percentage 10.00% 8.00% 10.00% 7.00%
Other | British Petroleum        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Concentration risk, percentage 7.00% 5.00% 6.00% 5.00%
Other | Petrobras S.A        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Concentration risk, percentage 0.00% 0.00% 0.00% 0.00%
Other | Azule Energy        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Concentration risk, percentage 0.00% 0.00% 0.00% 0.00%
Other | Other Customers        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Concentration risk, percentage 3.00% 3.00% 4.00% 2.00%
Other | Equinor ASA        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Concentration risk, percentage 0.00% 0.00% 0.00% 0.00%
v3.26.1
Supplemental Financial Information Revenue from External Customers by Geographic Areas (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Revenues from External Customers and Long-Lived Assets [Line Items]        
OPERATING REVENUES $ 539.2 $ 615.2 $ 1,004.6 $ 1,235.9
Revenue Benchmark [Member] | Geographic Concentration Risk        
Revenues from External Customers and Long-Lived Assets [Line Items]        
OPERATING REVENUES 539.2 615.2 1,004.6 1,235.9
BRAZIL | Revenue Benchmark [Member] | Geographic Concentration Risk        
Revenues from External Customers and Long-Lived Assets [Line Items]        
OPERATING REVENUES 138.3 154.2 224.1 318.2
ANGOLA | Revenue Benchmark [Member] | Geographic Concentration Risk        
Revenues from External Customers and Long-Lived Assets [Line Items]        
OPERATING REVENUES 97.6 63.6 191.5 110.1
UNITED KINGDOM | Revenue Benchmark [Member] | Geographic Concentration Risk        
Revenues from External Customers and Long-Lived Assets [Line Items]        
OPERATING REVENUES 93.6 97.8 194.1 198.5
Gulf of America | Revenue Benchmark [Member] | Geographic Concentration Risk        
Revenues from External Customers and Long-Lived Assets [Line Items]        
OPERATING REVENUES 74.8 98.5 147.2 191.9
AUSTRALIA | Revenue Benchmark [Member] | Geographic Concentration Risk        
Revenues from External Customers and Long-Lived Assets [Line Items]        
OPERATING REVENUES 16.0 78.1 32.2 163.2
Other Geographic Areas | Revenue Benchmark [Member] | Geographic Concentration Risk        
Revenues from External Customers and Long-Lived Assets [Line Items]        
OPERATING REVENUES 118.9 123.0 215.5 254.0
Floaters | Revenue Benchmark [Member] | Geographic Concentration Risk        
Revenues from External Customers and Long-Lived Assets [Line Items]        
OPERATING REVENUES 290.0 326.9 487.6 691.8
Floaters | BRAZIL | Revenue Benchmark [Member] | Geographic Concentration Risk        
Revenues from External Customers and Long-Lived Assets [Line Items]        
OPERATING REVENUES 138.3 154.2 224.1 318.2
Floaters | ANGOLA | Revenue Benchmark [Member] | Geographic Concentration Risk        
Revenues from External Customers and Long-Lived Assets [Line Items]        
OPERATING REVENUES 74.1 42.3 144.7 84.5
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 | Gulf of America | Revenue Benchmark [Member] | Geographic Concentration Risk        
Revenues from External Customers and Long-Lived Assets [Line Items]        
OPERATING REVENUES 40.6 65.7 81.8 131.1
Floaters | AUSTRALIA | Revenue Benchmark [Member] | Geographic Concentration Risk        
Revenues from External Customers and Long-Lived Assets [Line Items]        
OPERATING REVENUES 0.0 38.0 0.0 77.6
Floaters | Other Geographic Areas | Revenue Benchmark [Member] | Geographic Concentration Risk        
Revenues from External Customers and Long-Lived Assets [Line Items]        
OPERATING REVENUES 37.0 26.7 37.0 80.4
Jackups | Revenue Benchmark [Member] | Geographic Concentration Risk        
Revenues from External Customers and Long-Lived Assets [Line Items]        
OPERATING REVENUES 197.2 238.0 407.4 451.6
Jackups | BRAZIL | 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 | ANGOLA | Revenue Benchmark [Member] | Geographic Concentration Risk        
Revenues from External Customers and Long-Lived Assets [Line Items]        
OPERATING REVENUES 23.5 21.3 46.8 25.6
Jackups | UNITED KINGDOM | Revenue Benchmark [Member] | Geographic Concentration Risk        
Revenues from External Customers and Long-Lived Assets [Line Items]        
OPERATING REVENUES 93.6 97.8 194.1 198.5
Jackups | Gulf of America | Revenue Benchmark [Member] | Geographic Concentration Risk        
Revenues from External Customers and Long-Lived Assets [Line Items]        
OPERATING REVENUES 1.0 0.0 1.0 0.0
Jackups | AUSTRALIA | Revenue Benchmark [Member] | Geographic Concentration Risk        
Revenues from External Customers and Long-Lived Assets [Line Items]        
OPERATING REVENUES 16.0 40.1 32.2 85.6
Jackups | Other Geographic Areas | Revenue Benchmark [Member] | Geographic Concentration Risk        
Revenues from External Customers and Long-Lived Assets [Line Items]        
OPERATING REVENUES 63.1 78.8 133.3 141.9
Other | Revenue Benchmark [Member] | Geographic Concentration Risk        
Revenues from External Customers and Long-Lived Assets [Line Items]        
OPERATING REVENUES 52.0 50.3 109.6 92.5
Other | BRAZIL | 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
Other | 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
Other | 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
Other | Gulf of America | Revenue Benchmark [Member] | Geographic Concentration Risk        
Revenues from External Customers and Long-Lived Assets [Line Items]        
OPERATING REVENUES 33.2 32.8 64.4 60.8
Other | 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
Other | Other Geographic Areas | Revenue Benchmark [Member] | Geographic Concentration Risk        
Revenues from External Customers and Long-Lived Assets [Line Items]        
OPERATING REVENUES $ 18.8 $ 17.5 $ 45.2 $ 31.7
v3.26.1
Supplemental Financial Information - Narrative (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Dec. 31, 2025
Supplemental Financial Information [Abstract]    
Proceeds from Income Tax Refunds $ 43.0  
Deposit Liabilities, Collateral Issued, Financial Instruments $ 15.1 $ 16.3